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Financial Materials for FY2025 3Q CYBER SECURITY CLOUD Cyber Security Cloud, Inc. Growth of TSE: 4493 Nov 14, 2025
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2©Cyber Security Cloud , Inc. 2025 Contents Ⅰ Ⅱ Ⅲ Ⅳ Ⅴ Overview of Results for FY2025 3Q 3 Topics in FY2025 3Q 14 Growth Strategy FY2022 to FY2025 and Mid-Term Strategy 18 Market Environment Surrounding Our Company 25 Corporate Profile 31
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3©Cyber Security Cloud , Inc. 2025 Overview of the Financial Results for FY2025 3QⅠ
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4©Cyber Security Cloud , Inc. 2025 Financial Highlights Revenue (Cumulative 3Q) P5 3.7 billion yen YoY +33.1% YoY +26.4% 4.7 billion yen ARR (Annual Recurring Revenue) P6 Government-related Projects • Awarded a project related to the pilot testing of educational credentials • Utilizing the technical strengths and insights cultivated through continuous research and development efforts P17 Sales Partner Initiatives Entered into reseller agreements with Sakura Internet Inc. and Fastly Inc. • Launched product sales on the Sakura Cloud Marketplace • Began bundled sales of Fastly’s high- performance CDN and ″Shadankun″ P15 Initiatives to Expand WafCharm Sales Released ″WafCharm Lite″ • Aiming to acquire AWS light users as entry customers with the goal of future upselling • Expecting to increase ARPU through upselling from Managed Rules P16 Operating Profit (Cumulative 3Q) P5 0.8 billion yen YoY +21.1% Awarded a Project by the Information- technology Promotion Agency (IPA) Achieved a record-high of approximately 360 million yen during the Q3 accounting period
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5©Cyber Security Cloud , Inc. 2025 ● Operating profit reached a record-high of 360 million yen in the third quarter accounting period (see p.12).The cumulative operating profit for Q1–Q3 totaled 840 million yen, achieving a progress rate of 84.4%. ● With respect to the FY2025 full-year forecast of 5.0 billion yen in revenue and 1.0 billion yen in operating profit, CSC is progressing in line with the plan. (Million yen) FY2024 3Q (Consolidated) FY2025 3Q (Consolidated) YoY Forecasts for FY2025 (Consolidated) Achievement Rate Revenue 2,801 3,728 +33.1% 5,000 74.6% Gross Profit 1,897 2,449 +29.1% ― ― Operating Income 697 844 +21.1% 1,000 84.4% Operating Income Margin (%) 24.9% 22.6% -2.2pt 20.0% ― Ordinary Income 698 804 +15.2% 1,000 80.5% Net Income Attributable to Owners of the parent 471 567 +20.3% 693 81.9% Overview of Results
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6©Cyber Security Cloud , Inc. 2025 1,373 1,407 1,434 1,512 1,559 1,551 1,576 1,629 1,654 1,628 1,656 837 873 928 1,023 1,082 1,118 1,371 1,475 1,581 1,656 1,702358 378 424 489 514 533 514 598 635 593 640 215 218 237 238 236 241 255 247 269 274 288 22 22 46 69 144 174 250 327155 163 170 2,784 2,878 3,023 3,285 3,415 3,490 3,787 4,095 4,470 4,567 4,787 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2023 FY2024 FY2025 Shandakun WafCharm Managed Rules SIDfm CloudFastener webtru Variation in ARR ● Driven by solid performance across all products, CSC recorded a 26.4% year-over-year increase in ARR. ARR stands for Annual Recurring Revenue and is calculated by multiplying the MRR at the end of the month by 12 to annualize i t. MRR refers to Monthly Recurring Revenue in a subscription-based model, representing the total recurring revenue earned monthly f rom existing customers. （Million yen） YoY+26.4%
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7©Cyber Security Cloud , Inc. 2025 Churn rates for Shadankun and WafCharm ● Both products maintained a stable churn rate of approximately 1%, with no major changes observed. Churn rate for Shadankun Churn rate for WafCharm*1 *2 1.07% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2023 FY2024 FY2025 0.79% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2023 FY2024 FY2025 *1 Based on the 12-month average of the MRR churn rate.The MRR churn rate is calculated by dividing the MRR lost during the month by the MRR at the end of the previous month. *2 Based on the average monthly user churn rate, calculated as: number of paying users whose subscriptions ended during the m onth / number of paying users at the end of the previous month
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8©Cyber Security Cloud , Inc. 2025 676 709 741 800 837 862 929 991 1,065 1,105 1,173 42 27 22 40 116 26 27 64 120 127 135 718 736 763 840 953 889 957 1,056 1,186 1,232 1,309 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2023 FY2024 FY2025 Other revenue Stock revenue Variation in revenue ● Revenue continued to grow steadily, driven by the strong performance of WafCharm and CloudFastener, as well as contract development projects from Generative Technology, Inc. （Million yen） YoY+36.7% *3 *1 *2 *1 Total revenue including initial setup fees, one-time contracts such as vulnerability assessments and custom development proje cts *2 Total MRR from Attack Surface Defense, WafCharm, Managed Rules, SIDfm, CloudFastener, and webtru *3 Includes approximately 70 million yen related to the Digital Agency’s Government Cloud project
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9©Cyber Security Cloud , Inc. 2025 Trends in Operating Expenses (Cost of sales and SG&A) ● Operating expenses decreased compared to the previous quarter, as costs related to the development of new CloudFastener features were capitalized. ● In Q4, CSC plans to participate in “AWS re:Invent 2025,” AWS’s largest annual event, to be held in Las Vegas. 92 97 99 107 119 131 158 162 169 176 183 223 242 262 287 278 294 292 346 354 391 393 28 17 23 28 14 27 15 32 22 14 15 26 26 25 53 36 28 40 25 27 33 31 40 40 35 90 35 58 37 87 61 57 56 41 53 38 49 44 53 87 147 147 160 97 104 116 114 142 108 120 117 177 162 161 163 557 594 599 759 638 714 750 979 945 996 942 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2023 FY2024 FY2025 Telecommunication costs Personnel costs Recruitment/education costs R&D Advertisement costs Outsourcing costs Other （Million yen）
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10©Cyber Security Cloud , Inc. 2025 Engineers Business Corporate Employees Driving CSC’s Growth ● The number of employees increased following the addition of 10 new graduate hires in April 2025. Headcount trends* Headcount composition in FY2025 3Q 120 146 176 FY2023 FY2024 FY2025 3Q 176人 *The headcount includes temporary staff and represents the combined total of employees from both the Japan and U.S. entities. Generative Technology Inc. has been consolidated since 2024, and DataSign Inc. since 2025.
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11©Cyber Security Cloud , Inc. 2025 (For reference) Major KPIs of Each Product FY2024 FY2025 YoY 1Q 2Q 3Q 4Q 1Q 2Q 3Q ARR (million yen) 1,559 1,551 1,576 1,629 1,654 1,628 1,656 +5.1% No. of client enterprises 1,292 1,278 1,271 1,297 1,322 1,343 1,356 +6.7% Churn rate (％) 1.05 0.99 1.08 1.10 1.06 1.15 1.07 -0.01pt ARR (million yen) 1,082 1,118 1,371 1,475 1,581 1,656 1,702 +24.1% No. of users 1,236 1,232 1,271 1,288 1,313 1,322 1,328 +4.5% Churn rate (％) 0.93 0.79 0.83 0.83 0.79 0.79 0.79 -0.04pt ARR (million yen) 514 533 514 598 635 593 640 +24.5% No. of users 3,639 3,716 3,793 3,841 3,903 3,959 4,032 +6.3% ARR (million yen) 236 241 255 247 269 274 288 +12.8% No. of users 200 204 215 217 225 231 240 +11.6% ARR (million yen) 22 46 69 144 174 250 327 +369.3% ARR (million yen) - - - - 155 163 170 - Total ARR (million yen) 3,415 3,490 3,787 4,095 4,470 4,567 4,784 +26.3% *1 *2 *3 *1 Calculated by multiplying the MRR at the end of the month concerned by 12 to convert it to an annual amount. MRR stands for Monthly Recurring Revenue in the subscription model and means the total monthly recurring revenue from existin g customers. *2 Calculated from the average MRR churn rate in the latest 12 months. MRR churn rate means the virtual churn rate obtained b y dividing the MRR lost in the month concerned by the MRR at the end of the previous month. *3 Based on the average monthly churn rate of the number of users. Number of users who stopped paying fees during the month ÷ Number of fee-paying users at the end of the previous month.
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12©Cyber Security Cloud , Inc. 2025 (For reference) Statement of Income FY2023 FY2024 FY2025 YoY (million yen) Consolidated 1Q Consolidated 2Q Consolidated 3Q Consolidated 4Q Consolidated 1Q Consolidated 2Q Consolidated 3Q Consolidated 4Q Consolidated 1Q Consolidated 2Q Consolidated 3Q Revenue 719 736 764 840 953 889 957 1,056 1,186 1,232 1,309 +36.7% Cost of Revenue 227 219 232 245 263 294 346 433 423 438 416 +20.4% Gross Profit 491 516 531 595 690 595 611 623 762 793 893 +46.0% Gross Profit Margin 68.3% 70.2% 69.5% 70.9% 72.4% 66.9% 63.9% 59.0% 64.3% 64.4% 68.2% +4.3pt SG&A 329 374 366 514 375 420 404 546 521 557 525 +30.0% Operating Income 162 142 164 80 315 174 207 76 240 235 367 +77.2% Operating Income Margin 22.6% 19.3% 21.5% 9.6% 33.1% 19.6% 21.7% 7.2% 20.3% 19.1% 28.1% +6.4pt Ordinary Income 162 159 175 62 342 206 149 134 210 218 376 +151.7% Net Income Attributable to Owners of the parent 110 109 120 86 235 137 98 103 162 148 256 +159.2%
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13©Cyber Security Cloud , Inc. 2025 (For reference) Balance Sheet and Statement of Cash Flows (Million yen) FY2023 FY2024 FY2025 3Q Consolidated Consolidated Consolidated Current Assets 1,621 2,146 4,278 Fixed Assets 536 634 1,126 Total Assets 2,157 2,781 5,405 Current Liabilities 663 866 1,004 Fixed Liabilities 184 91 239 Total Liabilities 848 958 1,244 Net Assets 1,309 1,822 4,160 Total Liabilities and Net Assets 2,157 2,781 5,405 （Million yen） FY2024 FY2025 2Q Consolidated Consolidated Cash Flow From Operating Activities 633 342 Cash Flow From Investing Activities -175 -354 Cash Flow From Financing Activities -595 1,781 Net Increase (Decrease) In Cash and Cash Equivalents -87 1,718 Cash and Cash Equivalents at the Beginning of period 1,754 1,667 Cash and Cash Equivalents at the End of period 1,667 3,385 *As the cash flow statement for Q3 of the fiscal year ending December 2025 has not been prepared, the most recent available quarterly cash flow statement is presented instead. *
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14©Cyber Security Cloud , Inc. 2025 Topics in FY2025 3QⅡ
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15©Cyber Security Cloud , Inc. 2025 Acquired New Sales Partners to Accelerate Growth of Shadankun ● Entered into a reseller agreement with Sakura Internet Inc. and launched a strategic partnership with the Japanese subsidiary of Fastly Inc., a U.S.-based provider of high-performance CDN services. ● By leveraging the customer bases of both partners, CSC aims to expand its user base while increasing ARPU. Launched Sales via the Marketplace of the Public Cloud Service “Sakura Cloud” Launched a Strategic Partnership in the Cloud Security Domain, Combining Fastly’s High- Performance CDN* with Shadankun CSC aims to expand its user base by leveraging the customer network of Sakura Internet Inc Growing access to enterprise-level sales opportunities through Fastly’s established client base * A network that replicates and stores website content and delivers it to end users through the most efficient route to ensure optimal performance.
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16©Cyber Security Cloud , Inc. 2025 Customer Base Expansion and ARPU Growth Through the Launch of “WafCharm Lite” ● CSC has introduced WafCharm Lite, a new plan positioned between AWS WAF Managed Rules and WafCharm, to promote adoption among a broader range of customers. ● The offering also serves as an entry point for existing Managed Rules users to experience the value of WafCharm, with the goal of driving ARPU growth through upselling. WafCharm Lite AWS WAF Managed Rules ✓ Fixed package product; no customization available ✓ No support included ✓ Starting at $25/month ✓ Access to selected WafCharm features ✓ Limited support included ✓ Starting at $316.8/month ✓ Automatically manages AWS WAF to address the latest threats ✓ Full support included ✓ Starting at $964.8/month Enhanced Security Capabilities Experience the value of WafCharm ARPU Functions “WafCharm Lite” is offered as the next step for customers using Managed Rules, promoting upselling by providing a gateway to advanced WAF automation and protection.
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17©Cyber Security Cloud , Inc. 2025 Awarded a Contract Development Project from the Information-technology Promotion Agency (IPA) ● CSC has awarded a project related to the pilot testing of educational credentials to support international interoperability of digital identities ● The project aims to identify and summarize technical and regulatory areas that need to be addressed between participating countries Excerpt from the IPA’s Public Tender: “FY2025 Japan-EU Pilot Project on the Interoperability of Educational Credentials” (conducted by the Information-technology Promotion Agency, IPA) and translated by CSC ① Use cases for Japan to EU • A Japanese university, etc., issues an educational credential to the wallet of an EU student who came to study abroad at the Japanese university. • After returning home, the EU student presents the educational credential to an EU university, etc. • The EU university, etc., verifies the presented educational credential and its issuer. • An EU university, etc., issues an educational credential to the wallet of a Japanese student who came to study abroad at the EU university. • After returning home, the Japanese student presents the educational credential to a Japanese university, etc. • The Japanese university, etc., verifies the presented educational credential and its issuer. Study abroad Proof of credits earned during study abroad Issuance of educational credential Presentation of educational credential Verification Study abroad Proof of credits earned during study abroad Issuance of educational credential Presentation of educational credential Verification EU Student's Wallet ② Use cases for EU to Japan Japanese University, etc. (Issuer) EU University, etc. (Verifier) EU University, etc. (Verifier) Japanese Student's Wallet Japanese University, etc. (Verifier) The technical strengths and insights developed through continuous R&D efforts have directly led to the acquisition of government contracts. EU Students Japanese Students
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18©Cyber Security Cloud , Inc. 2025 Growth Strategy FY2022 to FY2025 and Mid-Term StrategyⅢ
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19©Cyber Security Cloud , Inc. 2025 Growth Strategy Toward 2025 Provide reliable services around the world as a global security software maker from Japan To become the leading security company in Japan in the field of web security. To accelerate global expansion and increase overseas sales ratio to 10% Financial targets are revenue of 5 billion yen and an operating income of 1 billion yen.
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20©Cyber Security Cloud , Inc. 2025 1.0 1.2 1.4 1.6 0.3 0.6 0.8 1.2 0.3 0.4 0.7 1.0 1.8 2.3 3 3.8 5 2019 2020 2021 2022 2023 2024 2025 Other WafCharm Shadankun Financial target (1) Achievement of sales of 5 billion yen ● Targeting top domestic companies in the 'Web Security' field, CSC aims for a sales revenue of 5 billion yen ● CSC aims to achieve an overseas sales ratio of over 10%*1 by not only leveraging WafCharm but also capitalizing on the strong performance of Managed Rules and the introduction of our new service, CloudFastener (billion yen) Achieved Achieved 3.06 2.34 *1 CSC targets overseas revenue exceeding 500 million yen from its AWS-related services, including WafCharm, Managed Rules, and CloudFastener. Achieved 3.85
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21©Cyber Security Cloud , Inc. 2025 0.14 0.18 0.29 0.39 0.5 0.7 1 2019 2020 2021 2022 2023 2024 2025 Financial target (2) Operating income of 1 billion yen in 2025 ● CSC plans to execute aggressive marketing activities to expand recognition both domestically and internationally, with a focus on our new service. ● While making preemptive investments, CSC also aims to continue profit growth and strive to achieve an operating profit of 1 billion yen by FY2025. Achieved 0.41 (billion yen) Achieved 0.54 Achieved 0.77
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22©Cyber Security Cloud , Inc. 2025 [Mid-to-Long-Term Strategy] Focus on Cloud × Cybersecurity ● CSC is targeting two high-growth and large-scale markets: the ever-evolving "cloud industry" and the" cybersecurity sector", where there is a shortage of specialized talent. ● Our goal is to become a one-of-a-kind company specializing in this domain by providing an end-to-end solution covering the entire process from cloud system development to operations. *1 Refers to services such as AWS, Microsoft Azure, and Google Cloud that allow users to access various functions, including software and infrastructure, via the internet. *2 Cybersecurity Market: Market size of the overall network security market in 2024. The CAGR is projected for 2023 –2029, according to the "2024 Network Business Comprehensive Survey" by Fuji Chimera Research Institute. *3 Cloud Market: Market size of the public cloud -related SI market within the domestic SI market in 2024. The CAGR is projected for 2022–2027, based on the "2024 Cloud Computing: Current Status and Future Outlook" by Fuji Chimera Research Institute. Cloud Market size：6.6 trillion yen※3 CAGR：16.0％※3 Cybersecurity Market size：719.4 billion yen*2 CAGR：6.6%*2 Secure construction and development in cloud environments Protection of web applications Diagnosis and management of vulnerability information Managed Security Services (MSS) for the world's top three platforms Development Management Protection Operations
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23©Cyber Security Cloud , Inc. 2025 [Mid-to-Long-Term Strategy] Revenue Growth Vision ● CSC aima to grow security operations into the next core pillar of our business, driving ARPU growth and maximizing LTV through cross-selling. ● Our strategy is built on four key pillars: Sales, Product, Community, and M&A, with the goal of achieving disruptive growth. ② Product-led Growth ① Sales-Led Growth ③Community-led Growth ④ M&A Growth ・Strengthen approaches to decision-makers ・Improve sales efficiency through enhanced partnerships ・Highlight product value directly by enriching web content ・Strengthen alliances with major corporations for joint development ・Provide platforms for users to share best practices ・Leverage cloud platform community networks ・Expand the service lineup and acquire new management resources ・Broaden the target scope to include not only products but also system development and operations ✓ In addition to our existing solutions, CSC aims to develop security operations into our second core service. ✓ Our goal is to establish our position as the No.1 cybersecurity company, capable of providing end-to-end services from cloud system development to operations. Future Revenue Growth Vision Strategies for Growth Development Management Operations Protection
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24©Cyber Security Cloud , Inc. 2025 Our M&A Strategy ● CSC has completed a total of three M&A transactions to date. With a focus on mid-to-long-term growth, CSC has incorporated M&A-driven expansion as one of our key strategies. ● Moving forward, CSC will continue to actively explore opportunities, expanding our targets from development to operations, with a focus on the cloud and cybersecurity domains. SofTek Inc. （December 2020） ・・・ Generative Technology Inc. （October 2024） Future Domains of Consideration DataSign Inc. （February 2025） Vulnerability Management Domain Development Domain Privacy Domain After becoming a wholly owned subsidiary, the company was merged by absorption. Added the vulnerability management tool "SIDfm" and vulnerability assessment services to our lineup. Since joining the group, "SIDfm" has achieved over 70% ARR growth. Established a new subsidiary through a business transfer. Added a secure system development business utilizing cloud platforms. Combining data privacy and cybersecurity to meet the growing demand for integrated security solutions. By expanding our lineup and acquiring new management resources, CSC will strengthen the entire process from development to operations. × Cloud Domain Cybersecurity Domain
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25©Cyber Security Cloud , Inc. 2025 Market Environment Surrounding Our CompanyⅣ
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26©Cyber Security Cloud , Inc. 2025 The current state of cybersecurity in Japan ● As cyber attacks become more complex and sophisticated, the scope of monitoring and defense continues to widen, yet there is a chronic shortage of security professionals ● With the advancement of stricter penalties for personal data breaches, companies are required to implement more robust security measures Acceleration of the shift from on-premises to cloud *1 National Police Agency Public relations materials (as of March 13, 2025) *2 NRI Secure Insight 2022 *3 Personal Information Protection Commission *4 Ministry of Economy, Trade and Industry: “Cybersecurity management Guidelines Ver. 3.0” • Amendments to the Personal Information Protection Act (2022) : Mandatory reporting to the Personal Information Protection Commission in the event of a data breach, with corporate penalties increased up to 100 million yen. • Cyber Management Guidelines 3.0 (2023) : Disclosure of the 'three principles' that managers should recognize and the 'ten critical items' that should be directed to the Information Security Officer (CISO, etc.)." National movements Cyber attacks are on the rise Shortage of security professionals 89.4%*2 Approx 2.3x in 5 years On-premise servers Cloud Servers *3 *4 ¥ Reducing management costs Scalabitlity Global access Proliferation of remote work Challenges surrounding security *1 4,192 6,506 7,335 7,708 9,145 9,520 2019 2020 2021 2022 2023 2024 # of cyber attack detections per day, per IP address
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27©Cyber Security Cloud , Inc. 2025 The cybersecurity needs of Japanese companies ● Even companies that are short on security personnel need a mechanism that can reliably prevent increasingly sophisticated cyber attacks ● It is also important that a small number of personnel, who may not have high specialization, can continue to operate the system Features and services demanded by companies A system that realizes the sophistication and efficiency of security management by utilizing tools that can detect and defend against new attacks Challenges for companies in security Due to a shortage of manpower, the following problems are occurring: No budget Unable to respond in-house in case of an emergency Aware importance of cybersecurity but have no idea what to do. A system that automatically blocks cyber attacks just by being implemented Pricing that is accessible to small and medium-sized enterprises Support available 24 hours a day, 365 days a year in Japanese e.g. Traditional security management has its limitations… ¥
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28©Cyber Security Cloud , Inc. 2025 Market size in Japan ● Security investment is accelerating across Japan, with the cloud security market significantly driving this growth ● High growth is anticipated within the security domain CSC operates in, and CSC aims to steadily capture the increasing demand over the medium to long term Domestic security investment scale Size of the domestic cloud security market Market size in the sector relevant to our products *1 Fuji Chimera Research Institute: "2023 Network Security Business Survey Comprehensive Market Edition," released December 14, 2023 *2 Fuji Chimera Research Institute: "2023 Network Security Business Survey Comprehensive Market Edition," released December 14, 2023 Our sector = WAF (Web Application Firewall) market + Vulnerability management market + MSS (Managed Security Service) market 655 990 2022 2028 (Estimation) 135 280 2022 2028 (Estimation) 181 335 2022 2028 (Estimation) Approx.1.5x Approx. 2x Approx.1.9x *1 *1 *2 (Billion yen) (Billion yen) (Billion yen)
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29©Cyber Security Cloud , Inc. 2025 The potential of the market in CSC's business domain ● By looking beyond the domestic market to the global stage, CSC can capture a vast market. ※1 MARKETSANDMARKETS “Web Application Firewall Market by Component and Services, Organization Size, Vertical and Region” . Calculated as $1=140 yen ※2 MARKETSANDMARKETS “Security and Vulnerability Management Market by Component, Organization Size, Vertical, and Region”. Calculated as $1=140 yen ※3 GRAND VIEW RESEARCH “Managed Security Market Size, Share & Trends Analysis Report”. Calculated as $1=140 yen Global Market Approx. 6,510 billion yen WAF (Web Application Firewall) Approx. 810 billion yen*1 Vulnerability Management Approx. 1,900 billion yen*2 MSS (Managed Security Service) Approx. 3,800 billion yen*3
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30©Cyber Security Cloud , Inc. 2025 Positioning of Our Company in the Cyber Security Market ⚫ Our company is one of a few domestic makers that develop, operate, and sell software in-house in the Japanese cyber security market, where overseas products are dominant. Positioning of CSC ① In-house products CSC offers our own products developed by our engineers. CSC can provide our software flexibly according to customer needs, as CSC develop and operate the software by ourselves. ② Web security Differing from security services for protecting PCs and networks, our services protect corporate websites. In-house security Web security Trading firms that offers service consultancy services In-house products Company A Many security firms Company B Company C Company D
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31©Cyber Security Cloud , Inc. 2025 Company ProfileⅤ
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32©Cyber Security Cloud , Inc. 2025 Corporate Profile Corporate name Date of establishment Date of listing Representatives Executives Location Business description Group companies Cyber Security Cloud, Inc. August 11, 2010 March 26, 2020 Toshihiro Koike, Representative Director, President, and CEO Yoji Watanabe, Representative Director and CTO Masafumi Kurata, Director and CFO (certified public accountant) Hayato Kiriyama, Director, CSO and CISO Seiichi Nakagawa, CRO Yoshinori Ikura, Outside Director (lawyer) Hiroshi Kurihara, Outside Director Daichi Seki, Full-time Auditor (certified public accountant) Ikuo Murata, Outside Auditor Kenta Izumi, Outside Auditor 13th floor of JR Tokyu Meguro Bldg., 3-1-1 Kamiosaki, Shinagawa-ku, Tokyo Development and provision of cyber security services utilizing AI technology Cyber Security Cloud Inc. （USA） Cyber Security Cloud Pte. Ltd. （Singapore） Generative Technology Inc. DataSign Inc,
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33©Cyber Security Cloud , Inc. 2025 History ⚫ Since our establishment in 2010, CSC has specialized in the field of web security ⚫ CSC is rolling out "cloud-native" products that capitalize on the benefits of the cloud one after another Acquired Softek Foundation Launched 2013 Launched 2017 Established Cyber Security Cloud Inc.（U.S.） 2018 Listed in TSE 2020 Rolled out WafCharm for AWS users in the U.S. (Expansion of operations in the U.S) 2021 Launched 2010 Launched Managed Rules Revenue （million yen） 2023 2019 Established Generative Technology Inc. 2024 19 29 69 66 246 488 816 1,194 1,790 2,342 3,060 3,857 5,000 2014/06 2015/06 2016/06 2016/12 2017/12 2018/12 2019/12 2020/12 2021/12 2022/12 2023/12 2024/12 2025/12 Established subsidiary in Singapore Acquired DataSign 2025
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34©Cyber Security Cloud , Inc. 2025 Our Management Team A management team with extensive experience and deep knowledge of SaaS development and cloud security technologies to drive growth Toshihiro Koike, Representative Director, President and CEO ⚫ Born in 1983. Graduated from Faculty of Law, Konan University ⚫ 2006 Joined Recruit HR Marketing Kansai (now Recruit) ⚫ 2016 Appointed COO and Director of the Japanese subsidiary of AppSocially Inc. of the U.S., a communication tool SaaS developer ⚫ 2018 Founded ALIVAL Corporation (now M&A Navi) ⚫ 2021 Appointed President and CEO of the Company Yoji Watanabe, Representative Director, CTO ⚫ Born in 1975. Graduated from Faculty of Science and Engineering, Meiji University ⚫ Engaged in research and development of cloud systems, real- time distributed processing and anomaly detection at a major IT company ⚫ 2016 Joined the Company; served as CTO and a Director ⚫ 2021 Appointed as Representative Director and CTO Masafumi Kurata, Director and CFO ⚫ Certified Public Accountant. Joined the Company in 2017 after working for Taiyo LLC. ⚫ Appointed as a Director in 2019 Hiroshi Kurihara, Outside Director ⚫ Served as President and Representative Director of Fuji Xerox Co. ⚫ Chairman, Japan Telework Association (current position) Yoshinori Ikura, Outside Director ⚫ Attorney at law; worked at AZX Law Office and Kairos Sogo Law Office before becoming Representative of Ikura Sogo Law Office (current position) Hayato Kiriyama, CSO and CISO ⚫ Head of Security Business at Amazon Web Services Japan, LLC ⚫ Visiting Associate Professor at Graduate School of Management, Globis University (current position) Representative Directors Director & CXO Seiichi Nakagawa, CRO ⚫ Led the launch of the Partner Solutions Engineer program at Microsoft ⚫ Contributed to the launch of Amazon Web Services Japan ⚫ Served as Country Manager at multiple global SaaS companies
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35©Cyber Security Cloud , Inc. 2025 Corporate Philosophy To create a secure cyberspace that people around the world can use safely
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36©Cyber Security Cloud , Inc. 2025 Operation of Web Security Business for Blocking Attacks From Hackers ⚫ Enterprises implement cyber security measures mainly in two fields In-house security Devices Attacks through viral infection Damage attributable to the vulnerability of people （Example: A file attached to a suspicious email was opened, a PC was infected with a virus, and information was stolen from the PC.) Web security Website Attacks through unauthorized access Damage attributable to the vulnerability of a system (Example: The login page of an EC site was manipulated, and personal information of users was stolen.) Hacker Virus Shopping
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37©Cyber Security Cloud , Inc. 2025 Major Cases of Cyber Attacks SQL injection An improper string of letters is input to attack the database of web apps. Brute-force attacks To find a password, all theoretically possible patterns are entered. Password list attacks Using pre- obtained IDs and passwords, they try to access a website and log in illegally. DDoS attacks Multiple computers send a huge amount of access and data to a target server. Cross site scripting A trap is set on a specific website to lead users visiting the website to another vulnerable website and steal personal information. Zero-day attacks Attacks carried out during a period from the discovery of vulnerabilities to the application of fixed programs and corresponding patch.
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38©Cyber Security Cloud , Inc. 2025 Roles of Our Products in the Web Security Field ⚫ CSC provides means to “protect” corporate websites and web services from hacker attacks, “fix” vulnerabilities, and “manage and operate” the security of cloud environments comprehensively Prevent cyber attacks from hackers Website Database Hacker On-Premise Cloud Platform Prevent cyber attacks from hackers AWS WAF Managed Rules On-Premise / Cloud Specialized in Cloud Platform Collecting and Managing vulnerability which will be targeted by hackers Covers over 900 software WAF (shadankun) Comprehensive management and operation of cloud environment security Compatible with 3 major platforms
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39©Cyber Security Cloud , Inc. 2025 Our Service Lineup Vulnerability Assessment Service to visualize and block cyberattacks on websites and servers Fully managed security services for the three major cloud platforms Public cloud WAF automated operation service Service for collecting and providing vulnerability information on OS and applications Personal information consent management tool compliant with regulations worldwide Rule set dedicated to AWS WAF Vulnerability assessment service for web applications and related systems Service for building secure system development environments WAF Automated Operation Service Cloud-based WAF Personal Information Consent Management Tool Managed Security Service Vulnerability Management & Assessment Cloud Construction & Development
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40©Cyber Security Cloud , Inc. 2025 Cloud-type WAF “Shadankun” ⚫ CSC has the largest share in the Japanese market. It has been adopted for over 20,000 websites and protects against threats such as personal information leakage and service suspension due to unauthorized access Support in Japanese 24 hours a day, 365 days a year It is possible to detect unknown attacks and faulty detections speedily. Compatible with all kinds of web systems DDoS attacks Unauthorized access Authorized access Since it was developed in house and is operated by our company, swift reaction is possible. Website * Fuji Chimera Research Institute: "2023 Network Security Business Survey Comprehensive Market Edition," released December 14, 2024 Shopping *✓ The largest share in the Japanese market ✓ Can be installed in a minimum of one day ✓ Can be used with a fee ranging from 10,000 yen per month ✓ Broadly used in various industries and businesses (shadankun)
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41©Cyber Security Cloud , Inc. 2025 WafCharm: a Tool for Automatic Operation of Public Cloud WAF ⚫ An automatic operation service which is compatible with the 3 major global platforms and enables easy WAF operation such as adjustment of defense rules. It has the largest share in Japan. Global support 24 hours a day, 365 days a year It is possible to produce and set optimal rules for each client’s environment. *1 Summary of the survey by JMRO: Survey on results for FY 7/2020 *2 For WafCharm for AWS Marketplace *3 Amazon Web Service、Microsoft Azure、Google Cloud（Canalys “Canalys Newsroom- Global cloud services spend hits record US$49.4 billion in Q3 2021”） ✓ The largest share in the Japanese market ✓ Can be installed through a few steps ✓ Can be used in over 220 countries Compatible with the three major cloud platforms*3 Our know-how for defense nurtured through Shadankun is utilized. Web WAF Researcher Support Automatic *2 *1
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42©Cyber Security Cloud , Inc. 2025 ✓ Only 8 companies selected by AWS to sell ✓ Can be started with a few clicks ✓ Pay-per-use with a monthly fee ranging from $25 ✓ Used by users in over 100 countries Managed Rules: a Set of Rules Exclusively for AWS WAF ⚫ A set of basic rules used in over 100 countries around the world and summarizing our know-how for defense CSC accumulated as a company with the largest share of the cloud-type WAF in Japan Equipped with the customization function Received the award of AWS Marketplace Partner of the Year Self-serve type in AWS marketplace It can easily block representative cyber attacks *1 CSC, Fortinet、F5、Penta Security、ThereatSTOP、imperva、MONITORAPP、SunDevs *2 The world’s first as a Japanese enterprise (as of the end of Dec. 2022) *2 *1
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43©Cyber Security Cloud , Inc. 2025 SIDfm: a Tool for Collecting and Managing Vulnerability Information ⚫ The first all-in-one tool in Japan for automatically obtaining and managing vulnerability information of a system. It has a history of over 20 years and reliability. 1つのツールで全ての工程を網羅可能 Compatible with over 900 products Automation of collection of vulnerability information Provision of difficult-to-understand vulnerability information in Japanese Support by experts in vulnerability *1 Softek acquired in 2020 started business in 1999. *2 The annual fee of SIDfm Group was converted to the monthly fee. Impact evaluation Dealing with and correcting vulnerability Recording and management of progress Identification of necessary information Collection of vulnerability information ✓ Experience and a track record of over 20 years ✓ It can be used by paying a monthly fee ranging from 40,000 yen ✓ Over half of the users are listed companies ✓ Churn rate is as low as 0.6% *2 *1
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44©Cyber Security Cloud , Inc. 2025 Fully Managed Security Service, 'CloudFastener' ● A service that manages and operates AWS, Microsoft Azure, and Google cloud security services 24/7, 365 days a year ● By building a secure AWS environment in accordance with best practices, it reduces the security risks faced by businesses Provide a combined package of software and human services Compatible with the three major cloud platforms Stay updated and responsive to public cloud updates Continuous 24/7 monitoring of security data and logs Identify risks Prevent cyber threats Recover from attack damages Respond to cyber attacks Detect threats and vulnerabilities Identify and understand information assets and risks Implement optimal defenses to prevent cyber attacks Support corrective actions Implement measures to address cyber attacks Implement measures to detect cyber attacks Identify Protect Detect Respond Recover Provide one-stop support for the entire process, from identification to recovery * *Conducted within the scope agreed upon with the client
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45©Cyber Security Cloud , Inc. 2025 “webtru,” a Tool for Managing Private Info and Consent ● All enterprises can easily automate the processes for securing privacy and follow the regulations in each country. Consented to the transmission of private info Information sharing with external sites possible Did not consent to the transmission of private info Information sharing impossible External sites ✔ The largest share in the market of tools made in Japan*1 ✔ Can be installed on the day of order placement at the earliest. ✔ Covering 84 languages ✔ Minimum charge: 6,000 yen/month Compliance with regulations in each country The only Google-certified CMP partner in Japan*2 Support in Japanese High-precision automatic production with a patented technology Individual Website with webtru To check consent and protect private info *1: Surveyed by Oshiete URL *2: Certified program for supporting the optimization of digital marketing activities in accordance with privacy regulations
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46©Cyber Security Cloud , Inc. 2025 Our Characteristics (1) Domestically produced, area-specific, cloud-based products ● Specializing in the web security domain and focusing on domestically produced products and extensive support, we quickly gained customers. ● Utilizing accumulated data and customer feedback in development, we provide multiple products with high defense performance, reliability, and security. *1 Deloitte Tohmatsu Economic Research Institute "Current Status and Future Outlook of the External Threat Countermeasure Solution Market, Fiscal Year 2024“ *2 As of September 2025 CSC Managed Rules for AWS WAF more than 100 countries, 4,032 Number of users 1,328 Number of users Achievements (example) To accumulate data quickly by taking advantage of first- mover advantage and cloud computing Data CSC has established a system in which all development, operation, and support are performed in-house in Japan. Support is available in Japanese 24 hours a day, 365 days a year. Structure Maintains the largest market share in Japan and high recognition as a product of a publicly listed company Product recognition The attack detection technology developed based on large amounts of data was incorporated into the product. High defensive performance Reflecting in-depth knowledge gained from ongoing relationships with customers and our own one-stop-shop system in product development Customer needs-driven product development To provide and combine the best products for each customer's server environment A variety of proposals utilizing multiple products *1 (Shadankun) Domestic sales share No. 1 *2 *2
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47©Cyber Security Cloud , Inc. 2025 Continuing to increase profits while making aggressive investments Selling to users around the world in foreign currency ⚫ The ratio of foreign currency sales to total sales revenue Our Characteristics (2) Stable Earnings Base ● Continuing to increase revenue and profit since the IPO while making aggressive investments ● The expansion of products for overseas markets and having a diverse customer base also contribute to stable profit creation Continuing high growth recurring revenue Low churn rate 1.19 3.85 2020 2024 Other Recurring revenue CAGR 34.1% ⚫Trend in sales revenue ⚫Churn rates by puducts (As of September 2025) High profitability Low churn rate Recurring ratio Over 90% （billion yen） 1.07% 0.79% ⚫Trend in operating profit Sales growth Foreign currency in sales 0.18 0.29 0.38 0.54 0.77 15.8% 16.4% 17.0% 18.0% 20.1% 14.00% 16.00% 18.00% 20.00% 22.00% 24.00% 2020 2021 2022 2023 2024 Operating profit Operating margin （Billion yen） FY2020 1Q ARR 1.0 billion yen Shadankun WafCharm ManagedRules SIDfm CloudFastener webtru FY2025 3Q ARR 4.8 billion yen
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48©Cyber Security Cloud , Inc. 2025 Our Characteristics (3) Diversity of sales channels domestically and internationally Direct sales Listening to customer requests while providing careful support Ability to reach customers who are otherwise inaccessible to CSC Partners AWS Marketplace Users around the world can make purchases at any time By leveraging multiple sales channels, CSC can deliver its products to a broader range of customers • A strong team of experienced sales and marketing professionals • Track record of serving approximately 3,000 companies • Partner network of over 200 companies • Robust relationships with AWS Premier Tier Services Partners • Used in over 100 countries worldwide • Recipient of the “Marketplace Partner of the Year – APJ” award
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49©Cyber Security Cloud , Inc. 2025 Companies That Adopted Our Services ⚫ Security needs are expanding across industries, sizes, and business types, leading to adoption by a wide range of companies. Finance, public offices, public corporations, groups IT and services Media and entertainment Transportation and construction Human resources Manufacturers
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50©Cyber Security Cloud , Inc. 2025 （Out of 15 companies, 13 companies are our partners.） IT infrastructure developers and MSPs System integrators and distributors Competent Sales Partners Supporting the Sales Promotion of Our Services ● CSC offers products to a wide range of users through numerous sales partners. ● Moving forward, CSC aims to expand our sales network by acquiring additional sales partners. *1 Abbreviation of Managed Service Provider. It means a service vendor that maintains, operates, and monitors IT systems. *2 First-tier partners of AWS that possess expertise in designing and establishing AWS workloads and contribute significantly to the expansion of businesses of many clients. AWS Premier Tier Service Partners*2 *1 One other company
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51©Cyber Security Cloud , Inc. 2025 Status of ESG Initiatives ● Demonstrate presence as a company that makes desirable changes in society by reducing GHG emissions through the use of cloud computing and promoting digital human resource development and DX. ● As a leading cybersecurity company, we continue to strengthen initiatives for each stakeholder. ⚫ Contribution to a carbon-neutral society – Contribution to cloud computing and DX development through business – Expansion of renewable energy through promotion of AWS use ⚫ Cyber security awareness activities – Establishment of the Cyber Security Alliance ⚫ Establishment of Risk Compliance Committee ⚫ Effective use of resources – Promoting paperless operation – Space efficiency through telecommuting and free address ⚫ Promoting Diversity – Employment of multinational personnel – Supporting Cybersecurity Woman of Japan ⚫ Creating internal mechanisms for risk response – Internal reporting desk – Harassment training ⚫ Provide educational opportunities internally and externally – Employees: Assistance in purchasing books – Students: Cyber Security Lectures E (Environment) S (Society) G (Governance) ⚫ Obtain Information Security Management System (ISMS) certification ⚫ Initiatives for Regional Development – Corporate version of hometown tax payment ⚫ Initiatives to Promote Women’s Empowerment – Received Eruboshi (2-star) certification in recognition of our efforts to support women in the workplace.
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52©Cyber Security Cloud , Inc. 2025 Analyst report from Shared Research An analyst report has been disclosed from Shared Research since Aug 2022. Please review the report for a better understanding of our business. https://sharedresearch.jp/en/companies/4493 Shared Research Inc. is a research company that provides essential information regarding a wide variety of companies to investors around the world. SR produces reports containing information that is vital when making investment decisions and does so from the standpoint of an investor, rather than from the standpoint of a company. Its reports are utilized by both institutional and individual investors.
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53©Cyber Security Cloud , Inc. 2025 Through preparing this material, our company assumes that the information we were able to collect is complete and accurate. but we do not warrant or represent either the accuracy or the completeness of this information. Also, the assumption or the outlook of future dates after this information is released may include assumptions based on plans but this information regarding the future is built on rational decision-making based on information we have collected, and the information does not mean that we will warrant the achievements. The difference between assumptions and actual achievements may be influenced by changes in the economy, customer needs, user preference, competition between competitors and laws and other various changes. Due to many of these factors, there is a possibility that these results may vary. Furthermore, upon releasing this material, we do not have any obligation to update or revise this material in the case new information or future events occur. Disclaimer To create a secure cyberspace that people around the world can use safely