Slide 1: Q2-2025 Business Update
Q2-2025 Business Update Kevin Simzer Chief Operating Officer
Slide 2: Building AI Momentum
Building AI Momentum Trend Micro Offers Enterprise AI Security Trend Micro Enhances AI Safety and Security Platform Across Data in Cloud or on Premises in NVIDIA Enterprise AI Factories ‘AI security solution integrated with NVIDIA Enterprise AI Trend Secure AI Factory supports NVIDIA NeMo continuous
Slide 3: Computex 2025
Computex 2025 3 | ©2025 Trend Micro Inc.
Slide 4: Q2-2025 Results
Q2-2025 Results Company Enterprise Consumer Net Sales: Net Sales: Net Sales: Net Sales: Net Sales: Net Sales: -3% YoY* +1% YoY** -1% YoY* +4% YoY** -11% YoY* -10% YoY** Actual Constant Actual Constant Actual Constant Operating Margin: 11K Beyond Device Protection 20%* Vision One Customers +55% YoY *
Slide 5: Recurring Revenue
Recurring Revenue Large Enterprise Small Enterprise 6% $1.6B* Consumer CAGR +1% YoY $1.3B $353M -6% YoY $228M $355M +1% YoY $218M $1.1B +3% YoY $727M Q2 Q2 Q2 Q2 Q2 2021 2022 2023 2024 2025 * Hybrid ARR at constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management 5 | ©2025
Slide 6: Road to 2027
Road to 2027 2022 2023 (1) 2024 1H 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% 21% 29-31% O
Slide 7: Proactive Security Starts Here.
Proactive Security Starts Here. 7 | ©2025 Trend Micro Inc.
Slide 8: Recognized Enterprise Leader
Recognized Enterprise Leader The Customer Choice Leader in Email Security (Q4 2024) New! New! The Partner Choice Ranked #1 in CNAPP Worldwide Cloud-Native Ranked #1 in Public Market Share Application Protection Platform Vulnerability Disclosure (2023) (Q2-2025) (2025) 8 | ©2025 Trend Micro Inc.
Slide 9: Q2-2025 Regional Enterprise Performance
Q2-2025 Regional Enterprise Performance Net Sales Q2- 2024 Q2-2025 +8%* 2%* -1%* +5%* Global Enterprise Growth 4% YoY* Japan Americas Europe AMEA 9 | ©2025 Trend Micro Inc. * Net sales in millions of Japanese Yen if currency exchange rates used for 2Q2024 were used for 2Q2025
Slide 10: Q2-2025 Regional Enterprise Performance
Q2-2025 Regional Enterprise Performance Pre-GAAP +4%* Q2- 2024 Q2-2025 -17%* 0%* +11%* Global Enterprise Growth -1% YoY* Japan Americas Europe AMEA 10 | ©2025 Trend Micro Inc. * Pre-GAAP in millions of Japanese Yen if currency exchange rates used for 2Q2024 were used for 2Q2025
Slide 11: Enterprise Recurring Revenue
Enterprise Recurring Revenue $1.3B* Large Enterprise 8% +3% YoY Small Enterprise CAGR $228M +1% YoY $945M $218M $1.1B +3% YoY $727M Q2 Q2 Q2 Q2 Q2 2021 2022 2023 2024 2025 * Hybrid Enterprise ARR at constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management 11 | ©2025 Trend
Slide 12: Growing Small Enterprise
Growing Small Enterprise New: Vision One for MSPs 100+ 62% 5X Strategic MSPs Have Adopted Average ARR* Now Selling Cyber Risk Exposure Per Partner Vision One Management (CREM) 12 | ©2025 Trend Micro Inc. * Constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management.
Slide 13: 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 14: Massive Enterprise Opportunity
Massive Enterprise Opportunity $8.6B $7.3B Total Enterprise ARR Customer Opportunity** Incremental ARR Opportunity From Existing Trend Customers $1.3B Q2, 2025 ARR* * Constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management 14 | ©2025 Trend Micro Inc. ** Total enterprise A
Slide 15: Large Enterprise Recurring Revenue
Large Enterprise Recurring Revenue Vision One Platform ** $1.1B* Non-Vision One Perpetual +3% YoY Non-Vision One Subscription $836M $357M -26% YoY $411M $327M -6% YoY $376M $377M +94% YoY $49M Q2 Q2 Q2 Q2 2022 2023 2024 2025 * Hybrid Enterprise ARR at constant currency: 1USD= 153.77 yen. Non-GAAP an
Slide 16: Large Enterprise Platform Attach
Large Enterprise Platform Attach Q2-2025 Platform Highlights Vision One Customers 11K Vision One Attach Rate Vision One customers added over past 1.1K+ 44% 12 months $377 Vision One Platform** ARR @ +94% Million* 1.6K 2X Higher NRR with Vision One 2020 2021 2022 2023 2024 1H-2025 * Hybrid Large Ente
Slide 17: The Power of the Platform
The Power of the Platform ENTERPRISE MODULE ADOPTION RETENTION ARR CUSTOMERS RATE IMPACT 38% 81% 1X 16% 92% 2X 11% 90% 3X 35% + 94% 9X 17 | ©2025 Trend Micro Inc. * Constant currency: 1USD= 153.77 yen. Non-GAAP and reference for internal management
Slide 18: Module Growth with Vision One
Module Growth with Vision One 4.9 Avg modules/ Platform Expansion customer 4+ Modules 3 Modules 2 Modules 1 Module 4.9 Modules/customer with Vision One 3.1 Avg modules/ 3.6X ARR* when on Vision One customer 76% Enterprise ARR from 4+ modules Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2
Slide 19: Cyber Risk Exposure Management Module
Cyber Risk Exposure Management Module 4100+ Platform Expansion Modules/customer with 6.4 Cyber Risk Exposure Management Platform Customers on 38% Cyber Risk Exposure Management GA Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 19 | ©2025 Trend Micro Inc.
Slide 20: Enterprise Vision One Expansion (NRR)
Enterprise Vision One Expansion (NRR) Vision One Platform Non-Vision One Perpetual Non-Vision One Subscription 143% 116% 106% 91% 91% 71% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 20 | ©2025 Trend Micro Inc.
Slide 21: Q2-2025 Enterprise Platform Wins
Q2-2025 Enterprise Platform Wins $60K $270K $400K $160K Construction Event Management IT Services Transportation Challenges: Challenges: Challenges: Challenges: • Small team with too • Compliance complexity • Incumbent email • Lack of visibility from many tools impacting operations security missing
Slide 22: Consumer Performance
Consumer Performance Beyond Device Protection Highlights $89M** 12,622 +49% YoY Million Yen* Q2-25 Net Sales @ -10% YoY Q2-2025 $30M** +55% YoY +55% ** Q2-25 Beyond Device sales performance YoY ➚ New processor of record completed; Scam Check growing (+34% downloads) 2021 2022 2023 2024 * GAAP Net Sa
Slide 23: Our 2027 North Star Model
Our 2027 North Star Model $1.7B Enterprise ARR* $400M Consumer ARR* 30% Margin 23 | ©2025 Trend Micro Inc. * At internal company plan rates
Slide 24: Q2-2025 Business Update
Q2-2025 Business Update Kevin Simzer Chief Operating Officer