NAVAN (+) : Navigate ’26: New CFO highlights strong visibility into FY27

Research evidence excerpt

NAVAN (+) : Navigate ’26: New CFO highlights strong visibility into FY27

EQUITIES

SOFTWARE

NAVAN OUTPERFORMPRICE* USD18.1  TARGET PRICE USD20 (UPSIDE 11%)

FLASH NOTE

Navigate ’26: New CFO highlights strong visibility into FY27

13 MAY 2026 Securities Research Report Production time: 23:44* (London time)

Research Analyst & Publishing Entities

Andrew DeGasperi BNP Paribas Securities Corp (1) (+1) 917 472 4745 andrew.degasperi@us.bnpparibas.com

What happened?

We attended Navan’s Navigate 2026 event in NYC which brought together the executive team in a public investor forum

for the first time since its IPO in late 2025. Given the company is in its quiet period (Navan reports in early June), there

was no financial update, but we were given several new metrics by newly appointed CFO Aurelien Nolf that give us

confidence that our growth expectations in the near term may prove conservative. Further, we were also impressed by

the release of TravelClaw, an AI powered personal travel assistant, which not only improves its competitive positions

vs. incumbents like Amex GBT (recently acquired by Long Lake) but also allay fears of disruption by leading AI labs.

BNPP View:

Visibility is high for FY27: NAVN shares were somewhat impacted by the recent CFO transition, but we think Mr. Nolf

did a good job in relaying confidence in the company’s growth trajectory. We will likely learn their initial FY27 revenue

guidance in a few weeks but what was disclosed is that whatever that is (we estimate a conservative ~24% y/y),

management has greater than 90% visibility: 1) Navan has a good pulse on customer travel behaviours; 2) Corporate

travel is repeatable and predictable; 3) New customer ramp up periods after initial deployment are measured in months;