J P M O R G A N North America Credit Research 06 August 2026 Twilio See page 3 for analyst certification and important disclosures. Underweight TWLO Moody's: Ba1 Outlook: STABLE S&P: BB+ Outlook: STABLE The above agency ratings are at the corporate level North America Corporate Credit - Technology and Telecommunication Services (HY) Thomas Egan, CFA AC (1-212) 270-2149 thomas.j.egan@jpmorgan.com Natalie Bilyew-Conn (1-212) 270-7734 natalie.bilyew-conn@jpmorgan.com J.P. Morgan Securities LLC {[{WmL65EYqCF2XC ...