February 17, 2026 Agenda Welcome Yisca Erez: Director, Investor Relations Vision & Strategy Roy Zisapel: President & CEO Growth Plan Connie Stack: Chief Growth Officer Innovation & Offering David Aviv: CTO 10-MINUTE BREAK GTM Strategy Investor Day This presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware's plans, outlook, beliefs, ...

SANTA CLARA, Calif.--(BUSINESS WIRE)-- #AIinSecurity--PurpleRidge (powered by RidgeBot® from Ridge Security) today announced the launch of its Automated AWS Account Audit, a direct response to recent security research showing attackers can compromise a cloud environment in as little as eight minutes. As hackers increasingly use LLMs to scan for exposed credentials in public S3 buckets, PurpleRidge moves beyond basic checklists to identify "Combined Risk Stories." The platform reveals how isolated weaknesses ...

Avidan reported total ARR grew 11% year over year to $251 million, accelerating from 8% growth in the prior quarter, with cloud ARR cited as the “primary catalyst” behind the mix shift. Subscription revenue grew 21% year over year, which Zisapel described as a sharp acceleration from 12% growth in 2024, driven by both cloud momentum and product subscription demand.Management emphasized cloud security as a key driver of performance. Zisapel said cloud ARR rose 23% year over year and 7% sequentially to $95 mi ...

Financial Data and Key Metrics Changes - In Q4 2025, revenue increased 10% year-over-year to $80 million, with non-GAAP earnings per share growing 19% to $0.32 [5][14] - For the full year 2025, revenue also grew 10% year-over-year, surpassing $300 million, with net income rising 37% to $51.5 million [5][20] - Adjusted EBITDA for Q4 2025 increased by 25% to $13.7 million, while for the full year, it rose by 37% to $47.4 million [18][20] Business Line Data and Key Metrics Changes - Cloud ARR rose 23% year-over-year to $95 million in Q4 2025, contributing significantly to overall revenue growth [6][15] - Subscription revenues surged 21% year-over-year, driven by strong demand for defense products [10] - The defense products segment saw exceptional double-digit year-over-year growth in Q4 and for the full year [10] Market Data and Key Metrics Changes - The Americas region saw a revenue decline of 4% year-over-year in Q4, but grew 6% for the full year [16] - EMEA revenue increased 38% year-over-year in Q4, accounting for 40% of total revenue, while APAC revenue declined 3% in Q4 [16] Company Strategy and Development Direction - The company aims to gain market share in cloud security, lead through AI innovation, and expand its go-to-market footprint [5][12] - The acquisition of Pynt enhances the company's API security capabilities, positioning it for growth in a rapidly expanding market [9] - The introduction of the Agentic AI Protection solution marks a significant expansion of the company's security platform [10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing sophistication of cyberattacks, necessitating advanced AI-based security solutions [31][32] - The company expects RPO growth to align with revenue growth in 2026, reflecting strong booking performance [25] - Management expressed confidence in the robust demand and backlog entering 2026, which supports the revenue guidance for Q1 2026 [36] Other Important Information - The company plans to increase investments in innovation and go-to-market initiatives in 2026 [17][22] - The effective tax rate for 2025 was 15.3%, with expectations to remain stable in the coming quarters [19] Q&A Session Summary Question: What drove the strength in RPO growth? - Management attributed the strength to strong bookings in both cloud and product subscriptions, expecting RPO growth to align with revenue growth in 2026 [25] Question: Update on the Americas market and growth profile? - Management noted strong booking performance in North America and plans to increase investments in the region to support growth [27] Question: How is security positioned in relation to AI disruption? - Management emphasized the need for AI-based security solutions due to the increasing sophistication of attacks, positioning the company well in the market [31][32] Question: Changes needed for selling API and Agentic AI security solutions? - API security is integrated into the existing sales force, while a dedicated team is being formed for the new Agentic AI market [40] Question: Timing of product delivery relative to marketplace development? - Management believes the timing is favorable as enterprises are moving from proof of concept to production, with a strong offering ready to address security concerns [49]

Financial Data and Key Metrics Changes - In Q4 2025, revenue increased 10% year-over-year to $80 million, and non-GAAP earnings per share grew 19% to $0.32 [5][12] - For the full year 2025, revenue also grew 10% year-over-year, surpassing $300 million, with net income rising 37% to $51.5 million [12][18] - Adjusted EBITDA for Q4 2025 increased by 25% to $13.7 million, while for the full year, it rose by 37% to $47.4 million [16][18] Business Line Data and Key Metrics Changes - Cloud ARR rose 23% year-over-year to $95 million in Q4, demonstrating accelerated growth from 19% at the beginning of 2025 [6][13] - Subscription revenues surged 21% year-over-year, driven by strong demand for product subscriptions and defense products [9][12] - The defense products segment saw exceptional double-digit year-over-year growth in Q4 and for the full year of 2025 [9] Market Data and Key Metrics Changes - In the Americas, Q4 revenue declined 4% year-over-year to $32 million, while full-year revenue grew 6% to $125 million [14] - EMEA region saw a 38% year-over-year revenue increase in Q4 to $32 million, with full-year revenue growing 18% to $111 million [14] - APAC revenue declined 3% year-over-year to $16 million in Q4, but grew 5% for the full year to $66 million [14] Company Strategy and Development Direction - The company aims to gain market share in cloud security, lead through AI innovation, and expand its go-to-market footprint [5][11] - Recent acquisitions, such as Pynt, enhance the company's API security capabilities and support its growth strategy in the rapidly expanding market [8][19] - The introduction of the Agentic AI Protection solution positions the company at the forefront of securing AI applications, indicating a strategic focus on emerging technologies [9][31] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing sophistication of cyberattacks and the necessity for AI-based security solutions [28][30] - The company expects strong demand to continue into 2026, with a robust pipeline across existing and new customers [9][19] - Guidance for Q1 2026 anticipates total revenue in the range of $78-$79 million, reflecting confidence from a solid backlog [19] Other Important Information - The company plans to increase investments in innovation and go-to-market initiatives in 2026 [15][19] - The effective tax rate for 2025 was 15.3%, with expectations to remain stable in the coming quarters [17] Q&A Session Summary Question: What drove the strength in RPO growth? - Management attributed the strength to strong bookings in both cloud and product subscriptions, expecting RPO growth to align with revenue growth in 2026 [23][25] Question: Update on the growth profile of the Americas? - Management noted strong bookings in North America and plans to increase investments in the region to support growth [25] Question: How is security positioned in relation to AI disruption? - Management emphasized the need for AI-based defense due to the increasing sophistication of attacks, positioning the company well in the market [28][30] Question: Changes needed for selling API and Agentic AI security solutions? - API security is integrated into the existing sales force, while a dedicated group is being formed for Agentic AI to navigate the new market [37][41] Question: Timing of product delivery relative to marketplace development? - Management believes the timing is favorable as enterprises are moving from proof of concept to production, with a strong offering ready to address security concerns [45][46]

Core Insights - Radware achieved record revenue and earnings in 2025, driven by growth in cloud security and advanced protection solutions [2][3][7] Financial Performance - Fourth quarter revenue reached $80.2 million, a 10% increase year-over-year, while full year revenue totaled $301.9 million, also up 10% from 2024 [3][7] - GAAP net income for Q4 2025 was $6.0 million ($0.13 per diluted share), compared to $2.5 million ($0.06 per diluted share) in Q4 2024 [3][19] - Non-GAAP net income for Q4 2025 was $14.5 million ($0.32 per diluted share), up from $11.9 million ($0.27 per diluted share) in Q4 2024 [4][21] - Full year GAAP net income was $20.3 million ($0.45 per diluted share), compared to $6.0 million ($0.14 per diluted share) in 2024 [3][19] - Full year non-GAAP net income was $51.5 million ($1.15 per diluted share), an increase from $37.7 million ($0.87 per diluted share) in 2024 [4][21] Cash Flow and Assets - As of December 31, 2025, the company had cash and cash equivalents totaling $460.6 million [5] - Cash flow from operations was $17.3 million in Q4 2025 and $50.1 million for the full year [5][24] Regional Revenue Breakdown - Revenue in the Americas for Q4 2025 was $31.6 million, a decrease of 4% from Q4 2024, while full year revenue was $124.5 million, an increase of 6% [8] - EMEA region revenue for Q4 2025 was $32.2 million, up 38% from Q4 2024, with full year revenue at $111.3 million, an 18% increase [8] - APAC region revenue for Q4 2025 was $16.4 million, a decrease of 3% from Q4 2024, while full year revenue was $66.1 million, a 5% increase [8] Key Performance Indicators - Cloud Annual Recurring Revenue (ARR) approached $100 million, reaching $95.2 million, a 23% increase year-over-year [2][7] - Total ARR was $251.0 million, an 11% increase year-over-year [7]

Core Viewpoint - The European Commission has granted unconditional approval for Google's acquisition of Wiz, indicating no competition concerns within the European Economic Area [1] Group 1: Acquisition Details - Google's acquisition of Wiz is valued at $32 billion and was first announced in March 2025 [2] - The US Department of Justice completed its antitrust review in November 2025, removing a significant regulatory hurdle for Alphabet [3] Group 2: Wiz's Role and Market Context - Wiz specializes in cloud-native application protection, providing a platform for organizations to protect applications against cyber threats across various cloud environments [4] - The acquisition is positioned within the rapidly evolving cloud security industry, where Google and Wiz are significant players, competing with Amazon Web Services and Microsoft Azure [4] Group 3: Multi-Cloud Security Solutions - The acquisition aims to enhance Google's position in cloud security and support the use of multiple cloud platforms as AI technology advances [5] Group 4: Regulatory Investigation Findings - The European Commission's investigation assessed potential bundling of Wiz's platform with existing Google products and found sufficient alternative suppliers for customers [6] - Concerns regarding Google's access to commercially sensitive data through Wiz's integrations were addressed, concluding that such information is generally accessible and not sensitive [7] - Teresa Ribera, Executive Vice-President of the EC, stated that the investigation confirmed customers will continue to have credible alternatives and the ability to switch providers [8]

Investor Presentation Security and Compliance for the Digital Transformation Sumedh Thakar, President and CEO Joo Mi Kim, CFO February 5, 2026 Safe harbor This presentation includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this presentation include, but are not limited to, the following list: Our expectations and beliefs regarding t ...

Core Viewpoint - Palo Alto Networks, Inc. (PANW) is currently trading at a high price-to-earnings (P/E) multiple, raising concerns about its valuation amid slowing growth trends [2][6][9]. Valuation and Comparisons - PANW's forward 12-month P/E ratio is 74.26X, which is higher than the Zacks Security industry's ratio of 73.32X, indicating that PANW stock is overvalued [2]. - The stock trades at a premium compared to industry peers such as Check Point Software (19.67X), Fortinet (30.76X), and Okta Inc. (23.66X) [3]. Recent Acquisitions - In January, Palo Alto Networks completed the acquisition of Chronosphere for $3.35 billion, which is approximately 21 times Chronosphere's annual recurring revenue (ARR) of around $160 million [7]. - The company is also in the process of acquiring CyberArk Software for about $25 billion, expected to close by the second half of fiscal 2026, raising investor concerns about the management of two large acquisitions simultaneously [8]. Growth Trends - PANW is experiencing a slowdown in revenue growth, with a current growth rate in the mid-teens, down from mid-20s in fiscal 2023 [11]. - The company forecasts full-year revenue growth for fiscal 2026 to be in the range of 14-15%, with the first quarter of fiscal 2026 showing a 16% year-over-year revenue increase [12]. - Next-Generation Security (NGS) ARR growth has also decelerated, with expectations for fiscal 2026 growth at 26-27%, down from 32% in fiscal 2025 and over 45% in fiscal 2024 [14]. Market Performance - PANW shares have declined 21.1% over the past three months, underperforming the Zacks Security industry's decline of 19.2% and its peers like Fortinet, Okta, and Check Point Software [15]. - The stock has dipped below its 50-day and 200-day moving averages, indicating a bearish trend [18]. Conclusion - Despite being a leader in cybersecurity with a strong long-term growth trajectory, the slowing revenue and NGS ARR growth rates suggest limited near-term upside for PANW stock, which carries a Zacks Rank 4 (Sell) [20].

Group 1 - CrowdStrike Holdings Inc. is recognized as one of the top stocks to consider for investment in 2026, with a Neutral rating and a price target of $485 set by Macquarie [1] - The company is well-positioned in the cybersecurity sector, particularly in endpoint platform protection, and is experiencing growth from its expansion into cloud security and identity protection, which now constitutes over 30% of its annual recurring revenue [2] - Macquarie anticipates that CrowdStrike will unlock long-term opportunities in securing AI models and applications, supported by AI detection and response tools from recent acquisitions [3] Group 2 - CrowdStrike is expanding its Global Data Sovereignty initiative by establishing new in-country cloud deployments in the Middle East, providing local data residency options for organizations in Saudi Arabia, India, and the UAE [4] - The company specializes in cloud-native protection for endpoints, cloud workloads, identity, and data through its AI-powered Falcon platform, focusing on real-time security telemetry analysis to prevent breaches [5]