Slide 1: Investor Presentation
Investor Presentation February 2026 1 © 2026 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 2: Disclaimers
Disclaimers General This presentation and the accompanying oral presentation do not constitute an offer or invitation for the sale or purchase of securities and has been prepared solely for informational purposes. The information contained in this presentation (the “Presentation”) has been prepared
Slide 3: Disclaimers continued
Disclaimers continued Forward-Looking Statements This presentation contains “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the first quarter and full-year
Slide 4: Protecting Businesses from Evolving Cyberthreats
Protecting Businesses from Evolving Cyberthreats 4 © 2026 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 5: N-able at a Glance
N-able at a Glance $540M 12% ARR ARR Growth ~100% 80% Recurring Revenue Non-GAAP Gross Margin (TTM) Delivering Business Resilience 103% 30% Net Retention Rate (TTM) Non-GAAP Adj EBITDA Margin (TTM) Unified Endpoint Security Data Management Operations Protection Note: Measures reflect results as of 1
Slide 6: Businesses are going digital
Businesses AI, Data, Compliance, are going IT Sprawl digital Cloud Security Break/Fix/ Help Desk $2.2T 1 1) Company and third-party estimated 2026 IT TAM for the under 2,500 employee business segment. 6 © 2026 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 7: Digitalization Poses Risks and Challenges
Digitalization Poses Risks and Challenges Rising IT Increasing Growing Complexity Cyberattacks Data Management 7 55% 12x 25%+ increase in SaaS sprawl concerns surge in phishing attacks since the projected CAGR in global data volume year over year rise of generative AI in late 2022 from 2024 - 2028(3
Slide 8: N-able Delivers Business Resilience
N-able Delivers Business Resilience r Ide ove nt ec ify Govern R Unified Endpoint Data Protection Management Cove N-Central Respo ct Monitoring, managing, NI S k o te Incident response or C ew T and data recovery yb and securing IT assets Pr nd m e rsec ra u r it y F D e te ct Security Operations Ad
Slide 9: Powering a Vast Ecosystem
Powering a Vast Ecosystem Software Provider Payment Flow N-ABLE The Channel Delivers Software and Services MSPs VARs Distributor Payment Flow Rely on Channel Providers for Software and Services SMB Enterprise 9 © 2026 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 10: Servicing a Large and Growing TAM
Servicing a Large and Growing TAM 2026 Security Operations Total N-able TAM $27B Growth Rate 15% Market Size $50B Data Protection $17B Growth Rate 14% Growth Rate UEM 17% $6B Growth Rate 7% Note: Company and third-party estimates. Represents N-able TAM opportunity by category within the under 2,500
Slide 11: Product Portfolio
Product Portfolio 11 © 2026 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 12: Attack Surfaces Are Expanding Exponentially
Attack Surfaces Are Expanding Exponentially ding Perimeter Expan Social Media Certificates / Data Domains rn Perimeter Mode Collaboration SaaS Tools Identity Applications IoT Cloud Workload Mobile Websites Digital Supply Cyber Physical Chain Endpoints Modern IT Servers Environment 12 12 © 2026 N-abl
Slide 13: Our AI-Powered Cybersecurity Platform
Our AI-Powered Cybersecurity Platform 13 © 2026 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 14: Unified Endpoint Management Solution
Unified Endpoint Management Solution N-central delivers IT Management, Security, and Automation at scale Data-centric design Automations Service Organization Monitoring Customers Company Data Patching Sites Device Config Security Config Device Class N-Central Custom Properties Backup Config Device D
Slide 15: The Security Operations Solution
The Security Operations Solution Adlumin delivers a security-agnostic XDR/MDR solution 24/7 MDR Support Darknet Monitoring Compliance Reporting Automated Honeypots Threat Containment Hunting & Research AI & UEBA Detections SIEM SOAR Perimeter Application Endpoint Cloud Network Identity Challenges Cu
Slide 16: The Data Protection and Recovery Solution
The Data Protection and Recovery Solution Cove delivers server, workstation, and M365 backup and DR from a single console Backup Recovery Outclassing the Unexpected competition, moving simplicity and speed less data Hyper-V Server Local Devices SaaS Simplicity Multi-tenant web ESXi Cloud-hosted base
Slide 17: Why N-able wins
Why N-able wins Customer Pain Point Customers can’t settle when Best of breed it comes to protecting their business approach Customers lack visibility across End-to-end their vast and growing IT estates coverage Customers struggle with overly Customer complex and expensive solutions focus 17 © 2026
Slide 18: Go-To-Market
Go-To-Market 18 © 2026 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 19: Channel-driven, One to Many, GTM Model
Channel-driven, One to Many, GTM Model 1 2 3 4 One N-able Sales Rep Through the Global Channel Reaches Thousands of Businesses And Millions of Devices 500k+ 11M+ Businesses Devices MSP VAR Disti 19 © 2026 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 20: Leading Analyst Recognition
Leading Analyst Recognition Gartner® N-able is recognized in the 2026 Gartner® Magic N-able is highlighted in Security Operations Quadrant for Endpoint Management Tools Platform report 2025 Champion – Managed BDR Champion – RMM & PSA N-able is featured in Leadership Compass for Managed Detection & R
Slide 21: Multiple Forces Propelling Growth
Multiple Forces Propelling Growth Upsell and Cross Sell $30+ Active Expand from N-able Portfolio Device/Month Opportunity(1) Platform N-able Lands Passive Expand Increasing Endpoints, Data, New Customer from Market Tailwinds and Security Solutions (1) Company estimates. 21 © 2026 N-able Solutions UL
Slide 22: Substantial Cross-Sell Opportunity
Substantial Cross-Sell Opportunity $2.5B+ Cross-Sell Opportunity N-able Products N-able EDR Passportal Adlumin DNS Filtering XDR/MDR Mail Assure Security Data Operations Protection Cove Data ~$1,400M ~$800M Protection M365 Backup UEM N-Central ~$300M N-Sight 22 © 2026 N-able Solutions ULC and N-able
Slide 23: Financial Overview
Financial Overview 23 © 2026 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 24: Delivering Top and Bottom-Line Growth
Delivering Top and Bottom-Line Growth Revenue Adj. EBITDA (in millions) (in millions) 10% 8% $511 $153 CAGR CAGR $346 $113 FY'21 FY'25 FY'21 FY'25 24 © 2026 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 25: Quarterly Performance
Quarterly Performance $135 $131 $132 $130 50% $119 $118 $116 $117 45% $114 $115 $108 $106 $108 39% 39% 40% $100 36% 35% $95 34% 33% 33% 33% 35% 32% 31% 30% 27% 30% $75 25% $55 $47 $45 20% $40 $42 $41 $39 $38 $39 $35 $37 $35 $33 $32 15% 10% $15 5% -$5 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q
Slide 26: Highly Visible and Predictable Model
Highly Visible and Predictable Model Dollar-based Customers with Average Revenue per Retention TTM ARR of >$50k Customer TTM ($000s) 110% 2,671 $20 103% 103% 103% $19 2,349 86% 88% 85% 86% 2,196 $17 1,898 $15 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Gross Retention Net Retention S
Slide 27: Q1'26 and FY'26 Financial Outlook
Q1’26 and FY’26 Financial Outlook Info Q1’26 FY’26 ARR N/A $581 - $586 8-9% y/y, 8-9% @ CC Revenue $131 - $132 $554 - $559 11-12% y/y, 6-7% @ CC 8-9% y/y, 7-8% @ CC Adj EBITDA $35.5 - $36.5 $167 - $171 Adj EBITDA Margin 27-28% 30-31% Reflects guidance as of Feb 19, 2026, assuming FX rates of 1.17 on
Slide 28: Compelling Drivers Powering Our Path Forward
Compelling Drivers Powering Our Path Forward Land New Customers Total Growth Cross-Sell Extensive Suite Net Retention Pricing and New routes to market via portfolio expansion Packaging and channel expansion N-able expands SMB/Mid-market portfolio over time Growth and cross-sells $30+/device/month Gr
Slide 29: Why N-able?
Why N-able? 1 N-able Services a Large and Growing Market Organizations worldwide are spending trillions on security and IT 1 N-able Has Winning, Differentiated Products 2 Powerful end-to-end software platform that meets customers top needs 3 N-able Go-To-Market is Aligned With How Technology is Deli
Slide 30: Supplemental Financials
Supplemental Financials 30 © 2026 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 31: Definitions of Non-GAAP and Other Financial Measures
Definitions of Non-GAAP and Other Financial Measures Dollar-based net revenue retention. To calculate our annual dollar-based net revenue retention rate, we first identify the customers with active paid subscriptions in the last month of the prior-year period, or the base customers. We then divide t
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted EBITDA Three Months Ended Dec 31 Twelve Months Ended Dec 31 $(M) 2025 2024 2025 2024 Net income (loss) $ (7) $ 3 $ (17) $ 31 Amortization and depreciation 12 8 44 26 Income tax expense 5 4 19 23 Interest expense, net 12 7 36 30 Unrealized FX (gains) losses 4 2 2 3 T
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Non-GAAP Cost of Revenue Three Months Ended Dec 31 Twelve Months Ended Dec 31 $(M) 2025 2024 2025 2024 GAAP cost of revenue $ 31 $ 23 $ 117 $ 81 Stock-based compensation and related (0) (0) (2) (2) employer-paid payroll taxes Amortization of acquired technologies (4) (2) (17
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Non-GAAP General and Administrative Expense Three Months Ended Dec 31 Twelve Months Ended Dec 31 $(M) 2025 2024 2025 2024 GAAP general and administrative expense $ 20 $ 19 $ 92 $ 77 Stock-based compensation and related (4) (4) (18) (19) employer-paid payroll taxes Transactio