Slide 1: Q1-2025 Business Update
Q1-2025 Business Update Kevin Simzer Chief Operating Officer
Slide 2: In the News…
In the News… Trend Micro Open Trend Micro Extends Sources AI Tool NVIDIA Cybersecurity Cybertron Alliance to Detect Threats in Real Time Cyberattacks by AI Security teams embrace agents are coming agentic AI 2 | ©2025 Trend Micro Inc.
Slide 3: Q1-2025 Results
Q1-2025 Results Company Enterprise Consumer Net Sales: Net Sales: Net Sales: +2% YoY* +5% YoY* -8% YoY* Operating Margin: 10.6K Beyond Device Protection Revenue 22%* Vision One Customers +14% YoY ** Solid performance in the face of Growth across all regions Shift from multi-year deals to US economic
Slide 4: Recurring Revenue
Recurring Revenue Large Enterprise $1.7B* Small Enterprise 7% +3% Consumer CAGR $367M $1.3B (3%) $227M $350M 0% $215M $1.1B +5% $707M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 * Hybrid ARR at constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal m
Slide 5: Road to 2027
Road to 2027 2022 2023 (1) 2024 Q1 2025 2027E (2) Net Sales Growth % 18% 11% 10% +2% 8-10% COGS % of Revenue(3) 19% 22% 20% 19% 18-20% S&M % of Revenue(3) 37% 37% 34% 30% 28-30% R&D % of Revenue(3) 17% 17% 18% 17% 13-15% G&A % of Revenue(3) 8% 8% 8% 7% 5-7% Operating Margin % 14% 13% 18% 22% 29-31%
Slide 6: Proactive Security Starts Here.
AI-Powered Enterprise Cybersecurity Platform Proactive Security Starts Here. 6 | ©2025 Trend Micro Inc.
Slide 7: Recognized Enterprise Leader
Recognized Enterprise Leader The Customer Choice Leader in Email Security (Q4 2024) The Partner Choice 7 | ©2025 Trend Micro Inc.
Slide 8: Q1-2025 Regional Enterprise Performance
Q1-2025 Regional Enterprise Performance Net Sales +6%* Q1-2024 Q1-2025 +5%* +2%* +8%* Global Enterprise Growth +5% YoY* Japan Americas Europe AMEA 8 | ©2025 Trend Micro Inc. * Net sales in millions of Japanese Yen if currency exchange rates used for 1Q2024 were used for 1Q2025
Slide 9: Q1-2025 Regional Enterprise Performance
Q1-2025 Regional Enterprise Performance Pre-GAAP 2024-Q1 2025-Q1 +5%* 0%* (13%)* +1%* Global Enterprise Growth (1%) YoY* Japan Americas Europe AMEA 9 | ©2025 Trend Micro Inc. * Pre-GAAP in millions of Japanese Yen if currency exchange rates used for 1Q2024 were used for 1Q2025
Slide 10: Enterprise Recurring Revenue
Enterprise Recurring Revenue $1.3B* Large Enterprise 9% +5% Small Enterprise CAGR $227M 0% $922M $215M $1.1B +5% $707M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 * Hybrid Enterprise ARR at constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal manag
Slide 11: Growing Small Enterprise
Growing Small Enterprise New: Vision One for MSPs 100+ 77% 4X Strategic MSPs Have Adopted Average ARR* Now Selling Cyber Risk Exposure Per Customer Vision One Management (CREM) 11 | ©2025 Trend Micro Inc. * Constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management.
Slide 12: Our Large Enterprise Opportunity
Our Large Enterprise Opportunity 25K LARGE ENTERPRISE CUSTOMERS* AI-Powered Hybrid Endpoint Email & Network Next Gen SOC Multi-Cloud (EPP) Collaboration 25% of Enterprise ARR* 31% of Enterprise ARR* 21% of Enterprise ARR* 9% of Enterprise ARR* 14% of Enterprise ARR* CREM WORKLOAD ENDPOINT EMAIL IPS
Slide 13: Massive Enterprise Opportunity
Massive Enterprise Opportunity $8.6B $7.3B Total Enterprise ARR Customer Opportunity** Incremental ARR Opportunity From Existing Trend Customers $1.3B Q1, 2025 ARR* * Constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management 13 | ©2025 Trend Micro Inc. ** Total enterprise A
Slide 14: Large Enterprise Recurring Revenue
Large Enterprise Recurring Revenue Vision One Attached ARR Non-Vision One Subscription ARR $1.1B* +5% YoY Non-Vision One Perpectual ARR $102M $902M (19%) YoY $182M $157M (9%) YoY Vision One Attached $229M ARR Now Represents $777M +14% YoY 73% $516M of Large Enterprise ARR 2022 2023 2024 Q1 -2025 14
Slide 15: Large Enterprise Platform Attach
Large Enterprise Platform Attach Vision One Customers 10.6K Q1-2025 Platform Highlights Vision One Attach Rate 43% Vision One customers added over 1.1K+ past 12 months $260 Next-gen AI SOC ARR @ +15% Million* 1.6K 2X ASP 105% Next-gen AI SOC Subscription NRR increase once attached 2020 2021 2022 202
Slide 16: The Power of the Platform
The Power of the Platform ENTERPRISE MODULE ADOPTION RETENTION ARR CUSTOMERS RATE IMPACT 40% 81% 1X 16% 93% 2X 10% 91% 3X 33% + 94% 8X 16 | ©2025 Trend Micro Inc. * Constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management
Slide 17: Module Growth with Vision One
Module Growth with Vision One 4.8 Avg modules/ Platform Expansion 4+ Modules customer 3 Modules 2 Modules 1 Module 4.8 Modules/customer with Vision One 3.1 Avg modules/ customer 3.7X ARR* when on Vision One 74% Enterprise ARR from 4+ modules Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 2025
Slide 18: Cyber Risk Exposure Management Module
Cyber Risk Exposure Management Module 3900+ Platform Expansion Modules/customer with 6.4 Cyber Risk Exposure Management Platform Customers on 37% Cyber Risk Exposure Management GA Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 2025 18 | ©2025 Trend Micro Inc.
Slide 19: Enterprise Performance
Enterprise Performance Vision One Cyber Enterprise New Services Customers Marketplace ARR* Logos With Partners 1.7K+ $174M 250+ +26% YoY +25% YoY 900 $95M 2022 2023 2024 Q1-2025 2022 2023 2024 Q1-2025 19 | ©2025 Trend Micro Inc. * Constant currency: 1USD= 153.77 yen. Non-GAAP and reference for inter
Slide 20: Q1-2025 Enterprise Platform Wins
Q1-2025 Enterprise Platform Wins $160K $510K $700K $550K • Cloud (AWS) visibility & • Existing endpoint security • Compliance challenges; • Visibility, compliance, & security; tool consolidation; ineffective; lack of visibility; support cloud-native reporting challenges; augment small team security
Slide 21: Q1-2025 Regional Consumer Performance
Q1-2025 Regional Consumer Performance Net Sales Pre-GAAP Q1-2024 Q1-2025 Q1-2024 Q1-2025 • Digital River bankruptcy impacting ROW (1%) Global Consumer (8%) Global Consumer Growth Growth • Japan multi-year deals (8%) YoY* (27%) YoY* impacting Pre-GAAP but progress underway (26%) (77%) 57% 50% 43% 50%
Slide 22: Consumer Performance
Consumer Performance Beyond Device Protection Revenue Highlights $89M** 12,812 +49% YoY Million Yen* Q1-25 Net Sales @ (8%) YoY Q1-2025 $23.5M** +14.4% YoY +14% ** Q1-25 Beyond Device Revenue YoY 16K+ ScamCheck users in first year 2021 2022 2023 2024 * Actual currency in Yen 22 | ©2025 Trend Micro I
Slide 23: Strong Q2-2025 Outlook
Strong Q2-2025 Outlook ROW Consumer: Enterprise Growing Enterprise Back on Track Renewal Growth Opportunity +33% +11% YoY* YoY* Gross Sales Gross Sales Cloud Security Email Security AI-Powered Next Gen $624M* Endpoint SOC Pipeline Security Network Security Q2 2024 Q22025E Q2 2024 Q2 2025E No Change
Slide 24: Our 2027 North Star Model
Our 2027 North Star Model $1.7B Enterprise ARR* $400M Consumer ARR* 30% Margin 24 | ©2025 Trend Micro Inc. * At internal company plan rates
Slide 25: Q1-2025 Business Update
Q1-2025 Business Update Kevin Simzer Chief Operating Officer