FFIV: On the road with management

Research evidence excerpt

FFIV: On the road with management

RBC Capital Markets, LLC

Matthew Hedberg (Head of Global TIMT Research)

(612) 313-1293, matthew.hedberg@rbccm.com

Matthew Swanson (Analyst)

(612) 313-1237, matthew.swanson@rbccm.com

Dan Bergstrom (Analyst)

(612) 313-1254, dan.bergstrom@rbccm.com

Simran Biswal (AVP)

June 9, 2026 (646) 618-6894, simran.biswal@rbccm.com

Michael Richards (AVP)

(332) 204-5767, michael.richards@rbccm.com F5, Inc. Rishi Jaluria (Analyst)RESEARCH (415) 633-8798, rishi.jaluria@rbccm.com On the road with management

Our view: We had the opportunity to market with the CFO and Field CTO

and came away feeling good about our bullish thesis that is underscored

by several idiosyncratic drivers. The main takeaways included 1) we believe Outperform

USD revenue growth through FY/29 could have an upward bias driven by a NASDAQ: FFIV; USD 396.19

"refresh plus" cycle as growth post refresh could prove more durable than Price Target USD 450.00 ↑ 425.00

past cycles, 2) we think the company is early in monetizing AI, and 3) we Scenario Analysis*

see additional F5 security/data sovereignty use cases over time. MaintainEQUITY

OP rating and increase our PT to $450 from $425 on higher conviction. DownsideScenario CurrentPrice TargetPrice ScenarioUpside

Key points: 256.00 396.19 450.00 530.00 35% 14% 34%

We see several durable growth drivers. Following up from the company's

investor day a few weeks ago, we think F5's hybrid multi-cloud opportunity *Implied Total Returns Key Statistics aided by AI and data sovereignty could position the company for durable Shares O/S (MM): 57.6 Market Cap (MM): 22,821

growth post the current refresh cycle. The punchline is that while the Dividend: 0.00 Yield: 0.0%

company recently outlined a path to a HSD revenue CAGR through FY/29, Avg.