Second Quarter 2027 Conference Call Presentation

Financial Results Conference Call

Published November 5, 2026

COPYRIGHT © 2026 NETSCOUT SYSTEMS, INC. |

NETSCOUT PUBLIC

Scott Dressel, Vice President Corporate Finance

Anil Singhal, President & Chief Executive Officer

Tony Piazza, Executive Vice President & Chief Financial Officer

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NETSCOUT PUBLIC

This presentation contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Examples of forward-looking statements include statements regarding our future financial performance or position, liquidity, results of operations, business strategy, plans and objectives of management for future operations, and other statements that are not historical fact. You can identify forward-looking statements by their use of forward-looking words such as "may," "will," "anticipate," "expect," "believe," "estimate," "intend," "plan," "should," "seek," or other comparable terms. Investors are cautioned that such forward-looking statements in this presentation include, without limitation, statements regarding NETSCOUT continuing to execute on its strategy to drive revenue growth, margin expansion, and solid free cash flow; NETSCOUT's expectations regarding AI-related market opportunities and its ability to expand within its installed base, capture new opportunities and drive long-term growth; NETSCOUT's financial outlook and expectations; NETSCOUT's strategic objectives, plans, commitments, aspirations and goals. Actual results could differ materially from those indicated in the forward-looking statements due to known and unknown risks, uncertainties, assumptions, and other factors, including macroeconomic factors and slowdowns or downturns in economic conditions generally and in the market for advanced networks, service assurance and cybersecurity solutions specifically; the volatile foreign exchange environment; the Company's relationships with strategic partners and resellers; dependence upon broad-based acceptance of the Company's network performance management solutions; the presence of competitors with greater financial resources than the Company has, and their strategic response to the Company's products; the Company's ability to retain key executives and employees; potential lower than expected demand for the Company's products and services; and the Company's ability to recognize the expected gain from its acquisition of the assets of DigiCert, Inc.'s DDoS protection business. The risks included above are not exhaustive. For a more detailed description of the risk factors associated with the Company, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's filings with the Securities and Exchange Commission, including but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q. Any forward-looking information in this presentation is as of the date of this presentation, and NETSCOUT undertakes no obligation to update such information unless required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. NETSCOUT's financial guidance is based on estimates and assumptions that are subject to significant uncertainties.

To supplement the financial measures presented in NETSCOUT's presentation in accordance with accounting principles generally accepted in the United States (GAAP), NETSCOUT also reports the following non-GAAP measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per diluted share, adjusted EBITDA, and free cash flow. Non-GAAP gross profit removes expenses related to the amortization of acquired intangible assets and share-based compensation expense from gross profit (GAAP). Non-GAAP gross margin is non-GAAP gross profit expressed as a percentage of revenue. Non-GAAP income from operations includes the aforementioned adjustments related to non-GAAP gross profit and also removes executive transition costs, and restructuring charges from income from operations (GAAP). Non-GAAP operating margin is non-GAAP income from operations expressed as a percentage of revenue. Non-GAAP net income includes the foregoing adjustments related to non-GAAP income from operations and also removes the income tax effects of such adjustments from net income (GAAP). Non-GAAP net income per diluted share is non-GAAP net income divided by total outstanding shares on a diluted basis. Adjusted EBITDA includes the aforementioned adjustments related to non-GAAP net income and also removes interest and other expense, income tax expense, and depreciation and amortization from net income (GAAP). Beginning in the third quarter of fiscal year 2026, we have renamed non-GAAP EBITDA from operations to adjusted EBITDA. Free cash flow removes cash outlays for fixed and intangible assets, as well as capitalized software, from operating cash flow. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures included in the attached tables within this presentation. Beginning with the three months ended September 30, 2026, we revised our definitions of non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income, and adjusted EBITDA to no longer adjust for acquisition-related depreciation expense, as such amounts are not currently material. We may adjust for acquisition-related depreciation expense in future periods if such amounts become material. The change does not impact our financial position, cash flows, or GAAP consolidated results of operations. Prior-period non-GAAP financial measures presented have been recast to conform to the current presentation.

These non-GAAP measures are not prepared in accordance with GAAP, should not be considered an alternative for measures prepared in accordance with GAAP (gross profit, income from operations, operating margin, net income, and net income per diluted share), and may have limitations because they do not reflect all NETSCOUT's results of operations as determined in accordance with GAAP. These non-GAAP measures should only be used to evaluate NETSCOUT's results of operations in conjunction with the corresponding GAAP measures. The presentation of non-GAAP information is not meant to be considered superior to, in isolation from, or as a substitute for results prepared in accordance with GAAP. NETSCOUT believes these non-GAAP financial measures will enhance the reader's overall understanding of NETSCOUT's current financial performance and NETSCOUT's prospects for the future by providing a higher degree of transparency for certain financial measures and providing a level of disclosure that helps investors understand how the Company plans and measures its own business. NETSCOUT believes that providing these non-GAAP measures affords investors a view of NETSCOUT's operating results that may be more easily compared to peer companies and also enables investors to consider NETSCOUT's operating results on both a GAAP and non-GAAP basis during and following the integration period of NETSCOUT's acquisitions. Presenting the GAAP measures on their own, without the supplemental non-GAAP disclosures, might not be indicative of NETSCOUT's core operating results. Furthermore, NETSCOUT believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures provides useful information to management and investors regarding present and future business trends relating to its financial condition and results of operations.

NETSCOUT management regularly uses supplemental non-GAAP financial measures internally to understand, manage and evaluate its business and to make operating decisions. These non-GAAP measures are among the primary factors that management uses in planning and forecasting.

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Total Revenue

(GAAP)

Q2

$222.2M

+1.4% Y/Y

1H

$432.6M

+6.6% Y/Y

Gross Margin

(Non-GAAP)

Q2

80.9%

-0.5pts Y/Y

1H

80.8%

+0.6pts Y/Y

Operating Margin

(Non-GAAP)

Q2

28.3%

+1.8pts Y/Y

1H

24.6%

+3.7pts Y/Y

Diluted EPS

(Non-GAAP)

Q2

$0.71

+14.5% Y/Y

1H

$1.23

+29.5% Y/Y

Note: Revenue is a GAAP measure. All other amounts are non-GAAP measures. See the slide entitled "Non-GAAP Financial Metrics" near the beginning of this presentation for a description of the non-GAAP financial measures and the appendix for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.

Service A e

ssuranc

Cybersecurity

Product Line Performance

Market Insights

Customer Wins

In fiscal 2028, Service Assurance will be renamed Network Observability

Solid first half; Focused on profitable growth, free cash flow and shareholder value

Reaffirming FY'27

Outlook

Meaningful long-term opportunities in Network Observability, AIOps, Cybersecurity and DDoS Attack Protection

COPYRIGHT © 2026 NETSCOUT SYSTEMS, INC. | NETSCOUT PUBLIC 9

Note: Revenue is a GAAP measure. All other amounts are non-GAAP measures. See the slide entitled "Non-GAAP Financial Metrics" near the beginning of this presentation for a description of the non-GAAP financial measures and to the appendix for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures. Figures in charts and tables may not total due to rounding.

Product Lines & Customer Verticals

Revenue by Product Line

$405.8 $432.6

1H FY'26 1H FY'27

Service Assurance Cybersecurity

Total

+6.6%

Cyber

+3.8%

SA

+8.2%

Revenue by Customer Vertical

$405.8 $432.6

$160.5 40%

$164.9 38%

1H FY'26 1H FY'27

Service Provider Enterprise

Total

+6.6%

ENT

+9.1%

SP

+2.8%

Note: In $M except % data. Revenue is a GAAP measure. Figures in charts and tables may not total due to rounding.

UNITED STATES INTERNATIONAL EUROPE ASIA REST OF WORLD

Note: In $M except % data. Revenue is a GAAP measure. Figures in charts and tables may not total due to rounding.

$M Non-GAAP Free Cash Flow Reconciliation to GAAP

Operating Cash Flow

Purchase of Fixed & Intangible Assets & Capitalized Software

Non-GAAP Free Cash Flow

Note: See the slide entitled "Non-GAAP Financial Metrics" near the beginning of this presentation for a description of the non-GAAP financial measures and to the appendix for information regarding the Financial Profile and Free Cash Flow calculations and for the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures. Figures in charts and tables may not total due to rounding.

See the slide entitled "Non-GAAP Financial Metrics" near the beginning of this presentation for a description of the non-GAAP finance measures and the appendix for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.

Other FY'27 Outlook Assumptions

• Anticipate annual tax rate of approximately 20%

• Anticipate approximately 74 to 75 million weighted average diluted shares outstanding

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* Figures in charts and tables may not total due to rounding.

Note: Revenue is a GAAP financial measure. All other amounts are non-GAAP financial measures. See the slide entitled "Non-GAAP Financial Metrics" near the beginning of this presentation for a description of the non-GAAP finance measures and the additional slides in the appendix for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. Figures in charts and tables may not total due to rounding.

Q2

Ending 9/30

2026

2025

1H

Ending 9/30

2026

2025

Q1

Ended 6/30

$Thousands (except EPS)

2026

$ 210,423

$ 165,933

3,117

642

169,692

80.6%

$ 14,477

6.9%

17,965

11,252

25

-

$ 43,719

20.8%

$ 21,835

17,965

11,252

25

- (12,517)

$ 38,560

$ 0.29

$ 0.23

$ 0.52

74,597

Note: See the slide entitled "Non-GAAP Financial Metrics" near the beginning of this presentation for a description of the non-GAAP financial measures. Figures in charts and tables may not total due to rounding.

$

403

5,310

3,296

270

$

11,252

-

$ (12,517)

-

10,610

$ 372

$ 17,965

6,242

2,714

$Thousands (except EPS)

$ (12,517)

Note: See the slide entitled "Non-GAAP Financial Metrics" near the beginning of this presentation for a description of the non-GAAP financial measures. Figures in charts and tables may not

$M (except EPS)

FY'27

$885 to $915

GAAP revenue

FY'27

Business development & integration expenses include acquisition-related depreciation expense.

Net income per share (diluted) equates to earnings per share (EPS) described elsewhere in this presentation.

Note: please see the slide entitled "Non-GAAP Financial Metrics" near the beginning of this presentation for a description of the non-GAAP financial measures. Figures may not foot due to rounding.

• Cash and securities defined as cash, cash equivalents, short- and long-term marketable securities, and investments.

• The Company's adjusted EBITDA as calculated in its press release may differ from the 12-month trailing consolidated EBITDA as defined within the Company's Third Amended and Restated Credit Agreement.

• Liquidity calculated as available credit under the Company's Third Amended and Restated Credit Agreement plus cash and securities.

Note: See the slide entitled "Non-GAAP Financial Metrics" near the beginning of this presentation for a description of the non-GAAP financial measures. Figures in charts and tables may not total due to rounding.

COPYRIGHT © 2026 NETSCOUT SYSTEMS, INC. | 23