DT - Highlights from Our F1Q27 Pre-Quiet Period Catch Up with Management

Research evidence excerpt

DT - Highlights from Our F1Q27 Pre-Quiet Period Catch Up with Management

Enterprise Software

DYNATRACE, INC. (DT) June 15, 2026

DT - Highlights from Our F1Q27 Pre-Quiet Period Catch Rating:

Up with Management Outperform

Price:

DT hosted a group pre-quiet period call with sell-side analysts where management $41.19

discussed a variety of topics including NNARR seasonality, confidence in FY27 Price Target:

$42guidance, the GTM structure, the AI opportunity, and more. Reach out if you would % Upside:

like a full copy of our notes. 2.0%

Source: FactSet, Wolfe Research

NNARR Seasonality. We were told that there has been no change to what Priced as of 06/15/26

management messaged to investors last quarter. There were a few clarifications

Joshua Tilton, CFA

made around NNARR seasonality, with the key point being that F1H/F2H mix JTilton@wolferesearch.com

comments were meant to mean that F1H seasonality should be a couple points higher (415) 878-6430

View Joshua’s Researchthan historical, think a 44% mix prior going to maybe ~46% this year, not 1H being

View DT Model

more than 2H. View Comp Table

Confidence in the Guidance. Management reiterated confidence in FY27 ARR Alex Zukin

guidance as they enter the first of year of DPS cohorts up for renewal combined with azukin@wolferesearch.com

(415) 878-6420

continued strong consumption growth north of 20%. Logs also continues to grow View Alex’s Research

>100% and management indicated that they believe they can again 2x that business

in FY27. Guidance was framed comparing FY26 incremental NNARR of ~$30M Patrickponeill@wolferesearch.comO'Neill

and the FY27 outlook that implies incremental NNARR of ~$50M of which ~$10M (415) 878-6422

comes from the acquisition of Bindplane. With no material change to productivity,