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EXPOSURE MANAGEMENT REDUCING RISK IN A CLOUD-FIRST WORLD October 2025
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Forward-Looking Statements 2 This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform of 1995. All statements contained in this presentation other than statements of historical facts, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words “anticipate,” believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur.These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which involve factors and circumstances that are beyond our control. These include risks described in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024 as well as other filings that we make from time to time with the SEC, which are available on the SEC's website at sec.gov. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We make no representation or warranty as to the accuracy or completeness of such data and undertake no obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. By receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. This presentation includes non-GAAP financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with GAAP. The non-GAAP measures as defined by us may not be comparable to similar non-GAAP measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by these or other unusual or non-recurring items. See the GAAP to Non-GAAP Reconciliation section for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. Any information in this presentation on unreleased services or features is intended to outline our general product direction and should not be relied upon in making a purchasing decision. They are intended for informational purposes only and may not be incorporated into any contract. The development, release, and timing of any features or functionality described for our products remains at our sole discretion. All third-party trademarks, including names, logos and brands, referenced by us in this presentation are property of their respective owners. These references are made solely for identification purposes and should not be construed as an endorsement of our products or services.
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Investment Highlights 3 Unique approach to secular growth opportunity High growth, recurring model Best-in-Class strategy in Exposure Management AI-driven analytics - prioritization, benchmarking One platform unifying data across network, cloud, Identity, OT and DevOps environments Attractive margin profile with operating leverage
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VULNERABILITY MANAGEMENT Nessus, Security Center CVSS Prioritization based on technical factors, CVEs, etc. RISK-BASED VM (RBVM) T.io, Lumin Informed by threat intel and data science Prioritization based on threats and impact RISK What’s Needed: A Comprehensive Cyber Exposure Platform 4 EXPOSURE MANAGEMENT Tenable One Prioritize risk across different tech and tools Closes the loop from assessment to remediation
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Challenges Companies Face Today Vuln. Mgmt. OT/ IoT Identity Security App Sec Cloud Security $ $ $ $ $ $ Security exposures are surging ~300% increase over last decade 1 … and so are their tools3 Security teams are working in silos…2 Limited context Inefficient workflowsSiloed data Select Competitors:
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6 VULNERABILITY MANAGEMENT EXPOSURE MANAGEMENT Asset Types Endpoints, network & servers Risk Types CVEs Data Sources 1st party sensor Prioritization Score-based Patch AI Functionality ML for CVE prioritization Any digital asset CVEs, misconfigs, access, etc. 1st party sensors + 3rd party data Context-based Patch, orchestrate workflows, limit access, modify security controls, etc. Gen AI for recommendations & action Remediation Actions Exposure Management Transforms VM
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7 Unified Insight Unified Visibility UnifiedAction 3rd Party Connectors Threat Intelligence Tenable Sensors 1 2 3 AI VM Cloud OT Identity Tenable One Is Designed To Be The Comprehensive Exposure Management Platform EM Building Blocks: Unified Visibility: All your identified assets and exposures in a single, searchable view Unified Insight: Insights and analytics into the most critical exposures across the enterprise attack surface Unified Action: Remediate exposures, ensure compliance, and provide analytics to measure risk 1 3 2
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Every Type Of Enterprise Asset and Exposure 8 1st Party Data Unified visibility across the entire enterprise Powerful context for every asset type AI-powered search, summaries and insights (1) Asset and Exposure data measured over last 12 months. (2) Represents number of Tenable One 3rd party integrations for data ingestion. (3) Exposure = CVEs or misconfigurations. Aggregate 1.5 B assets(1) Normalize 100+ 3rd party integrations(2) Classify 150 B exposures(3) 1 2 3 3rd Party Data + more Cloud VM Identity OT Tenable One Data Model AI
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9 Exposure Management Is a $50B Market Opportunity Note: Total may not equal sum of metrics due to rounding. CAGR representative of 2025-2027 estimates. Sources: Represents 2027 forecasts based on a blended view of recent forecasts from IDC, Gartner and Tenable assumptions. "Specialty Assets" includes OT, AppSec, Identity, ASM and GRC. 20% ’25-’27 CAGR Total Addressable Market ($B)
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Tenable, 26.6% Qualys, 17.3% Rapid7, 12.5% ServiceNow, 4% Crowdstrike, 2.8% Positive Technologies, 2.4% Rest of Market, 34.4% Industry Analyst Recognition A Leader in The Forrester Wave™: UVM, Q3 2025A Leader in the IDC MarketScape: Worldwide Exposure Management 2025 Vendor Assessment Tenable Leads the market for Worldwide Device Vulnerability and Exposure Management Total Market $2.6B 8.1% #1 Market Share SOURCE: “IDC: Worldwide Device Vulnerability and Exposure Management Market Shares, 2024, IDC #US53330526, August 2025 SOURCE: “IDC MarketScape: Worldwide Exposure Management 2025 Vendor Assessment IDC #US52994525. August 2025” IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market and business execution in the short- term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the circles. Vendor year-over-year growth rate relative to the given market is indicated by a plus, neutral or minus next to the vendor name.The Forrester Wave™ is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave are trademarks of Forrester Research, Inc. The Forrester Wave is a graphical representation of Forrester's call on a market and is plotted using a detailed spreadsheet with exposed scores, weightings, and comments. Forrester does not endorse any vendor, product, or service depicted in the Forrester Wave. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change.
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Key Business Model Highlights 11 Rapid revenue growth via attractive, recurring model Balanced and diversified business mix Strong land and expand dynamic Balanced philosophy between growth and profitability
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12 Financial Overview
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Q3 2025 Financial Highlights 13 • $252.4M Revenue, 11% YoY growth • $267.5M CCB, 8% YoY growth • $669M Short-Term RPO, 13% YoY growth • ~40% of New Business in Tenable One • 81.6% Non-GAAP Gross Margin • 23.3% Non-GAAP Operating Margin • $58.5M Unlevered Free Cash Flow • $0.42 Non-GAAP EPS Note: See Appendix for definitions of non-GAAP financial measures and a reconciliation from GAAP measures to the non-GAAP measures.
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95% Q3 Recurring Revenue High Recurring Revenue and Double Digit Revenue Growth 14 $647.6 $770.0 $877.6 $974.6 Q3 22 Q3 23 Q3 24 Q3 25 Trailing Twelve Months (TTM) Revenue ($M) Revenue growing at 15% CAGR
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$732.0 $840.5 $939.0 $1,023.6 Q3 22 Q3 23 Q3 24 Q3 25 Double-Digit CCB and RPO Growth 15 CCB growing at 12% CAGR Trailing Twelve Months (TTM) Calculated Current Billings ($M) Remaining Performance Obligations ($M) $458.9 $528.4 $592.4 $669.1 $153.9 $168.8 $179.2 $259.8 Q3 22 Q3 23 Q3 24 Q3 25 ST RPO growing at 13% CAGR LT RPO growing at 19% CAGR Note: See Appendix for definitions of non-GAAP financial measures and a reconciliation from GAAP measures to the non-GAAP measures.
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Growing Number of High Value Customers 16 Chart represents the number of customers with $100K and greater of annual contract value (ACV) for the last 12 months. LTM $100K+ ACV accounts 1444 1507 1565 1721 1717 1793 1853 1988 2042 2118 2156 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25
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Multiple Ways to Land and Expand 17 ◦ Nessus is a cost-effective on- ramp to larger enterprise platform ◦ Nessus Professional upgrades to either TSC (on prem) or TIO (cloud) or both (hybrid) • Nessus Expert includes all of the capabilities of Nessus Professional plus cloud infrastructure and external attack surface scanning Nessus upsells New logos More assets and applications
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Strong Operating Leverage 18 $59.6 $104.9 $160.8 $214.6 Q3 22 Q3 23 Q3 24 Q3 25 $118.3 $164.2 $195.3 $275.3 Q3 22 Q3 23 Q3 24 Q3 25 Trailing Twelve Months (TTM) Non-GAAP Operating Income and Margins ($M) Trailing Twelve Months (TTM) Unlevered Free Cash Flow and Margins ($M) Note: See Appendix for definitions of non-GAAP financial measures and a reconciliation from GAAP measures to the non-GAAP measures. 22.0%18.3%13.6%9.2% 18.3% 21.3% 22.3% 28.2%
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Q4 and FY 2025 Outlook Calculated Current Billings N/A $1.040 billion to $1.048 billion Revenue $249.1 million to $253.1 million $988.0 million to $992.0 million Non-GAAP Income From Ops $55.7 million to $59.7 million $211.0 million to $215.0 million Non-GAAP Net Income $47.9 million to $51.9 million(1) $185.0 million to $189.0 million(2) Non-GAAP EPS $0.39 to $0.43 $1.51 to $1.54 Diluted Weighted Average Shares Outstanding 121.5 million 122.5 million Unlevered Free Cash Flow N/A $265.0 million to $275.0 million 1 Assumes interest expense of $7.0 million, interest income of $3.2 million and a provision for income taxes of $3.4 million. 2 Assumes interest expense of $28.4 million, interest income of $15.8 million and a provision for income taxes of $12.6 million. Q4 2025 Forecast FY 2025 Forecast 19 Note: See Appendix for definitions of non-GAAP financial measures and a reconciliation from GAAP measures to the non-GAAP measures.
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20 Appendix
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Non-GAAP Financial Measures Calculated Current Billings: We define calculated current billings, a non-GAAP financial measure, as total revenue recognized in a period plus the change in current deferred revenue in the corresponding period. We believe that calculated current billings is a key metric to measure our periodic performance. Given that most of our customers pay in advance (including multi-year contracts), but we generally recognize the related revenue ratably over time, we use calculated current billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers. We believe that calculated current billings, which excludes deferred revenue for periods beyond twelve months in a customer’s contractual term, more closely correlates with annual contract value and that the variability in total billings, depending on the timing of large multi-year contracts and the preference for annual billing versus multi-year upfront billing, may distort growth in one period over another. Free Cash Flow and Unlevered Free Cash Flow: We define free cash flow, a non-GAAP financial measure, as net cash provided by operating activities less purchases of property and equipment and capitalized software development costs. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment and capitalized software development costs, for investment in our business and to make acquisitions. We believe that free cash flow is useful as a liquidity measure because it measures our ability to generate cash. We define unlevered free cash flow as free cash flow plus cash paid for interest and other financing costs. We believe unlevered free cash flow is useful as a liquidity measure as it measures the cash that is available to invest in our business and meet our current debt obligations and future financing needs. However, given our debt obligations, non-cancelable commitments and other contractual obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses. Non-GAAP Income from Operations and Non-GAAP Operating Margin: We define these non-GAAP financial measures as their respective GAAP measures, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses, costs related to the intra-entity asset transfers resulting from the internal restructuring of legal entities, and amortization of acquired intangible assets. Acquisition-related expenses include transaction and integration expenses, as well as costs related to the intercompany transfer of acquired intellectual property. Restructuring expenses include non-ordinary course severance, employee related benefits, and other charges to reorganize business operations. We believe that the exclusion of these expenses provides for a useful comparison of our operating results to prior periods and to our peer companies, which commonly exclude restructuring expenses. Non-GAAP Net Income and Non-GAAP Earnings Per Share: We define non-GAAP net income as GAAP net income (loss), excluding the effect of stock-based compensation, acquisition- related expenses, restructuring expenses and amortization of acquired intangible assets, including the applicable tax impacts. In addition, we exclude the tax impact and related costs of intra-entity asset transfers resulting from the internal restructuring of legal entities as well as deferred income tax benefits recognized in connection with acquisitions. We use non-GAAP net income to calculate non-GAAP earnings per share. Non-GAAP Gross Profit and Non-GAAP Gross Margin: We define non-GAAP gross profit as GAAP gross profit, excluding the effect of stock-based compensation and amortization of acquired intangible assets. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of revenue. Non-GAAP Financial Measures 21
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GAAP to Non-GAAP Reconciliations 22 Calculated Current Billings: Q3 2025 TTM Q3 2025 TTM Q3 2024 TTM Q3 2023 TTM Q3 2022 Revenue $ 252,440 $ 974,603 $ 877,596 $ 770,035 $ 647,578 Add: Deferred revenue (current), end of period 639,614 639,614 583,940 518,372 447,863 Less: Deferred revenue (current), beginning of period(1) (624,548) (590,603) (522,557) (447,863) (363,441) Calculated current billings $ 267,506 $ 1,023,614 $ 938,979 $ 840,544 $ 732,000 Unlevered Free Cash Flow: Q3 2025 TTM Q3 2025 TTM Q3 2024 TTM Q3 2023 TTM Q3 2022 Net cash provided by operating activities $ 53,850 $ 264,839 $ 174,862 $ 143,268 $ 121,205 Purchases of property and equipment (867) (14,091) (2,329) (5,526) (6,048) Capitalized software development costs (1,353) (3,197) (8,275) (5,718) (10,654) Cash paid for interest and other financing costs 6,854 27,759 31,042 32,214 13,833 Unlevered free cash flow $ 58,484 $ 275,310 $ 195,300 $ 164,238 $ 118,336 Unlevered free cash flow margin 23.2 % 28.2 % 22.3 % 21.3 % 18.3 % Non-GAAP Income from Operations and Non-GAAP Operating Margin: Q3 2025 TTM Q3 2025 TTM Q3 2024 TTM Q3 2023 TTM Q3 2022 Income (loss) from operations $ 7,136 $ (5,048) $ (34,177) $ (51,903) $ (66,593) Stock-based compensation 44,882 188,025 159,316 139,491 111,026 Acquisition-related expenses 113 7,463 6,028 4,994 3,307 Restructuring — — 10,569 — — Costs related to intra-entity asset transfers — — — — 838 Amortization of acquired intangible assets 6,782 24,197 19,094 12,288 11,035 Non-GAAP income from operations $ 58,913 $ 214,637 $ 160,830 $ 104,870 $ 59,613 Operating margin 2.8 % (0.5) % (3.9) % (6.7) % (10.3) % Non-GAAP operating margin 23.3 % 22.0 % 18.3 % 13.6 % 9.2 % (1) Deferred revenue (current), beginning of period for the trailing twelve months ended September 30, 2025, 2024, and 2022 includes $6.7 million, $0.1 million, and $0.9 million, respectively, related to acquired deferred revenue.
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GAAP to Non-GAAP Reconciliations 23 Non-GAAP Gross Profit and Non-GAAP Gross Margin: Q3 2025 Gross profit $ 195,687 Stock-based compensation 3,495 Amortization of acquired intangible assets 6,782 Non-GAAP gross profit $ 205,964 Gross margin 77.5 % Non-GAAP gross margin 81.6 % Non-GAAP Net Income and Non-GAAP Earnings Per Share: Q3 2025 Net income (loss) $ 2,260 Stock-based compensation 44,882 Tax impact of stock-based compensation (2,552) Acquisition-related expenses 113 Amortization of acquired intangible assets 6,782 Tax impact of acquisitions (47) Non-GAAP net income $ 51,438 Net earnings (loss) per share, diluted $ 0.02 Stock-based compensation 0.37 Tax impact of stock-based compensation (0.02) Amortization of acquired intangible assets 0.05 Non-GAAP earnings per share, diluted $ 0.42 Weighted-average shares used to compute GAAP net earnings (loss) per share, basic and diluted 121,953