Slide 1: Investor Relations | May 2026
Investor Relations | May 2026
Slide 2: Safe Harbor
Safe Harbor This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forwar
Slide 3: We deliver comprehensive real-time protection
Hi We deliver a comprehensive real- time protection for the crown jewels of enterprises and carriers against ever-evolving cyber threats
Slide 4: This is us
This is us A global leader in mission-critical cybersecurity RDWR ~1,300 ~3,400 25 30 65+ NASDAQ-Traded Public Employees Customers Scrubbing centers Tbps of Global Global Cloud Security Tech Company Worldwide worldwide Worldwide Mitigation Capacity Service Centers DDoS mitigation scrubbing center Cl
Slide 5: A growing and profitable company with strong growth engines
A growing and profitable company Focused on scalable, fast-growing, with strong growth engines and high-margin revenue segments $302M 82.2% 14% 23% +10% 38% of Total ARR 80% of Revenue Total Revenue Gross Margin Free Cash Flow Margin* Cloud ARR Growth Growth is Cloud Services ARR is Recurring High G
Slide 6: We're gaining share in a huge market
We’re gaining share in a huge market A fragmented 2000+ companies' market with multiple winners
Slide 7: We're gaining share
Application Security We’re gaining share In a critical, large, and fast-growing markets Network Security
Slide 8: Fueled by massive challenges and accelerated demand
Fueled by massive challenges and accelerated demand 1 2 3 4 Shifting Threat New Regulatory Hybrid Cloud Cybersecurity Staff Landscape Requirements Deployments & Skills Shortages Expand Leveraging new New, stricter Hybrid-cloud Organizations cannot tools & GenAI to regulations on reality creates rely
Slide 9: WAAP and DDoS markets expected to nearly double by 2028
WAAP and DDoS markets expected to nearly double by 2028 WAAP $5.1B WAAP $2.7B 2024 2028 $10.5B $14.9B DDoS ADC $1.9B ADC $5.9B DDoS $6.4B $3.4B Source: IDC, Worldwide Application Protection and Availability Forecast, 2024–2028
Slide 10: Radware's cloud security platform
BAD BOTS WEB ATTACKS Radware’s cloud BOT WAF MANAGER security platform: AI- PO WERE D ATO Complete defense for a API ABUSE API PROTECTION ACCOUNT TAKEOVER PROTECTION constantly changing threat landscape Mobile & Web Applications APIs WEB DDOS CLIENT SIDE SUPPLY AI-BASED PROTECTION PROTECTION CHAIN A
Slide 11: Trusted by the world's exacting enterprises
Trusted by the world’s exacting enterprises 9 10 4 10 6 10 Of World’s Of World’s Of World’s top Telecom top SaaS top Financial Companies Companies Institutions
Slide 12: What's driving our growth
What’s driving our growth TECHNOLOGY A POWERFUL & UNIQUE ACCELERATING ARR LEADERSHIP GTM PLAN Accelerating cloud ARR at GTM Expansion by OEMs Leading Cloud Platform scale and strength in on- and MSSPs Enhanced with AI prem business Protection & API Security
Slide 13: What's driving our growth
What’s driving our growth TECHNOLOGY A POWERFUL & UNIQUE ACCELERATING ARR LEADERSHIP GTM PLAN Accelerating cloud ARR at GTM Expansion by OEMs Leading Cloud Platform scale and strength in on- and MSSPs Enhanced with AI prem business Protection & API Security
Slide 14: Innovation is at Our Core
Agentic Protection API Security Innovation is at Our Core Complete AI SOC Xpert BotM AI Crawler Cybersecurity Launches 2008-2026 AI-Powered, Rules Free DNS Management Protection LLM Firewall MSSP SecureU Web DDoS Services AI Doc Xpert Protection API BLA real- DefensePro X time protection w/ high Bot
Slide 15: Four Waves of Growth
Four Waves of Growth Agentic AI Security API Security AGENT ECONOMY AppSec DDoS APPPLICATION ECONOMY WEB ECONOMY
Slide 16: Innovation Drive Radware's Growth
Innovation Drive Radware’s Growth Security Cloud-first AI-Agentic Leadership Delivery Security Algorithms-first | Powered by AI 360 Platform | Fully Integrated Secure and Serve Agents Best-of-Breed Best-of-Suite Everywhere DDoS | BotM | WAF | API Premise | Cloud | Hybrid Protect AI | Serve AI
Slide 17: API Security: Fast Growing Market
API Security: Fast Growing Market Every Cloud-Native Apps Depends on APIs 2026 Opportunity Acceleration peak 32.5% CAGR Fastest growing segment $744M -> $3.0B Market Expansion Source: Application Programming Interface (API) Security Market – Global Forecast to 2028, MarketsandMarkets, July 2023
Slide 18: Radware's Leading E2E API Security Service
Radware’s Leading E2E API Security Service API Discovery & API Posture Management API Runtime Protection API Testing Management BUSINESS LOGIC Shift-left Shift-right
Slide 19: AI Adoption
AI Adoption 80% of enterprises By 2030, 50% of uses Gen-AI applications in 2026 enterprises applications will incorporate Agentic AI AI Cybersecurity Spending ($B) features 60% CAGR 80% 50% $172 $127 $86 $51 $26 2025 2026 2027 2028 2029 Source: Emerging Tech: AI Vendor Race: Roundup for Agentic AI (
Slide 20: Radware Vision for AI-powered Defense
Radware Vision for AI-powered Defense WEB & APP ECONOMY THE AGENT ECONOMY POWERED by AI PROTECT AI SERVE AI Protecting Enable Secure, Fight AI with AI LLM Models & Legitimate Agent AI Agents Traffic Powered Defense to Stay Ahead
Slide 21: What's driving our growth
What’s driving our growth TECHNOLOGY A POWERFUL & UNIQUE ACCELERATING ARR LEADERSHIP GTM PLAN Accelerating cloud ARR at GTM Expansion by OEMs Leading Cloud Platform scale and strength in on- and MSSPs Enhanced with AI prem business Protection & API Security
Slide 22: Cloud Growth: The Engine of Our Future
Cloud Growth: The Engine of Our Future ACCELERATING CLOUD ARR Targeting 25% growth Cloud ARR +23% +19% CLOUD-FIRST AI-DRIVEN TECHNOLOGY +22% $95 Cloud is central to who we are $77 $65 $53 AI AND API SECURITY 2022 2023 2024 2025 Tailwind to support cloud growth CLOUD SECURITY CETNERS Expands our glob
Slide 23: On-Prem Strength Fuels Subscription Growth
On-Prem Strength Fuels Subscription Growth 01 Leading DDOS Solution 02 Hybrid Cloud DDoS Growth Algorithm first Lea complete stack (FPGA, Clear market hardware, algorithms, leadership management, cloud) 03 Subscription Content 04 Refresh Cycle Increase Strong DefenseProX refresh Shift to subscriptio
Slide 24: Double Digit Revenue Growth
Double Digit Revenue Growth Cloud ARR Growing ~23% 21% SUBSCRIPTION REVENUE Product Subscription GROWTH expansion Growing Double Digit * ARR includes the annualized value of booked orders for term-based cloud services, subscription license and maintenance contracts that are in effect at the end of a
Slide 25: What's driving our growth
What’s driving our growth TECHNOLOGY A POWERFUL & UNIQUE ACCELERATING ARR LEADERSHIP GTM PLAN Accelerating cloud ARR at GTM Expansion by OEMs Leading Cloud Platform scale and strength in on- and MSSPs Enhanced with AI prem business Protection & API Security
Slide 26: An Effective Market Access Through a Unique Integrated Go-To-Market Model
An Effective Market Access Through a Unique Integrated Go-To-Market Model Direct touch - OEM MSSP channel sales partnerships alliances Directly serves large Integrates security Works with Managed Security Service enterprise and carriers. This technologies into third-party Providers to deliver Cybers
Slide 27: Accelerating market momentum in the U.S
Accelerating market momentum in the U.S 01 Focused on high-value, mission-critical accounts 02 Cloud first, not cloud only Targeting financial companies, Utilizing on-premise healthcare, and SaaS leaders. as a smart entry point into hybrid multi-cloud enterprises. 03 Strengthened U.S. sales and mark
Slide 28: Market Penetration
Market Penetration Radware’s Game Changing Cloud Platform From reactive defense to proactive protection: deep reasoning with unmatched speed and precision Proactive behavioral Predictive: built to expect defense the unexpected detect and neutralize Unlock threats and anomalies threats in real time v
Slide 29: Radware wins in the new cyber era
Cloud-first cybersecurity company Leading Cloud Platform Enhanced with AI Protection & API Security Accelerating cloud ARR at scale Radware wins in the new cyber era Strength in on-prem business supporting subscription growth GTM Expansion by OEMs and MSSPs Positioned for sustained double-digit grow
Slide 30: Our momentum continues into 2026
Our momentum continues into 2026 $79.8M 82.2% $19.9M 78% Total Revenue Gross Margin Cashflow from Recurring Revenue in Q1 2026 in Q1 2026 Operations in Q1 2026 in Q1 2026 Cloud ARR (M) Total ARR (M) +9% $250 +23% $98 $80 $230 Q1 2026 Q1 2025 Q1 2026 Q1 2025 * All financial results are presented on a
Slide 31: A Growing and Profitable Company With Strong Cloud ARR Growth Engine
A Growing and Profitable Company With Strong Cloud ARR Growth Engine Cloud ARR (M) Total ARR (M) +7% $250 $230 $211 $201 $192 +22% $177 $98 $80 $67 $55 $45 $36 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 * Total ARR includes the annualized value of
Slide 32: Q1 2026: Delivering Against Our Plan
Q1 2026: Delivering Against Our Plan $80M 82.4% 82.2% 14.7% 13.8% $0.31 $0.30 $72M Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 11% Steady -90bp -3% revenue growth Gross Margin in operating margin EPS growth * All financial results are presented on a continuing operations basis an
Slide 33: Regional Breakdown
Regional Breakdown EMEA EMEA $25.1M $28.3M Americas Americas Q1 2025 $38.4M Q1 2026 $27.4M $72.0M $79.8M APAC APAC $16.3M $16.3M * All financial results are presented on a continuing operations basis and exclude SkyHawk
Slide 34: Strong Cash Position. Smart Allocation. Sustained Value
Strong Cash Position. Smart Allocation. Sustained Value $433.8M $19.9M $17.3M Cash in Q1 2026 Cash flow provided by continuing Free cash flow in Q1 2026 operations in Q1 2026 $23.5M $24.6M $108.8M Cash & Equivalents $19.9M $17.3M $87.6M Marketable Securities $237.4M Q1 2025 Q1 2026 Q1 2025 Q1 2026 D
Slide 35: Thank you
>’ radware Thank you