Slide 1: Q4-2025 Business Update
Q4-2025 Business Update Kevin Simzer Chief Operating Officer
Slide 2: Building AI Momentum
Building AI Momentum Trend Micro Launches End-to-End Protection for Trend Micro to Introduce Most Comprehensive Agentic AI Systems with NVIDIA Offering for Enterprise AI Risk Management Extends Agentic AI Safety from infrastructure to application with agentless AI Application Security will accompany
Slide 3: Q4-2025 Results
Q4-2025 Results Company Enterprise Consumer Q4-2025 FY-2025 Q4-2025 FY-2025 Q4-2025 FY-2025 Net Sales: Net Sales: Net Sales: Net Sales: Net Sales: Net Sales: +5% YoY* +1% YoY* +8% YoY* +4% YoY* -8% YoY* -9% YoY* Op. Margin: Op. Margin: Beyond Device Protection 18%* 21%* 11.5K Vision One Customers +1
Slide 4: Recurring Revenue
Recurring Revenue 5% $1.7B* Large Enterprise +1% YoY CAGR Small Enterprise Consumer $1.4B $359M -3% YoY $229M $362M +2% YoY $222M $1.1B +2% YoY $785M Q4 Q4 Q4 Q4 Q4 2021 2022 2023 2024 2025 * ARR at constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management 4 | ©2026 Trend M
Slide 5: Industry Leading Vision One Platform
*) TrendAt | z:e °) Tren industry Leading Vision One MEaTaTSeS Network Security Email Endpoint Security Security Security Identity Security Security Security Services
Slide 6: 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 7: Q4-2025 Regional Enterprise Performance: Net Sales
Q4-2025 Regional Enterprise Performance Net Sales Q4-2024 Q4-2025 +9%* +3%* -3%* +4%* Global Enterprise Growth +4% YoY* Japan Americas Europe AMEA 7 | ©2026 Trend Micro Inc. * Net sales in millions of Japanese Yen if currency exchange rates used for 4Q2024 were used for 4Q2025
Slide 8: Q4-2025 Regional Enterprise Performance: Pre-GAAP
Q4-2025 Regional Enterprise Performance Pre-GAAP -8%* Q4-2024 Q4-2025 -6%* -8%* Global Enterprise +19%* Growth -4% YoY* Japan Americas Europe AMEA 8 | ©2026 Trend Micro Inc. * Pre-GAAP in millions of Japanese Yen if currency exchange rates used for 4Q2024 were used for 4Q2025
Slide 9: Enterprise Recurring Revenue
Enterprise Recurring Revenue $1.3B* Large Enterprise 7% +2% YoY CAGR Small Enterprise $229M +2% YoY $1B $222M $1.1B +2% YoY $785M Q4 Q4 Q4 Q4 Q4 2021 2022 2023 2024 2025 9 | ©2026 Trend Micro Inc. * Enterprise ARR at constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management
Slide 10: Growing Small Enterprise
Growing Small Enterprise Trend Vision One for MSPs 190+ 53% 4X Strategic MSPs Have Adopted Average ARR* Now Selling Cyber Risk Exposure Per Partner Vision One Management (CREM) 10 | ©2026 Trend Micro Inc. * Constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management.
Slide 11: 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 28% of Enterprise ARR* 29% of Enterprise ARR* 20% of Enterprise ARR* 9% of Enterprise ARR* 14% of Enterprise ARR* CREM WORKLOAD ENDPOINT EMAIL IPS S
Slide 12: Massive Enterprise Opportunity
Massive Enterprise Opportunity $8.6B Total Enterprise ARR Customer Opportunity** $7.3B Incremental ARR Opportunity From Existing Trend Customers $1.3B Q4, 2025 ARR* * Constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management 12 | ©2026 Trend Micro Inc. ** Total enterprise A
Slide 13: Large Enterprise Recurring Revenue
Large Enterprise Recurring Revenue Vision One Platform Non-Vision One Subscription $1.1B * +2% YoY Non-Vision One Perpetual $900M $326M -5% YoY $371M $306M -30% YoY $459M $467M ** +58% YoY ** $71M Q4 Q4 Q4 Q4 2022 2023 2024 2025 * Large Enterprise ARR at constant currency: 1USD= 153.77 yen. Non-GAAP
Slide 14: Large Enterprise Platform Attach
Large Enterprise Platform Attach 11.5K Vision One Customers Q4-2025 Platform Highlights Vision One Attach Rate 48% 1K Vision One customers added in past year** $467 Vision One Platform** ARR @ +58% Million* 1.6K 3.6X Average ARR/customer on Vision One 2020 2021 2022 2023 2024 Q3-2025 Q4-2025 * Large
Slide 15: The Power of the Platform
The Power of the Platform ENTERPRISE SOLUTION ADOPTION RETENTION ARR CUSTOMERS RATE IMPACT* 36% 80% 1X 16% 92% 2X 12% 90% 2X 36% + 94% 9X 15 | ©2026 Trend Micro Inc. * Constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management
Slide 16: Solution Growth with Vision One
Solution Growth with Vision One 4.9 Avg solutions/ 4+ Solutions customer 3 Solutions 2 Solutions 1 Solution Platform Expansion 4.1 Avg solutions/ customer 4.9 Solutions/customer with Vision One 77% Enterprise ARR from 4+ solutions* Q4 Q4 Q4 Q4 2022 2023 2024 2025 16 | ©2026 Trend Micro Inc. * Consta
Slide 17: Cyber Risk Exposure Management Solution
Cyber Risk Exposure Management Solution 4700+ Platform Expansion Solutions/customer with 6.3 Cyber Risk Exposure Management Platform Customers on GA 42% Cyber Risk Exposure Management Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 17 | ©2026 Trend Micro Inc.
Slide 18: Enterprise Vision One Expansion (NRR)
Enterprise Vision One Expansion (NRR) Vision One Platform Non-Vision One Subscription Non-Vision One Perpetual 130% 121% 106% 92% 91% 67% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 18 | ©2026 Trend Micro Inc.
Slide 19: Q4-2025 Enterprise Platform Wins
Q4-2025 Enterprise Platform Wins $400K $215K $385K $260K Multimedia & Broadcast Technology Insurance Food Services Challenges: Challenges: Challenges: Challenges: • Lack of visibility • Unhappy with Log • Large volume file • Too many tools & IR • Small team, siloed tools Rhythm – expensive & uploads
Slide 20: Consumer Performance
Consumer Performance Highlights Beyond Device $32M** Protection +11% YoY 12,705 Q4-25 Net Sales @ -8% YoY * Million Yen* ‘25 Net Sales: 50,457M Yen @ -9% YoY* +11% ** Q4-25 Beyond Device Protection sales YoY ➚ Scam Check growing (+107% downloads) Q4 Q4 Q4 Q4 2022 2023 2024 2025 * Net sales in millio
Slide 21: Leader in Consumer Digital Life Protection
LEADER In Consumer Digital Life Protection IDC MarketScape Worldwide Consumer Digital Life Protection 2025 Vendor Assessment 21 | ©2026 Trend Micro Inc.
Slide 22: Road to 2028
Road to 2028 2022 2023 (1) 2024 2025 2028E (2) Net Sales Growth % 18% 11% 10% 1% 8-10% COGS % of Revenue(3) 19% 22% 20% 20% 18-20% S&M % of Revenue(3) 37% 37% 34% 33% 31-33% R&D % of Revenue(3) 17% 17% 18% 17% 15-17% G&A % of Revenue(3) 8% 8% 8% 8% 6-8% Operating Margin % 14% 13% 18% 21% +3% YoY 25-
Slide 23: Our 2028 Growth Strategy
High Growth Medium Growth 8% 5% Our 2028 CAGR 2025-2028 CAGR 2025-2028 Growth Hyper Growth Exit Strategy Legacy SaaS 130%+ CAGR 2025-2028 23 | ©2026 Trend Micro Inc. * Growth from 2025-2028. Post-GAAP at $1USD= 155.95 yen
Slide 24: 2026 Growth Targets
2026 Growth Targets • ARR: +13%* • Net Sales: +9%** • Op Income: -2%** High Growth Medium Growth Hyper Growth • ARR: +15% * • ARR: +6%* • ARR: 15X* • Net Sales: +9%** • Net Sales: +8%** • Net Sales: 3X** • Op Income: -1%** • Op Income: +1%** • Op Income: -1.7X** * ARR at constant currency: 1USD= 155
Slide 25: 2025 Summary
2025 Summary Structured for Transformed Investing in Growth Go-to-Market Growth $ Dedicated structure to Focused go-to-market Growth balanced with maximize AI market aligned to the new AI-centric investment in key AI opportunity buying needs initiatives 25 | ©2026 Trend Micro Inc.
Slide 26: Q4-2025 Business Update
Q4-2025 Business Update Kevin Simzer Chief Operating Officer