Slide 1: Q3-2025 Business Update
Q3-2025 Business Update Kevin Simzer Chief Operating Officer
Slide 2: Building AI Momentum
Building AI Momentum Trend Micro Reinvents Proactive Security with Trend Micro Launches Agentic SIEM to Herald Digital Twin Technology New Era of Proactive Security Innovation at the speed of agentic AI, built on NVIDIA AI, provides AI-based offering will help make alert overload a thing of the past
Slide 3: Q3-2025 Results
Q3-2025 Results Company Enterprise Consumer Net Sales: Net Sales: Net Sales: +1% YoY* +4% YoY* -9% YoY* Operating Margin: 11.2K Beyond Device Protection 23%* Vision One Customers +38% YoY ** Transformation continues in the Growth fueled by ongoing Growing Beyond Device Protection face of global head
Slide 4: Recurring Revenue
Recurring Revenue Large Enterprise 6% $1.6B* Small Enterprise CAGR 0% YoY Consumer $1.3B $355M -5% YoY $227M +1% YoY $359M $220M $1.1B +3% YoY $748M Q3 Q3 Q3 Q3 Q3 2021 2022 2023 2024 2025 * Hybrid ARR at constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management 4 | ©2025 T
Slide 5: Road to 2027
Road to 2027 2022 2023 (1) 2024 YTD 2025 2027E (2) Net Sales Growth % 18% 11% 10% 0% 8-10% COGS % of Revenue(3) 19% 22% 20% 19% 18-20% S&M % of Revenue(3) 37% 37% 34% 32% 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% +3% YoY
Slide 6: SaaS, On-premises, GovCloud, Private cloud
SaaS On-premises GovCloud Private cloud For service providers 6 | ©2025 Trend Micro Inc.
Slide 7: Recognized Enterprise Leader
Recognized Enterprise Leader New! New! The Customer Choice Leader in Leader in Leader in Network Leader in Attack Surface Endpoint Security Email Security Analysis & Visibility Management Q3 2025 Q4 2024 Q4 2025 Q3 2024 New! New! New! The Partner Choice Ranked #1 in Public Leader in Extended Leader
Slide 8: Q3-2025 Regional Enterprise Performance: Net Sales
Q3-2025 Regional Enterprise Performance Net Sales Q3-2024 Q3-2025 +8%* -2%* -1%* +5%* Global Enterprise Growth +3% YoY* Japan Americas Europe AMEA 8 | ©2025 Trend Micro Inc. * Net sales in millions of Japanese Yen if currency exchange rates used for 3Q2024 were used for 3Q2025
Slide 9: Q3-2025 Regional Enterprise Performance: Pre-GAAP
Q3-2025 Regional Enterprise Performance Pre-GAAP +12%* 2024-Q3 2025-Q3 -6%* +9%* -8%* Global Enterprise Growth +2% YoY* Japan Americas Europe AMEA 9 | ©2025 Trend Micro Inc. * Pre-GAAP in millions of Japanese Yen if currency exchange rates used for 3Q2024 were used for 3Q2025
Slide 10: Enterprise Recurring Revenue
Enterprise Recurring Revenue $1.3B* Large Enterprise 8% +2% YoY CAGR Small Enterprise $227M +1% YoY $968M $220M $1.1B +3% YoY $748M Q3 Q3 Q3 Q3 Q3 2021 2022 2023 2024 2025 10 | ©2025 Trend Micro Inc. * Hybrid Enterprise ARR at constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal
Slide 11: Growing Small Enterprise
Growing Small Enterprise New: Vision One for MSPs 140+ 59% 4X Strategic MSPs Have Adopted Average ARR* Now Selling Cyber Risk Exposure Per Partner 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 26% of Enterprise ARR* 30% 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 Total Enterprise ARR Customer Opportunity** $7.3B Incremental ARR Opportunity From Existing Trend Customers $1.3B Q3, 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 Platform $1.1B * Non-Vision One Subscription +3% YoY Non-Vision One Perpetual $869M** $323M -6% YoY $376M $332M -28% YoY $432M $412M +74% YoY $60M Q3 Q3 Q3 Q3 2022 2023 2024 2025 * Hybrid Enterprise ARR at constant currency: 1USD= 153.77 yen. Non-GAAP an
Slide 15: Large Enterprise Platform Attach
Large Enterprise Platform Attach 11.2K Vision One Customers Vision One Attach Rate Q3-2025 Platform Highlights 46% 1.1K+ Vision One customers added in past year $412 Vision One Platform** ARR @ +74% Million* 1.6K 3.6X Average ARR/customer on Vision One 2020 2021 2022 2023 2024 Q3-2025 * Hybrid Large
Slide 16: The Power of the Platform
The Power of the Platform ENTERPRISE MODULE ADOPTION RETENTION ARR CUSTOMERS RATE IMPACT 36% 80% 1X 16% 92% 2X 11% 90% 2X 37% + 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 4.9 Avg modules/ 4+ Modules Platform Expansion customer 3 Modules 2 Modules 1 Module 4.9 Modules/customer with Vision One 3.1 Avg modules/ customer 77% Enterprise ARR from 4+ modules Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 17 | ©2025 Trend Micro
Slide 18: Cyber Risk Exposure Management Module
Cyber Risk Exposure Management Module 4300+ Platform Expansion Modules/customer with 6.4 Cyber Risk Exposure Management GA 39% Platform Customers on Cyber Risk Exposure Management Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 18 | ©2025 Trend Micro Inc.
Slide 19: Enterprise Vision One Expansion (NRR)
Enterprise Vision One Expansion (NRR) Vision One Platform Non-Vision One Subscription Non-Vision One Perpetual 136% 121% 106% 91% 91% 69% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 19 | ©2025 Trend Micro Inc.
Slide 20: Q3-2025 Enterprise Platform Wins
Q3-2025 Enterprise Platform Wins $55K $254K $147K $153K Food Processing Manufacturing Technology Food Services Challenges: Challenges: Challenges: Challenges: • Strategic project to • Unhappy with • Small team with limited • Major cloud incident with simplify ops & security SecureWorks / Sophos expe
Slide 21: Consumer Performance
Consumer Performance Highlights $32M** Beyond Device +38% YoY 12,531 Protection Million Yen* Q3-25 Net Sales @ -9% YoY +38% ** Q3-25 Beyond Device sales performance YoY ➚ Invoicing challenges completed; Scam Check growing (+107% downloads) Q3 Q3 Q3 Q3 2022 2023 2024 2025 * Net sales in millions of J
Slide 22: Leader in Consumer Digital Life Protection
LEADER In Consumer Digital Life Protection IDC MarketScape Worldwide Consumer Digital Life Protection 2025 Vendor Assessment 22 | ©2025 Trend Micro Inc.
Slide 23: Investor Day 2025
Investor Day 2025 When: Thursday, December 4 2:00 – 3:30 pm (Tokyo Local Time) Where: Online via Zoom English with simultaneous translation More If you have not received an invitation, Information: send us an email: ir@trendmicro.com 23 | ©2025 Trend Micro Inc.
Slide 24: Q3-2025 Business Update
Q3-2025 Business Update Kevin Simzer Chief Operating Officer