Slide 1: FY2025 Q4 / Annual Results
Trend Micro FY2025 Q4 / Annual Results Mahendra Negi CFO, Representative Director February 18, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Certain Statements that we make in this presentation are forward-looking statements. These forward-looking statements are based upon management’s current assumptions and beliefs in light of the information currently available to it, but involve known and unknown risks and
Slide 3: FY2025.Q4 Financial Highlight
FY2025.Q4 Financial Highlight (Forth quarter ended Dec 31, 2025)
Slide 4: Q4 Consolidated Results
Q4 Consolidated Results (unaudited) (in million Yen) Three months YoY ended Dec 31, 4Q2024 4Q2025 growth Net sales 69,979 73,230 + 5% Total Operating expenses 61,111 59,927 - 2% Operating income (Margin) 8,868(13%) 13,303 (18%) + 50% Ordinary income 14,509 14,463 - 0% Net income 7,940 7,580 - 5% att
Slide 5: Progress (12 months)
Progress （12 months） (in million Yen) 300,000 (Achievement of 60,000 (Achievement of 57,777 (Forecast 274,000) Forecast: 101%) 275,984 (Forecast 53,600) Forecast: 108%) 250,000 272,638 50,000 44,474 48,105 202,753 200,000 202,658 40,000 39,237 150,000 30,000 28,472 133,909 134,534 24,436 100,000 20,
Slide 6: Operating income adjusted for stock option costs
(Reference) Comparison of Operating income after adjusting for stock option related costs due to the stock price decline Due to the significant drop in our stock price from Oct. to Dec. in 2025 (from 8,100 yen at the end of 25Q3 to 6,502 yen at the end of 25Q4, Down 1,598 yen), stock option related
Slide 7: Net sales & Pre-GAAP growth trend
Net sales & Pre-GAAP growth trend (unaudited) (on a constant currency basis) 7% Net Sales Pre-GAAP 4% 1% Total Enterprise Consumer -2% -4% -8% (Non-GAAP) 7
Slide 8: Pre-GAAP vs Total Costs
(in million Yen) Pre-GAAPⅴs Total Costs (unaudited) (Non-GAAP) Pre-GAAP Total Costs Pre-GAAP Margin 110,000 43% 45% 40% 100,000 105,118 102,307 40% 90,000 80,000 35% 70,000 65,101 68,287 30% 60,000 65,108 60,499 50,000 61,111 59,927 25% 40,000 52,495 52,941 52,843 53,322 23% 30,000 20% 18% 19% 20,00
Slide 9: Enterprise ARR
(USD) Enterprise ARR (Non-GAAP) *ARR at constant currency: (1USD= 153.77yen as the company internal budget exchange rate for FY2025). Non-GAAP and reference for internal management. Therefore, they may be subject to so changes hereafter. 9
Slide 10: Cash flows
Cash flows (unaudited) (in million Yen) 4Q2024 4Q2025 YoY growth Cash flows from operating activities 12,295 12,630 + 3% Cash flows from investing activities 8,760 12,549 + 43% Cash flows from financing activities 575 - 9,301 － Effect of exchange rate changes 5,358 5,988 + 12% on cash and cash equiv
Slide 11: Headcount
Headcount Sep - 2025 Dec - 2025 6,740 6,717 Admin, Business Admin, Business Process, Process, 742 783 Technical Sales, Marketing, Sales, Marketing, Technical Support, 2,366 2,300 Support, 1,377 1,406 Research, Research, Development, Development, 2,255 - 23 2,228 (- 0%) Japan, Japan, 746 740 Europe,
Slide 12: Cost
(in million Yen) Salary & Benefit Office Overhead Cost (unaudited) (Non-GAAP) Outside Service Cloud Administration Selling & Marketing ・Of 1.1 bn JPY YoY decrease, estimated impact of 65,000 Stock Options / Acquisiton Related Costs Goods/Software Amortization & Capitalization yen depreciation, about
Slide 13: Q4 Highlights
Q4 Highlights • Highest ever Quarterly Net revenues • Highest ever Net revenues and Operating income for the Full year 13
Slide 14: Consolidated Results (12 months)
Consolidated Results (12 months) (in million Yen) 12 months (Progress vs. YoY current year’s new ended Dec 31, 2024（1-4Q） 2025（1-4Q） growth annual forecast) Net sales 272,638 275,984 + 1% (101%) Total Operating expenses 224,532 218,207 - 3% Operating income 48,105 57,777 + 20% (108%) (Margin) （ 18%）
Slide 15: FY2026 Guidance
FY2026 Guidance
Slide 16: FY2026 annual forecast assumptions
FY2026 annual forecast assumptions • Japan increases by a low single-digit, Americas and Europe increase by around 10% respectively, AMEA increases by mid-teens. • FY2026 is positioned as a phase of upfront cost investment relative to sales growth. Under the rebranding divided into Enterprise busine
Slide 17: Guidance for FY2026 Annual
Guidance for FY2026 Annual (in million Yen) For FY2026 Expected Jan - Dec, 2026 YoY growth Net Sales 301,500 + 9% Operating Income “Margin” 56,400 “19%” - 2% Ordinary Income 55,100 + 2% Net Income 36,600 + 6% attributable to owners of the parent (Estimated annual exchange rate 1USD=156 yen, 1EUR=183
Slide 18: Shareholder Returns
Shareholder Returns
Slide 19: The basic policy on shareholder returns
The basic policy on shareholder returns As a rule of thumb, we will return all net income generated after making the necessary investments for business growth without retaining any earnings. Even after the significant shareholders return occurred in 2024, we will have cash in excess of our minimum c
Slide 20: Compensation for Shareholders
Compensation for Shareholders (unaudited) The ratio of 10 years’ cumulative total compensation to (in million Yen) Net income from 2016 to 2025: 144% Red: （赤） Growth rate of Total compensation 総株主還元増減率 for shareholders （青） 総還元性向 Blue: Ratio of Total compensation to Net income +205% 140,000 配当 Divide
Slide 21: ROE
ROE (％) Consistently exceeded the Capital cost of *7% to 8% 29.0 28.2 24.0 20.9 18.9 19.0 15.1 15.7 15.0 15.3 14.4 13.4 14.0 Capital cost 8% 9.0 4.9 4.0 0 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 * Capital cost of 7% to 8% is based on Survey of investors & analysts 21
Slide 22: Shrinking "holding Cash"
Shrinking “holding Cash” The holding "Cash," after deducting Deferred revenue (which is the consideration for future service obligations), has currently shrunk to a net-zero level. 313,147 315,935 (Million Yen) 282,888 248,190 235,757 219,317 222,168 215,415 202,220 183,252 128,790 120,233 109,159 1
Slide 23: DOE (Dividend on Equity)
DOE (Dividend on Equity) Due to the synergistic effect of cash reduction (return of retained earnings) and the high dividend payout ratio, our DOE has reached an even higher level. (％) 46.2 20.0 19.8 15.0 15.0 13.4 12.0 12.0 12.5 12.0 10.0 11.4 9.4 The median DOE of TOPIX said to 5.0 be around 3%. 0
Slide 24: Appendix for FY2025.Q4
Appendix for FY2025.Q4
Slide 25: Q4 USD based Results (Non-GAAP)
Q4 USD based Results (Non-GAAP) (unaudited) (in thousand USD) Three months ended Dec 31, 4Q2024 4Q2025 YoY change Net sales 458,852 474,847 + 3% Cost of sales 108,224 105,900 - 2% Operating expenses 292,481 282,685 - 3% Operating income 58,147 86,262 + 48% Ordinary income 95,138 93,787 - 1% Net Inco
Slide 26: Net Sales Growth by Region
(in million Yen) Net Sales Growth by Region (unaudited) 2024Q4 25,000 + 2% 22,129 2025Q4 21,725 + 8% 20,000 + 13% 19,471 - 4% 18,018 16,998 15,199 14,631 15,035 15,000 10,000 5,000 0 Japan Americas Europe APAC, MEA
Slide 27: Net Sales Growth by Region (constant currency)
Net Sales Growth by Region (unaudited) (in million Yen) If currency exchange rates used for 4Q2024 were used for 4Q2025: 2024Q4 25,000 + 2% * ( ) : difference from GAAP base 2025Q4 + 6% 21,725 22,129 (0) (- 418) 20,000 - 6% + 2% 19,053 (- 401) (- 1,606) 18,018 15,199 15,392 15,035 15,000 14,229 10,0
Slide 28: Decomposition of Revenue
Decomposition of Revenue (vs. last year） (in million Yen) (unaudited) Exchange impact Japan Europe Americas APAC, MEA 2,426 356 403 969 1,034 2025Ｑ4 Net sales 2024Ｑ4 Net 73,230 sales 69,979 (Non-GAAP)
Slide 29: Constant currency Revenue growth
Constant currency Revenue growth (YoY) (unaudited) 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 (Non-GAAP) • Each g
Slide 30: Net sales by Segment
(in million Yen) Net sales by Segment (unaudited) Growth rate (YoY) 25,000 Consumer - 8% Enterprise + 8% 20,000 1,134 - 24% 10,048 - 26% - 1% 143 15,000 1,377 - 31% 10,000 18,337 + 11% 16,854 + 14% 12,080 13,253 + 0% + 4% 5,000 0 Japan Americas Europe APAC, MEA “Notice” As Sales by Segment numbers a
Slide 31: % share by region
% share by region 4Q2024 4Q2025 69,979 million Yen 73,230 million Yen APAC,MEA Japan APAC,MEA Japan 26% 31% 27% 30% Europe Europe Americas Americas 21% 23% 22% 20%
Slide 32: Pre-GAAP (Revenue before adjusting Deferred revenue)
“For reference” Pre-GAAP (Revenue before adjusting Deferred revenue) (in million Yen) (unaudited) + 4% 2024Q4 35,000 32,409 2025Q4 31,108 - 1% 30,000 + 9% - 1% 27,027 26,628 25,000 24,481 22,436 21,734 21,599 20,000 15,000 10,000 5,000 0 Japan Americas Europe APAC, MEA “Notice” Pre-GAAP means Revenu
Slide 33: Pre-GAAP (constant currency)
“For reference” Pre-GAAP (Revenue before adjusting Deferred revenue) If currency exchange rates used for 4Q2024 were used for 4Q2025: (in million Yen) (unaudited) 2024Q4 35,000 - 7% 2025Q4 31,108 - 5% 30,000 + 9% 28,815 - 4% 27,027 25,782 25,000 24,481 22,436 21,734 20,762 20,000 15,000 10,000 5,000
Slide 34: Pre-GAAP recent 4-quarter moving average trend
“For reference” Pre-GAAP recent 4-quarter moving average trend (in million Yen) ※ Based on the Yen rate applied at the time of each quarter financial results. (Non-GAAP) 110,000 Total Pre-GAAP Trailing 4-quarter moving average 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0
Slide 35: Enterprise Net Revenue / Pre-GAAP / ARR YoY movement
Enterprise Net Revenue / Pre-GAAP / ARR YoY movement (Excluding currency effects) Pre-GAAP tends to be significantly affected by the timing of closing large deals (usually multi-year contracts), leading to greater volatility. On the other hand, Net Revenue shows a stable trend. (Due to the platform
Slide 36: Deferred Revenue
(in million Yen) Deferred Revenue 250,000 236,085 230,000 221,386 217,014 218,013 214,473 212,447 211,532 210,643 210,000 202,356 200,337 190,000 170,000 150,000 0 130,000 0 Sep-'23 Dec-'23 Mar-'24 Jun-'24 Sep-'24 Dec-'24 Mar-'25 Jun-'25 Sep-'25 Dec-'25
Slide 37: Deferred Revenue by Region
Deferred Revenue by Region (in million Yen) (unaudited) 2025Q3 + 10% 2025Q4 90,000 80,000 + 3% 79,334 + 15% 72,043 70,000 64,902 63,146 60,000 57,319 + 26% 49,902 50,000 40,000 34,527 30,000 27,356 20,000 10,000 0 Japan Americas Europe APAC, MEA (Non-GAAP)
Slide 38: Deferred Revenue by Region (constant currency)
Deferred Revenue by Region (unaudited) If currency exchange rates used as of the end of 3Q2025 were used as of the end of 4Q2025: (in million Yen) 2025Q3 + 4% (- 4,070) 90,000 * ( ) : difference from GAAP base 2025Q4 + 3% 80,000 (0) + 9% 75,264 72,043 (- 3,041) 70,000 63,146 64,902 60,000 + 21% 54,2
Slide 39: Non-operating & Extra-ordinary Items
Non-operating & Extra-ordinary Items (in million Yen) (unaudited) Other incomes Equity in losses of Exchange gain affiliated companies Retirement benefit Interest income Other expenses expenses 480 10 235 94 1,000 1,488 Ordinary Income Operating before Income Income income taxes 14,463 13,303 12,975
Slide 40: Balance Sheet
Balance Sheet (unaudited) (in million Yen) Sep-2025 change Dec-2025 Assets Cash & cash equivalents 210,633 + 9,459 220,092 Account receivable + 28,235 76,125 (less allowance for doubtful accounts) 47,890 Marketable securities & Securities investments 20,208 - 4,543 15,665 Software 17,534 - 154 17,38
Slide 41: FY2025 12 months Financial Highlight
FY2025 12 months Financial Highlight (January ~ Dec, 2025)
Slide 42: Net Sales Growth by Region
Net Sales Growth by Region (unaudited) (in million Yen) + 2% 2024Q1-Q4 100,000 87,840 2025Q1-Q4 90,000 85,756 + 3% 80,000 - 6% + 5% 69,507 71,516 70,000 58,827 61,439 60,000 55,187 58,546 50,000 40,000 30,000 20,000 10,000 0 Japan Americas Europe APAC, MEA 42
Slide 43: Net Sales Growth by Region (constant currency)
Net Sales Growth by Region (in million Yen) If currency exchange rates used for 2024（Q1-Q4） were used for 2025（Q1-Q4）: (unaudited) + 2% 2024Q1-Q4 100,000 (0) * ( ) : difference from GAAP base 2025Q1-Q4 + 4% 90,000 85,756 87,840 (+ 974) - 4% + 2% 80,000 (+ 1,025) (- 1,932) 72,491 69,507 70,000 58,827
Slide 44: Pre-GAAP (Revenue before adjusting Deferred revenue)
“For reference” Pre-GAAP (Revenue before adjusting Deferred revenue) (in million Yen) (unaudited) + 3% 2024Q1-Q4 100,000 89,095 2025Q1-Q4 + 1% 90,000 86,167 + 1% 80,972 81,660 80,000 - 12% 69,898 70,767 70,000 65,129 60,000 57,484 50,000 40,000 30,000 20,000 10,000 0 Japan Americas Europe APAC, MEA
Slide 45: Pre-GAAP (constant currency)
“For reference” Pre-GAAP (Revenue before adjusting Deferred revenue) (unaudited) If currency exchange rates used for 2024(Q1-Q4) were used for 2025(Q1-Q4): + 3% 2024Q1-Q4 100,000 89,095 2025Q1-Q4 + 2% 90,000 86,167 80,972 82,267 80,000 - 5% - 11% 69,898 66,717 70,000 65,129 57,956 60,000 50,000 40,0
Slide 46: FY2025 Cost (12 months)
(in million Yen) FY2025 Cost (12 months) (unaudited) YoY 240,000 Goods / Software Salary & Benefit - 4% Amortization & Capitalization 220,000 14,279 15,115 - 5% 8,369 Stock options / Office Overhead 200,000 Acquisition Related 6,508 Costs 23,502 180,000 Selling & Marketing 24,413 Outside Service - 1
Slide 47: Constant currency Revenue transition
Constant currency Revenue transition (based on FY2005) (in million Yen) (unaudited) 260,000 240,000 220,000 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 (Non-GAAP) •JPY net revenue amount for each fiscal year shown above is calculated(Non-GAAP) using each foreign cur
Slide 48: Thank You
Thank You Copyright © 2026 Trend Micro Incorporated. All rights reserved.
Slide 49: Appendix: Quarterly Chart (1)
Appendix (unaudited) Quarterly Chart (1) (in million Yen) FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 N e t s ale s 65,931 68,603 68,124 69,979 67,501 66,407 68,844 72,230 Co s t o f s ale s 16,015 16,492 15,967 16,505 16,417 15,520 15,447 16,331 O pe r at in g e x pe n s e s 37,788 39,802 37,355 44,606 3
Slide 50: Appendix: Quarterly Chart (2)
Appendix (unaudited) Quarterly Chart (2) (in million Yen) FY2024 FY2025 （ S ale s by r e g io n ） Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 J apan 21,361 21,295 21,373 21,725 22,072 21,822 21,816 22,129 A m e r ic as 14,388 14,899 14,340 15,199 14,174 12,852 13,530 14,631 Eu r o pe 13,679 14,882 14,949 15,035 14,261