Palo Alto Networks, Inc. · NASDAQ:PANW
Palo Alto Networks — Merger or Acquisition (July 2025)
19 slides from Palo Alto Networks's merger presentation, Jul 30, 2025
Slide 1: July 30, 2025
July 30, 2025 © 2025 Palo Alto Networks, Inc. All rights reserved. Proprietary and confidential information.
Slide 2: Forward-Looking Statements
Forward-Looking Statements This communication relates to a proposed transaction between Palo Alto Networks, Inc. (“PANW”) and CyberArk Software Ltd. (“CyberArk”). This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All st
Slide 3: Additional Information about the Merger and Where to Find It
Additional Information about the Merger and Where to Find It No Offer or Solicitation This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval, nor shall there be any sa
Slide 4: © 2025 Palo Alto Networks, Inc. All rights reserved. Proprietary and confidential information.
© 2025 Palo Alto Networks, Inc. All rights reserved. Proprietary and confidential information.
Slide 5: Strong Strategic Rationale
Strong Strategic Rationale Accelerates Covering all major Accretive to Revenue Significant revenue Platformization by Security TAMs by Growth and Gross synergy potential, adding a net new adding $29 billion1 Margin immediately including cross-sell into platform in Identity Identity Security post-clos
Slide 6: Where We've Been: Our Multi-Platform Evolution Over The Last Seven Years
Where We’ve Been: Our Multi-Platform Evolution Over The Last Seven Years 2018 | Palo Alto Networks 2025 | Palo Alto Networks Next-Generation Firewall Company Cybersecurity Leader across Firewall, with green shoots in broader SASE, Cloud Security and SOC cybersecurity Automation $10B Revenue Run Rate
Slide 7: The Next Chapter of Our Multi-Platform Journey: Identity Security
The Next Chapter of Our Multi-Platform Journey: Identity Security Will Solidify Our ● Already a Leader in Multiple Security Categories, including Network Security, SASE, Security Operations, and Cloud Security Leadership in All Major Cybersecurity ● Plan to join forces with CyberArk, a category lead
Slide 8: Why Now? Multiple Major Inflections Happening in Identity Security
Why Now? Multiple Major Inflections Happening in Identity Security I - The Convergence of Identity and Security II - The Need for Platformization in Identity Security III - The Rise of Machine Identities and AI Agents 8 © 2025 Palo Alto Networks, Inc. All rights reserved. Proprietary and confidential
Slide 9: I - The Convergence of Identity and Security
I - The Convergence of Identity and Security The Current IAM Paradigm Is Broken The future of Identity Security is aligned with the PAM vision that can be deployed across 88% Of attacks involve stolen credentials1 entire employee base Today, PAM and IAM Cost to Serve Is Nearly Identical >1B Every us
Slide 10: II - The Need for Platformization in Identity Security
II - The Need for Platformization in Identity Security Identity Security is highly Identity Platformization Privileged Access Mgmt. fragmented with over one enables better security (PAM) is the backbone of an hundred vendors posture for customers identity security platform $29B 70% PAM 2025 Identity
Slide 11: III - The Rise of Machine Identities and AI Agents
III - The Rise of Machine Identities and AI Agents Machine identities vastly outnumber human identities, Palo Alto Networks + CyberArk expected to increase further with rise of AI agents will create the leading platform to secure AI agents end-to-end, Machine to Human Identity Ratio1 from managing a
Slide 12: We Will Cover All of the Major Cybersecurity TAMs
We Will Cover All of the Major Cybersecurity TAMs $257B $47B (Identity) $181B Upside TAM $29B (Identity) potential from $130B (SOC + Cloud) securing machine $93B identities and AI (SOC + Cloud) agents $19B $80B $59B (Firewall + SASE) $19B (Firewall + SASE) (Firewall) 2018 2025 2025 2028 Palo Alto Ne
Slide 13: © 2025 Palo Alto Networks, Inc. All rights reserved. Proprietary and confidential information.
© 2025 Palo Alto Networks, Inc. All rights reserved. Proprietary and confidential information.
Slide 14: Reshaping the Future of Identity Security
Reshaping the Future of Identity Security Our Shared Vision Every identity secured with the right level of privilege controls Unified Platform for all identities Human, machine, AI Joining Forces to accelerate growth and innovation 14 © 2025 Palo Alto Networks, Inc. All rights reserved. Proprietary a
Slide 15: Better Together: Combining Multiple Category Leaders
Better Together: Combining Multiple Category Leaders to Create an Evergreen Cybersecurity Company $9.18B $1.32B FY25E Total Revenue1 FY25E Total Revenue2 70K+ 10K Enterprise Customers Customers (incl. >75% of G2000) (incl. >55% of F500) Leader Leader In Network Security, Cloud In Identity Security3
Slide 16: © 2025 Palo Alto Networks, Inc. All rights reserved. Proprietary and confidential information.
© 2025 Palo Alto Networks, Inc. All rights reserved. Proprietary and confidential information.
Slide 17: Transaction Overview & Key Terms
Transaction Overview & Key Terms ● Total equity value of approximately $25 billion Transaction ● $45 in cash and 2.2005 shares of Palo Alto Networks common stock for each CyberArk share Considerations ● 26% premium to the unaffected 10-day average of the daily VWAPs of CyberArk as of July 25, 20251 A
Slide 18: Reaffirming Palo Alto Networks Q4'25 and FY'25 Guidance Shared on 5/20/2025
Reaffirming Palo Alto Networks Q4’25 and FY’25 Guidance Shared on 5/20/2025 Q4 FY’25 FY 2025 Guidance (as of 5/20/25) Guidance (as of 5/20/25) Next-Gen Security ARR $5.52B - $5.57B $5.52B - $5.57B 31% - 32% y/y 31% - 32% y/y Remaining Performance Obligation $15.2B - $15.3B $15.2B - $15.3B 19% - 20% y/
Slide 19: Thank You
Thank You paloaltonetworks.com © 2025 Palo Alto Networks, Inc. All rights reserved. Proprietary and confidential information. 19
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