Slide 1: Investor Presentation
Investor Presentation October 2025
Slide 2: Safe Harbor
Safe Harbor This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forwar
Slide 3: This is Radware
This is Radware Radware’s Core Business The Hawks’ Business Application Infrastructure Application SkyHawk Protection of application hosted Delivery and and DDoS and API in the public cloud Performance Protection Protection ↗ CSPM ↗ Alteon w/GEL ↗ Cloud DDoS Protection ↗ Cloud Application ↗ CIEM ↗ L
Slide 4: Challenges to Maintaining Application Security
Challenges to Maintaining Application Security Key Drivers for CISOs in 2025 1 2 3 4 Shifting New Hybrid Cloud Cybersecurity Threat Regulatory Deployments Staff & Skills Landscape Requirements Expand Shortages Leveraging new tools New, stricter Hybrid-cloud reality Organizations cannot & GenAI to at
Slide 5: Challenges to Maintaining Application Security
Challenges to Maintaining Application Security Key Drivers for CISOs in 2025 1 2 3 4 Shifting Threat Landscape Leveraging new tools & GenAI to attack applications 5
Slide 6: Shifting Threat Landscape
Shifting Threat Landscape 1 +120% 61% +265% Average growth in DDoS attack Increase in bad bot transactions Increase in mitigation Web DDoS volume (2024 vs. 2023) per (H1 2024 vs. H2 2023) attacks (H1 2024 vs. H2 2023) customer Attacks increase in frequency, size & complexity across all attack vector
Slide 7: What is Fueling the Shifting Threat Landscape?
What is Fueling the Shifting Threat Landscape? AI-Powered Revolution Attackers’ “Community” Growing Attack Tools Attackers’ Evolving Motivations Shifting 7
Slide 8: Shifting Attack Motivations of Hacktivist Groups
Attackers’ Motivations Shifting Shifting Attack Motivations of Hacktivist Groups Politically Motivated Religiously Motivated Financially Motivated NoName057, Anonymous Sudan, Mysterious SKYNET/GODZILLA, Killnet cluster, Anonymous Team Bangladesh, DragonForce InfraShutdown, Stressers, ATO Russia, Pas
Slide 9: Shifting Attack Motivations of Hacktivist Groups
Attackers’ Motivations Shifting Shifting Attack Motivations of Hacktivist Groups Politically Motivated Religiously Motivated Financially Motivated DDoS & Botnet for hire Canadian PM Credit Agricole (JUN 23) (JUN 23) UPS Cloudflare Attackers offering full marketplace (APR/JUN/SEP 23) (Nov ’23) 9
Slide 10: All-in-One Modern Attack Tools on Github
Attack Tools Evolving All-in-One Modern Attack Tools on Github DDoS attack vectors Bot attack vectors Web application exploits Attackers don’t distinguish between WAF, DDoS, Bot attack vectors Built-in bypass again common defenses Need an integrated platform to overcome all-in-one attack tools 10
Slide 11: Attackers Use AI to Create Autonomous Attacks
AI-Powered Revolution Attackers Use AI to Create Autonomous Attacks Research shows how LLM Agents can autonomously exploit one-day vulnerabilities* GenAI tools used by attackers * [2404.08144] LLM Agents can Autonomously Exploit One-day New AI-based CAPTCHA Vulnerabilities (arxiv.org) solving tool F
Slide 12: Challenges to Maintaining Application Security
Challenges to Maintaining Application Security Key Drivers for CISOs in 2025 1 2 3 4 New Regulatory Requirements New, stricter regulations on cyber- security incidents 12
Slide 13: New Regulatory Requirements
New Regulatory Requirements 2 “Registrants must disclose New & updated requirements: EU-wide legal framework for any cybersecurity incident • WAF requirements mandating cybersecurity they experience that is • Positive security protection measures determined to be material […] • API protection within
Slide 14: Challenges to Maintaining Application Security
Challenges to Maintaining Application Security Key Drivers for CISOs in 2025 1 2 3 4 Hybrid Cloud Deployments Expand Hybrid-cloud reality creates many entry points 14
Slide 15: Hybrid Cloud Deployments Expand
Hybrid Cloud Deployments Expand 3 Most Organizations Today Run Hybrid Multi Cloud Environments 55% Of organizations run three or 73% Still maintain their on-prem 46% Use on-prem, private cloud more environments hardware data centers and public cloud all at once Need consistent protections across div
Slide 16: Challenges to Maintaining Application Security
Challenges to Maintaining Application Security Key Drivers for CISOs in 2025 1 2 3 4 Cybersecurity Staff & Skills Shortages Organizations cannot rely on their internal resources only 16
Slide 17: Organizations Face Cybersecurity Staff, Skill Shortages
Organizations Face Cybersecurity Staff, Skill Shortages 4 67% Face shortages in security 4.9M Estimated open global 90% Have one or more skill gaps on staff or skills cybersecurity roles their cybersecurity teams Need for automated protections and expert managed services 17 Source: ISC2 Cybersecurit
Slide 18: What is Needed to Stay Ahead?
What is Needed to Intelligent Integrated Consistent Expert Stay Ahead? Security Platform Protections Defense powered by correlating across all with 24/7 AI-based across wide environments security Radware. algorithms array of and entry experts by threats points your side Only way to drive lower MTTR,
Slide 19: What is Needed to Stay Ahead?
What is INTELLIGENT INTEGRATED Needed to SECURITY PLATFORM Stay Ahead? A I - POWERED Protecting Your Radware. Applications & Infrastructure AI- POWERED CONSISTENT EXPERT PROTECTIONS DEFENSE 19
Slide 20: Radware Cloud Application Protection
BAD BOTS Radware 360 WEB ATTACKS BOT Cloud WAF MANAGER POWERED Application A I - ATO Protection API ABUSE API PROTECTION PROTECTION ACCOUNT TAKEOVER Mobile & Web Applications APIs WEB DDOS CLIENT SIDE SUPPLY CHAIN AI-BASED PROTECTION PROTECTION ATTACKS ATTACKS AI- Truly exceptional POWERED protectio
Slide 21: Introducing Radware EPIC-AI
Introducing Radware EPIC-AI End-to-end Powerful Integrated Cybersecurity AI Platform AI-powered intelligence and GenAI algorithms infused across Radware’s cloud security platform 21
Slide 22: Protection with Radware EPIC-AI
360 Protection with Radware EPIC-AI AI-empowered managed services AI-Driven SecOps enablement SOC Compliance, analytics & integrations Threat intelligence insights & preemptive protection feeds Cross-Platform Cross-module AI-based correlation AI Reasoning LOWER MTTR Continuous AI-powered policy tuni
Slide 23: Real World AI-Powered Protection Where It Matters Most
Real World AI-Powered Protection Where It Matters Most Radware is the only vendor in this Accelerate SOC analysis to earn a top score on the AI-led human-empowered AI enhanced vulnerability operations & SOC to quickly identify root detection criterion reduce MTTR cause & resolve incidents Block mali
Slide 24: The Radware Difference Powered by EPIC-AI
The Radware Difference Powered by EPIC-AI AI-Driven EXPERT DEFENSE SOC AI-enabled SOC & managed services Cross-Platform INTEGRATED PLATFORM AI Reasoning LOWER MTTR AI-based correlation & data-driven feeds RT Cloud INTELLIGENT SECURITY Protection AI-powered Web DDoS, DNS, Bot & API protection Engines
Slide 25: Give Your Apps the Most Precise, Hands-Free Protection
INTELLIGENT INTEGRATED SECURITY PLATFORM POWERED Give Your Apps the A I - Most Precise, Hands-Free, Real-Time Protection AI- POWERED CONSISTENT EXPERT PROTECTIONS DEFENSE 25
Slide 26: Global Cloud Services Network
Global Cloud Services Network Dual local PoP for reduced latency and regulations compliance 24 Worldwide SCRUBBING CENTERS 15 Tbps OF GLOBAL MITIGATION CAPACITY DDoS MITIGATION SCRUBBING CENTER CLOUD APPLICATION PROTECTION PoP 50+Global CLOUD SECURITY SERVICE CENTERS 26
Slide 27: Industry Analysts Recognition
Industry Analysts Recognition SPARK MatrixTM :Bot Q3 2025 SPARK MatrixTM :WAF Q3 2025 SPARK MatrixTM :DDoS 2024 THE LEADER THE LEADER THE LEADER Web Application Firewalls & API 2025 OVERALL & INNOVATION LEADER IDC MarketScape: WAAP 2024 Apps & API Security 2024 The Forrester Wave: WAF Q1 25 Grid Rep
Slide 28: ESG: Establishing a Clean, Ethical and Human Future
ESG: Establishing a Clean, Ethical and Human Future Sustainalytics EcoVadis 28
Slide 29: Financial Overview
3° radware Financial Overview
Slide 30: Q3 2025 Highlights
Q3 2025 Highlights Revenue Gross Diluted Cloud ARR Total ARR $75 million $89 million Margin* EPS* $240 million 82.2% $0.28 +8% YoY +24% YoY -10bp +8% YoY +22% YoY YoY * Gross margin and EPS are non-GAAP 30
Slide 31: Total ARR Driven by Cloud ARR
Total ARR Driven by Cloud ARR TOTAL ARR CLOUD ARR $240M $89M +7% $224M $204M $195M +24% $72M $185M $169M $63M $50M $42M $31M Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 * Total ARR includes the annualized value of booked orders for services, subscr
Slide 32: Q3 2025 Financial Data
Q3 2025 Financial Data Revenue Gross Margin (Non-GAAP) Operating Expenses Diluted Earnings Per +8% (Non-GAAP) Share (Non-GAAP) -10bp $75,311M $69,488M 82.3% 82.2% +5% +22% $50.0M $52.3M $0.28 $0.23 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 32
Slide 33: Revenue Geography Breakdown ($M)
Revenue Geography Breakdown ($M) APAC APAC $16.6M, -5% YoY $17.1, +3% YoY 24% 23% AMERICAS 40% $27.7M, +11% YoY AMERICAS 47% $35.4M, +28% YoY Q3 2024 Q3 2025 30% 36% EMEA EMEA $22.8M, -10% YoY $25.2M, +30% YoY 33
Slide 34: Cash Generation
Cash Generation OCF FCF CapEx Buyback Cash & Equivalents $15M $13M $87M Deposits $2M $0M $0M $455 -$1M -$1M -$1M -$2M $276M Million $91M -$3M -$4M -$6M -$6M -$10M -$11M Marketable Securities -$21M Q3 2022 Q3 2023 Q3 2024 Q3 2025 * Numbers are rounded 34
Slide 35: Thank you!
? 7 Le o r . A se Thank you “** radware