J.P. Morgan TMC Conference Takeaways Extreme Networks

Research evidence excerpt

J.P. Morgan TMC Conference Takeaways Extreme Networks

J P M O R G A N North America Equity Research

18 May 2026

J.P. Morgan TMC Conference

Takeaways

Extreme Networks

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

We hosted a fireside chat with Ed Meyercord, Chief Executive Officer, at our 54th Marc Vitenzon

annual J.P. Morgan Global TMC Conference. Our key takeaways include: (1-212) 622-3342

marc.vitenzon@jpmchase.com

• Extreme Networks (Not Covered) is moving upmarket and taking share Joseph Cardoso

from incumbents by landing-and-expanding via wins in key verticals, (1-212) 622-9036

joseph.cardoso@jpmchase.com

supporting its outlook for a 10%+ revenue CAGR through FY29. Mr.

Manmohanpreet Singh Meyercord discussed recent wins with the Japanese government (starting at

(1-212) 622-4527

~$40 mn, growing to $80 mn+), Kroger, and Korean Airlines, which are manmohanpreet.singh@jpmchase.com

opening the door to larger channel partners. Furthermore, Extreme Networks

Akanksh Chauhan

is on the cusp of signing a large U.S. government contractor, which was (1-212) 622-0045

described as potentially one of Extreme’s largest customers ever. He also akanksh.chauhan@jpmorgan.com

characterized Extreme as benefiting from disruption at incumbents, including J.P. Morgan Securities LLC

Cisco’s Catalyst Switch refresh and HPE’s Juniper integration. Key challenges

for Extreme Networks in moving upmarket include the incumbents' brand

recognition, existing install base, and relationships with large channel partners.

• Platform One adoption drives 10-15% ASP uplift with ~70% full

migration expected by the end of next fiscal year. Several thousand

customers have already moved onto Platform One, with the ASP uplift of 10-