Investor Presentation
October 2025
This is Radware
Radware's Core Business
The Hawks' Business
Application Delivery and Performance
↗ Alteon w/GEL
↗ Load Balance as-a-Service
↗ DNS as-a-service
↗ CDN
↗ Cloud Network Analytics
Infrastructure and DDoS Protection
↗ Cloud DDoS Protection Service
↗ DefensePro X
↗ Web DDoS Protection
↗ DNS DDoS Protection
↗ Firewall as-a-service
↗ Cyber Controller
Cloud Application Protection Kubernetes WAAP
SkyHawk
Protection of application hosted
in the public cloud
↗ CSPM
↗ CIEM
↗ Threat Detection
↗ Cross Cloud Visibility
EdgeHawk
Protection of carrier's Edge
(WAF & API protection)
Alteon Integrated WAF
3
Challenges to Maintaining Application Security
Key Drivers for CISOs in 2025
2
New
Regulatory Requirements
New, stricter
regulations on cybersecurity incidents
3
Hybrid Cloud
Deployments Expand
Hybrid-cloud reality
creates many entry points
4
Cybersecurity
Staff & Skills Shortages
Organizations cannot
rely on their internal resources only
1
Shifting
Threat Landscape
Leveraging new tools
& GenAI to attack applications
4
Challenges to Maintaining Application Security
Key Drivers for CISOs in 2025
2
3
4
1
Shifting
Threat Landscape
Leveraging new tools
& GenAI to attack applications
5
1
Shifting Threat Landscape
+120%
Average growth in DDoS attack volume (2024 vs. 2023) per customer
61%
Increase in bad bot transactions (H1 2024 vs. H2 2023)
+265%
Increase in mitigation Web DDoS attacks (H1 2024 vs. H2 2023)
Attacks increase in frequency, size & complexity across all attack vectors
Source: Radware Threat Landscape Report 2024
6
What is Fueling the Shifting Threat Landscape?
AI-Powered Revolution
Attackers' "Community" Growing
Attackers'
Motivations Shifting
Attack Tools Evolving
7
Attackers' Motivations Shifting
Shifting Attack Motivations of Hacktivist Groups
Politically Motivated
Religiously Motivated
Financially Motivated
NoName057, Killnet cluster, Anonymous Russia, Passion Group, etc.Anonymous Sudan, Mysterious Team Bangladesh, DragonForce Malaysia, etc.
SKYNET/GODZILLA,
InfraShutdown, Stressers, ATO & Crypto-stealing services, etc.
8
Attackers' Motivations Shifting
Shifting Attack Motivations of Hacktivist Groups
Politically Motivated
Religiously Motivated
Financially Motivated
UPS
(APR/JUN/SEP 23)
Cloudflare
(Nov '23)
DDoS & Botnet for hire
Attackers offering full marketplace
Canadian PM
(JUN 23)
Credit Agricole
(JUN 23)
9
Attack Tools
Evolving
All-in-One Modern Attack Tools on Github
DDoS attack
vectors
Bot attack vectors
Web
application exploits
Built-in
bypass again common defenses
Attackers don't distinguish between
WAF, DDoS, Bot attack vectors
Need an integrated platform to overcome
all-in-one attack tools
10
AI-Powered Revolution
Attackers Use AI to Create Autonomous Attacks
New AI-based CAPTCHA
solving tool
GenAI tools used by attackers
Research shows how LLM Agents can autonomously exploit one-day vulnerabilities*
* [2404.08144] LLM Agents can Autonomously Exploit One-day Vulnerabilities (arxiv.org)
Fight AI with AI: Need AI-Powered Intelligent Security
11
Challenges to Maintaining Application Security
Key Drivers for CISOs in 2025
2
New
Regulatory Requirements
New, stricter
regulations on cybersecurity incidents
3
4
1
12
2
New Regulatory Requirements
"Registrants must disclose any cybersecurity incident they experience that is determined to be material […] within 4 business days"
New & updated requirements:
WAF requirements
Positive security
API protection
Client-side security
EU-wide legal framework for mandating cybersecurity protection measures
Need an integrated platform to ensure full compliance
13
Challenges to Maintaining Application Security
Key Drivers for CISOs in 2025
2
3
Hybrid Cloud
Deployments Expand
Hybrid-cloud reality
creates many entry points
4
1
14
3
Hybrid Cloud Deployments Expand
Most Organizations Today Run Hybrid Multi Cloud Environments
55%
Of organizations run three or more environments
73%
Still maintain their on-prem hardware data centers
46%
Use on-prem, private cloud
and public cloud all at once
Need consistent protections across diverse environments
Source: Radware Application Security in a Multi-Cloud World 2023
Challenges to Maintaining Application Security
Key Drivers for CISOs in 2025
2
3
4
Cybersecurity
Staff & Skills Shortages
Organizations cannot
rely on their internal resources only
1
16
4
Organizations Face Cybersecurity Staff, Skill Shortages
67%
Face shortages in security
staff or skills
4.9M
Estimated open global
cybersecurity roles
90%
Have one or more skill gaps on
their cybersecurity teams
Need for automated protections and expert managed services
Source: ISC2 Cybersecurity Workforce Study, 2023
What is Needed to Stay Ahead?
Radware.
Intelligent Security | Integrated Platform | Consistent Protections | Expert Defense | |
powered by AI-based algorithms | correlating across wide array of threats | across all environments and entry points | with 24/7 security experts by your side |
Only way to drive lower MTTR, save costs & protect your brand
18
What is Needed to Stay Ahead?
INTELLIGENT
SECURITY
INTEGRATED
PLATFORM
Radware.
Protecting Your Applications & Infrastructure
CONSISTENT
PROTECTIONS
EXPERT
DEFENSE
19
Radware 360 Cloud Application Protection
API ABUSE
WEB ATTACKS
PROTECTION
API
WAF
BOT
MANAGER
BAD BOTS
PROTECTION
ATO
ACCOUNT
TAKEOVER
Mobile & Web Applications APIs
Truly exceptional protection for web apps & APIs
AI-BASED ATTACKS
WEB DDOS PROTECTION
DDOS PROTECTION
THREAT INTELLIGENCE
CLIENT SIDE PROTECTION
SUPPLY CHAIN ATTACKS
Radware Customer, Telecommunications
DDOS ATTACKS
KNOWN BAD ACTORS
20
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
360 Protection with Radware EPIC-AI
AI-Driven
SOC
AI-empowered managed services SecOps enablement
Compliance, analytics & integrations
LOWER MTTR
Cross-Platform AI ReasoningRT Cloud
Threat intelligence insights & preemptive protection feeds Cross-module AI-based correlation
Continuous AI-powered policy tuning & recommendations
Protection Engines
DDOS PROTECTION
WEB DDOS PROTECTION
WAF
API PROTECTION
BOT MANAGER
ATO PROTECTION
CLIENT SIDE
PROTECTION
Enforcement Points
22
Real World AI-Powered Protection Where It Matters Most
Accelerate SOC operations & reduce MTTR
AI-led human-empowered SOC to quickly identify root cause & resolve incidents
Block malicious sources across the platform
Surgically block Web DDoS Tsunami Attacks
Preemptive protection with AI-driven 'Source Blocking' algorithms
AI-powered Web DDoS protection with real-time signature creation
23
The Radware Difference Powered by EPIC-AI
AI-Driven
SOC
EXPERT DEFENSE
AI-enabled SOC & managed servicesLOWER MTTR
Cross-Platform AI ReasoningRT Cloud Protection Engines
Enforcement Points
INTEGRATED PLATFORMAI-based correlation & data-driven feeds
INTELLIGENT SECURITY
AI-powered Web DDoS, DNS, Bot & API protection
CONSISTENT PROTECTIONS
Across Radware & 3rdparty services
24
Give Your Apps the Most Precise, Hands-Free,
Real-Time Protection
INTELLIGENT
SECURITY
CONSISTENT
PROTECTIONS
INTEGRATED
PLATFORM
EXPERT
DEFENSE
25
Global Cloud Services Network
Dual local PoP for reduced latency and regulations compliance
24
SCRUBBING CENTERS
Worldwide
DDoS MITIGATION SCRUBBING CENTER CLOUD APPLICATION PROTECTION PoP
TbpsOF GLOBAL
15
MITIGATION CAPACITY
50
+Global
CLOUD SECURITY SERVICE CENTERS
26
Industry Analysts Recognition
SPARK MatrixTM:Bot Q3 2025
THE LEADER
SPARK MatrixTM:WAF Q3 2025
THE LEADER
SPARK MatrixTM:DDoS 2024
THE LEADER
Web Application Firewalls & API 2025
OVERALL & INNOVATION LEADER
IDC MarketScape: WAAP 2024
MAJOR PLAYER
Apps & API Security 2024
THE LEADER
The Forrester Wave: WAF Q1 25
STRONG PERFORMER
Grid Report: WAF Q2 25
LEADER
27
Sustainalytics
28
ESG: Establishing a Clean, Ethical and Human Future
Financial Overview
Q3 2025 Highlights
Cloud ARR
$89 million
+24%YoY
Gross
Margin*
82.2%
-10bp
YoY
Diluted
EPS*
$0.28
+22%YoY
Total ARR
$240 million
+8%YoY
Revenue
$75 million
+8%YoY
* Gross margin and EPS are
non-GAAP
30
Total ARR Driven by Cloud ARR
TOTAL ARR CLOUD ARR
$169M
$185M
+7%
$204M
$195M
$240M
$89M
+24%
$72M
$63M
$50M
$42M
$31M
$224M
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, subscription licenses and maintenance contracts that are in effect at the end of a reporting period
Numbers are rounded
31
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Disclaimer
Radware Ltd. published this content on October 29, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 29, 2025 at 13:15 UTC.
