Cyan Ag · XETR:CYR
Cyan — Investor Presentation (September 2026)
31 slides from Cyan's investor presentation, September 2026
Slide 1: cyan AG Investor Presentation September 2026
cyan AG AI fuels the threat. - AI powers cyan‘s defense. Built to scale. Investor Presentation | September 2026
Slide 2: Agenda
Agenda 1. Introduction 2. Opportunity 3. Product & Technology 4. Company & History 5. Key Financials H1 2026 6. Growth Opportunities 7. Summary
Slide 3: 1. Introduction
1. Introduction
Slide 4: Positioned to benefit from the AI era and the changing geopolitical landscape
Positioned to benefit from the AI era and the changing geopolitical landscape AI is transforming both sides of cybersecurity: attackers scale phishing, impersonation and fraud, while cyan detects emerging threats faster and turns proprietary intelligence into real-time protection. cyan’s network and
Slide 5: An experienced and aligned team
Management & Supervisory Board cyan AG Alexandra Reich Chairwoman of the Supervisory Board An experienced and aligned team Lucas Prunbauer Dep. Chairman of the Supervisory Board Markus Cserna CEO and Co-Founder of cyan Markus Messerer Member of the Supervisory Board
Slide 6: 2. Opportunity
2. Opportunity
Slide 7: AI Is Accelerating the Need for Cybersecurity
AI Is Accelerating the Need for Cybersecurity By changing the scale, speed and economics of attacks 190x faster AI isengineering Social industrializing is thesocial engineering dominant form of attack AI accelerates the creation of convincing phishing attacks Generative AI dramatically reduces the
Slide 8: A Market Supported by Structural Tailwinds
A Market Supported by Structural Tailwinds AI-driven threat escalation Generative AI enables faster, larger-scale and more sophisticated cyberattacks Rising consumer awareness Consumers increasingly seek simple, trusted ways to stay safe online Increasing cybersecurity budgets Cybersecurity remains
Slide 9: 3. Product & Technology
3. Product & Technology ee ———EeoOl'
Slide 10: How cyan Protects End Customers
How cyan Protects End Customers Brand Impersonation - Netflix User receive an email including a link to the fake Netflix login page where they will be at high risk to fall for this sophisticated brand impersonation attempt.
Slide 11: cyan's Network and Device Protection
cyan’s Network and Device Protection One intelligence engine. Two protection layers. Continuous user protection.
Slide 12: Proprietary AI Threat Intelligence Engine
Proprietary AI Threat Intelligence Engine cyan’s AI-powered Threat Intelligence feeds the security filter database behind its products - combining active sourcing, patented methods and self-reinforcing data loops Data Sourcing Models Proprietary data Large Language Models (LLMs) Anonymized custome
Slide 13: Threat Intelligence – Identification Criteria
Threat Intelligence – Identification Criteria On the example of a Philippines banking phishing attack via Fake BTS/IMSI Catcher AI4Image • Identified logo of a known brand Web Crawler • No content on / • No content served from foreign ASNs • Only mobile optimized content AI4Text • Loyalty Points • L
Slide 14: cyan's SaaS Business Model
cyan’s SaaS Business Model Flexible SaaS models with two options for partners Two models. One goal: OPTION 1: Revenue Share OPTION 2: Licensing More value for telcos. More security for end customers cyan’s solutions are offered by partners cyan’s solutions are integrated into the as add-on products.
Slide 15: cyan's Competitive Edge
cyan’s Competitive Edge Proprietary technology, deep threat intelligence and a scalable telco business model create a differentiated and difficult-to-replicate market position 01 02 03 04 Proprietary AI & Built for Telco- Data & Experience Proven Scalability Threat Intelligence Scale Deployment Moat
Slide 16: From Competitive Edge to Recurring Growth
From Competitive Edge to Recurring Growth 1.) High Revenue Visibility ~96% recurring revenue Long-term customer relationships and recurring revenue streams provide a high degree of revenue visibility for cyan 2.) Strong Customer Retention (NRR) >100% Expansion within existing customer relationships
Slide 17: 4. Company & History
4. Company & History ee ———EeoOl'
Slide 18: cyan's Transformation and Growth Milestones
cyan’s Transformation and Growth Milestones Historic timeline of cyan’s cybersecurity segment and operational highlights
Slide 19: Growth in Cybersecurity End Customers & Partners
Growth in Cybersecurity End Customers & Partners In 2025, cyan’s end-customer base grew by 47% and continues to expand Nov. ‘25 Orange (Moldova & Reunion) cyan subscribers Apr. ‘25 Claro Selected partners: in # Mio. (Chile) Jul. ‘25 Orange (Romania) Nov. ‘24 Orange (Belgium) Nov. ‘22 OTE Nov. ‘22 T-
Slide 20: Successful FY2025
Strong Growth in Numbers Full focus on growing the core cybersecurity business Full-Year P&L – Continuing Cybersecurity Successful FY2025 Business (EUR mn.) 2022* 2023 2024 2025 Δ 25-24 Revenue Total 3,80 4,70 7,10 9,20 30% +30% Revenue Growth Operating 5,00 5,50 7,50 10,00 33% Income COGS 0,90 1,30
Slide 21: Roadmap and Outlook 2026
Roadmap and Outlook 2026 Expansion with existing customers and successful launch of new partnerships Sales Partner TMPL contract extension Expansion to mobile broadband, OnDevice & U.S. market entry Platform upgrade with first customer Sales Partner Already done Roadmap 2026 ONATi Orange Caribbean O
Slide 22: 5. Key financials H1 2026
5. Key financials H1 2026 ee ———EeoOl'
Slide 23: Key Business Drivers in H1 2026
Key Business Drivers in H1 2026 Core telco growth remains the foundation, while cyan Guard 360 expands our future growth potential 01 02 03 04 +30% +3 new markets 96 % cyan Guard 360 Growing subscriber New market Strong recurring Building the second base contributions business growth engine + 30%
Slide 24: Key Financial Drivers in H1 2026
Key Financial Drivers in H1 2026 Revenue growth combined with continued investment in scaling the business 01 REVENUE 02 EBITDA 03 OPERATING CASH 04 FINANCIAL FLOW POSITION €4.9m €0.2m €–0.4m 89.5% +11% YoY remains positive H1 2025: €1.3m equity ratio Subscriber growth and Planned investments in
Slide 25: 6. Growth Opportunities
6. Growth Opportunities ee ———EeoOl'
Slide 26: cyan's Growth Strategy: Expanding the Core and Beyond
cyan’s Growth Strategy: Expanding the Core and Beyond Growth opportunities based on cyan’s core technology Enter Adjacent Verticals Expand into high-value segments such as insurance, banking and e-commerce cyan Guard Scale cyan Guard 360 Scale distribution through MSPs and service providers Ex
Slide 27: cyan Guard 360: Phishing & Malware Protection for SMEs
cyan Guard 360: Phishing & Malware Protection for SMEs Commercial rollout underway / first customers live Rationale Building a new • 68% of SMEs in Germany were targets of business line in a cybercrime in the last year large, underserved market • 71% of SMEs agree that cybersecurity solutions are es
Slide 28: cyan Guard App
cyan Guard App Network protection Endpoint protection Partner portal All devices All operating systems Simplicity
Slide 29: 7. Summary
7. Summary
Slide 30: Strong Market Opportunity & Clear Growth Runway
Strong Market Opportunity & Clear Growth Runway Large Market Opportunity Global cybersecurity market is expected to grow > 10% annually with Attractive Dynamics Strong and Loyal Strong and growing number of telco partners with longstanding Customer Base relationships and high retention rates Proprie
Slide 31: Contact
Contact cyan AG Josephspitalstr. 15 80331 Munich Germany ir@cyansecurity.com ir.cyansecurity.com