Slide 1: Trend Micro FY2025 Q3 Results
Trend Micro FY2025 Q3 Results Mahendra Negi CFO, Representative Director November 12, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements Certain Statements that we make in this presentation are forward-looking statements. These forward-looking statements are based upon management’s current assumptions and beliefs in light of the information currently available to it, but involve known and unknown risks and
Slide 3: FY2025.Q3 Financial Highlight
FY2025.Q3 Financial Highlight (Third quarter ended Sep 30, 2025)
Slide 4: Q3 Consolidated Results
Q3 Consolidated Results (unaudited) (in million Yen) Three months YoY ended Sep 30, 3Q2024 3Q2025 growth Net sales 68,124 68,844 + 1% Total Operating expenses 53,322 52,843 - 1% Operating income (Margin) 14,801 (22%) 16,001 (23%) + 8% Ordinary income 11,959 18,041 + 51% Net income 8,523 12,606 + 48%
Slide 5: Net sales & Pre-GAAP growth trend
Net sales & Pre-GAAP growth trend (unaudited) (on a constant currency basis) Net Sales Pre-GAAP 6% 3% 3% 2% 0% Total Enterprise Consumer -9% (Non-GAAP) 5
Slide 6: Comparison of Operating income after adjusting for stock option related costs
(Reference) Comparison of Operating income after adjusting for stock option related costs due to the stock price decline Due to the significant drop in our stock price from Jun. to Sep. in 2025 (from 9,977 yen at the end of 25Q2 to 8,100 yen at the end of 25Q3, Down 1,877 yen), stock option related
Slide 7: Progress (9 months)
Progress （9 months） (in million Yen) Revenue Operating Income 300,000 60,000 (Forecast) 274,000 (Forecast) 53,600 250,000 272,638 50,000 (Progress of (Progress of Forecast: 83%) Forecast: 74%) 44,474 48,105 202,753 200,000 202,658 40,000 (Progress of 39,237 FY2024Act: 74%) (Progress of 28,472 FY2024
Slide 8: Pre-GAAP vs Total Costs
(in million Yen) Pre-GAAPⅴs Total Costs (unaudited) (Non-GAAP) (Non-GAAP) Pre-GAAP Total Costs Pre-GAAP Margin 110,000 45% 100,000 102,307 40% 90,000 80,000 40% 35% 70,000 69,296 68,287 30% 60,000 65,108 60,499 65,101 50,000 61,111 25% 53,322 52,941 52,843 40,000 56,294 52,495 23% 30,000 20% 19% 19%
Slide 9: Enterprise ARR
(USD) Enterprise ARR (Non-GAAP) (unaudited) *ARR at constant currency: (1USD= 153.77yen as the company internal budget exchange rate for FY2025). Non-GAAP and reference for internal management. Therefore, they may be subject to so changes hereafter. 9
Slide 10: Cash flows
Cash flows (unaudited) (in million Yen) 3Q2024 3Q2025 YoY growth Cash flows from operating activities 6,771 16,947 + 150% Cash flows from investing activities - 1,020 745 － Cash flows from financing activities 4,643 147 -97% Effect of exchange rate changes - 9,525 2,763 － on cash and cash equivalent
Slide 11: Headcount
Headcount Jun - 2025 Sep - 2025 6,813 6,740 Admin, Business Admin, Business Process, Process, 719 742 Technical Sales, Marketing, Technical Sales, Marketing, Support, 2,392 Support, 2,366 1,414 1,377 Research, Research, Development, Development, 2,288 - 73 2,255 (- 1%) Japan, Japan, 780 746 Europe,
Slide 12: Cost (Non-GAAP)
(in million Yen) Salary & Benefit Office Overhead Cost (Non-GAAP) (unaudited) Outside Service Cloud Administration Selling & Marketing ・Of 0.4 bn JPY YoY decrease, estimated impact of 65,000 Stock Options / Acquisiton Related Costs Goods/Software Amortization & Capitalization yen depreciation, about
Slide 13: Q3 Highlights
Q3 Highlights • Highest ever Operating Income • Highest ever Ordinary Income 13
Slide 14: FY2025 Guidance
FY2025 Guidance
Slide 15: Projection for FY2025 Annual (Unchanged)
Projection for FY2025 Annual (Unchanged) For FY2025 Expected (in million Yen) Jan - Dec, 2025 YoY growth Net Sales 274,000 + 0% Operating Income “Margin” 53,600 “20%” + 11% Ordinary Income 45,000 - 15% Net Income 30,200 - 12% attributable to owners of the parent (Estimated second half exchange rate
Slide 16: Notice of IR Day 2025
Notice of “IR Day 2025” ・Date: December 4th, 2025 (Tokyo local time) ・Time: 2:00 PM ～ 3:30 PM (90 minutes including Q&A session) ・Event Format： Online webinar by Zoom *Simultaneous Japanese / English interpretation available ・Participation: Pre-registration on the website ・Participated Speakers： Gro
Slide 17: Appendix for FY2025.Q3
Appendix for FY2025.Q3
Slide 18: Q3 USD based Results (Non-GAAP)
Q3 USD based Results (Non-GAAP) (unaudited) Three months (in thousand USD) ended Sep 30, 3Q2024 3Q2025 YoY change Net sales 456,076 466,836 + 2% Cost of sales 106,898 104,752 - 2% Operating expenses 250,084 253,580 + 1% Operating income 99,093 108,504 + 9% Ordinary income 80,064 122,338 + 53% Net In
Slide 19: Net Sales Growth by Region
(in million Yen) Net Sales Growth by Region (unaudited) + 2% 2024Q3 25,000 21,816 2025Q3 21,373 + 4% 20,000 - 6% + 3% 18,089 17,460 15,407 14,340 14,949 15,000 13,530 10,000 5,000 0 Japan Americas Europe APAC, MEA
Slide 20: Net Sales Growth by Region (constant currency)
Net Sales Growth by Region 2024Q3 (in million Yen) If currency exchange rates used for 3Q2024 were used for 3Q2025: 2025Q3 25,000 + 2% 21,373 21,816 * ( ) : difference from GAAP base + 4% (0) (+ 97) 20,000 - 5% - 2% 18,187 (+ 107) (- 759) 17,460 14,340 14,949 14,648 15,000 13,637 10,000 5,000 0 Japa
Slide 21: Decomposition of Revenue (vs. last year)
Decomposition of Revenue (vs. last year） (in million Yen) (unaudited) Japan Americas Exchange impact APAC, MEA Europe 726 443 702 301 554 2024Ｑ3 2025Ｑ3 Net Net sales sales 68,844 68,124 (Non-GAAP)
Slide 22: Constant currency Revenue growth
Constant currency Revenue growth (YoY) (unaudited) 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 (Non-GAAP) • Each growth r
Slide 23: Sales by Segment
(in million Yen) Sales by Segment (unaudited) 25,000 Growth rate (YoY) Consumer - 9% 20,000 Enterprise + 4% - 1% 1,009 - 33% 10,060 15,000 128 - 34% 1,309 - 33% 10,000 17,079 + 7% 15,279 + 4% 11,756 + 5% 12,220 - 1% 5,000 0 Japan Americas Europe APAC, MEA “Notice” As Sales by Segment numbers are jus
Slide 24: % share by region
% share by region 3Q2024 3Q2025 68,124 million Yen 68,844 million Yen APAC,MEA APAC,MEA Japan 26% Japan 26% 31% 32% Europe Americas Europe 22% 22% Americas 21% 20%
Slide 25: Pre-GAAP (Revenue before adjusting Deferred revenue)
“For reference” Pre-GAAP (Revenue before adjusting Deferred revenue) (in million Yen) (unaudited) 2024Q3 25,000 + 7% 2025Q3 + 13% 21,456 20,009 20,670 20,000 18,283 - 5% + 1% 15,000 13,520 12,782 13,295 13,377 10,000 5,000 0 Japan Americas Europe APAC, MEA “Notice” Pre-GAAP means Revenue before adju
Slide 26: Pre-GAAP (Revenue before adjusting Deferred revenue)
“For reference” Pre-GAAP (Revenue before adjusting Deferred revenue) If currency exchange rates used for 3Q2024 were used for 3Q2025: (in million Yen) (unaudited) 2024Q3 25,000 + 7% 2025Q3 + 12% 21,456 20,009 20,486 20,000 - 6% - 6% 18,283 15,000 13,520 12,661 13,295 12,484 10,000 5,000 0 Japan Amer
Slide 27: Pre-GAAP recent 4-quarter moving average trend
“For reference” Pre-GAAP recent 4-quarter moving average trend (in million Yen) ※ Based on the Yen rate applied at the time of each quarter financial results. (Non-GAAP) 110,000 Total Pre-GAAP Trailing 4-quarter moving average 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0
Slide 28: Deferred Revenue
(in million Yen) Deferred Revenue (unaudited) 230,000 218,013 221,386 217,014 211,532 210,643 214,473 212,447 210,000 203,061 202,356 200,337 190,000 170,000 150,000 130,000 0 0 110,000 Jun-'23 Sep-'23 Dec-'23 Mar-'24 Jun-'24 Sep-'24 Dec-'24 Mar-'25 Jun-'25 Sep-'25
Slide 29: Deferred Revenue by Region
Deferred Revenue by Region (in million Yen) (unaudited) 2025Q2 + 0% 2025Q3 80,000 - 1% 71,983 72,043 70,000 63,764 63,146 60,000 - 1% 50,188 49,902 50,000 - 4% 40,000 28,536 27,356 30,000 20,000 10,000 0 Japan Americas Europe APAC, MEA (Non-GAAP)
Slide 30: Deferred Revenue by Region
Deferred Revenue by Region (unaudited) If currency exchange rates used as of the end of 2Q2025 were used as of the end of 3Q2025: (in million Yen) 2025Q2 - 2% - 1% (- 1,420) 80,000 * ( ) : difference from GAAP base 2025Q3 (0) 71,983 70,622 70,000 - 3% 63,764 63,146 (- 1,392) 60,000 - 8% 50,188 50,00
Slide 31: Non-operating & Extra-ordinary Items
Non-operating & Extra-ordinary Items (in million Yen) (unaudited) Other incomes Equity in losses of Interest income affiliated companies Other expenses 19 246 12 Exchange gains 921 Income 1,358 Ordinary before Income income taxes Operating Income 18,041 18,041 16,001
Slide 32: Balance Sheet
Balance Sheet (unaudited) (in million Yen) Jun-2025 change Sep-2025 Assets Cash & cash equivalents 195,469 + 15,164 210,633 Account receivable - 2,959 47,890 (less allowance for doubtful accounts) 50,849 Marketable securities & Securities investments 20,430 - 222 20,208 Software 17,724 - 190 17,534
Slide 33: FY2025 9months Financial Highlight
FY2025 9months Financial Highlight (January ~ Sep, 2025)
Slide 34: Consolidated Results (9 months)
Consolidated Results (9 months) (in million Yen) (Progress vs. last (Progress vs. 9 months year’s annual YoY current year’s ended Sep 30, 2024（1-3Q） result) 2025（1-3Q） growth annual forecast) Net sales 202,658 (74%) 202,753 + 0% (74%) Total Operating expenses 163,420 158,279 - 3% Operating income 39
Slide 35: Net Sales Growth by Region
Net Sales Growth by Region (in million Yen) 2024Q1-Q3 + 3% 2025Q1-Q3 70,000 64,030 65,711 + 1% 60,000 51,489 52,044 - 7% + 2% 50,000 43,628 44,440 40,556 43,510 40,000 30,000 20,000 10,000 0 Japan Americas Europe APAC, MEA 35
Slide 36: Net Sales Growth by Region
Net Sales Growth by Region (in million Yen) If currency exchange rates used for 2024（Q1-Q3） were used for 2025（Q1-Q3）: 2024Q1-Q3 + 3% 2025Q1-Q3 70,000 64,030 65,711 (0) * ( ) : difference from GAAP base + 4% (+ 1,393) 60,000 - 4% + 1% (+ 1,427) (- 326) 51,489 53,438 50,000 43,628 41,983 43,510 44,11
Slide 37: Pre-GAAP (Revenue before adjusting Deferred revenue)
“For reference” Pre-GAAP (Revenue before adjusting Deferred revenue) (in million Yen) 2024Q1-Q3 (unaudited) + 1% 2025Q1-Q3 70,000 63,731 64,613 + 2% 60,000 53,944 55,031 50,000 - 1% 43,394 - 17% 40,000 35,885 38,790 38,357 30,000 20,000 10,000 0 Japan Americas Europe APAC, MEA “Notice” Pre-GAAP mean
Slide 38: Pre-GAAP (Revenue before adjusting Deferred revenue)
“For reference” Pre-GAAP (Revenue before adjusting Deferred revenue) (unaudited) If currency exchange rates used for 2024(Q1-Q3) were used for 2025(Q1-Q3): + 1% 70,000 2024Q1-Q3 63,731 64,613 + 5% 2025Q1-Q3 60,000 56,485 53,944 50,000 - 14% - 2% 43,394 40,000 37,193 38,790 37,901 30,000 20,000 10,00
Slide 39: FY2025 Cost (9 months) YoY Growth
(in million Yen) FY2025 Cost (9 months) YoY Growth (unaudited) 180,000 Salary & Benefit - 1% 170,000 Goods / Software Amortization & Capitalization 160,000 9,862 - 6% 10,721 Office Overhead 150,000 6,958 Stock options / Acquisition Related 5,679 140,000 15,340 Costs Selling & Marketing 15,935 Outsid
Slide 40: Thank You
Thank You ©2025 Trend Micro Inc.
Slide 41: Appendix: Quarterly Chart (1)
Appendix (unaudited) Quarterly Chart (1) (in million Yen) FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 N e t s ale s 65,931 68,603 68,124 69,979 67,501 66,407 68,844 Co s t o f s ale s 16,015 16,492 15,967 16,505 16,417 15,520 15,447 O pe r at in g e x pe n s e s 37,788 39,802 37,355 44,606 36,077 37,420 3
Slide 42: Appendix: Quarterly Chart (2)
Appendix (unaudited) Quarterly Chart (2) (in million Yen) FY2024 FY2025 （ S ale s by r e g io n ） Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 J apan 21,361 21,295 21,373 21,725 22,072 21,822 21,816 A m e r ic as 14,388 14,899 14,340 15,199 14,174 12,852 13,530 Eu r o pe 13,679 14,882 14,949 15,035 14,261 14,771 15,407