Key Takes from Zenith Live '26

Research evidence excerpt

Key Takes from Zenith Live '26

USA | Applications Software

Zscaler EquityJuneResearch11, 2026

COMPANY UPDATEKey Takes from Zenith Live '26

We attended ZS' Zenith Live '26 in Las Vegas this week. Announcements RATING BUY

focused on AI Security and the new Agentic Ops product, although it remains PRICE $124.73^

very early (built on Red Canary/Avalor; no financial updates). Overall, channel PRICE TARGET | % TO PT $200.00 | +60%

and customer sentiment was positive, with SASE/Zero Trust seen as must-have 52W HIGH-LOW $336.99 - $114.63

and Data Security seeing incremental momentum. ZS continues to be a leading FLOAT (%) | ADV MM (USD) 63.4% | 728.49

solution in the enterprise space, along with PANW. Maintain Buy; PT $200. MARKET CAP $20.6B

TICKER ZS

Positive Channel Checks. Our checks were positive with several channel partners seeing healthy ^Prior trading day's closing price unless otherwise noted.

demand for SASE and Data Security. Demand for the core ZIA & ZPA remains robust, while Data

Security is seeing traction with multi-million dollar deals with existing customers (we view this as

uptick in momentum; reinforces durability of the >30% yoy growth at $500M+ in ARR highlighted on FY (Jul) CHANGE TO JEFe JEF vs CONS

F3Q call). While the new AI Security capabilities resonated with customers who are eager for more 2026 2027 2026 2027

visibility into employee usage of AI, our conversations confirmed that securing AI is more of a 2H REV NA NA NM -2%

of CY26 and CY27 story. Lastly, we heard of traction for Zero Trust Device Segmentation (formerly EPS NA NA +3% -3%

Airgap) from partners, which ZS' CEO & CIO also highlighted in the keynote.

2026 ($) Q1A Q2A Q3A Q4 FY

Competitive Dynamics Stable. Based on our conversations at the conference, ZS continues to be