N-able, Inc. · NYSE:NABL

N-able — Investor Day (March 2025)

84 slides from N-able's investor day presentation, Mar 13, 2025

1. Slide 1: Investor Day 2025

   © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Investor Day 2025 1

2. Slide 2: General and Non-GAAP Financial Measures

   © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.2 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 con

3. Slide 3: Forward-Looking Statements

   © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. 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

4. Slide 4: Our Discussion Today

   © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.4 Our Discussion Today Welcome and Introduction 9-9:05 End-to-End Security For SMBs and the Mid-market 9:05-9:40 The N-able Solution 9:40-10:15 Break 10:15-10:30 Our Winning GTM Approach 10:30-11:00 Strong & Balanced Financ

5. Slide 5: End-to-End Security For SMBs and the Mid-market

   © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.5 John Pagliuca, President and CEO End-to-End Security For SMBs and the Mid-market John Pagliuca, CEO

6. Slide 6: Enabling the digital evolution of businesses

   © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.6 Enabling the digital evolution of businesses, making them more effective & secure.

7. Slide 7: N-able at a Glance

   © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.7 N-able at a Glance 1,700+ Employees 500K+ SMBs & Mid-market Businesses Unified Endpoint Management Data Protection Note: Measures are as of 12/31/2024. (1) Based on mid-point of guidance of $514 - $522M provided on 3/3/20

8. Slide 8: Small and mid-market businesses are going digital

   © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Small and mid-market businesses are going digital 8 Break/Fix/ Help Desk Cloud AI, Data, Compliance, IT Sprawl Security SMB & Mid-market IT TAM $2.1T Note: Company and third-party estimates. (2025)

9. Slide 9: Increased Digitalization Poses Risks and Challenges

   © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. This Increased Digitalization Poses Risks and Challenges 9 Increasing Cyberattacks Growing Data Management Rising IT Complexity of SMB owners state cybersecurity is a top concern(2) 60% of IT professionals say they struggl

10. Slide 10: Organizations Look To The Channel For Help

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.10 …And Organizations Look To The Channel For Help Has internal IT team. Needs software. Mix of in-house and external IT. Needs support and/or software. No internal IT team. Needs support and software. Mid-market Mid-market

11. Slide 11: N-able Delivers the Cyber Resilience Businesses Need

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.11 N-able Delivers the Cyber Resilience Businesses Need Customer Challenges N-able Solutions Security Operations Data Protection UEM Increasing Cyberattacks Growing Data Volumes Rising IT Complexity Customer Outcome • Autom

12. Slide 12: Servicing a Large and Growing TAM

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.12 …Servicing a Large and Growing TAM UEM Data Protection Security Operations $14B $6B $24B Total N-able TAM Market Size $44B Growth Rate 14% 2025 Note: Company and third-party estimates. Represents N-able TAM opportunity b

13. Slide 13: Our Cyber Resilience Journey

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.13 Our Cyber Resilience Journey UEM + Endpoint Data Protection Security Operations Execution D ata Protectio n U E M S e c u ri ty O p e ra tio ns Data Protection S e c u ri ty O pe ra tio ns U E M S e c u ri ty O pe ra tio

14. Slide 14: Why N-able Wins

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Why N-able Wins 14 Open Ecosystem Comprehensive IT Estate Coverage Built for SMB and Mid-market use cases Best of Breed Product Strategy

15. Slide 15: Charting Our Path to $1B+ ARR

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.15 Charting Our Path to $1B+ ARR 1 Drive Security Success Scale Go-to-Market Boost Customer Expansion 2 3

16. Slide 16: IT Operations and Security Operations Are Merging

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.16 IT Operations and Security Operations Are Merging Customers Need a Unified Solution Automation Attack Investigation & Containment Management Threat Intelligence Recovery Incident Response IT Ops Sec Ops Customer Expansio

17. Slide 17: N-able Acquires Adlumin: A New Era of Cybersecurity

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. 1 2 3Our customers wanted turnkey XDR and MDR solution Adlumin’s XDR and MDR solution quickly became our fastest growing product We acquired Adlumin to build on our success and invest in the largest portion of our TAM 17 N

18. Slide 18: Adlumin Drives Multi-dimensional Value Creation

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.18 Adlumin Drives Multi-dimensional Value Creation Unlocks Security Our unified approach gives visibility and control across the IT estate. New Land & Cross-Sell Technically differentiated security solution to win new accou

19. Slide 19: N-able Delivers True End-to-End Security

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.19 N-able Delivers True End-to-End Security Customer ExpansionSecurity Success Scale Our GTM UEM Monitoring and managing IT assets N-Central Adlumin, Endpoint, Mail Breach prevention & containing threats Security Operations

20. Slide 20: The Line Between Channel Providers Is Increasingly Blurred

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. The Line Between Channel Providers Is Increasingly Blurred MSPs Disti/VAR Traditionally focused on selling software Specialized services and software providers to the SMB 20 ✓ N-able has a leading track record in the MSP c

21. Slide 21: Common Set of Industry Pain Points

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.21 With a Common Set of Industry Pain Points Key Challenges N-able Solution Customer Demand For Comprehensive IT Solutions End-to-end suite of solutions where customers need it most Labor Scarcity Centralized platform, savi

22. Slide 22: Opportunity to Replicate Our MSP Success With The Broader Channel

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.22 Opportunity to Replicate Our MSP Success With The Broader Channel ~85% ~15% % of N-able ARR(1) MSPs Disti/VAR, Direct $500B (2025) $1.6T (2025) 3x the Market Opportunity SMBs and Mid-market IT Spend By Channel Provider (

23. Slide 23: Significant Whitespace Opportunity

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.23 Significant Whitespace Opportunity $482M FY2024 N-able ARR Endpoints Existing Customer ARR Whitespace 9M $2.5B+ $ per Endpoint/Month $30+ Customer ExpansionSecurity Success Scale Our GTM Note: Based on company estimates.

24. Slide 24: Near Term Focus Areas

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.24 Near Term Focus Areas Why? Drive Security Success Scale Our GTM Boost Customer Expansion • Cyber threats increasingly impacting our customers – SMBs/MMEs need our best- in-class products to address • Adlumin is a corners

25. Slide 25: The N-able Solution

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.25 The N-able Solution Michael Adler, CTO Michael Adler, CTO

26. Slide 26: Attack Surfaces Are Expanding Exponentially

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.26 Attack Surfaces Are Expanding Exponentially Traditional Perimeter Modern Perimeter Expanding Perimeter SMB Mid-Market Cyber Physical Websites Endpoints IoT Cloud Workload Servers Certificates / Domains Identity Mobile Ap

27. Slide 27: IT Management & Security Operations are Converging

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.27 IT Management & Security Operations are Converging IT needs are evolving and N-able is there to meet them C u s to m e r P ri o ri ti e s IT Management Security Software Security Services Compliance Yesterday Today

28. Slide 28: IT Problems and Challenges

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. IT Problems and Challenges 28 Point Solutions Incomplete Platforms Closed Solutions ▪ Difficult to tie solutions together ▪ Multiple instances of the same device ▪ Can't automate across tools ▪ Security coverage has gaps a

29. Slide 29: Uncompromised Control and Security

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.29 Uncompromised Control and Security Secure Recover Manage

30. Slide 30: Our Winning Platform

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Our Winning Platform RECOVER Backup and disaster recovery with game changing efficiency with Cove Efficient backups with TrueDelta technology Cloud-first architecture with SaaS Simplicity Smarter disaster recovery Detect,

31. Slide 31: Unified Platform for IT and Security Operations

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Unified Platform for IT and Security Operations Cloud-native Architecture by Design Unified Security Approach AI + Workflow Automation Capabilities Integrated Customer Experience Open & Extensible Ecosystem Threat Intellig

32. Slide 32: Leveraging AI to Enhance Customer Value

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.32 Leveraging AI to Enhance Customer Value AI-powered Security Operations AI Developed Threat Detection with UEBA AI Decisioned Threat Response and Mitigation AI Automated Customer Communications AI-enabled Boot Detection A

33. Slide 33: Unified Endpoint Management Solution

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Company Data Customers Service Organization Sites Device Class Custom Properties Device Data 33 Unified Endpoint Management Solution N-central delivers IT Management, Security, and Automation at scale. C u s to m e r C h a

34. Slide 34: The Unified Endpoint Management Solution

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.34 The Unified Endpoint Management Solution Data-centric Filtering Improve Service, Precision & Efficiency 100s of Templates. 1,000s of Monitors. AI-driven Developer Portal Simplify Patching and Deployment Build Consistency

35. Slide 35: What Our Customers Are Saying

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. An Open ecosystem built to extend Superior security Use Case Customer Quotes What Our Customers Are Saying 35 The monitoring was really intriguing, but the automation is what made my mind spin. As we compared other tools,

36. Slide 36: The Security Operations Solution

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. The Security Operations Solution Adlumin delivers a security-agnostic XDR/MDR solution AI & UEBA Detections Automated Threat Containment Compliance Reporting SOAR Hunting & Research Honeypots Darknet Monitoring SIEM 24/7 M

37. Slide 37: The Security Operations Solution

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.37 The Security Operations Solution Unified Platform for Security Operations Stops advanced cyber threats, eliminates vulnerabilities, and lets you to take control of your digital security. Increase Protection Without the N

38. Slide 38: What Our Customers Are Saying

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. What Our Customers Are Saying 38 Complete Protection Across the Environment Enhance Security Operations for Organizations with Limited Staff Use Case Customer Quotes MDR proved its value within six hours of deployment. Our

39. Slide 39: The Data Protection and Recovery Solution

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.39 The Data Protection and Recovery Solution Cove delivers server, workstation, and M365 backup and DR from a single console. C u s to m e r C h a ll e n g e s Unique Workload Management Time Spent on Backups Complex Unpred

40. Slide 40: The Data Protection and Recovery Solution

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.40 The Data Protection and Recovery Solution Cloud-native backup and disaster recovery for servers, workstations, and Microsoft 365. True Delta Efficiency Always-on Cyber Resilience AI-powered Recovery Testing with 99% Accu

41. Slide 41: What Our Customers Are Saying

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. What Our Customers Are Saying 41 Cyber Resilience Disaster Recovery Cove backup plan provides the application and the cloud storage together; the installation is fast like a blink of an eye and easy so even a novice can se

42. Slide 42: Harmonizing Security and Modern IT With Our Open Platform

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Harmonizing Security and Modern IT With Our Open Platform 42 N-able Solutions Third-Party Solutions Efficiency Resiliency Opportunity Integrations APIs MANAGE RECOVER SECURE

43. Slide 43: Our Open Ecosystem Enables Sustainable Growth

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Our Open Ecosystem Enables Sustainable Growth * OEM Partner (1) March 2024 - December 2024 92 Third-Party Integrations N-able Platform Ecosystem 43 67% Growth in API Call Rate1 *

44. Slide 44: Looking Ahead

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.44 We are hyper-focused on building the most comprehensive platform to drive the best security outcomes for our customers. Looking Ahead

45. Slide 45: Break

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.45 15 minutes Break

46. Slide 46: Our Winning GTM Approach

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.46 Frank Colletti, CRO Our Winning GTM Approach Frank Colletti, CRO

47. Slide 47: Channel-driven, One to Many, GTM Model

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.47 Channel-driven, One to Many, GTM Model Channel Partners Customers SMB Mid-market MSPs Distributors VARs

48. Slide 48: Global Reach, Local Touch, Customer First

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.48 Global Reach, Local Touch, Customer First ~45% Revenue Outside of North America 100+ Countries 10K+ International Customers Note: All measures are as of 12/31/2024.

49. Slide 49: The Right Ingredients for Channel Success

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.49 The Right Ingredients for Channel Success MSP Disti/VAR Channel Segment N-able Approach Dedicated to MSP success…we speak MSP Multi-tenanted products with proven value Track record of commitment to Channel Best of breed

50. Slide 50: Proven Brand and Track Record

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Proven Brand and Track Record 50 G2 CRNCanalys

51. Slide 51: Levers of Growth

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.51 Levers of Growth 1 Delivering Cyber Resilience 2 3 Scaling Channel Formula Fueling Customer Success

52. Slide 52: Supercharging Our Land Motion

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. 1 2 Supercharging Our Land Motion​ 52 TodayPre-Spin Repeatable, Multi-Pronged GTM Model 3U E M Data Protection S e c u ri ty O pe ra tio ns Data Protectio n U E M S e c u ri ty O p e ra tio ns U E M S e c u ri ty O pe ra t

53. Slide 53: Driving Bookings Across Solution Groups

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. $- $25 $50 $75 FY'22 FY'23 FY'24 UEM Data Protection Security Market Validation 53 Customer SuccessCyber Resilience Channel Driving Bookings Across Solution Groups. Ensuring Cyber Resilience. *Note: NABL Bookings by soluti

54. Slide 54: Multiple Forces Propelling Expansion

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Multiple Forces Propelling Expansion 54 Upsell and Cross Sell Increasing Endpoints, Data, and Security Solutions Active Expand from Platform Passive Expand from Market Tailwinds N-able Platform Benefits • Product led growt

55. Slide 55: Case Study – Significant MSP Growth With N-able

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.55 Case Study – Significant MSP Growth With N-able • Customer Attending Multiple N-able In-person Events • Cove Serving as a Trusted Protector of Business Data • Continued Investment in Service Throughout Relationship Key D

56. Slide 56: Scaling our Channel to Unlock the Mid-market

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.56 Scaling our Channel to Unlock the Mid-market Key GTM Investments Key Personnel Hires Expanded Channel via Adlumin Attractive Partner Programs Partner Enablement Land Channel Partners Land More Mid-market Businesses Custo

57. Slide 57: Case Study – Scaling our Channel Motion

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.57 • End-to-End Portfolio Value Driver As Customer Prefers Multi-product Vendors • Simplified Sales Process and Channel Friendly Sales Approach • Comprehensive Support – SDRs, AEs, Solution Engineers, Onboarding – Ensures S

58. Slide 58: Customer Success is a Competitive Moat

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.58 Customer Success is a Competitive Moat Go Beyond Technology Customer Service Team of the Year Solution Engineers 24x7x365 support Head Nerds Roadshows Technical Certifications Business Transformation Partner Portal N-abl

59. Slide 59: Trusted Provider of Mission Critical Solutions Across Industries

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Trusted Provider of Mission Critical Solutions Across Industries 59 Consumers EducationRetail IndustrialHealthcare Transportation Technology Financial Services Customer SuccessCyber Resilience Channel

60. Slide 60: Key Takeaways

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Key Takeaways 60 Portfolio Expansion Powering Growth Customer Success Is In Our DNA Channel Driven, One to Many, GTM Model

61. Slide 61: Strong and Balanced Financial Profile

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.61 Tim O’Brien, CFO Strong and Balanced Financial Profile Tim O’Brien, CFO

62. Slide 62: Our Financial Profile

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.62 Performance Highlights Growth Opportunities Our Financial Profile

63. Slide 63: Financial Highlights

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.63 Financial Highlights Scale $490M Revenue 2025E(1) Growth Profitability 12% Adjusted EBITDA Cumulative Margin 2021-2024 34% Average Constant Currency Revenue Growth 2021–2024 Reiterating Q1’25 guidance across all metrics

64. Slide 64: Consistent Top and Bottom-Line Growth

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. $113 $115 $143 $169 FY'21 FY'22 FY'23 FY'24 $346 $372 $422 $466 FY'21 FY'22 FY'23 FY'24 64 Consistent Top and Bottom-Line Growth Revenue (in millions) Adj. EBITDA (in millions) (1) Constant Currency Avg Growth

65. Slide 65: Our Track Record and Why We Will Continue to Deliver

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.65 Our Track Record and Why We Will Continue to Deliver Growth Profitability Execution Expansion >$115M Revenue Added Since Spin 12% Avg Growth Since Spin (1) 40+ Rule of X(2) 2021-2024 Met or Beat Quarterly Guidance Every

66. Slide 66: 2025 Guidance

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.66 2025 Guidance $514 - $522 7-8% y/y, 7-9% @ CC $486.5 - $492.5 4-6% y/y, 6-8% @ CC $132.0 - $138.0 27-28% FY’25Info ARR Revenue Adj EBITDA Adj EBITDA Margin 65% EBITDA Conversion uFCF FY’24 to FY’25 Adlumin channel busine

67. Slide 67: Charting Our Path to $1B+ ARR

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.67 Charting Our Path to $1B+ ARR 1 Drive Security Success Scale Go-to-Market Boost Customer Expansion 2 3

68. Slide 68: Security Increasingly Powering New Business

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. New Customer ARR 68 of NCA New Motion of NCA 36% Security UEM of NCA 29% 2024 New Customer ARR Product Segment Data Protection Security Increasingly Powering New Business 35% Customer ExpansionSecurity Success Scale Our GT

69. Slide 69: Investing In The Channel

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.69 Investing In The Channel Customer ExpansionSecurity Success Scale Our GTM Strategic Priorities Leaning into large market opportunity Strengthening our competitive advantage Market Opportunity Sales Capacity $500B MSP $1.

70. Slide 70: Substantial Cross-Sell Opportunity

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.70 Substantial Cross-Sell Opportunity Customer ExpansionSecurity Success Scale Our GTM UEM ~$300M Security Operations ~$1,400M Data Protection ~$800M $2.5B+ Cross-Sell Opportunity N-able Products Cove Data Protection N-Cent

71. Slide 71: Driving Growth Within Existing Customer Base

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.71 Driving Growth Within Existing Customer Base * >$50k ARR Customers have ~2% higher GRR than company average. Go-Forward Drivers • Long Term Contracts • Expanded Portfolio for Cross-sell • New Routes to Market • Increasin

72. Slide 72: Charting Our Path to $1B+ ARR

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Charting Our Path to $1B+ ARR How Data Protection Security UEM Long-Term Market Growth Outlook Continue Cove excellence Deliver compelling value with Security Operations Award-winning capabilities drive steady performance

73. Slide 73: Multiple Growth Vectors Powering Our Path to Target

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Multiple Growth Vectors Powering Our Path to Target Long-term contracts and larger customer mix drive retention Cross-Sell Extensive Suite N-able expands portfolio over time and cross-sells $30+/device/month product suite

74. Slide 74: Target Model

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.74 Target Model Non-GAAP Gross Margin Non-GAAP S&M Non-GAAP R&D Non-GAAP G&A Adjusted EBITDA Margin ~80% 25 - 27% 15 - 17% 8 - 10% 32% - 36% Target Model Non-GAAP Op Inc 27% - 31% FY’25E ~81% ~58% ~28% ~23% (2) Calculated a

75. Slide 75: Unlevered Free Cash Flow & SBCE

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Adj EBITDA Cash Taxes CAPEX Change in NWC uFCF 75 Unlevered Free Cash Flow & SBCE 22% - 26% 8% - 13% Note: Measures are based on company long term targets. Annual Dilution from Employee Awards <3.0% 2025 – 2028 Adj. EBITDA

76. Slide 76: Capital Allocation Focused on Enterprise Value

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.76 Capital Allocation Focused on Enterprise Value Goal of >$30M operating cash on hand Strategic Goal M&A Pursue disciplined and opportunistic M&A to bring new and enhanced solutions to our large customer base Share Buyback

77. Slide 77: Why N-able?

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. Why N-able? 77 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 Powerful end-to-end software platform that mee

78. Slide 78: Q&A

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.78 Q&A

79. Slide 79: Appendix

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.79 Appendix

80. Slide 80: Non-GAAP and Key Metric Definitions

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.80 Non-GAAP and Key Metric Definitions 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

81. Slide 81: Non-GAAP Reconciliations

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.81 Non-GAAP Reconciliations

82. Slide 82: Non-GAAP Reconciliations

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.82 Non-GAAP Reconciliations

83. Slide 83: Non-GAAP Reconciliations

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.83 Non-GAAP Reconciliations

84. Slide 84: Thank You

    © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved.84 Thank You

N-able — Investor Day (March 2025) on 6ix