Slides
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February 17, 2026 Investor Day
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Agenda Welcome Yisca Erez: Director, Investor Relations Vision & Strategy Roy Zisapel: President & CEO Growth Plan Connie Stack: Chief Growth Officer Innovation & Offering David Aviv: CTO 10-MINUTE BREAK GTM Strategy David Roth – Chief Revenue officer Randy Wood – SVP Sales, North America Financial Performance Guy Avidan: CFO 15-MIN BREAK Live Q&A Lunch
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This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com. Safe Harbor
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Investor Day | February 2026 Roy Zisapel, President & CEO Built For The New Cyber Era
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We deliver a comprehensive real-time protection for the crown jewels of enterprises and carriers against ever-evolving cyber threats Employees Worldwide ~1,300 Customers worldwide ~3,500 30 Tbps of Global Mitigation Capacity 65+ Global Cloud Security Service Centers This is Radware: Scaled, Recurring, Growing Revenue in 2025 $302M Cloud ARR in 2025 $95M Recurring revenue in 2025 80% Growth in total ARR in 2025 11%
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Investments Highlights 02 03 0504 Accelerating cloud ARR at scale Leading Cloud Platform Enhanced with AI Protection & API Security GTM Expansion by OEMs and MSSPs Strength in on-prem business supporting subscription growth 01 A cloud-first cybersecurity company 06 Positioned for sustained double- digit growth
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Investments Highlights 02 03 0504 Accelerating cloud ARR at scale Leading Cloud Platform Enhanced with AI Protection & API Security GTM Expansion by OEMs and MSSPs Strength in on-prem business supporting subscription growth 01 A cloud-first cybersecurity company 06 Positioned for sustained double- digit growth
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WAAP and DDoS markets expected to nearly double by 2028 WAAP $2.7B DDoS $1.9B ADC $5.9B ADC $6.4B WAAP $5.1B DDoS $3.4B Source: IDC, Worldwide Application Protection and Availability Forecast, 2024–2028 2024 $10.5B 2028 $14.9B
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Radware’s cloud security platform: Complete defense for a constantly changing threat landscape Protected by 135 patents POWERED BY RADWARE EPIC-AI Mobile & Web Applications APIs ATO PROTECTION BOT MANAGER WAF API PROTECTION WEB DDOS PROTECTION DDOS PROTECTION AGENTIC AI PROTECTION API ABUSE ACCOUNT TAKEOVER KNOWN BAD ACTORS SUPPLY CHAIN ATTACKS BAD BOTS WEB ATTACKS AI-BASED ATTACKS DDOS ATTACKS CLIENT SIDE PROTECTION
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Trusted by the world’s exacting enterprises World’s Financial Institutions 6 10 Of top World’s Telecom Companies 109 Of top World’s SaaS Companies 4 10 Of top
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Investments Highlights 02 03 0504 Accelerating cloud ARR at scale Leading Cloud Platform Enhanced with AI Protection & API Security GTM Expansion by OEMs and MSSPs Strength in on-prem business supporting subscription growth 01 A cloud-first cybersecurity company 06 Positioned for sustained double- digit growth
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AGENT ECONOMY Four Waves of Growth WEB ECONOMY APPPLICATION ECONOMY Agentic AI Security API Security AppSec DDoS
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API Security:Fast Growing Market Every Cloud-Native Apps Depends on APIs $744M -> $3.0B Market Expansion 32.5% CAGR Fastest growing segment 2026 Opportunity Acceleration peak Source: Application Programming Interface (API) Security Market – Global Forecast to 2028, MarketsandMarkets, July 2023
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API Posture Management RADWARE API SECURITY SERVICE API Discovery & Management API Testing API Runtime Protection
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AGENT ECONOMY Four Waves of Growth WEB ECONOMY APPLICATION ECONOMY Agentic AI Security API Security AppSec DDoS
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AI Adoption 80% 50% 80% of enterprises uses Gen-AI applications in 2026 By 2030, 50% of enterprises applications will incorporate Agentic AI features Source: Emerging Tech: AI Vendor Race: Roundup for Agentic AI (Gartner, October 2025) AI Cybersecurity Spending ($B) $26 $51 $86 $127 $172 2025 2026 2027 2028 2029 60% CAGR
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New need to protect AI agents and to serve AI agents: DRIVES CLOUD GROWTH Radware’s cloud platform to lead in AI: New Protect AI and Serve AI Offerings AI re-shapes attacks surface: STRONGER DEMAND FOR RADWARE SOLUTIONS Accelerates, expands and automates attacks Use AI to improve security: PROTECT WITH AI Radware’s cloud platform EPIC-AI: fight AI with AI Agentic AI:Huge Opportunity for Radware
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Investments Highlights 02 03 0504 Accelerating cloud ARR at scale Leading Cloud Platform Enhanced with AI Protection & API Security GTM Expansion by OEMs and MSSPs Strength in on-prem business supporting subscription growth 01 A cloud-first cybersecurity company 06 Positioned for sustained double- digit growth
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Cloud Growth: The Engine of Our Future * ARR includes the annualized value of booked orders for term -based cloud services, subscription license and maintenance contracts that are in effect at the end of a reporting period AI AND API SECURITY Tailwind to support cloud growth ACCELERATING CLOUD ARR Targeting 25% growth CLOUD-FIRST AI-DRIVEN TECHNOLOGY Cloud is central to who we are CLOUD SECURITY CETNERS Expands our global footprint Cloud ARR *All figures are rounded $53 $65 $77 $95 2022 2023 2024 2025 +22% +19% +23%
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Investments Highlights 02 03 0504 Accelerating cloud ARR at scale Leading Cloud Platform Enhanced with AI Protection & API Security GTM Expansion by OEMs and MSSPs Strength in on-prem business supporting subscription growth 01 A cloud-first cybersecurity company 06 Positioned for sustained double- digit growth
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On-Prem Strength Fuels Subscription Growth Lea Leading DDOS Solution Strong DefenseProX refresh Hybrid Cloud DDoS Growth Clear market leadership 01 02 03 04Subscription Content Increase Refresh Cycle Algorithm first complete stack (FPGA, hardware, algorithms, management, cloud) Shift to subscription model and adding software elements
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Double Digit Revenue Growth *All figures are rounded 21% SUBSCRIPTION REVENUE GROWTH Cloud ARR Growing ~23% Product Subscription expansion Growing Double Digit * ARR includes the annualized value of booked orders for term -based cloud services, subscription license and maintenance contracts that are in effect at the end of a reporting period
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Investments Highlights 02 03 0504 Accelerating cloud ARR at scale Leading Cloud Platform Enhanced with AI Protection & API Security GTM Expansion by OEMs and MSSPs Strength in on-prem business supporting subscription growth 01 A cloud-first cybersecurity company 06 Positioned for sustained double- digit growth
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Expanding GTM Ecosystem North America execution A Strengthened GTM Designed to Scale Cloud, Expand Reach, and Drive Double Digit Growth Direct Touch enterprise engagement Focused on large enterprises and carriers Drive high-value, strategic deals and deep relationship Critical for cloud deployment and competitive displacement OEM partnerships extend our footprint MSSPs expands access to mid-market Channel partners multiply reach with efficient coverage New leadership based in the U.S. Improved productivity already showing Foundation for cloud ARR acceleration
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Investments Highlights 02 03 0504 Accelerating cloud ARR at scale Leading Cloud Platform Enhanced with AI Protection & API Security GTM Expansion by OEMs and MSSPs Strength in on-prem business supporting subscription growth 01 A cloud-first cybersecurity company 06 Positioned for sustained double- digit growth
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Sustained Double Digit Growth: Our Path to 2030 $500M Revenue +25% CAGR in Cloud ARR 15% CAGR in Total ARR
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Radware wins in the new cyber era Cloud-first cybersecurity company Strength in on-prem business supporting subscription growth Positioned for sustained double-digit growth Accelerating cloud ARR at scale Leading Cloud Platform Enhanced with AI Protection & API Security GTM Expansion by OEMs and MSSPs
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Investor Day | February 2026 Connie Stack, Chief Growth Officer Building the Radware Growth Engine
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As Chief Growth Officer, I partner with the CEO and Executive Leadership to architect and execute Radware’s global growth strategy. I drive ARR maximization through a high-impact blend of inorganic and organic product innovation, specifically positioning the firm as a leader in API security and the emergent AI security categories. By also leading the global Marketing and Sales Development organizations, I unify our innovation roadmap with aggressive go-to- market strategies to meet or exceed growth targets. My Role
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AGENT ECONOMY Four Waves of Market Disruption Four opportunities to innovate and grow our business. WEB ECONOMY APP ECONOMYDDoS Agentic AI Security API Security AppSec
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Our Approach to Growth The Ansoff Matrix Market Penetration MARKETS New PRODUCTS Existing NewExisting Product Development Market Development Diversification
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Market Penetration Existing Markets, Existing Products ✓ North America Double-Down ▪ New US-based resources ▪ Increased sales and marketing investment ▪ New GTM strategy (hunters/farmers) ✓ Competitive Displacement ▪ Aggressive sales motions aligned with refresh cycles ▪ Superior product features ▪ Attractive switching incentives
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Market Penetration North America Double-Down Randy Wood SVP, Sales North America Joined July 2024 Connie Stack Chief Growth Officer Joined March 2025 David Roth Chief Revenue Officer Joined January 2026
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Market Penetration Radware’s Game Changing Cloud Platform From reactive defense to proactive protection: deep reasoning with unmatched speed and precision Proactive behavioral defense detect and neutralize threats in real time Anti-fragile system Learns and improves from every attack. Trained over years. Predictive: built to expect the unexpected Unlock threats and anomalies via similarity modeling and embeddings Covering all enforcement points network, application, and API across cloud and on- prem
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• In 2025 Radware made significant investments in new feature development, all fully integrated into the Radware Cloud Platform: ✓ Radware API Security ✓ Radware EPIC AI ✓ Radware AI Soc-X ✓ Radware AI Doc-X Product Development Existing Markets, New Products
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Product Development Layering AI & API into Radware’s Cloud Platform Unlocking more capability and protection for our customers API Security Complete solution from API testing to runtime security. AI Soc-X A co=pilot for SOC analysts to driv edown MTTR EPIC-AI Embedded, cross-platform AI to accelerate threats detection & mitigation AI Doc-X An natural language optimization engine for Radware solution configuration.
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Market Development New Markets, Existing Products • Expanding OEM contribution from Cisco and Checkpoint • Radware has successfully penetrated the MSSP market and will further scale this market in 2026 with innovative features and new pricing & licensing models.
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Market Development Radware MSSP’s in the News
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Diversification New Products for New Markets AI Cybersecurity Spending ($B): 60% CAGR $26 $51 $86 $127 $172 2025 2026 2027 2028 2029 Forecast: AI Spending, Worldwide, 2025-2029, 4Q25
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BotM w/AI Crawler Management Available with CloudApp Protection Complete (w/ Radware’s Bot Manager) Industry first agentic security solution that enhances guardrails AND behavior detection Add-on to Radware CloudApp Protection Radware Agentic Protection Provides guardrails to protect the LLM for OWASP LLM vulnerabilities Add-on to CloudApp Protection Complete Radware LLM Firewall Diversification Radware Product Expansion Into AI Security Market
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Radware Vision for AI-powered Defense WEB & APP ECONOMY THE AGENT ECONOMY SERVE AIPROTECT AI Protecting LLM Models & AI Agents Enable Secure, Legitimate Agent Traffic POWERED by AI Fight AI with AI Powered Defense to Stay Ahead
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New Gen of Protection Algorithms Outcome-driven Reasoning Behavioral Classifiers Rules & Policies Guardrails PROTECT AI | Radware Key Differentiator + 1st Line: Known 2nd Line: Unknown
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2008 2012 2014 2018 2019 2023 Behavioral DDoS Protection Defense SSL: Encrypted DDoS Protection Cloud & Hybrid DDoS Protection Advanced DNS Protection Cloud Native Protector MSSP SecureU Services 2022 Web DDoS Protection 2024 API BLA real- time protection Bot Manager Crypto Challenge DefensePro X w/ high performance FPGA AI-Powered, Rules Free DNS Protection AI SOC Xpert 2025 LLM Firewall AI Doc Xpert Innovation Is At Our Core Cybersecurity Launches 2008-2026 2026 API Security Complete Agentic Protection BotM AI Crawler Management
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INNOVATION DISCOVER INFLUENCE BUSINESS ECONOMICS ENTREPRENEUR REVOLUTIONARY GROWTH TECHNOLOGY NEWLEADER MARKET BETTER
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Investor Day | February 2026 Dr. David Aviv, CTO Innovation To Meet The Disruption
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AGENT ECONOMY APPLICATION ECONOMY Agentic AI Security API Security WEB ECONOMY DDoS AppSec Radware’s Innovation: Evolution within AI Disruption
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Cloud-first Delivery Innovation Drive Radware’s Growth Algorithms-first | Powered by AI Best-of-Breed DDoS | BotM | WAF | API Security Leadership AI-Agentic Security Secure and Serve Agents Everywhere Protect AI | Serve AI 360 Platform | Fully Integrated Best-of-Suite Premise | Cloud | Hybrid
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Algorithms-first | Behavioral Best-of-breed: DDoS | BotM | WAF | API On-prem Leadership Provide the BEST and the ONLY Hybrid DDoS solution, Empowered by the new generation of FPGA scalable platforms Best-of-suite Integrated Cloud Platform Managed Cloud | Hybrid Services | MSSP Full behavioral security stack | Powered by AI AI-driven cross-service insights Streamlined SX and CX (AI-powered) 360 Observability | Unified Platform AI-Xperts: SoC ‘Brains’ for RCA & TTM Security Leadership Themes WEB ECONOMY DDoS AppSec
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Algorithms-first | Behavioral Best-of-breed: DDoS | BotM | WAF | API BAKING ML INTO OUR PRODUCT LINES FOR 15 YEARS | AUGMENTED BY GEN-AI On-prem Leadership Provide the BEST and the ONLY Hybrid DDoS solution, Empowered by the new generation of FPGA scalable platforms Best-of-suite Integrated Cloud Platform Managed Cloud | Hybrid Services | MSSP Full behavioral security stack | Powered by AI AI-driven cross-service insights Streamlined SX and CX (AI-powered) 360 Observability | Unified Platform AI-Xperts: SoC ‘Brains’ for RCA & TTM Security Leadership Themes WEB ECONOMY DDoS AppSec Powered by AI
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Algorithms-first | Behavioral Best-of-breed: DDoS | BotM | WAF | API BAKING ML INTO OUR PRODUCT LINES FOR 15 YEARS | AUGMENTED BY GEN-AI On-prem Leadership Provide the BEST and the ONLY Hybrid DDoS solution, Empowered by the new generation of FPGA scalable platforms Best-of-suite Integrated Cloud Platform Managed Cloud | Hybrid Services | MSSP Full behavioral security stack | Powered by AI AI-driven cross-service insights Streamlined SX and CX (AI-powered) 360 Observability | Unified Platform AI-Xperts: SoC ‘Brains’ for RCA & TTM Security Leadership Themes WEB ECONOMY DDoS AppSec
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Algorithms-first | Behavioral Best-of-breed: DDoS | BotM | WAF | API BAKING ML INTO OUR PRODUCT LINES FOR 15 YEARS | AUGMENTED BY GEN-AI On-prem Leadership Provide the BEST and the ONLY Hybrid DDoS solution, Empowered by the new generation of FPGA scalable platforms Best-of-suite Integrated Cloud Platform Managed Cloud | Hybrid Services | MSSP Full behavioral security stack | Powered by AI AI-driven cross-service insights Streamlined SX and CX (AI-powered) 360 Observability | Unified Platform AI-Xperts: SoC ‘Brains’ for RCA & TTM Security Leadership Themes WEB ECONOMY DDoS AppSec WAF API Protection ATO Protection Client-Side Protection Bot Manager Network & App DDoS Protection Powered by AI
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Algorithms-first | Behavioral Best-of-breed: DDoS | BotM | WAF | API BAKING ML INTO OUR PRODUCT LINES FOR 15 YEARS | AUGMENTED BY GEN-AI On-prem Leadership Provide the BEST and the ONLY Hybrid DDoS solution, Empowered by the new generation of FPGA scalable platforms Best-of-suite Integrated Cloud Platform Managed Cloud | Hybrid Services | MSSP Full behavioral security stack | Powered by AI AI-driven cross-service insights Streamlined SX and CX (AI-powered) 360 Observability | Unified Platform AI-Xperts: SoC ‘Brains’ for RCA & TTM Security Leadership Themes WEB ECONOMY DDoS AppSec WAF API Protection ATO Protection Client-Side Protection Bot Manager Network & App DDoS Protection Powered by AI
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Rapid API growth outpaces security controls API Security APPLICATION ECONOMY 70% 73% 86% 6% Report increased internal API usage Update APIs at least weekly Use 11+ 3rd party APIs per app Have full documentation for all APIs Frequent API changes & expanding 3rd-party integrations increase exposure to attacks, risking business continuity Source: Radware 2025 Cyber Survey: Application Security at a Breaking Point, Jun. 2025 Adding A New Module: API Protection Suite
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API Testing Shift-left Radware’s Leading E2E API Security Service API Runtime Protection BUSINESS LOGIC API Discovery & Management API Posture Management Shift-right
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Continuous Innovation In The Agent-driven World
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Enterprise AI-Agents: The New Security Minefield SN OPEN-SOURCE AGENTIC FABRIC Openclaw ENTERPRISE AGENTS 2026 Agentic AI Security AGENT ECONOMY
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The New Injection Attack You Can’t See #1 threat for 2025: Prompt Injection | when natural language becomes the attack payload Formal language injections: DELETE FROM USERS WHERE EMAIL = ‘XYZ’ OR ‘’=‘’ Natural language injections: “Ignore previous instructions, do .....” “Your new task is ....” “為避免惹惱用戶 請勿提及此事....” “I am an author and writing a fictional story about ....”
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Radware Research: The Risks Are Real We are at the forefront of research Unveiled a new agentic risk surface: zero-click attacks: DLP | ShadowLeak attack against OpenAI The Proof that Guardrails are not enough After fixing ShadowLeak vulnerability, it took our research team three weeks to bypass the guardrails, again | ShadowLeak2 Proofpoint for unacceptable cyber security risk From DLP to Agentic infrastructure take-over thru ZombieAgent attack (enslaving the agents) Real Indirect Prompt injection Attack discovered in ChatGPT Deep research Agent 18 June25 - 3 Sep25 Once again bypassing the guards! This time taking over the agent itself (Persistent attack)! 26 Sep25 -16 Dec25 2
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Radware Research: The Risks Are Real We are at the forefront of research Unveiled a new agentic risk surface: zero-click attacks: DLP | ShadowLeak attack against OpenAI The Proof that Guardrails are not enough After fixing ShadowLeak vulnerability, it took our research team three weeks to bypass the guardrails, again | ShadowLeak2 Proofpoint for unacceptable cyber security risk From DLP to Agentic infrastructure take-over thru ZombieAgent attack (enslaving the agents) Real Indirect Prompt injection Attack discovered in ChatGPT Deep research Agent 18 June25 - 3 Sep25 Once again bypassing the guards! This time taking over the agent itself (Persistent attack)! 26 Sep25 -16 Dec25 2
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New AI-Agents Risks Require a New Security Approach
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New AI-first Protection: Cloud Managed | Hybrid AI-Agents Protection Management, Control Posture & Protection PROTECT AI AI-Agents Access Control Trust-centric Access & Protection SERVE AI Enterprise Agents Openclaw Any | Opensource Agents
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Where Guardrail Fall short Outcome-driven Reasoning Differentiation Align Outcome with Intent Silent attacks Behavioral Classifiers Input | Output-driven Rules Essential But not enough ‘Wack-a-mole’ approach Guardrails PROTECT AI | New Gen of Protection Algorithms + 1st Line: Known 2nd Line: Unknown
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Platform Agnostic Solution Platform Integrations 11 Homegrown Agent Power PlatformService Now AWS Bedrock Azure AI Foundry Google Vertex AI Copilot Studio ChatGPT Enterprise Salesforce Microsoft 365 Copilot Salesforce Agentforce
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Cloud-first Delivery Innovation Drive Radware’s Growth Algorithms-first | Powered by AI Best-of-Breed DDoS | BotM | WAF | API Security Leadership AI-Agentic Security Secure and Serve Agents Everywhere Protect AI | Serve AI 360 Platform | Fully Integrated Best-of-Suite Premise | Cloud | Hybrid Full Force Innovation: Positioned to lead the new cyber waves
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Investor Day | February 2026 David Roth, Chief Revenue Officer Randy Wood, SVP, North America Go-To-Market
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1st Impression Amazing people: Met with all three regional teams & have engaged clients, partners and prospects Innovative technology: Proven DefenseProX, Cloud AppSec/API & Securing AI Massive market growth potential AI Era: Every major shift creates opportunity for new winners Driven by growth! Growing our people, our partners, our clients, our stock price!
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OEM partnerships MSSP alliances An Effective Market Access Through a Unique Integrated Go-To-Market Model Direct touch - channel sales Directly serves large enterprise and carriers. This channel drives strong relationships and deep engagement in key verticals. Integrates security technologies into third-party products. This expands global reach and accelerates growth faster than market CAGR. Works with Managed Security Service Providers to deliver Cybersecurity solutions. This allows scalable, service- based market expansion with force multiply potential.
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North America Sales & Go To Market Imperatives World Class Organization High Performance Mindset From forming & storming to performing – 12 Months 85% Organizational up- level – 30 people Do business on customer’s terms – advocacy, intimacy, alignment, coverage Vertical know how, competency & brand association FY25 Results (YoY in ACV) Cloud ARR Growth 25% Subscription Growth 57% Cloud sales, growth & Customer Retention New customer acquisition (hunting) Protect the base – renew + cross-sell
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North America Sales & Go To Market Imperatives Optimize the Force Multipliers & Value Chain Know Your Strengths & Develop New Ones MSSP – acquisition, enablement, scale, repeatability Partners – incremental contribution @ 50% total new business Cisco + Checkpoint execution (targeting) Marketing presence – brand relevance by market/vertical Lead & sell from position of core competency & market presence Earn the right to compete & win Develop market share to wallet share growth strategy - expand Develop high-value & compelling business outcomes Business transformation
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ה Market Leader Tech “Biogenesis” Strengths-Based Execution Market Share Leverage Wallet Share Expand On Premise, Best in Class DDoS Mitigation – Squarely in the Fight Hybrid DDoS for Scale & Attack Diversion Redouble Renewal & Refresh Focus & Account Ownership Improve & Minimize. Churn and Downgrade (Minimize Un-Forced Errors) New Technology Leverage & Insertion in Competitive & Addressable Markets API Security “Wedge” Sales Play Cloud AppSec DDoS Security Expansion Innovative Execution Born From Innovative Thinking & Culture From “Owning” Cloud Security Experience to New & Disruptive Technology Market Leadership • Powered by AI + SOC AI • Protect AI • Serve AI Cloud Presence Expansion – Cross/Up Sell
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OEM Partnerships at Record Levels 85 New Logos in 2025 API/AppSec next growth area 122 Accounts Upgraded 01 02 03
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MSSP GTM Strategy Rapid ARR growth in 2025 Enables force multiplication Provides access to the mid-market
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Collaborating for Success! Operating the services White-labeled portal Tier 2/3 SOC support MSSP enablement program MSSPRadware Marketing Sales Tier-1 SOC support
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MSSP Partner Enablement Dedicated MSSP hub on Radware’s partner portal SOC team certification (tier-1 support) Sales team training White label / Co- brandable materials Lead generation support Sales scripts and email templates Pre-built marketing campaign kits
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Lower Risk New Revenue Stream Monetize Immediately Deliver industry leading DDoS and AppSec protection services Add new revenue from existing customer base No CAPEX required White-labeled for your brand Fully managed by Radware Reduced risk Vs. DIY No buildout delay: Live in weeks MSSP enablement program Per-app /per-link pricing = competitive end-user pricing, high margins 1 2 3 Benefits to MSSP
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Case Study: Bell Cyber February News Release “Attackers are moving faster and using increasingly automated techniques to evade detection,” said John Menezes, president, Bell Cyber. “By expanding our partnership with Radware, we’re providing organizations across Canada and throughout North America a simpler, AI-driven service that helps them detect and respond to threats quicker with the confidence of Bell’s fully managed, Canadian-delivered expertise.”
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Number of distinct customers 168 192 252 308 364 468 564 689 852 980 1121 1251 25-Feb 25-Mar 25-Apr 25-May 25-Jun 25-Jul 25-Aug 25-Sep 25-Oct 25-Nov 25-Dec Jan 26-Jan Case Study: US Tier 1 Provider 2025 Growth – higher than expected! Incumbent providers replacements Total 2024 sales: Add their customer # Migrated to Radware MSSP offering in 2025 Multi Million USD 2025 Revenue Stream
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Investor Day | February 2026 Guy Avidan, CFO The Path to Sustainable Growth
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Agenda 02 04 03 2026 Sustainable Growth Investments Highlights Long Term Model KPI 01 Radware’s Financial Journey
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Radware Financial Journey Revenue Growth $261 $275 $302 Total ARR Growth 4% 8% 11% Cloud ARR Growth 22% 19% 23% Adjusted EBITDA 7% 13% 16% EPS $0.43 $0.87 $1.15 2023 2024 2025
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* Gross margin, operating margin and EPS are non-GAAP Q4 2025: Fueling Growth From a Strong Foundation $73 $80 12.4% 14.8% 82.4% 82.2% $0.27 $0.32 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Steady Gross Margin +240bp in operating margin 10% revenue growth 19% EPS growth
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2025: From a Strong Foundation to Double Digits Growth $275 $302 $77 $95 2024 2025 227 251 $353 $400 2024 2025 2024 2025 2024 2025 2024 2025 11% total ARR growth 13% RPO growth 10% revenue growth 23% cloud ARR growth Gross Margin 82.2% Operating Margin 13.1% Free Cash Flow Margin 13.8% Cash & Equivalents $461M * Gross margin, operating margin and EPS are non-GAAP 32% EPS growth
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2026 Path to Sustainable Growth 02 0403 Sustain ~82% Gross Margin Capital Allocation • Innovation • M&As • Share repurchase • Maintain flexibility in dynamic environment OpEx • Investments in R&D, S&M • FX impact • SkyHwak 01 Accelerate Revenue Growth • 25% cloud ARR growth • Increase Subscription revenue • improving cloud infrastructure utilization and AI automation
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2026 Path to Sustainable Growth 02 0403 Sustain ~82% Gross Margin Capital Allocation • Innovation • M&As • Share repurchase • Maintain flexibility in dynamic environment OpEx • Investments in R&D, S&M • FX impact 01 Accelerate Revenue Growth • 25% cloud ARR growth • Increase Subscription revenue • improving cloud infrastructure utilization and AI automation
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CloudARR Growth Drivers2026 and Beyond Technology leadership Cloud Platform powered by EPIC-AI 01 New Platform Module AI & API Security expand TAM by order of magnitude with hyper CAGR & cross-selling opportunities 02 Unique GTM MSSP and OEM partners 03 Regional Participation Enhance cloud execution in certain regions 04 AI Cybersecurity Spending ($B): 60% CAGR 2025 2026 2027 2028 2029 *Gartner Forecast: AI Spending, Worldwide, 2024-2029, 4Q25
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Product Subscription ARR Drives Growth for 2026and Beyond Subscription model Shift From CAPEX to Subscription Business Model SW-led appliance expansion Adding more software subscriptions to our offering 01 02 21% SUBSCRIPTION REVENUE GROWTH Cloud ARR Growing ~23% Product Subscription expansion Growing Double Digit
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* Total ARR includes the annualized value of booked orders for services, subscription licenses and maintenance contracts that are in effect at the end of a reporting period Cloud ARR: The Growth Engine 80% of Revenue is Recurring Stability & Predictability 38% of Total ARR is Cloud ARR High Growth & Broad Market Reach 2026 2027 2028 2029 2030 Cloud ARR Total ARR $119 $148 $187 $236 $294 16% $34 $44 $53 $65 $77 $95 $174 $190 $202 $211 $227 $2517%9% 4% 8% 11% $500M
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2026 Path to Sustainable Growth 02 0403 Sustain ~82% Gross Margin Capital Allocation • Innovation • M&As • Share repurchase • Maintain flexibility in dynamic environment OpEx • Investments in R&D, S&M • FX impact 01 Accelerate Revenue Growth • 25% cloud ARR growth • Increase Subscription revenue • improving cloud infrastructure utilization and AI automation
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Global Cloud Service Network Scrubbing centers worldwide Tbps of mitigation capacity 25 30 Global cloud security service centers 65+ DDoS mitigation scrubbing center Cloud application protection PoPs
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2026 Path to Sustainable Growth 02 0403 Sustain ~82% Gross Margin Capital Allocation • Innovation • M&As • Share repurchase • Maintain flexibility in dynamic environment OpEx • Increase Investments in R&D, S&M • FX impact 01 Accelerate Revenue Growth • 25% cloud ARR growth • Increase Subscription revenue • improving cloud infrastructure utilization and AI automation
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Investments to Drive Growth and FX Impact Strategic Investments AI and API security Scale GTM Brand awareness ILS Strengthening vs. USD Operating Leverage Cloud ARR growth improves unit economics Maintain hiring discipline FX Dynamics 01 02 03 13.1% 7.6% 2.8% (2.7%) (4.4%) (1.7%) (1.2%) (1.0%) (0.5%) 12.0% 2025 OPM Leverage CC SkyHawk … OpEx increase FX M&A / API AI Investment Marketing Cost of Sales 2026 OPM
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2026 Path to Sustainable Growth 02 0403 Sustain ~82% Gross Margin Capital Allocation • Innovation • M&As • Share repurchase • Maintain flexibility in dynamic environment OpEx • Investments in R&D, S&M • FX impact 01 Accelerate Revenue Growth • 25% cloud ARR growth • Increase Subscription revenue • improving cloud infrastructure utilization and AI automation
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Strong Cash Position. Smart Allocation. Sustained Value Cash $460.6M Cash & Equivalents $105.1M $87.3M Marketable Securities Deposits $268.2M 32.1 -3.5 71.6 50.1 Cash flow from operations $50.1 Free cash flow $41.6 23.3 -8.9 66.3 41.6 2022 2023 2024 20252022 2023 2024 2025
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We Expect to Sustain Double-Digit Growth FY2025 FY2026 Outlook YOY % Revenue $302 $326-329 8%-9% Non-GAAP OpEx $208 $230 10% Non-GAAP operating margin 13.1% 12.0% (8%)
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$500M in revenues 25% CAGR: Cloud ARR Our Path to 2030 15% CAGR: Total ARR AGENT ECONOMY WEB ECONOMY APPLICATION ECONOMY DDoS Agentic AI Security API Security AppSec
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Radware wins in the new cyber era Accelerating cloud and Subscription growth High-growth segments outpacing the market Clear path to sustainable growth, profitability and cash generation Extended differentiated cloud security platform Large and expanding AI and API security TAM and SAM with hyper CAGR and cross selling opportunities
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Valuation Disconnect Offers Compelling Re-Rating Opportunity 0 1 2 3 4 5 6 7 8 9 5 6 7 8 9 10 11 0 5 10 15 20 25 30 35 40 Radware Allot A10 CheckPoint F5 On-prem companies Cloudflare Crowdstrike Zscaler Cloud companies 5% 10% 15% 20% 25% 30% 35% 40% Radware 2026 2025 revenue growth EV/Revenue EV/Revenue 2025 revenue growth Akamai Radware 6% 7% 8% 9% 10% 11% * For companies that have not yet reported December results, revenue growth reflect consensus estimates
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Valuation Disconnect Offers Compelling Re-Rating Opportunity 0 1 2 3 4 5 6 7 8 9 5 6 7 8 9 10 11 0 5 10 15 20 25 30 35 40 Radware Allot A10 CheckPoint F5 On-prem companies Cloudflare Crowdstrike Zscaler Cloud companies 5% 10% 15% 20% 25% 30% 35% 40% Radware 2026 2025 revenue growth EV/Revenue EV/Revenue 2025 revenue growth Akamai Radware 6% 7% 8% 9% 10% 11% * For companies that have not yet reported December results, revenue growth reflect consensus estimates
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Valuation Disconnect Offers Compelling Re-Rating Opportunity 0 1 2 3 4 5 6 7 8 9 5 6 7 8 9 10 11 0 5 10 15 20 25 30 35 40 Radware Allot A10 CheckPoint F5 On-prem companies Cloudflare Crowdstrike Zscaler Cloud companies 5% 10% 15% 20% 25% 30% 35% 40% Radware 2026 2025 revenue growth EV/Revenue EV/Revenue 2025 revenue growth Akamai Radware 6% 7% 8% 9% 10% 11% * For companies that have not yet reported December results, revenue growth reflect consensus estimates
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Thank you