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Q2 FY26 Earnings November 6, 2025
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Forward-Looking Statements This presentation contains statements which may be considered forward -looking within the meaning of the U.S. federal securities laws. In some cases, you can identify these forward -looking statements by the use of terms such as “expect,” “will,” “continue,” or similar ex pressions, and variations or negatives of these words, but the absence of these words does not mean that a statement is not forward -looking. All statements other than statements of historical fact are statements that could be deemed forward -looking statements, including, but not limited to , the statements relating to our long -term targets (including those related to Debt/EBITDA Net Leverage), Q3 FY2026 and Fiscal Year 2026 Non -GAAP guidance, FY2026 key assumptions, and go-forward capital structure, and any statements of assumptions underlying any of the foregoing. The se statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achiev ements to differ materially from results expressed or implied in this presentation. Such risk factors include, but are not limited to, those r elated to: projections of our future financial performance; anticipated growth and trends in our businesses and in our industries; the consummation of or a nticipated impacts of acquisitions (including our ability to achieve synergies and associated cost savings from any such acquisitions), divestitures, restructurings, stock repurchases, financings, debt repayments and investment activities; the outcome or impact of pending litigation, claims or dispu tes; difficulties in executing the operating model for the consumer Cyber Safety business; lower than anticipated returns from our investments in direct customer acquisition; difficulties in retaining our existing customers and converting existing non -paying customers to paying customers; difficulties and delays in reducing run rate expenses and monetizing underutilized assets; the successful development of new products and upgrades and t he degree to which these new products and upgrades gain market acceptance; our ability to maintain our customer and partner relationships; the anticipated growth of certain market segments; fluctuations and volatility in our stock price; our ability to successfully execute strate gic plans; the vulnerability of our solutions, systems, websites and data to intentional disruption by third parties; changes to existing accounting pronounc ements or taxation rules or practices; and general business and macroeconomic conditions in the U.S. and worldwide, including economic recessions, the im pact of inflation, and ongoing and new geopolitical conflicts, and other global macroeconomic factors on our operations and financial performanc e. Additional information concerning these and other risk factors is contained in the Risk Factors sections of our most recent reports on F orm 10-K and Form 10 -Q. We encourage you to read those sections carefully. There may also be other factors that have not been anticipated or that are not described in our periodic filings with the SEC, generally because we did not believe them to be significant at the time, which could cause act ual results to differ materially from our projections and expectations. All forward -looking statements should be evaluated with the understanding of t heir inherent uncertainty. We assume no obligation, and do not intend, to update these forward -looking statements as a result of future events or developments. 2Copyright © 2025 Gen Digital Inc. All rights reserved.
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: Leader in consumer Cyber Safety & Financial Wellness Tech Powerhouse 1,300+ Partners 75M+ Paid Customers $4.9B+ Annual Revenue ~500M Users Family of brands 3,000+ Customer Service Agents Global Reach 10B+ Attacks blocked 2,000 Global R&D Engineers 500 AI / Data Scientists & Engineers 10PB Threat Data used to train AI models 150+ Countries 1,000+ Patents 4B+ Scams & Phishing blocked Business Segments Secure against cyber threats Safeguard personal data Cyber Safety Platform: Security & Privacy Trust-Based Solutions: Identity & Financials Protect identity and finances Manage and grow finances 4
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Protecting & empowering consumers Trust-Based SolutionsCyber Safety 5 4.7 App Store Rating "Secure financial wellness, in this context, represents a strategy to embed protection into every stage of a consumer’s financial life."
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Q2 threat acceleration & protection innovation 6 140K AI-built fakes blocked this year VibeScams (from prompt to phish) Hidden Ads Adware +77% Q/Q with Android surge Data & ID Fraud +82% Q/Q increase in breach events Deepfake Scam AI voice and video fraud on the rise AI speeds up deception. Gen speeds up protection. Defending trust in the digital world.
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7Copyright © 2025 Gen Digital Inc. All rights reserved.
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8Copyright © 2025 Gen Digital Inc. All rights reserved. Intel and Qualcomm partnerships to bring Norton 360 in leading AI PCs (more to come) Detect manipulated audio directly on device for fast analysis while preserving privacy Proprietary AI analyzes the content and context to identify scam intent Automatic detection for YouTube and Facebook
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“A simple and effective VPN from the trusted security giant.” Norton VPN enhancements and market accolades 9Copyright © 2025 Gen Digital Inc. All rights reserved.
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Prime partners onboarded 10Copyright © 2025 Gen Digital Inc. All rights reserved.
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11Copyright © 2025 Gen Digital Inc. All rights reserved.
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1 2 Enabling consumers understand their financial and credit data 12Copyright © 2025 Gen Digital Inc. All rights reserved.
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13Copyright © 2025 Gen Digital Inc. All rights reserved. Data driven moments of truth AI-driven behavioral segmentation Cyber Safety scam assistant Agentic lifecycle marketing Product and content recommender Personalized insights, decisioning Sentiment AI for reputation Customer support agents Financial fraud detection AI-powered platform with trust layer
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FY26 Q2 Results 14
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• Accelerating topline growth to 25% reported, up 10% pro-forma • Robust operating margins at 51%, with 61% margin in Cyber Safety Platform • 8th quarter of double-digit EPS growth, driven by strong execution and balanced capital allocation Copyright © 2025 Gen Digital Inc. All rights reserved. 15 $964M $1,222M Q2 FY25 Q2 FY26 $974M $1,220M Q2 FY25 Q2 FY26 $567M $623M Q2 FY25 Q2 FY26 $0.54 $0.62 Q2 FY25 Q2 FY26 Revenue +25% Y/Y Bookings +27% Y/Y Operating Income +10% Y/Y EPS +15% Y/Y Graphs not to scale. All numbers presented are non-GAAP unless otherwise indicated. See appendix for reconciliation of financial measures from GAAP to non-GAAP. Pro-Forma growth calculated including MoneyLion historical results in prior year compare OM 51.1% OM 58.2% Q2 Non-GAAP Financial Highlights
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Continued momentum in Q2 Q2 Revenue of $1,220M, up 25% Y/Y • Pro-forma growth (MoneyLion in prior year baseline): up 10% • Gen excluding MoneyLion: up 5% • Broad-based growth in Cyber Safety Platform across channels • Accelerating growth with Financial Wellness, balanced across personal financial management (PFM) and Engine marketplace Profitability at Scale: 51% Margin • Cyber Safety Platform 61% with strong leverage • Trust-Based Solutions 30% with incremental investment opportunity • Overall Y/Y impact driven by segment mix, in-line with expectations Q2 EPS of $0.62, up 15% Y/Y • 8th consecutive quarter of double digit growth • Limited capital allocation due to seasonal tax payments Non-GAAP P&L ($mil), except per share amounts Q2 FY25 Q2 FY26 Y/Y % Revenue $974 $1,220 25% Gross Profit 839 1,021 22% Gross Margin 86% 84% (2) pts Operating Expenses $272 $398 46% % of Revenue 28% 33% 5 pts Operating Income $567 $623 10% Operating Margin 58% 51% (7) pts Other Inc / (Expense) (137) (127) nm Effective Tax Rate 22% 22% -- Net Income $336 $387 15% EPS $0.54 $0.62 15% Diluted Share Count 622 624 0% Note: All numbers presented are non-GAAP unless otherwise indicated. See appendix for reconciliation of financial measures from GAAP to non-GAAP. 16Copyright © 2025 Gen Digital Inc. All rights reserved.
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Cyber Safety Platform Q2 FY25 Q2 FY26 Y/Y % Revenue $789 $814 3% Operating Income $470 $500 6% Operating Margin 60% 61% +1 pt Stable, resilient growth with robust margins above 60% • Cyber Safety Platform includes our security, cyber safety suites, and privacy businesslines • Bookings up 5% and Revenue growth up 3%, supported by new scam protection features • Continued growth in Norton 360 memberships, cross-sell products through AI-enabled targeting • Operating margin of 61%, up 1 pt Y/Y driven by AI initiativesin R&D and Support/Services Segment Performance ($ in millions, unless otherwise indicated) 17Copyright © 2025 Gen Digital Inc. All rights reserved.
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Trust-Based Solutions Q2 FY25 Q2 FY26 Y/Y % Revenue $185 $406 119% Operating Income $97 $123 27% Operating Margin 52% 30% (22) pts Accelerated performance while driving business integration of MoneyLion • Trust-Based Solutions includes our identity, reputation, financial wellness business lines • Bookings up 26% and Revenue up 27% pro-forma (1), supported by strong demand for personal financial management solutions and marketplace adoption • MoneyLion growth of 50% • Operating margin of 30%+ in-line with expectations, impacted by full quarter of MoneyLion at 20%+ margin • Expected margin of ~30%, with disciplined investments into growth (innovation, share gain) Segment Performance ($ in millions, unless otherwise indicated) (1) Pro-Forma growth calculated including MoneyLion historical results in prior year compare 18Copyright © 2025 Gen Digital Inc. All rights reserved.
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Other Performance Metrics • Direct revenue reflects subscriptions sold directly through e-commerce or mobile channels, revenue generated from financial transactions directly made through Gen. • Pro-forma (1) growth of 6% • Partner revenue reflects partner-sourced and channel revenue via retailers, employee benefits, telcos, publishers, and strategic partnerships; includes revenue generated from product usage and products sold through our Engine marketplace. • Pro-forma (1) growth of 34% • Paid Customers: • 77M+ active subscribers and product users contributing to revenue • Old KPIs: Direct Cyber Safety customers +0.4M Q/Q, stable ARPU and Retention Revenue by Channel, Paid Customers ($ in millions, unless otherwise indicated) Q2 FY25 Q2 FY26 Y/Y % Direct $862 $1,010 17% + Partner $112 $210 88% = Revenue $974 $1,220 25% Paid Customers (M) 67 77 10 (1) Pro-Forma growth calculated including MoneyLion historical results in prior year compare Please see appendix slide 35 for definitions of our metrics. 19Copyright © 2025 Gen Digital Inc. All rights reserved.
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Key Balance Sheet, Cash Flow, & Other Metrics ($ millions) Q2 FY25 Q1 FY26 Q2 FY26 Balance Sheet Cash, cash equivalents and restricted cash $737 $828 $701 Contract Liabilities $1,827 $1,873 $1,862 Debt (Principal) $8,628 $8,963 $8,794 Cash Flow Cash Flow from Operations $158 $409 $116 Capital Expenditures $2 $4 $9 Free Cash Flow $156 $405 $107 Capital Allocation Dividends + Equivalents (Quarterly $0.125 per common share) $77 $82 $77 Debt Paydown -- $191 $169 Share Repurchase -- $134 -- Balance Sheet & Cash Flow (1) Using Covenant Debt EBITDA (Non-GAAP) • Liquidity of $2.2B+ • $0.7B cash + $1.5B revolver undrawn • Debt / EBITDA (1) Net Leverage of 3.2x • Continued path to <3x target • YTD Free Cash Flow of $512M • Q2 cash flow impacted by annual US tax payments and timing of cash interest payments • Last transition tax payment (Tax Cuts & Job Acts) of ~$150M paid in July 2025 20Copyright © 2025 Gen Digital Inc. All rights reserved.
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Raising FY26 Non-GAAP Guidance Note: Al l numbers presented are non-GAAP unless otherwise indi cated ● Pro-Fo rma g rowth calculated in clu din g Mon eyLion historical results in p rior year com pare ● Guid an ce in USD assu mes average Q2 F Y26 foreign exch ang e rates. ● Assum es n on-GAAP effective tax rate of ~22 %. ● We are n ot provid ing GAAP EPS g uidan ce b ecause most no n-GAAP adjustmen ts pertain to events th at h ave n ot yet occurred an dwou ld be u nreasonably bu rden so me to fo recast. Q3 FY26 Full Year FY26 Prior Guidance (Aug 2025) Revenue Y/Y % $1.22 - $1.24 24% - 26% $4.92 - $4.97B 25% - 26% $4.80 - $4.90B 22% - 25% EPS Y/Y % $0.62 - $0.64 11% - 15% $2.51 - $2.56 13% - 15% $2.49 - $2.56 12% - 15% Raised both Revenue and EPS Guidance Reflects strong H1 execution, MoneyLion business model transition expected in H2 FY26 21Copyright © 2025 Gen Digital Inc. All rights reserved. Assumptions: Revenue growth: 25% - 26% Y/Y • High-single digit growth pro-forma • MoneyLion exit growth rate of ~30% EPS expansion: 13% - 15% Y/Y • Reflects synergistic value creation and margin efficiencies at scale • Net of investments in Gen platform to unify data and develop additional AI capabilities
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Supplememtal Information 22
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Trended Non-GAAP Segment Financials and Performance Metrics ($Ms) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 Cyber Safety Platform: Segment Revenue $780 $789 $799 $808 $3,176 $869 $814 Operating Income $466 $470 $479 $496 $1,911 $530 $500 Operating Margin 60% 60% 60% 61% 60% 61% 61% Trust-Based Solutions: Segment Revenue $185 $185 $187 $202 $759 $388 $406 Operating Income $98 $97 $98 $94 $387 $120 $123 Operating Margin 53% 52% 52% 47% 51% 31% 30% Other Performance Metrics Direct Revenue $852 $862 $871 $878 $3,463 $1,054 $1,010 Partner Revenue $113 $112 $115 $132 $472 $203 $210 Bookings $913 $964 $1,035 $1,076 $3,988 $1,202 $1,222 Paid Customers (Ms) 66 67 67 68 68 76 77 Note: Our first quarter of FY26 consists of a 14-week period, compared to our first quarter in FY25, which consisted of a 13-week period, and reflects aligned channel classification. Please see appendix slide 35 for definitions of our metrics. Copyright © 2025 Gen Digital Inc. All rights reserved. 23
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Facility Principal ($M) Maturity Coupon ROAR 2 SPV Credit Facility $40 FY26 12.5% Revolver (RCF): undrawn $1,500 FY28 If drawn: SOFR+CSA+1.5% Term Loan A (TLA) $3,197 FY28 SOFR+CSA+1.5% Term Loan B (TLB) $2,359 FY30 SOFR+1.75% Term Loan B (TLB) $748 FY33 SOFR+1.75% 2027 Sr. Unsecured Note (SUN) $900 FY28 6.75% 2030 Sr. Unsecured Note (SUN) $600 FY31 7.125% 2033 Sr. Unsecured Note (SUN) $950 FY33 6.25% • Current cost of debt ~6% • ~61% floating debt with hedges • Expect variable cost to trend with term SOFR • Debt maturities extended and staggered through FY33 Notes: • RCF (if drawn) / TLA spread is variable, based upon the better of company’s leverage ratio and unsecured credit rating and ranging between 1.125% and 1.75%. As of 10/03/2025, the drawn spread for these facilities is 1.5%. • CSA represents a spread to align SOFR, a secured financi ng rate, with LIBOR, an unsecured rate. The CSA will be 10bps for each monthly interest payment. • The Company at its option can redeem, prior to its stated maturity, the 2027, 2030, and 2033 Sr. Unsecured Notes at pre-specified redemption prices beginning September 30, 2024, September 30, 2025, and April 01, 2028. Note: Graph not to scale. Debt Maturities in $M (Initial Principal Amounts) As of October 03, 2025 Capital Structure 20 30SUN $600 TLB $2,395 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 Roar 2 $40 2027 SUN $900 2030 SUN $600 Revolver (undrawn ) $1,500 2033 SUN $950 TLA $3,197 TLB $2,359 TLB $748 24Copyright © 2025 Gen Digital Inc. All rights reserved.
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Non-GAAP P&L ($M), except per share amounts Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 Cyber Safety Platform 780 789 799 808 3,176 869 814 Trust-Based Solutions 185 185 187 202 759 388 406 TOTAL REVENUE $965 $974 $986 $1,010 $3,935 $1,257 $1,220 Y/Y % 3% 3% 4% 5% 4% 30% 25% Gross Profit $833 $839 $850 $868 $3,390 $1,057 $1,021 Gross Margin 86.3% 86.1% 86.2% 85.9% 86.1% 84.1% 83.7% • Sales and marketing 173 175 173 184 705 270 278 • Research and Development 72 74 74 71 291 95 87 • General and Administrative 24 23 26 23 96 42 33 Operating Expenses 269 272 273 278 1,092 407 398 % of Revenue 27.9% 27.9% 27.7% 27.5% 27.8% 32.4% 32.6% Operating Income $564 $567 $577 $590 $2,298 $650 $623 Operating Margin 58.4% 58.2% 58.5% 58.4% 58.4% 51.7% 51.1% • Interest Expense (146) (143) (134) (129) (552) (149) (139) • Other Income (Expense) 12 6 6 8 32 9 12 Income before Income Taxes $430 $430 $449 $469 $1,778 $510 $496 • Provision for Income Tax 95 94 99 103 391 112 109 Net Income $335 $336 $350 $366 $1,387 $398 $387 EPS $0.53 $0.54 $0.56 $0.59 $2.22 $0.64 $0.62 • Diluted Share Count 627 622 623 624 624 624 624 • Depreciation 5 4 5 4 18 4 4 Reported EBITDA $569 $571 $582 $594 $2,316 $654 $627 Trended Non-GAAP Quarterly Results Note: Our first quarter of FY26 consists of a 14-week period, compared to our first quarter in FY25, which consisted of a 13-week period. Copyright © 2025 Gen Digital Inc. All rights reserved. 25
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GAAP to Non-GAAP Gross Profit($M) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 GAAP Results of Operation Gross profit (GAAP) $775 $780 $793 $811 $3,159 $990 $954 Non-GAAP Gross Profit Adjustments Cost of revenues • Stock-based compensation 1 1 1 1 4 2 1 • Amortization of intangible assets 57 58 56 56 227 65 66 TOTAL GROSS PROFIT ADJUSTMENT 58 59 57 57 231 67 67 Non-GAAP Results of Operation Net revenues 965 974 986 1,010 3,935 1,257 1,220 Cost of revenues 132 135 136 142 545 200 199 GROSS PROFIT (NON-GAAP) $833 $839 $850 $868 $3,390 $1,057 $1,021 Reconciliation to Non-GAAP Gross Profit Note: Our first quarter of FY26 consists of a 14-week period, compared to our first quarter in FY25, which consisted of a 13-week period. Copyright © 2025 Gen Digital Inc. All rights reserved. 26
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GAAP to Non-GAAP Operating Income ($M) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 GAAP Results of Operation Operating income (GAAP) $417 $402 $374 $417 $1,610 $446 $438 Total Non-GAAP gross profit adjustment 58 59 57 57 231 67 67 Non-GAAP Operating Expense Adjustments Stock-based compensation 30 32 32 36 130 64 54 Amortization of intangible assets 43 44 43 44 174 54 55 Impairment of intangible assets — — — 3 3 — — Restructuring and other costs (1) 3 2 3 7 10 4 Acquisition and integration costs 2 2 6 1 11 5 2 Litigation costs 15 25 21 4 65 5 2 Legal contract dispute cost — — 42 24 66 — — Other — — — 1 1 (1) 1 TOTAL OPERATING EXPENSE ADJUSTMENT 89 106 146 116 457 137 118 Non-GAAP Results of Operation Gross profit 833 839 850 868 3,390 1,057 1,021 • Sales and marketing 173 175 173 184 705 270 278 • Research and development 72 74 74 71 291 95 87 • General and administrative 24 23 26 23 96 42 33 Total operating expenses 269 272 273 278 1,092 407 398 Operating Income(Non-GAAP) $564 $567 $577 $590 $2,298 $650 $623 Reconciliation to Non-GAAP Operating Income Note: Our first quarter of FY26 consists of a 14-week period, compared to our first quarter in FY25, which consisted of a 13-week period. Copyright © 2025 Gen Digital Inc. All rights reserved. 27
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GAAP to Non-GAAP Net Income($M) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 GAAP Results of Operation Net income (GAAP) $181 $161 $159 $142 $643 $135 $134 Total Non-GAAP gross profit adjustment 58 59 57 57 231 67 67 Total Non-GAAP operating expense adjustment 89 106 146 116 457 137 118 Non-GAAP Other Non-Operating Expense (Income) Adj Non-cash interest expense 7 6 7 6 26 7 7 Change in fair value and impairment of non-marketable equity investments — — 30 — 30 — 69 Loss (gain) on sale of properties — — — — — 1 — Other — 1 1 3 5 (2) 2 Total adjustments to GAAP income before income taxes 154 172 241 182 749 210 263 Income tax effect of non-GAAP adjustments — 3 (50) 42 (5) 53 (10) Total net income adjustment 154 175 191 224 744 263 253 Non-GAAP Results of Operation Operating income 564 567 577 590 2,298 650 623 Interest expense (146) (143) (134) (129) (552) (149) (139) Other income (expense), net 12 6 6 8 32 9 12 Income before income taxes 430 430 449 469 1,778 510 496 Provision for income taxes 95 94 99 103 391 112 109 Net income(Non-GAAP) $335 $336 $350 $366 $1,387 $398 $387 Reconciliation to Non-GAAP Net Income Note: Our first quarter of FY26 consists of a 14-week period, compared to our first quarter in FY25, which consisted of a 13-week period. Copyright © 2025 Gen Digital Inc. All rights reserved. 28
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Reconciliation to Non-GAAP EPS and Net Income (1) Total may not add due to rounding. (2) Other includes non-cash interest expense, loss (gain) on equity investments and properties and other minor reconciling items. GAAP to Non-GAAP EPS and Net Income (1) ($M), except per share amounts Q2FY26 EPS Net Income GAAP EPS / Net Income $0.21 $134 • Stock based compensation 0.09 55 • Amortization of intangible assets 0.19 121 • Restructuring and other costs 0.01 4 • Acquisition and integration costs 0.00 2 • Litigation costs 0.00 2 • Change in fair value and impairment of non-marketable equity investments 0.11 69 • Other (2) 0.03 10 • Adjustment to GAAP provision for income taxes (0.02) (10) Total adjustments 0.41 253 Non-GAAP EPS / Net Income $0.62 $387 Copyright © 2025 Gen Digital Inc. All rights reserved. 29
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Reconciliation to Non-GAAP (Unlevered) Free Cash Flow Note: Our first quarter of FY26 consists of a 14-week period, compared to our first quarter in FY25, which consisted of a 13-week period. Copyright © 2025 Gen Digital Inc. All rights reserved. 30 Unlevered Free Cash Flow Reconciliation ($M) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 Net Cash Flow from Operating Activities $264 $158 $326 $473 $1,221 $409 $116 Adjustments: • Capital Expenditures (2) (2) (8) (3) (15) (4) (9) Free Cash Flow $262 $156 $318 $470 $1,206 $405 $107 Adjustments: • Cash paid for interest expense, net of interest rate hedges 187 70 177 110 544 181 187 Unlevered Free Cash Flow $449 $226 $495 $580 $1,750 $586 $294 Note: Semi-annual SUN interest payments due end of month in March and September, year -over-year compares impacted by fiscal calendar t im ing. Both calendar year 2025 interest payments were recorded in Q1 and Q2 FY26, vs. calendar year 2024 interest payments were reco rded in Q1 and Q3 FY25.
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Revenue by Geo ($M) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 US 579 584 589 606 2,358 819 809 Rest of Americas 57 57 58 57 229 60 55 Americas 636 641 647 663 2,587 879 864 EMEA 233 233 240 247 953 268 257 APJ 96 100 99 100 395 110 99 Total Revenue $965 $974 $986 $1,010 $3,935 $1,257 $1,220 Trended GAAP Revenue by Geo Note: Our first quarter of FY26 consists of a 14-week period, compared to our first quarter in FY25, which consisted of a 13-week period. Copyright © 2025 Gen Digital Inc. All rights reserved. 31
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Reported EBITDA (Non-GAAP)(1) ($M) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 Net income $181 $161 $159 $142 $643 $135 $134 Adjustments: • Net interest expense 145 143 135 127 550 147 140 • Income tax expense (benefit) 95 97 49 145 386 165 99 • Depreciation and amortization 105 106 104 104 419 123 125 EBITDA (Non-GAAP) 526 507 447 518 1,998 570 498 Adjustments to EBITDA: • Stock-based compensation 31 33 33 37 134 66 55 • Restructuring and other costs (1) 3 2 3 7 10 4 • Impairment of intangible assets — — — 3 3 — — • Acquisition and integration costs 2 2 6 1 11 5 2 • Litigation costs 15 25 21 4 65 5 2 • Legal contract dispute cost — — 42 24 66 — — • Change in fair value and impairment of non- marketable equity investments — — 30 — 30 — 69 • Loss (gain) on sale of properties — — — — — 1 — • Impairment of long-lived assets — 3 — 1 4 — — • Other cost of revenues and operating expenses — — — 1 1 (1) 1 • Other non-operating expense (income), net (2) (4) (2) 1 2 (3) (2) (4) Reported EBITDA (Non-GAAP) $569 $571 $582 $594 $2,316 $654 $627 Trended EBITDA (Non-GAAP) (1) Total may not add due to rounding. (2) Other non-operating expense, net is equal to total non-operating expense, net excluding net interest expense and other minor reconciling items. Note: Our first quarter of FY26 consists of a 14-week period, compared to our first quarter in FY25, which consisted of a 13-week period. Copyright © 2025 Gen Digital Inc. All rights reserved. 32
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(1) Total may not add due to rounding. (2) Other non-operating expense, net is equal to total non-operating expense, net excluding net interest expense and other minor reconciling items. (3) LTM denotes results for the last twelve fiscal month period. Debt Covenant EBITDA (Non-GAAP) Debt Covenant EBITDA (Non-GAAP)(1) ($M) LTM (3) Net income $570 Adjustments: • Net interest expense 549 • Income tax expense (benefit) 458 • Depreciation and amortization 456 EBITDA (Non-GAAP) $2,033 Adjustments to EBITDA: • Stock-based compensation 191 • Restructuring and other costs 19 • Impairment of intangible assets 3 • Acquisition and integration costs 14 • Litigation costs 32 • Legal contract dispute cost 66 • Change in fair value and impairment of non-marketable equity investments 99 • Loss (gain) on sale of properties 1 • Impairment of long-lived assets 1 • Other cost of revenues and operating expenses 1 • Other non-operating expense (income), net (2) (3) Reported EBITDA (Non-GAAP) $2,457 Adjustments to Reported EBITDA: • Other non-operating expense (income), net (2) 3 • MoneyLionLTM EBITDA (before 4/17/25) 74 Consolidated Debt Covenant EBITDA (Non-GAAP) $2,534 Copyright © 2025 Gen Digital Inc. All rights reserved. 33
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We use non-GAAP measures of operating margin, operating income, net income, results of operations, and earnings per share, which are adjusted from results based on GAAP and exclude certain expenses, gains and losses. We also provide the non -GAAP metrics of revenues, EBI TDA, reported EBITDA, diluted share count, gross profit, gross profit adjustments, operating expense adjustments, other non -operating expense (income) adjustments, unlevered free cash flow, and free cash flow, which is defined as cash flows from operating activities, less purcha ses of property and equipment. These non -GAAP financial measures are provided to enhance the user's understanding of our past financial performance and our prospects for the future. Our management team uses these non -GAAP financial measures in assessing Gen's performance, as well as in planning and forecasting future periods. These non -GAAP financial measures are not computed according to GAAP and the methods we use to c ompute them may differ from the methods used by other companies. Non -GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our conden sed consolidated financial statements prepared in accordance with GAAP. Readers are encouraged to review the reconciliation of our non -GAAP financial measures to the comparable GAAP results, which is attached to our quarterly earnings release, and which can be found, along with other financial information including the Earnings Presentation, on the investor relations page of our website at Investor.GenDigital.com . No reconciliation of the forecasted range for non -GAAP revenues and EPS guidance is included in this release because most non -GAAP adjustments pertain to events tha t have not yet occurred. It would be unreasonably burdensome to forecast, therefore we are unable to provide an accurate estimate. Use of GAAP and Non-GAAP Financial Information Copyright © 2025 Gen Digital Inc. All rights reserved. 34
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Explanation of Non-GAAP Measures and Other Items Bookings: Bookings are defined as customer orders received that are expected to generate net revenues in the future. We present the operational metric of bookings because it reflects customers' demand for our products and services and to assist readers in analyzing our performance in future periods. Cyber Safety Platform: includes our security and privacy products, as well as our cyber safety comprehensive suites which deliver technology solutions and superior threat protection to help people navigate the digital world, securely, privately and confidently. Trust-Based Solutions: includes our identity, reputation, and financial wellness products, which provide innovative solutions and insights that empower consumers to grow and manage their identity, reputation and finances confidently. Direct revenue: reflects subscriptions sold directly through e-commerce or mobile channels, and revenue generated from financial transactions directly made through Gen properties or marketplaces. Partner revenue: reflects partner-sourced and channel revenue via retailers, employee benefits, telcos, publishers, and strategic partnerships, including revenue generated from product usage or products sold through our financial marketplace. Paid Customers: We define paid customers as active users of our products and solutions, including subscribers with an active paid subscription to our products at the end of the reported period. Paid customers also includes product users with a unique account and at least one revenue-generating transaction in the relevant active period of each respective product category, whether through our first-party personal finance products, transacting through our financial marketplaces, or generating revenue through product usage. We exclude users on free trials and those who have not actively transacted in the relevant period of each respective product category. In order to properly reflect Gen’s customer cohorts that contribute to revenue given the dynamic nature of consumers and our product portfolio, our methodology is subject to change from time to time. The methodologies used to measure these metrics require judgment and we regularly review our metrics to improve their accuracy. However, our ability to recalculate our historical metrics may be impacted by data limitations or other factors that require us to apply different methodologies for such adjustments. We generally do not intend to update previously disclosed metrics for any such inaccuracies or adjustments that are deemed not material. (Unlevered) Free cash flow: Free cash flow is defined as cash flows from operating activities less purchases of property and equipment. Unlevered free cash flow excludes cash interest expense payments, net of payments received through interest rate swap hedges. Free cash flow is not a measure of financial condition under GAAP and does not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period, and thus should not be considered as an alternative to cash flows from operating activities or as a measure of liquidity. Copyright © 2025 Gen Digital Inc. All rights reserved. 35
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Copyright © 2025 Gen Digital Inc. All rights reserved. 36 Web: Investor.GenDigital.com Email: IR@GenDigital.com Thank you Web: Investor.GenDigital.com | Email: IR@GenDigital.com