SAIL: Thoughts from SailPoint's 2026 Investor Day

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SAIL: Thoughts from SailPoint's 2026 Investor Day

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

Michael Richards (AVP)

June 16, 2026 (332) 204-5767, michael.richards@rbccm.com

Simran Biswal (AVP)

(646) 618-6894, simran.biswal@rbccm.com SailPoint Rishi Jaluria (Analyst)RESEARCH (415) 633-8798, rishi.jaluria@rbccm.com Thoughts from SailPoint's 2026 Investor Day

Our view: Just one week after SAIL's Q1 earnings, we attended the

company's eventful analyst day, which we come away from feeling

incrementally positive. We believe management did a good job reconciling Outperform

recent bullish commentary on AI tailwinds with what we view is NASDAQ: SAIL; USD 14.09

conservative FY/27 guidance by providing FY/29 and LT targets implying Price Target USD 19.00

accelerating growth as the company looks to not predict an AI inflection Scenario Analysis*

point in the near-term, but demonstrate MT opportunities. We believeEQUITY

SailPoint remains well-positioned in a durable and growing identity security DownsideScenario CurrentPrice TargetPrice ScenarioUpside

market and for the emerging agentic opportunity. Maintain OP rating and

$19 PT. 11.0022% 14.09 19.0035% 22.0056%

Key points: *Implied Total Returns Key Statistics All you need to know. Overall we come away from the event feeling Shares O/S (MM): 579.3 Market Cap (MM): 8,162

optimistic on SailPoint's positioning as an adaptive identity security Dividend: 0.00 Yield: 0.0%

vendor well-positioned via its depth and breadth to capitalize on the Avg. Daily Volume: 4,617,407

emerging agentic opportunity.