'I Am the [Agent] Highway' | User Conference Highlights Agentic Differentiation

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'I Am the [Agent] Highway' | User Conference Highlights Agentic Differentiation

C O M PA N Y N O T E

J u n e 9 , 2 0 2 6

Zscaler, Inc. (ZS) Neutral

CONCLUSION PRICE: US$125.84

We attended ZS's annual user conference and investor session, where the central theme TARGET: US$160.00

focused on the agentic security opportunity and the company's positioning as Zero Trust Our base case DCF assumes a terminal EV/

extends beyond users, branches and workloads to autonomous agents. Management FCF multiple of 15x CY30E, discount rate of

emphasized that agents create new challenges around identity, intent, permissions and 16% and fully diluted shares of 158M

data lineage, reinforcing its conviction that its zero trust architecture can become a broader

Rob D. Owenscontrol plane for agentic workflows. While the new agentic products appear aligned Sr. Research Analyst, Piper Sandler & Co.

with customer concerns around AI adoption, in our view the debate remains whether 503 275-8317, rob.owens@psc.com

these innovations can translate into measurable growth acceleration as the AI security Ethan D. Weeks, CFA

opportunity is still early, sales leadership changes are being absorbed and the F'27 Research Analyst, Piper Sandler & Co.

framework remains in focus. 503 275-7797, ethan.weeks@psc.com

Aidan M. Perry

• Architecture conviction carries forward in agentic age. ZS framed its long-standing Research Analyst, Piper Sandler & Co.

503 275-8309, aidan.perry@psc.com zero trust architecture as increasingly important in an agentic environment, where agents

can act autonomously, spawn sub-agents and access sensitive data at machine speed. Changes Previous Current

Management's core argument remains familiar, but the incremental point is that agentic Rating — Neutral