ZS: Highlights from Zenith Live and Investor Session

Research evidence excerpt

ZS: Highlights from Zenith Live and Investor Session

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 Zscaler Inc. Rishi Jaluria (Analyst)RESEARCH (415) 633-8798, rishi.jaluria@rbccm.com Highlights from Zenith Live and Investor Session

Our view: We attended Zenith Live and the accompanying investor session

and had an opportunity to hear from management, customers and partners

on the products and strategy. The event centered on how AI was redefining Outperform

cybersecurity and the opportunity for Zero Trust in the AI era. There was NASDAQ: ZS; USD 125.84

no financial update as expected following Q3/26 and minimal incremental Price Target USD 200.00

information overall. From here, we look forward to hosting management Scenario Analysis*

on our July Software Bus Tour.EQUITY Downside Current Price Upside

Scenario Price Target Scenario

Key points:

Expanded opportunity from new AI cyber challenges. Management 101.00 125.84 200.00 235.00 20% 59% 87%

believes the rapid emergence of the AI era is dramatically expanding

Zscaler's addressable opportunity by exposing the inadequacy of *Implied Total Returns Key Statistics traditional cybersecurity defenses. Enterprises are facing an accelerating Shares O/S (MM): 170.2 Market Cap (MM): 21,418

volume of breaches, a lack of policies and controls around AI usage, Dividend: 0.00 Yield: 0.0%

and an inability to patch vulnerabilities fast enough with frontier models Avg. Daily Volume: 5,690,945