Slide 1: Investor Presentation August 2025
Investor Presentation August 2025 1 © 2025 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 third quarter and full-year
Slide 4: To protect businesses against evolving cyberthreats
To protect businesses against evolving cyberthreats with a unified cyber resiliency platform to manage, secure, and recover. 4 © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 5: N-able at a Glance
N-able at a Glance $514M 14% ARR ARR Growth ~100% 82% Recurring Revenue Enabling the digital evolution Non-GAAP Gross Margin (TTM) of businesses, making them more effective & secure. 102% 32% Net Retention Rate (TTM) Non-GAAP Adj EBITDA Margin (TTM) Unified Endpoint Security Data Management Operatio
Slide 6: Small and mid-market businesses
Small and AI, Data, Compliance, mid-market IT Sprawl businesses Cloud are going Security digital SMB & Break/Fix/ Mid-market Help Desk IT TAM $2.1T (2025) Note: Company and third-party estimates. 6 © 2025 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% 60% 25%+ of IT professionals say they struggle of SMB owners state cybersecurity Projected CAGR in global data volume to manage SaaS sprawl(1) is a top concern(2) from 2024 - 2028(3)
Slide 8: N-able Delivers the Cyber Resilience Businesses Need
N-able Delivers the Cyber Resilience Businesses Need r Ide ove nt ec ify Govern R Unified Endpoint Data Protection Management Cove N-Central Respo ct Monitoring and managing NI S k o te Incident response & or C ew T data recovery yb IT assets Pr nd m e rsec ra u r it y F D e te ct Security Operation
Slide 9: Powering a Vast Ecosystem
Powering a Vast Ecosystem Software Provider Payment N-ABLE Flow Software and Service Provider to SMEs/MMEs MSPs VARs Distributor Payment Flow Rely on Channel Providers for Software & Services SMB MME 9 © 2025 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 2025 Security Operations Total N-able TAM $24B Growth Rate 15% Market Size $44B Data Protection $14B 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 © 2025 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 ditional Perimet er IoT Tra Cloud Workload Mobile Websites Digital Supply Cyber Physical Chain Endpoints Servers SMB & Mid-Market
Slide 13: Our Cyber Resiliency Platform
Our Cyber Resiliency Platform © 2025 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
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 bas
Slide 17: Why N-able Wins
Why N-able Wins Best of Breed Product Strategy Open Ecosystem Comprehensive IT Estate Coverage Built for SMB and Mid-market use cases 17 © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 18: Go-To-Market
Go-To-Market 18 © 2025 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 Channel Partners Customers Mid-market Distributors VARs Software Provider MSPs SMB 19 © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 20: Proven Brand and Track Record
Proven Brand and Track Record Canalys CRN G2 20 © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 21: Multiple Forces Propelling Growth
Multiple Forces Propelling Growth Upsell and Cross Sell $30+ Active Device/Month Expand from Opportunity(1) Platform (2025) N-able Lands Passive Expand Increasing Endpoints, Data, New Customer from Market Tailwinds and Security Solutions (1) Company estimates. 21 © 2025 N-able Solutions ULC and N-ab
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 © 2025 N-able Solutions ULC and N-able
Slide 23: Financial Overview
Financial Overview 23 © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 24: Consistent Top and Bottom-Line Growth
Consistent Top and Bottom-Line Growth Revenue Adj. EBITDA (in millions) (in millions) $169 $466 $422 $143 $372 $346 $113 $115 FY'21 FY'22 FY'23 FY'24 FY'21 FY'22 FY'23 FY'24 (1) Constant Currency Avg Growth 24 © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.
Slide 25: Quarterly Performance
Quarterly Performance $140 $131 $119 $118 $120 $116 $117 $114 $108 $108 $106 $100 $100 $96 $94 $80 39% 39% 36% 34% 35% $60 33% 33% 33% 33% 32% 31% $47 $45 $40 27% $42 $39 $38 $40 $35 $37 $31 $33 $32 $29 $20 $0 Q3`22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Total Revenue ($M)
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) 108% 110% $19.4 2,540 $18.9 103% 101% 2,349 2,196 $17.0 86% 88% 85% 85% $15.0 1,898 2022 2023 2024 Q2'25 2022 2023 2024 Q2'25 2022 2023 2024 Q2'25 Gross Retention Net
Slide 27: Q3'25 and FY'25 Financial Outlook
Q3’25 and FY’25 Financial Outlook Info Q3’25 FY’25 ARR N/A $525 - $530 9-10% y/y, 7-9% @ CC Revenue $127 - $128 $500 - $503 9-10% y/y 7-8% y/y Adj EBITDA $36 - $37 $141 - $144 Adj EBITDA Margin 28% - 29% 28% - 29% Reflects guidance as of Aug 7, 2025, assuming FX rates of 1.10 on the Euro and 1.31 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 SMBs and Mid-market companies 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 Strategy Is Built for the SMB/Mi
Slide 30: Supplemental Financials
Supplemental Financials 30 © 2025 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 $(M) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2022A 2023A 2024A Net (loss) income $ 0 $ 7 $ 4 $ 5 $ 6 $ 9 $ 7 $ 9 $ 11 $ 3 $ (7) $ (4) $ 17 $ 23 $ 31 Amortization and Depreciation 6 6 6 5 5 5 6 6 6 8 10 1
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Non-GAAP Cost of Revenue $(M) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2022A 2023A 2024A GAAP cost of revenue $ 15 $ 15 $ 16 $ 17 $ 17 $ 18 $ 18 $ 19 $ 20 $ 23 $ 28 $ 29 $ 59 $ 68 $ 81 Stock-based compensation and relate
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Non-GAAP General & Administrative $(M) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2022A 2023A 2024A GAAP general and administrative expense $ 18 $ 17 $ 17 $ 18 $ 18 $ 16 $ 17 $ 23 $ 17 $ 19 $ 24 $ 23 $ 71 $ 70 $ 77 Stock-b