F5, Inc. · NASDAQ:FFIV
F5 — Investor Day (May 2026)
128 slides from F5's investor day presentation, May 28, 2026
Slide 1: F5 Analyst & Investor Meeting
F5 Analyst & Investor Meeting May 28, 2026
Slide 2: Welcome
Welcome Suzanne DuLong VP, Investor Relations
Slide 3: Forward-looking statements
Forward-looking statements This presentation contains forward-looking statements including, among other things, the Company’s future financial performance including revenue growth, operating performance, earnings growth, future customer demand, and the performance and benefits of the Company's produ
Slide 4: GAAP to non-GAAP presentation
GAAP to non-GAAP presentation In addition to financial information prepared in accordance with U.S. GAAP, this presentation also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facil
Slide 5: On our agenda today… First half
On our agenda today… First half Suzanne DuLong François Locoh-Donou Chad Whalen VP, Investor Relations Chairman, President, CEO Chief Revenue Officer Welcome F5 is capitalizing on the secular shift Building on our market leadership to 1:00 PM to hybrid multicloud architectures capture growing demand
Slide 6: On our agenda today… Second half
On our agenda today… Second half Lisa Citron Tom Fountain Cooper Werner SVP, Global Partner Ecosystem, F5 Chief Operating Officer Chief Financial Officer Chris Konrad Delivering services growth and Driving sustainable revenue VP, Global Cyber, WWT product adoption and earnings growth Fireside Chat:
Slide 7: F5 is capitalizing on the secular shift to hybrid multicloud architectures
F5 is capitalizing on the secular shift to hybrid multicloud architectures François Locoh-Donou Chairman, President & CEO
Slide 8: F5 is at the intersection of three secular megatrends
F5 is at the intersection of three secular megatrends Hybrid multicloud AI inference accelerates demand for app accelerates workload distribution security and delivery Expanding threat landscape accelerates demand for AI-powered security 8 © 2026 F5
Slide 9: We are capitalizing on these megatrends to drive faster revenue growth
We are capitalizing on these megatrends to drive faster revenue growth We are building on our We are driving We are seizing market leadership to capture platform adoption new AI opportunities growing demand for ADCs 9 © 2026 F5
Slide 10: We are capitalizing on these megatrends to drive faster revenue growth in FY25 and FY26
We are capitalizing on these megatrends to drive faster revenue growth in FY25 and FY26 R E V E N U E C AG R ~8.6%* 4% FY16-FY24 FY25-FY26 * FY26 revenue CAGR vs FY24, based on midpoint of FY26 guidance 10 © 2026 F5
Slide 11: We are delivering on our commitments from our 2024 analyst event
We are delivering on our commitments from our 2024 analyst event Long-term FY25-FY26 targets (FY25+) (at mid pt of guidance) Since FY2024 Exceeding our mid-single-digit 8.6% Total revenue Mid-single-digits growth revenue growth target CAGR* Delivered 7 consecutive quarters of Non-GAAP double-digit p
Slide 12: The market is changing rapidly and F5’s opportunity is expanding
The market is changing rapidly and F5’s opportunity is expanding 12 © 2026 F5
Slide 13: F5 is at the intersection of three secular megatrends reshaping IT infrastructure
F5 is at the intersection of three secular megatrends reshaping IT infrastructure Hybrid multicloud Expanding threat AI inference accelerates workload distribution landscape accelerates demand for app accelerates demand for security and delivery AI powered security 13 © 2026 F5
Slide 14: Hybrid multicloud adoption is accelerating F5 demand
Hybrid multicloud adoption is accelerating F5 demand 14 © 2026 F5
Slide 15: 30 years ago, apps were simple to access
30 years ago, apps were simple to access User Datacenter 15 © 2026 F5
Slide 16: With the advent of the Internet, copies of apps were needed
With the advent of the Internet, copies of apps were needed to support exploding user growth Many users Datacenters 16 © 2026 F5
Slide 17: 20 years ago, we pioneered the ADC category
20 years ago, we pioneered the ADC category to address the resulting traffic growth Load balancer Users Datacenters 17 © 2026 F5
Slide 18: Over time, we expanded the role of an ADC
Over time, we capitalized on our coveted position in the flow of traffic, expanding the role of an ADC Load balancer Web application firewall Datacenters DDoS protection API security Bot security DNS Many types of users … Clouds 18 © 2026 F5
Slide 19: From 2005 to 2015, growth in enterprise web apps fueled data center capacity
From 2005 to 2015, growth in enterprise web apps and digital transformation fueled growth in data center capacity W W C O R E E N T E R P R I S E D AT A C E N T E R C A P AC I T Y Gigawatts 12% CAGR 2005 2015 2023 2030 Web apps Data center infrastructure virtualization 19 © 2026 F5 Source: IDC 2025
Slide 20: Cloud-first strategies slowed data center capacity growth
In the following decade, enterprise adoption of cloud-first strategies slowed data center capacity growth W W C O R E E N T E R P R I S E D AT A C E N T E R C A P AC I T Y Gigawatts 2% CAGR 12% CAGR 2005 2015 2023 2030 Web apps Cloud-first strategy Data center infrastructure virtualization SaaS adap
Slide 21: Three dynamics accelerating hybrid multicloud deployments
Today, three dynamics are accelerating hybrid multicloud deployments and driving reinvestment in private data centers W W C O R E E N T E R P R I S E D AT A C E N T E R C A P AC I T Y THR EE DYN A M IC S Gigawatts Cost and workload 2% optimization CAGR Regulation & digital sovereignty 12% CAGR Data
Slide 22: Data center capacity growth is accelerating and driving ADC demand
As a result of these dynamics, growth in data center capacity is accelerating and driving ADC demand acceleration W W C O R E E N T E R P R I S E D AT A C E N T E R C A P AC I T Y Gigawatts 7 % CAGR 2% CAGR 12% CAGR 2005 2015 2023 2030 Web apps Cloud-first strategy Embracing hybrid multicloud Data c
Slide 23: The expanding threat landscape is accelerating F5 demand
The expanding threat landscape is accelerating F5 demand 23 © 2026 F5
Slide 24: The front lines of cyber defense have shifted to the app layer
The front lines of cyber defense have shifted to the app layer 40% Application layer 26% Application layer ~180M ~290M Total attacks Total attacks 2022 2025 Source: IBM X-Force Threat Intelligence Index; Totalassure analysis 24 © 2026 F5
Slide 25: Increased app layer attacks
Growth CY25 v. CY24 31% 77% malicious exploit web application scanning attacks O R GA N I Z AT I O N S A R E E X P E R I E NC I NG increased 130% 87% bot activity L7 DDoS attacks app layer attacks 170% 200% API violations shadow APIs discovered 25 © 2026 F5 Source: F5 Labs, Gartner, Verizon DBIR 202
Slide 26: There are vulnerabilities in every AI model
There are vulnerabilities in every AI model F 5 L A B S C AS I ( C O M P R E H E N S I V E A I S E C U R I T Y I N D E X ) Higher score1 = more resistant to attack Claude Haiku 4.5 98% Claude Opus 4.6 96% GPT-5.4 95% What is CASI? Qwen3.5-397B-A17B 92% F5’s benchmarking methodology to measure how GP
Slide 27: Today’s attack surface is made of ~20B assets
Today’s attack surface is made of ~20B assets Today ~12B ~3B ~3B ~2B Humans Workloads Endpoints IoT devices 27 © 2026 F5 Sources: Company estimate, Forrester, IoT Analytics, and IDC
Slide 28: AI agents will expand the attack surface 10x
AI agents will expand the attack surface 10x Today By 2035 ~12B 170B+ ~3B ~3B ~2B Humans Workloads Endpoints IoT devices AI agents 28 © 2026 F5 Sources: Company estimate, Forrester, IoT Analytics, and IDC
Slide 29: The quantum risk is here
Lastly, the quantum risk is here, and organizations are starting to prepare for a post-quantum world Classical computers Quantum computers TIME TO BREAK T O D AY ’ S E N C R Y P T I O N 1 149M yrs 0 1 with classic computing Bits Qubits Must be one or the other Exists in all states simultaneously 8 h
Slide 30: Organizations will invest in PQC-capable infrastructure ahead of Q-day
We expect organizations will start investing in PQC-capable infrastructure ahead of Q-day PQC standardization timeline I M M E D I AT E T HR E AT Harvest now, Q-day? decrypt later 2024 2030 2035 NIST establishes Deprecate vulnerable Classical crypto PQC standards classical cryptography disallowed Na
Slide 31: AI inference is accelerating F5 demand
AI inference is accelerating F5 demand 31 © 2026 F5
Slide 32: Inference is making AI traffic the dominant traffic
Inference is making AI traffic the dominant traffic to secure and deliver T O TA L N E T WO RK T R A F FI C , 2 02 3 – 35 More: Infrastructure Exabytes/year AI becomes 80% of traffic More traffic requires more load 75,000 With AI balancing and security (20% CAGR) 60,000 AI becomes half of traffic Ne
Slide 33: Today, F5 is already at the front door for apps
Today, F5 is already at the front door for apps AI-POWERED ADC & WAAP Secure and load balance Web, bots, and APIs at the “front door” End users APPLICATIONS APIs Bots 33 © 2026 F5
Slide 34: AI drives new demand for delivery and security
AI drives new demand for delivery and security I. AI RUNTIME SECURITY Secure and load balance Web, bots, APIs and AI traffic at the “front door” End users AI APPLICATIONS AI FACTORIES APIs Bots I. AI RUNTIME SECURITY Secure and load balance AI agents APIs and AI traffic to models 34 © 2026 F5
Slide 35: AI drives new demand for delivery and security
AI drives new demand for delivery and security ENTERPRISE DATA STORES I. AI RUNTIME SECURITY Secure and load balance Web, bots, APIs and AI traffic at the “front door” II. AI DATA DELIVERY Secure and load balance End users AI data ingest AI APPLICATIONS AI FACTORIES APIs Bots I. AI RUNTIME SECURITY
Slide 36: AI drives new demand for delivery and security
AI drives new demand for delivery and security ENTERPRISE DATA STORES I. AI RUNTIME SECURITY Secure and load balance Web, bots, APIs and AI traffic at the “front door” II. AI DATA DELIVERY Secure and load balance End users AI data ingest AI APPLICATIONS AI FACTORIES APIs Bots I. AI RUNTIME SECURITY
Slide 37: Our customers were already managing a complex set of challenges
Our customers were already managing a complex set of challenges AWS SaaS Azure Colocation Google Data centers Cloud Traditional and private cloud Edge 37 © 2026 F5
Slide 38: The problem is magnified by the new dynamics
The problem is magnified by the new dynamics AI Factories Frontier Models 38 © 2026 F5
Slide 39: And compounding
And compounding AI traffic AI AI app AI agent agent AI agent Quantum threats AI AI app agent AI agent AI app AI app AI agent AI agent AI app AI-specific attacks 39 © 2026 F5
Slide 40: F5 is uniquely positioned to address this complexity
F5 is uniquely positioned Before F5 to address this complexity AI AI app AI agent agent AI agent AI AI app agent AI agent AI app AI app AI agent AI agent AI app 40 © 2026 F5
Slide 41: Demand for app security and ADC capacity is set to increase further
As a result of these dynamics, demand for app security and ADC capacity is set to increase further CY30 total TAM $14B including net new AI use cases CY30 TAM $15B CY25 TAM 41 © 2026 F5 IDC WW Application Delivery Tracker, March 2026 IDC Security Products Tracker, April 2026. Includes ADC, WAAP, CGF
Slide 42: Demand for app security and ADC capacity is set to increase further
As a result of these dynamics, demand for app security and ADC capacity is set to increase further ~$50B+ CY30 total TAM $28B including net new AI use cases CY30 TAM $15B CY25 TAM 42 © 2026 F5 IDC WW Application Delivery Tracker, March 2026 IDC Security Products Tracker, April 2026. Includes ADC, WA
Slide 43: AI creates a larger opportunity for F5
AI creates a larger opportunity for F5 ~$40B+ CY30 total TAM $28B including net new use cases CY30 TAM $15B CY25 TAM 43 © 2026 F5 IDC WW Application Delivery Tracker, March 2026 IDC Security Products Tracker, April 2026 & F5 Includes ADC, WAAP, CGFW, MCN, ZTNA, AI
Slide 44: We expect our AI market opportunity to grow substantially
New AI use cases We expect our AI market opportunity to ~$1B AI Factory Load Balancing grow substantially in ~$1B ~$1.0B AI Data Delivery the next 5 years ~$9.0B ~$9B AI Security ~$1B CY26 CY30 44 © 2026 F5
Slide 45: F5 is capitalizing on these tailwinds, and accelerating revenue growth
F5 is capitalizing on these tailwinds, and accelerating revenue growth 45 © 2026 F5
Slide 46: We expect accelerating revenue growth and earnings expansion
As a result, we expect accelerating revenue growth and earnings expansion We are guiding to We are guiding to upper-single-digit double-digit non- revenue growth GAAP EPS CAGR for FY26 – FY29 for FY29 46 © 2026 F5
Slide 47: Four takeaways to remember from today
Four takeaways to remember from today 1 We are capitalizing on the secular shift to hybrid multicloud architectures 2 We are building on our market leadership to capture growing demand for ADCs 3 We are driving platform adoption 4 We are capturing new AI opportunities 47 © 2026 F5
Slide 48: We are building on our market leadership to capture growing demand for ADCs
We are building on our market leadership to capture growing demand for ADCs Chad Whalen Chief Revenue Officer
Slide 49: The company we keep reflects the trust we’ve earned
The company we keep reflects the trust we’ve earned from the largest companies and governments around the world 15/15 10/10 10/10 10/10 10/10 15/15 Biggest global banks Top US retail business Global automotive Largest insurance firms Global telecom Executive departments companies companies of the US
Slide 50: Customers have deployment model choice
F5 has been intentional in giving customers the power of deployment model choice Cloud native DPU Hardware SaaS Software Seamless deployment across any modality 1,900+ 1,600+ 25% Customers that added an additional Customers that have adopted F5 SaaS Y/Y growth for multi-modal customers modality in t
Slide 51: Cyclical and structural trends are driving ADC demand
Cyclical and structural trends are driving ADC demand ADC growth drivers Cyclical Structural Digital sovereignty Tech refresh plus Competitive (replacement + expansion) displacement AI-driven demand 51 © 2026 F5
Slide 52: Digital sovereignty
Digital sovereignty 52 © 2026 F5
Slide 53: Digital sovereignty
6,000+ Addressable government, telco, financial services, healthcare customers Digital sovereignty Customers are realizing that new and evolving government regulations on data and resiliency can only be addressed $700M+ Cumulative incremental through a hybrid multicloud architecture addressable oppo
Slide 54: Digital sovereignty
Digital sovereignty Use case Why we won Future Customers are realizing that new and Non U.S. government $4M+ win by F5 as the Expansion of AI-driven evolving government regulations on data customer commencing only hybrid multicloud workloads and resiliency can only be addressed sovereign datacenter
Slide 55: Competitive displacement
Competitive displacement 55 © © 2026 2026 F5 F5
Slide 56: Competitive displacement
3,000+ Enterprise accounts targeted for competitive displacements Competitive displacement F5 is winning new logos and displacing competitors due to our innovation velocity, flexible licensing model, and $600M+ Cumulative incremental choice of multiple delivery modalities addressable opportunity fro
Slide 57: Competitive displacement
Competitive displacement Use case Why we won Future F5 is winning new logos and displacing Fortune 50 customer in $2M+ win by F5 as the Expansion of security competitors due to our innovation the oil & gas industry only hybrid multicloud services across F5’s velocity, flexible licensing model, and r
Slide 58: AI-driven demand
AI-driven demand 58 © © 2026 2026 F5 F5
Slide 59: AI is driving capacity expansion, security attach, and new AI data delivery use cases
15,000+ Addressable customers as AI adoption becomes mainstream AI is driving capacity expansion, security attach, and new AI data $1.3B+ delivery use cases Cumulative incremental addressable opportunity AI infrastructure buildouts are driving from CY27 to CY30 a material uplift in expansion and sec
Slide 60: AI is driving capacity expansion, security attach, and new AI data delivery use cases
AI is driving capacity Use case Why we won Future expansion, security Big Four professional $4M+ win by F5 with Foundational solution attach, and new AI data services and accounting the best performing for AI data delivery and delivery use cases firm required highly solution leveraging runtime secur
Slide 61: F5’s hybrid multicloud architecture and AI innovations position us for durable growth
F5’s hybrid multicloud architecture and AI innovations uniquely position us for durable growth DIGITAL SOVEREIGNTY COMPETITIVE DISPLACEMENT AI-DRIVEN DEMAND Growing customer demand Our competitors’ customers are New AI workloads for data custody to meet actively looking for alternatives are leading
Slide 62: We are driving platform adoption
We are driving platform adoption John Maddison Chief Marketing Officer
Slide 63: Evolving applications, infrastructure, and threats are creating enormous complexity
Evolving applications, infrastructure, and threat landscapes are creating enormous complexity for enterprises 2005+ 2015+ 2025+ Applications Web 3 tier Microservices Inference Infrastructure Data center era Public cloud era Hybrid multicloud era Threat landscape Malware threats Advanced persistent t
Slide 64: Excessive vendors drive enterprises toward a security platform approach
Having an excessive number of vendors introduces complexity that drives enterprises toward a security platform approach 48% 46% 41% 38% “Which of the following 35% items most influenced your 32% organization’s decision to go with security platform vendors 30% 25% in your security program?” (Select t
Slide 65: Enterprises have embraced and are rolling out security platforms
Enterprises have embraced and are actively rolling out security platforms Endpoints Networks Workloads Identity EPP SASE CNAPP IAM Endpoint Secure access Cloud native app Identity access protection platform service edge protection platform management 65 © 2026 F5
Slide 66: Enterprises are consolidating around fewer, more capable platforms
Enterprise are consolidating around fewer, more capable platforms Endpoints Networks Applications Workloads Identity EPP SASE ADSP CNAPP IAM Endpoint Secure access App delivery and Cloud native app Identity access protection platform service edge security platform protection platform management Cust
Slide 67: ADSP converges ADC, WAAP
ADSP converges ADC, WAAP ADC WAAP Application delivery Web application and controller (ADC) API protection (WAAP) ADSP + Local traffic management Web application firewall (WAF) Global traffic management API security Kubernetes/Gateways Bot protection Secure DNS DDoS Security (SSL/WAF) CDN/DNS/MCN (o
Slide 68: More than 1,600 customers have adopted F5 Distributed Cloud
More than 1,600 customers have adopted F5 Distributed Cloud with 50% utilizing 4 to 6 services A CC U M U L AT E D DI ST R I B U T E D N UM B E R O F SE R V IC E S C LO U D S E RV I CE S CU ST O M E RS BY C US TO M E R 1800 0% 1600 1400 14% 1200 1000 36% 800 600 50% 400 200 0 Q1FY24 Q2FY24 Q3FY24 Q4
Slide 69: ADSP converges ADC, WAAP, and AI Security into a converged platform
ADSP converges ADC, WAAP, and AI Security into a converged platform AI ADC WAAP security Application delivery Web application and AI security controller (ADC) API protection (WAAP) solution ADSP + + Local traffic management Web application firewall (WAF) AI governance Global traffic management API s
Slide 70: F5’s Application Delivery and Security Platform
F5’s Application Delivery and Security Platform Complete delivery and security for every app Deployable anywhere and in any form factor AI-enhanced operations with unified console cross NetOps, SecOps, DevOps, and PlatOps ADSP open partner ecosystem 70 © 2026 F5
Slide 71: The ADSP roadmap converges our product families into 1 platform
The ADSP roadmap converges our 3 product families and use cases into 1 platform Main use cases 71 © 2026 F5
Slide 72: The ADSP roadmap converges our product families into 1 platform
The ADSP roadmap converges our 3 product families and use cases into 1 platform Main use cases 72 © 2026 F5
Slide 73: Platform approach is driving multi-product family adoption
Our platform approach is driving multi-product family adoption across our installed base 2% 100% 6% 10% 15% 24% 23% 26% 29% 80% 40% 44% 48% 60% 48% 46% 100% 44% 40% 77% 71% 59% 50% 20% 42% 37% 31% 29% 0% FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 YTD 1 product family 2 product families 3 product f
Slide 74: ADSP journey for leading financial services customer
ADSP journey for Delivery Core application Deployment model leading financial delivery Hardware services customer Security Delivery Integrated Deployment model 16 Use case adoptions security expansion Software Security Delivery 3 Cloud-native Deployment model transformation Cloud-native software Sec
Slide 75: ADSP journey for global commercial bank
ADSP journey Delivery Security-Led Deployment model for global infrastructure Hardware expansion commercial bank Security SaaS transition Deployment model 30 Use case adoptions begins SaaS Security Delivery 5 Platform Deployment model consolidation Hardware SaaS Software Cloud-native Security Deploy
Slide 76: F5 is a consolidator in the ADC, WAAP and AI security markets
With the ADSP Platform F5 is a consolidator in the ADC, WAAP and AI security markets Complexity ADSP Platform Adoption 15% 23% 26% 48% 46% 44% 37% 31% 29% FY24 FY25 FY26 YTD 76 © 2026 F5
Slide 77: We are capturing new AI opportunities
We are capturing new AI opportunities Kunal Anand Chief Product Officer
Slide 78: AI creates new demand for app delivery and security
AI creates new demand for app delivery and security AI changes delivery AI changes security More inference traffic More autonomous workflows F5 is positioned More latency pressure where AI traffic, policy, More AI-specific attacks performance, and protection converge. More utilization pressure Faste
Slide 79: Production AI is not a model – it is an ecosystem
Production AI is not a model – it is an ecosystem Users and agents Apps and APIs Models and inference Data and services More traffic More policy More security More infrastructure and autonomous decisions and governance pressure interaction Production AI needs delivery, security, policy, and control
Slide 80: AI is creating three distinct opportunities for F5
AI is creating three distinct opportunities for F5 AI data delivery AI runtime security AI factory load balancing 80 © 2026 F5
Slide 81: AI data delivery
AI data delivery 81 © 2026 F5
Slide 82: F5 is the only programmable control point in front of S3-compatible storage
F5 is the only programmable, high-performance control point sitting in front of S3-compatible storage Programmable Hardware scale that Vendor-neutral across traffic management storage controllers the S3 ecosystem cannot match 82 © 2026 F5
Slide 83: F5 delivers more than 3X higher S3 throughput
F5 is delivering more than 3X higher S3 throughput, validated by our customers and independent analysis SecureIQLab (April 2026) Without F5 With F5 VELOS Performance lift 140 122 120 120 Low-latency SD-WAN +95% 100 Low-latency broadband/VPN +155% Throughput (Gbps) 80 63 60 High-latency multicloud +2
Slide 84: AI runtime security
AI runtime security 84 © 2026 F5
Slide 85: AI changes the security operating model
AI changes the security operating model + = AI finds and enables making runtime vulnerabilities attackers to protection faster strike faster non-negotiable 85 © 2026 F5
Slide 86: AI-powered security is the answer
AI-powered security is the answer Introducing F5’s AI-powered WAF: 200+ production customers within 70 days of GA AI-powered WAF architecture >80% Customers in a blocking mode Signature match Attack indicators 98% Detection accuracy Flow of Neural traffic network Risk 1% False positive rate 86 © 202
Slide 87: Find, fix, protect: F5 secures the full AI lifecycle
Find, fix, protect: F5 secures the full AI lifecycle F5 AI Red Team F5 AI Remediate F5 AI Guardrails 1 2 3 Find vulnerabilities Turn findings into defenses Stop AI attacks at runtime F5 AI Security received strong independent validation by SecureIQLab (March 2026) 98.4% 99.3% 99.0% Overall AI Guardr
Slide 88: AI factory load balancing
AI factory load balancing 88 © 2026 F5
Slide 89: AI factories convert electricity into useful tokens
AI factories convert electricity into useful tokens, a conversion process measurable through the lens of tokenomics Input AI factory Output Power Routing Tokens GPUs Load balancing Outcomes Prompts Inference Business value Tokenomics Total tokens Time to first Cost per End-to-end Tokens generated to
Slide 90: F5 enables improved performance and economics for AI infrastructure
F5 enables improved performance and economics for customers building AI infrastructure 40%+ 61%+ 34%+ Token generation Faster TTFT Lower end-to-end latency Increase in total throughout Reduction in time to first token Improved full inference response time Tolly Group (March 2026) Features and capabi
Slide 91: F5 BIG-IP for DPUs is positioned for the inference buildout
F5 BIG-IP for DPUs is positioned for the inference buildout and has the potential to be a growth catalyst NOVEMBER 2025 JANUARY 2026 MARCH 2026 MAY 2026 NVIDIA Reference POCs with early 3rd party testing BIG-IP for DPUs Architecture design partners with Tolly Group 2.3 GA Early findings and observat
Slide 92: Key takeaways
Key takeaways 92 © 2026 F5
Slide 93: AI is contributing both directly and indirectly to our opportunity
AI is contributing both directly and indirectly to our opportunity F 5 D I R E C T A I U S E C A SE S INDIR ECT AI DE MAN D AI data AI runtime AI factory load AI-driven delivery security balancing workload growth Target Target Target Target Existing large enterprise, Existing large enterprise, Sover
Slide 94: Our AI momentum is building
Our AI momentum is building 1 A I D ATA D E L I VE R Y 2 A I R U NT I M E S EC U R I T Y 3 A I F AC TO RY LOA D BA L AN CI NG Healthcare Services Global Financial Services Energy & Chemicals F5 delivers the critical data delivery F5 secures enterprise-wide GenAI F5 accelerates and stabilizes AI infr
Slide 95: AI creates new demand for app delivery and security
AI creates new demand for app delivery and security App delivery App security BIG-IP for AI data delivery AI-powered WAF Delivering and BIG-IP for AI factory load balancing securing traffic AI Red Team for any app, API, and agent BIG-IP Next for Kubernetes for DPUs AI Guardrails AI Remediate 95 © 20
Slide 96: F5 is an essential control point in the new AI stack
FIRESIDE CHAT F5 is an essential control point in the new AI stack Lisa Citron Chris Konrad SVP, Global Partner Ecosystem, F5 VP, Global Cyber, WWT
Slide 97: Delivering services growth and product adoption
Delivering services growth and product adoption Tom Fountain Chief Operating Officer
Slide 98: We offer a comprehensive portfolio of services
We offer a comprehensive portfolio of services Global 1,500+ Services >85% Service Support Customer Cases assisted professionals services success by AI >170,000 9.6 Customer Customer cases a year satisfaction Professional services As of September 2025 98 © 2026 F5
Slide 99: Our services are tailored to the needs of demanding environments
Over Over All 80% 300m 15 Of the Fortune 500 Websites rely on Of the top 15 U. S. companies F5’s NGINX government departments Our services are tailored to the needs of Trusted by demanding environments 100% Banking Retail Telecom Of the top 10 companies worldwide in each vertical Automotive Insuranc
Slide 100: Services help customers embrace our Application Delivery and Security Platform
Architect Deploy The services we provide help customers embrace Support our Application Delivery and Security Platform Train Renew 100 © 2026 F5
Slide 101: Services is critical to executing against our three growth levers
Services is critical to executing against our three growth levers We are capturing growing We are driving We are capturing new demand for ADCs platform adoption AI opportunities Support Availability and trust Availability and trust Availability and trust services Customer Adoption Expansion End-to-e
Slide 102: Services drives adoption for Distributed Cloud
As an example, services drives adoption for Distributed Cloud A dramatic compression of time-to-value 92 days FY23 average time to pass traffic on Distributed Cloud 21 days FY26 YTD average time to pass traffic on Distributed Cloud Through systematic operational rigor and purposeful action, we have
Slide 103: Four categories of operational measures we are driving
There are four categories of operational measures we are driving Initial attach Duration Adoption Expansion Services-related Product-related 103 © 2026 F5
Slide 104: Delivering impactful results to both services and products
We are delivering impactful results to both services and products Initial attach Duration Adoption Expansion SERVICES INITIAL SERVICES MULTI-YEAR SUBSCRIPTION MULTI-YEAR SUBSCRIPTION ATTACH RATE OBLIGATION AGING TIME TO FULL UTILIZATION 1 EXPANSION 2 % attach Avg # of months Avg # of months Annual g
Slide 105: We are digitally transforming service delivery
We are digitally transforming service delivery Customer support Customer success Manufacturing Leveraging tools and AI to enhance the customer experience, consistently and at lower cost 105 © 2026 F5
Slide 106: Extensive use of AI is further enhancing F5’s services
Extensive use of AI is further enhancing F5’s services CUSTOMER SUPPORT DIGITAL SERVICES CUSTOMER SUCCESS MANUFACTURING 17% 15% 35% 16% Faster time to Lower case Time saved on Manufacturing resolve issues1 submission rate2 customer updates functional test yield AI performs technical Customers guided
Slide 107: Services experience is a significant differentiator for F5
Services experience is a significant differentiator for F5 S UP P OR T S ER V IC ES C US TO M ER S AT IS FACT IO N ( C S AT ) Avg rating out of 10 9.6 85th percentile of 9.4 industry peers is 9.5 9.2 Industry average benchmark is 9.0 FY24 FY25 FY26 YTD As of May 2026 Industry benchmark and percentil
Slide 108: Services and products create a strong virtuous cycle
Services and products create a strong virtuous cycle Delighting customers Driving incremental with an exceptional product growth and service experience consumption 108 © 2026 F5
Slide 109: Delivering services growth and product adoption
Delivering services growth and product adoption We deliver a comprehensive portfolio of services to accelerate all three growth levers Services’ operating metrics are strong and AI is further enhancing the customer experience Key Takeaway Services accelerates F5’s growth drivers and Delighting custo
Slide 110: Driving sustainable revenue and earnings growth
Driving sustainable revenue and earnings growth Cooper Werner Chief Financial Officer
Slide 111: Four takeaways to remember from today
Four takeaways to remember from today We are capitalizing on the secular shift to hybrid multicloud 1 architectures We are building on our market leadership to capture growing As a result, 2 demand for ADCs We expect accelerating revenue growth and earnings expansion 3 We are driving platform adopti
Slide 112: We are delivering strong earnings growth
We are delivering strong earnings growth 112 © 2026 F5
Slide 113: We have driven growth and profitability through disciplined execution
We have driven growth and profitability through disciplined execution of our strategy $3,088 $2,696 $2,813 $2,816 Total $2,358 $2,605 +6% revenue* Revenue growth ($M) CAGR FY20A FY21A FY22A FY23A FY24A FY25A 35.2% 33.6% Non-GAAP 30.4% 31.6% 30.2% +479 bps operating 28.9% Operating margin margin expa
Slide 114: Robust cash flow and share repurchases above 50% of free cash flow
We have consistently generated robust cash flow, and executed share repurchases well above 50% of free cash flow FR E E CA S H FLO W ($ M ) $906 $762 $3.9B Cumulative free cash flow $601 $615 $599 generated from 2020 to 2025 $409 $2.5B Share repurchases from 2020 to 2025 representing 63% of cumulati
Slide 115: Our leadership in attractive markets positions us for revenue growth inflection
Our leadership in attractive markets positions us for revenue growth inflection 115 © 2026 F5
Slide 116: We expect systems revenue to grow at mid-single-digits CAGR
We expect systems revenue to grow at mid-single-digits CAGR SYST EM S REVEN UE ( $M ) Key insights • Strong “refresh plus” cycle Mid-to-upper Mid-single- single-digit digit CAGR* extends into FY27 Double-digit growth growth • Hybrid multicloud buildouts driving capacity expansions $671 $706 • Increa
Slide 117: Three converging dynamics driving higher CAGR outlook for systems revenue
Three converging dynamics are driving our higher CAGR outlook for systems revenue Stronger refresh cycle Capacity expansion Inflection in new projects Legacy replacement rates Competitive takeout are increasing vs. prior cycles Workload growth is accelerating opportunity is expanding Performance-dri
Slide 118: Subscription growth drives a double-digit software revenue CAGR outlook
Continued strong growth in subscription offerings drives a double-digit software revenue CAGR outlook S OFT WAR E R EVENUE ($ M ) Key insights Double-digit CAGR* • Hybrid multicloud driving demand for flexibility Double-digit growth • Platform adoption fueling successful Mid-single- cross-sell motio
Slide 119: Systems installed base growth will drive a higher services revenue CAGR
We expect growth in our systems installed base will drive a higher services revenue CAGR S E RV IC E S RE V E N UE ( $ M ) Key insights • Services attach rates to systems Mid-single- Low-to-mid-single- Low-to-mid- digit digit CAGR* CAGR* and software remain robust Low-to-mid- single-digit Low-single
Slide 120: We will continue to reduce operating expenses as a percent of revenue
We will continue to reduce operating expenses as a percent of revenue, driving long-term operating leverage G RO S S M A RG IN O P E R AT I N G E XP E N S E S O P E R A T I N G M A RG I N % OF R EVENUE 84% 82.5% - 82% - 83.5% 84% 83% 80% - 81% 82% 51% Mid-to- 49% upper 48% 48% Mid-to- 30s 46%- 48% u
Slide 121: Long-term financial outlook
Long-term financial outlook 121 © 2026 F5
Slide 122: We expect upper-single-digit revenue growth over time
We expect to deliver upper-single-digit revenue growth over time, driven by strength across both software and systems FY25A FY26 outlook FY27 outlook FY29 target growth Y/Y growth Y/Y growth Y/Y CAGR* Total revenue 10% 7% to 8% Upper-single-digit Upper-single-digit Product revenue 19% Double-digit D
Slide 123: Sustainable double-digit EPS growth outlook
Our increased revenue growth and continued operating leverage support a sustainable double-digit EPS growth outlook FY25A FY26 FY27 FY29 outlook outlook target Upper single-digit Total revenue $3.1B 10% growth 7% to 8% growth Y/Y Upper-single-digit CAGR* growth Y/Y Non-GAAP 83.6% 82.5% to 83.5% 80%
Slide 124: We will maintain our disciplined approach to capital allocation
We will maintain our disciplined approach to capital allocation Organic investment • We will continue investing in product S H A R E R E P U RC H A S E S ( $ I N M I L L I O N S ) innovation, go to market, and AI enablement of our workforce $600 80% of 1H’FY26 $500 $500 free cash flow* M&A $500 • Co
Slide 125: Four takeaways to remember from today
Four takeaways to remember from today 1 We are capitalizing on the secular shift to hybrid multicloud architectures 2 We are building on our market leadership to capture growing demand for ADCs 3 We are driving platform adoption 4 We are capturing new AI opportunities 125 © 2026 F5
Slide 126: Appendix
Appendix 126 © 2026 F5
Slide 127: GAAP to non-GAAP reconciliation
GAAP to non-GAAP reconciliation 127 © 2026 F5
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