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Investor Presentation February 26, 2026 ©2026 – ALL RIG HTS RESERVED
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 2 This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The words “anticipate,” “expect,” “believe,” “will,” “may,” “should,” “estimate,” “project,” “outlook,” “forecast” or other similar words are used to identify such forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements represent our expectations or beliefs concerning future events based on information available at the time such statements were made and include statements regarding our potential future business, operating performance and financial condition, including descriptions of our expected revenue and profitability (and related timing), GAAP and non-GAAP gross margins, adjusted EBITDA and adjusted EBITDA margins, tax rates, expenses, cash outlook, free cash flow and free cash flow margins; strategic objectives and initiatives; the recurring revenue and services first business model; expectations regarding market expansion and future growth and expectations for 2026 to be a pivotal year for our company; expectations for our strategic partnerships to expand our significant market opportunity in 2026 and accelerate our momentum towards achieving our long-range targets; and others. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including the following: future demand for our products may be lower than anticipated, including due to inflation, fluctuating consumer confidence, banking failures and high interest rates; we may be unsuccessful in developing and expanding our sales and marketing capabilities; we may not be able to increase sales of our paid subscription services; consumers may choose not to adopt our new product offerings or adopt competing products; product performance may be adversely affected by real world operating conditions; we may be unsuccessful or experience delays in manufacturing and distributing our new and existing products; and we may fail to manage costs and cost saving initiatives, the cost of developing new products and manufacturing and distribution of our existing offerings. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Further information on potential risk factors that could affect our business are detailed in our periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled “Risk Factors” in the most recently filed Annual Report and Quarterly Report filed with the Securities and Exchange Commission (the “SEC”) and subsequent filings with the SEC. Given these circumstances, you should not place undue reliance on these forward-looking statements. We undertake no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. In addition to the financials presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation includes the following non-GAAP metrics: non-GAAP gross profit, non-GAAP gross margin, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income and non-GAAP earnings per diluted share, and other non-GAAP measures specifically set forth in the Appendix to this presentation. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. In addition, we use free cash flow as non-GAAP measure when assessing the sources of liquidity, capital resources, and quality of earnings. We believe that free cash flow is helpful in understanding our capital requirements and provides an additional means to reflect the cash flow trends in our business. There are a number of limitations related to the use of these non-GAAP metrics versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP metrics differently or may use other metrics to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial metrics as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measures set forth in the Appendix to this presentation, and not to rely on any single financial measure to evaluate our business. This presentation and the accompanying oral presentation also contain estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry and business. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the industry data generated by independent parties and contained in this presentation and, accordingly, we cannot guarantee their accuracy or completeness. In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we compete are necessarily subject to a high degree of uncertainty and risk. SAFE HARBOR DISCLOSURE
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3 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 Q4 & Full Year 2025 Performance Review
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 4 Above range Above range Paid accounts Excellent execution Etc Rule of 40 = 45 Service revenue = 63% Overview $141M Revenue (total) Above the high end of our guidance range $89M Service Revenue Up more than 39% year over year $330M ARR Up more than 28% year over year $23.3M in EBITDA Up more than 138% year over year $0.22 EPS (non-GAAP) Above the high end of our guidance range Quick View Arlo Q4 2025 Rule of 40 45 Q4 SaaS Score
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 5 Execution: 2025 Product Refresh Arlo delivered the largest product launch in company history in 2025 in conjunction with a significant update to our subscription service platform. The team executed flawlessly, driving success in Q4 and serving as the foundation for a strong 2026. • Arlo 6 launched new features and improved performance • Advanced recognition engine, AI scene descriptions and new audio detections • Personalized, custom AI micro-models • 109 device SKUs launches across channels • 800,000+ units shipped in first 60 days of production • Unit sales up 24% year-over-year
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6 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 $15.3 Retail ARPU (1) (1) Average monthly revenue per retail paid account user. (2) LTV calculated as retail ARPU multiplied by non-GAAP retail services gross margin divided by retail services churn rate. (3) Non-GAAP gross margin for retail paid accounts. (4) CAC calculated as retail sales and marketing expense less retail product non-GAAP gross profit divided by number of new retail paid subscriber accounts. 1.0% 2.0% 4.0% 4.5% 6.0% 6.0% 7.5% 8.7% Paid Account Monthly Churn Rate(5) Security Service Ranked as Least Likely to Cancel 94% Retail Gross Margin (3) (5) Arlo churn is calculated on new business model households only. 6 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . $917 Retail LTV (2) $229 Retail CAC (4) 4.0x LTV to CAC (4) Outstanding Unit Economics Retail Accounts = 89% of ARR
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 7 SaaS Platform Innovation Powerful AI features and platform enhancements Goals for 2025 Arlo is set up for a successful year with past investments coming to fruition and numerous opportunities to drive service revenue growth and shareholder value. 1 Comprehensive Device Launch The largest product launch in our history in time for holiday 2 Retail Expansion Capturing additional shelf share throughout the year 3 New Strategic Partners Opening new growth vectors this year and beyond 4 $300M+ in Service Revenue Targeting substantial subscription service growth 5 Rule of 40 SaaS Company 2025 guide puts Arlo in rarified air against all peers 6 Arlo Full Year Score = 42.5
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8 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 Q4 & Full Year 2025 Operating Results
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9 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 Total Revenue $510 - $540M $529M Service Revenue $300M $316M Above Range (1) Rule of 40 calculated as Q4’25 Adjusted EBITDA margin plus Q4’25 Annual Recurring Revenue (ARR) Y/Y growth 2025 Original Guidance 2025 Actual Results Service Revenue and EPS above guidance Top-line and Bottom-Line Outperformance Significant Acceleration in Profitability Despite Tariff Impacts Rule of 40 Services Business Outstanding execution delivered best-in-class operational metrics EPS $0.56 to $0.66 $0.70 Above Range 2025 Operational Excellence Exceptional Operational Execution Largest Product Launch in History, Helping to Monetize AI Driven Services Service Gross Margin 84% Adjusted EBITDA Margin 14.1% 1 2 3 4 9 © 2 0 2 6 . A L L R I G H T S R E S E R V E D .
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 10 Paid Accounts & Annual Recurring Revenue (ARR) 23% 21% 1% Annual ARPU Growth of Monthly Subscriber Churn of Recent Product Launch drove POS Growth in 2H 2025 Fueled Strong ARR Results Leading Customer Retention ARR represents and is defined as the annualized paid subscriptions and services revenue we expect to recognize from subscript ion contracts, as calculated by taking the average paid subscriptions and services revenue multiplied by the number of subscripti on accounts at the end of the reporting period. 24% Y/Y Growth Q3’25 Q4‘25Q2‘25Q1’25Q4’24 5,396 5,687 5,115 4,897 4,599 24% Y/Y Growth 28% Y/Y Growth Paid Accounts (thousands) Annual Recurring Revenue (millions) Q3’25 Q4‘25Q2‘25Q1’25Q4’24 $323.2 $330.5 $315.7 $276.4 $257.3
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 1111 $316M 60% 84% Subscriptions and Services Revenue & Gross Margin 2025 Services Revenue of Total Revenue 2025 Services Revenue Up 30% year-over-year 2025 Gross Margin of For Full Year The most directly comparable GAAP financial measures are presented in the GAAP to non-GAAP reconciliation in the Appendix 39% Y/Y Growth 230bpts Y/Y Growth Q3’25 Q4‘25Q2‘25Q1’25Q4’24 $79.9 $89.4 $78.2 $68.8 $64.1 Subscriptions and Services Revenue (Millions) Subscriptions and Services Gross Margin (non-GAAP) Q3’25 Q4‘25Q2‘25Q1’25Q4’24 85.1% 84.0%84.9% 83.1% 81.7%
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 1212 $239M Gross Profit & Margin and Adjusted EBITDA & Margin $75M 2025 EBITDA of Up 85% year-over-year 2025 Gross Profit of Up 24% year-over-year 1030 bps Over Prior Year Q4 Consolidated GM% up Gross Profit and Gross Margin (non-GAAP in Millions) Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP in Millions) 48% Y/Y Growth 138% Y/Y Growth Q3’25 Q4‘25Q2‘25Q1’25Q4’24 $57.7 $67.6 $59.3 $54.1 $45.6 41.4% 47.8% 45.8%45.5% 37.5% Q3’25 Q4‘25Q2‘25Q1’25Q4’24 $17.1 $23.3 $18.0 $16.4 $9.8 12.2% 16.5% 13.9%13.8% 8%
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 1313 $0.22 $77M 12.6% Earnings Per Share and Free Cash Flow Up 83% year-over-year 2025 Free Cash Flow Margin of Up 100%+ over prior year Up 310 basis points year-over-year 2025 Net Income of Q4 Non-GAAP Dilutive EPS of The most directly comparable GAAP financial measures are presented in the GAAP to non-GAAP reconciliation in the Appendix 2024 2025 $0.40 $0.70 75% Y/Y Growth +$0.30 38% Y/Y Growth +$18.3m Non-GAAP Dilutive Earnings Per Share Free Cash Flow (millions) 2024 2025 $48.6 $66.9
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 1414 Balance Sheet Metrics $166M 26 Days $45 M up $15M Ending Cash & Cash Equivalents Driven by Services Acceleration DSOs Decline to Share Repurchase Plan returns of Capital to Shareholders Q4‘24 Q4‘25 $151 $166 Cash & ST Investments (Millions) DSO (days) Inventory Turns (times) Q4‘24 Q4‘25 44 26 Q4‘24 Q4‘25 64 5.9
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15 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 Looking Ahead Continuing Growth
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16 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . Device Portfolio Subscription Services AI Platform Powerful Partnerships 42m+ devices shipped 26bn+ API calls per day 170bn+ AI alerts per year 1,700+ hrs of video per min ARLO INTELLIGENCE Unique SaaS Platform A sophisticated and performant SaaS platform built over the last 10 years with artificial intelligence at its core and providing world-class smart security experiences for our users and strategic partners. Growth Drivers Arlo is poised for continued strong growth and is executing a multi-factor strategy to achieve our long-range plan. This growth will come from gains in our current channels, new partnerships, entry into new market segments, and creating compelling services across those routes to market. Continued Retail Expansion Execution across our retail and direct channels to expand shelf, increase assortment, launch additional products, and capture market share. Grow B2B Partnerships Win new strategic partners while growing existing B2B accounts to accelerate our indirect paths to consumers and scaled SaaS services. Launch New Markets Expand devices and subscription services into new markets, regions, and adjacent segments that leverage our platform and technological strengths. Develop Innovative Services Continue rapid innovation cycle on platform services and subscriptions with accompanying devices to further drive SaaS revenue and margin. 16
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 17 Tap for Help Connects Samsung users to Arlo’s emergency services to help in the case of fire, medical, theft, or other safety events. Across Devices Button or widget will be available across Samsung mobile phones, tablets, and future devices for ubiquitous access to help. Massive Reach Available as a subscription to the U.S. portion of Samsung’s 425 million global SmartThings users. +
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 18 +
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 19 Arlo Cash Balance - $166 million at December 2025 Organic Inorganic Share Repurchase Organic Investment Reinvest capital into organic growth opportunities • Next Generation platforms • Arlo Intelligence • SaaS platform expansion • Device roadmap expansion • Adjacent sales, marketing, or new market build outs Arlo Capital Allocation Plan Share Repurchase Preserve intrinsic value through reduced dilution and at times when Arlo’s equity is perceived as undervalued. Inorganic Investment Outside investments to accelerate growth • Strategic technology or platform partnerships • Investments in technology components • M&A to accelerate path to long term targets
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20 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 S E L E C T E D U S L I S T E D S O F T W A R E C O M P A N I E S W I T H C Y 2 0 2 5 E R U L E O F 4 0 O F 3 5 % - 4 5 % (1) Revenue multiple for all companies 5.0x Multiple for companies with >20% rev growth 6.4x © 2 0 2 6 . A L L R I G H T S R E S E R V E D . Rule of 40 – CY 2025 42.5% ARR Growth Rate – CY 2025 28.4% Subscriptions and Services Revenue Multiple – CY 2025 3.2x Adj EBITDA Margin – CY 2025 14.1% $50M Additional Funds Authorized for Share Repurchase (1) Estimates are based on Wall Street consensus from Capital IQ as of 2/17/26. Companies with CY 2025E revenue growth >20% are shown in full color. (2) Arlo’s subscriptions and services revenue multiple assumes no value attributable to product revenue.
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21 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 Q1 & Full Year 2026 Financial Outlook
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22 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 Q1 2026 Guide FY 2026 Guide $0.17 - $0.23 $0.75 - $0.85 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . 22 $135 - $145M $550 - $580MTotal Revenue Earnings per Share (non-GAAP) Service Revenue $375 - $385M
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23 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 Where We Started 435k FINANCIAL RESULTS FOR 2020 Paid Accounts $47 Million In ARR (16)% Adjusted EBITDA Margin Current Long-Range Plan TARGETS FOR ≤ 2030 10 Million Paid Accounts $700 Million In ARR >25% Adjusted EBITDA Margin Today FINANCIAL RESULTS FOR 2025 5.7 Million Paid Accounts $330 Million In ARR 14% Adjusted EBITDA Margin
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24 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 Innovation + Execution Investor Highlights
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25 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 Arlo protects your everything. © 2 0 2 6 . A L L R I G H T S R E S E R V E D . Arlo is a subscription software business in the smart security segment powered by a scaled, secure, and sophisticated platform with groundbreaking AI capabilities called Arlo Intelligence. We win on focus, innovation, and our privacy pledge. Arlo’s solutions have led the industry for more than 10 years with our team of 360 dedicated employees committed to making sure our users are safe.
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26 © 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 Large, Growing, & Underpenetrated Smart Home Security Market Arlo participates in the broader home security market that is sized in the US at $25B in 2025 TAM is further expanded by Europe and other international markets and potential future expansion into adjacent smart home segments Adoption rates for smart cameras and video doorbells have more then doubled in the US during the last five years, the fastest among any smart home category Smart home security products also have the highest attach rate for subscription services among all smart home products (66% for smart cameras and 71% for video doorbells) Despite its growth, paid smart home security services are just 7% penetrated in the US and 68% of homes do not pay for security services, leaving 10x more whitespace available for capture DIY & Professionally Installed Security Devices. (Consumer, US) $8.2B Smart Security Services (Consumer, US) $16.6B Broader DIY Smart Home (Consumer, US) $13.4B Global Market Estimated @ 2-3x US Adjacent Markets Estimated @ 3-4x I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 Data from Parks Associates and Consumer Technology Association (CTA)
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Subscriptions and Services % of Total Revenue 63% Subscriptions and Services Gross Margin 84% LTV/CAC Ratio 4.0x Annual Recurring Revenue $330M ARR Growth YoY 28% Rule of 40 42.5 Arlo At A Glance AI-Powered SaaS business in the Smart Security space Measures represent full year 2025 or year end exit metrics. The most directly comparable GAAP financial measures are present ed in the GAAP to non-GAAP reconciliation in the Appendix
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 28 SaaS Platform Innovation Powerful AI features driving engagement & subscription revenue Looking Ahead Arlo is set up for another successful year with past investments coming to fruition and numerous opportunities to drive service revenue growth and shareholder value. 1 Continued Growth in Current Channels Expanding assortment & and capturing market share 2 New Strategic Partners Significant & impactful new partners locked in for years of growth 3 Expansion into Adjacent Markets Deploying capital in preparation for new segments launches 4 20%+ Service Revenue Growth Targeting more than 20% service revenue growth in 2026+ 5 Additional Share Repurchase Board approval for additional share repurchase 6 Arlo is set up for strong growth in both 2026 & 2027… and on track to achieve our long-range plan (10m, $700m, 25%) substantially early.
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©2026 – ALL RIG HTS RESERVED
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Appendix GAAP to non-GAAP Reconciliations
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 31 Reconciliations of GAAP Measures to Non-GAAP Measures Gross Profit, in thousands, except percentage data
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© 2 0 2 6 . A L L R I G H T S R E S E R V E D . A R L O I N V E S T O R P R E S E N T A T I O N : F E B R U A R Y 2 0 2 6 32 Reconciliations of GAAP Measures to Non-GAAP Measures Adjusted EBITDA, in thousands, except percentage data