nCino Inc at Piper Sandler Growth Frontiers Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Brent Bracelin - Piper Sandler - Analyst : <_ALACRA_META_ABSTRACT>Absolutely, absolutely. So listen, if I think about and take a step back on nCino's business. This is a business that actually has tripled ARR since the July 2020 IPO. Growth has clearly slowed. Obviously, we've seen the media and SaaS software company growth rates now at about 13% this year. I'd be curious, putting on your hat, what's art of possible, what would need to go right to double ARR again over the next five, six years to $1 billion. What's -- as you think about the art of possible, walk me through that potential doubling.

Question: Brent Bracelin - Piper Sandler - Analyst : The AI product road map seems like it's a very critical door-opener, conversation starter, even if maybe the products aren't necessarily shipping but having that vision is super important. Let's double-click into a couple of the areas that we get questions on. Commercial. You guys have been a commercial juggernaut in the US, right, built that core commercial business. Maybe frame what's your market share kind of in the commercial space. What are the levers to grow and expand the commercial opportunity before we dive into the newer areas you're going after?

Question: Brent Bracelin - Piper Sandler - Analyst : 50% market share logos share --

Question: Brent Bracelin - Piper Sandler - Analyst : Of the top 30, I think Veeva talks about top 20 pharma companies, they've been able to get to over 80% market share. So as you think about the potential in commercial, is it a winner kind of take most opportunity. Do you think there is a longer-term path to get to an 80% plus market share? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 6:30PM, NCNO.OQ - nCino Inc at Piper Sandler Growth Frontiers Conference

Question: Brent Bracelin - Piper Sandler - Analyst : Any sense your footprint -- you talked about two big bank expansions this quarter. What's that footprint at the top 15 that you already have existing footprint at? Do you think there's an opportunity to increase revenue there by 50% just through footprint expansion? Or is it more like 20% more expansion, and the real growth is going to come from new logos?

Question: Brent Bracelin - Piper Sandler - Analyst : Got it. So incremental opportunities across those new products into that existing installed base, probably the biggest lever outside of new logo growth. Let's shift gears to that retail consumer mortgage, that feels more net new, big cross-sell potential, what's your market share there? You have 50% of the top 15 in commercial, what's your share in that retail consumer mortgage space?

Question: Brent Bracelin - Piper Sandler - Analyst : That's your first big --

Question: Brent Bracelin - Piper Sandler - Analyst : So 1 of the 15 now is consumer.

Question: Brent Bracelin - Piper Sandler - Analyst : Is there a value prop, if I'm a bank, to do both commercial and all of my mortgage, all of my retail, all my SMB on one operating system, essentially Cloud Bank.

Question: Brent Bracelin - Piper Sandler - Analyst : The cost benefit to the bank.

Question: Brent Bracelin - Piper Sandler - Analyst : Five years into the IPO, first big top one customer that's leaned into both commercial and consumer, is it changing? Is the appetite -- like compare contrast appetite to do both consumer and retail and consumer changing? And if so, why? Why now? Or is it still slow? These are banks.

Question: Brent Bracelin - Piper Sandler - Analyst : They move slow.

Question: Brent Bracelin - Piper Sandler - Analyst : As you think about lots of opportunity, lots of runway to grow, but there is some threats. There are some challenges. In one case, I feel with AI while it's a great opportunity, there are opportunities for these big banks that have lots of personnel and lots of IT staff to build custom, build their own, leverage their own data, build their own bank software alternative. What do you see there? Have you seen some experimentation on the bank side that trying to do something custom and then coming back to you saying that was just too hard or walk me through how viable and how big a threat is just a custom alternative to nCino.

Question: Brent Bracelin - Piper Sandler - Analyst : You mentioned banking adviser a couple of times when you're talking about AI. Well maybe just for this audience, what is banking adviser? What does it do? And like what's resonating most? You mentioned on the last call actually opening doors with banking adviser, winning some business because of the road map around banking adviser, but let's step back. What is it and what's resonating with some customers?

Question: Brent Bracelin - Piper Sandler - Analyst : That's all manually done today. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 6:30PM, NCNO.OQ - nCino Inc at Piper Sandler Growth Frontiers Conference

Question: Brent Bracelin - Piper Sandler - Analyst : I can see how the bank loan officer would want that, but is the bank willing to spend on that?

Question: Brent Bracelin - Piper Sandler - Analyst : Part of the software, part of the automation spend.

Question: Brent Bracelin - Piper Sandler - Analyst : Yeah, it feels like people don't necessarily buy AI, they buy a solution and they buy automation, so interesting. Walk me through this business model change. We have a lot of discussion around SaaS pricing changes, right? And this move away from seats and maybe walk through how the product was historically priced, what the new platform pricing is going to be and where we're at on that journey. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 6:30PM, NCNO.OQ - nCino Inc at Piper Sandler Growth Frontiers Conference

Question: Brent Bracelin - Piper Sandler - Analyst : Automation software works.

Question: Brent Bracelin - Piper Sandler - Analyst : Okay. And the umbrella there would be, if you're only doing commercial, that's just the commercial assets they have.

Question: Brent Bracelin - Piper Sandler - Analyst : If you layer in retail, it's a whole new revenue opportunity.

Question: Brent Bracelin - Piper Sandler - Analyst : In terms of four-year contracts on average, you just started in February. So think about this as a four-year transition kind of?

Question: Brent Bracelin - Piper Sandler - Analyst : And it changes upon renewal.

Question: Brent Bracelin - Piper Sandler - Analyst : So early renewal to the new pricing if they want to have some AI capabilities. Could that speed things up twice as fast to have move things over or it's hard to say?

Question: Brent Bracelin - Piper Sandler - Analyst : Early days. But once you get a customer on asset-based platform fees, does it reduce the procurement barrier to expand? Or would it have to still go through a whole new procurement process to add consumer or add mortgage?

Question: Brent Bracelin - Piper Sandler - Analyst : Sure. Yes. Let's spend time on the growth algorithm as you think about this business, and maybe over a two- or three-year period, lots of opportunity in consumer. You have opportunities still in your core commercial product. You have this whole banking adviser, AI opportunity. You get opportunity around the change to asset-based pricing, yeah. Three years from now, art of possible, is there a path to get this back to a 15%, 20% kind of grower? Or do you think the banking world you live in it's regulated, they move slow, mid-teens growth is probably the right way to think about your business?

Question: Brent Bracelin - Piper Sandler - Analyst : So that's a Veeva-like model then. You're talking mid-teens kind of growth with a 35%-plus up margin model to get to rule of 50.

Question: Brent Bracelin - Piper Sandler - Analyst : Fair. One last question for me. Any from the audience here before I ask my last question? Great. So I'd like to think about future facts, right? I think Jimmy Dimon talks about leaders focus too much on what's happened in the past and don't spend enough time thinking about what could happen. And so thinking out a year from now, what's that trend or a product or something in your business that you think investors would be really excited about there, they're not really talking about today.

Question: Brent Bracelin - Piper Sandler - Analyst : It's been a big push for the last couple of years, still untapped.

Question: Brent Bracelin - Piper Sandler - Analyst : Well, great. We're out of time. Thank you so much for sharing your insights here. Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 6:30PM, NCNO.OQ - nCino Inc at Piper Sandler Growth Frontiers Conference