Radware Ltd.

Ladies and gentlemen, thank you for standing by. Our call will begin shortly. Ladies and gentlemen, thank you for standing by and welcome to Redware's second quarter 2026 earnings call. Our prepared remarks today will be followed by a question and answer session, at which time if you wish to ask a question, you will need to either raise your hand using your mobile or desktop application or press star 9 on your telephone keypad and wait for your name to be announced. I must advise you that today's call is being recorded. I would now like to hand over the call to our first speaker, Yisca Erez, Head of Investor Relations. Yisca, please go ahead.

Thank you, Denise. Good morning, everyone, and welcome to Radware's second quarter 2026 earnings conference call. Joining me today are Roy Zisapel, President and Chief Executive Officer, and Guy Avidan, Chief Financial Officer. A copy of today's press release and financial statements as well as the investor kit for the second quarter are available in the investor relations section of our website. During today's call, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. These forward-looking statements are subject to various risks and uncertainties. and actual results could differ materially from Radwar's current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to, impact from changing or severe global economic conditions, general business conditions and our ability to address changes in our industry, changes in demand for products, The timing in the amount of orders and other risks detailed from time to time in Radware's filing. We refer you to the documents the company files and furnishes from time to time with the SEC, specifically the company's last annual report on Form 20F as filed on March 13, 2026. We undertake no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date of such statement is made. I will now turn the call to Roy Zisapel.

Thank you Yisca and thank you all for joining us today. We delivered another strong quarter, achieving record revenue while continuing to execute against our strategic priorities. Revenue grew 11% year-over-year to a record of 82 million, representing our seventh quarter of double-digit growth over the last two years. These results reflect the continued strength of our business model and the growing demand for our cloud security, which remains the largest contributor to our recurring revenue growth. During the second quarter, Cloud ARR exceeded $100 million. reflecting continued demand for our cloud security services, strong execution within our MSSP channel, and increasing traction for our new API security solutions. That traction is evident in the growing number of customer wins, POCs, and pipeline opportunities we see for API security following its launch earlier this year. API security also highlights the value customers see in our broadening cloud security platform as they increasingly look to consolidate application, API, and infrastructure protection with one trusted security partner. As a result, more customers are adopting the full Radwe platform, leveraging more cloud security services from our comprehensive, fully integrated, AI-powered solutions. Just a couple of recent API security wins among many we had this quarter with two leading financial service providers in Asia Pacific, which selected our solution to protect business-critical applications, processing a combined 250 million API calls per month. In both cases, other was chosen due to the strength of our API discovery, runtime protection, and bot management capabilities. These wins highlight how existing customers are expanding their business with us by adding API security to their hardware cloud security platform deploy. Beyond the continued strength in our cloud security platform, our on-prem security solution, Defense Pro X, delivered another strong quarter. The ongoing refresh cycle continues to provide meaningful opportunities as customers upgrade aging infrastructure and strengthen resilience against increasingly sophisticated DDoS attacks. In addition, we continue to attract new customers who value the performance, scalability, and protection capabilities of the Defense Pro X platform. We recently enhanced our on-prem platform with the introduction of cloud augmented protection capabilities. that combine AI-powered cloud intelligence with the speed, privacy and operational control of on-prem deployments. These enhancements take our on-prem security devices to the next level. We believe this significantly strengthens our value proposition for customers operating hybrid environments and further differentiates our offering in the market. Unlike traditional on-prem security vendors, rather combines the intelligence of its global cloud security platform, API and AI security capabilities to help protect on-prem workloads, giving customers a unique blend of cloud-scale intelligence and on-prem enforcement. A nice example among many of Defense Pro X wins we secured during the quarter was a seven-digit deal with a global leader in business and financial information. As part of a worldwide refresh of its DDoS protection infrastructure, the customers selected DefenseProX for deployment across the US, UK, and Japan, along with multi-year application protection and network protection subscriptions. The cybersecurity market continues to evolve rapidly. Organizations are facing greater application complexity, expanding API ecosystems, increasingly sophisticated attacks leveraging AI attack tools, and growing pressure to secure environments and new AI infrastructure. Our innovation engine and investments are completely aligned with these trends, which we believe will only strengthen in the coming quarters. For example, in recent weeks, we see the acceleration of vulnerability discovery and exploitation driven by emerging capabilities of frontier AI models. Historically, organizations often had weeks or even months before vulnerability disclosure and widespread exploitation. Today, that window is shrinking rapidly. During the quarter, the industry closely followed examples such as Anthropic Mythos, which demonstrated how AI can accelerate vulnerability discovery and actual exploitation. In fact, a recent RADO survey showed that AI-driven vulnerability discovery is now among the top concerns for security professionals. As AI tools accelerate the pace and sophistication of attacks, security teams are struggling to keep up. With thousands of new critical vulnerabilities, rapidly shrinking window between disclosure and exploitation, and the need to patch applications at a significantly higher pace and scale that is often risky and unrealistic, it's clear that current vulnerability and patch management processes are broken. This is exactly the challenge our latest product announced, the Exploit Shield, was designed to address. As the first to market solution, Exploit Shield automatically creates a tailored protection shield for each application based on the vulnerabilities found by the Frontier model or other security scanners. helping organizations reduce risk and maintain business continuity while the software vulnerabilities are assessed and remediated. As AI continues to accelerate the threat landscape, we believe demand for this type of protection will continue to grow across both existing and new customers. Simply put, Exploit Shield gives organizations the critical time they need to fix their vulnerabilities while remaining protected. From a go-to-market perspective, North America remains a major strategic focus and an important source of growth. The investments we made in the region translate into stronger execution. Revenue in the Americas grew 24% during the second quarter and represented 45% of total revenue. We also saw encouraging results in Asia Pacific during the quarter and are beginning to see positive returns from our go-to-market investments. In summary, we delivered a record quarter with double digit growth, reflecting the steady execution of our strategy. Our innovation engine is operating at full strength, as demonstrated by the recently introduced API security, AI protection, and now the exploit shield solution, and is driving incremental demand for our cloud security platform. We remain focused on scaling our cloud security business Expanding adoption of our security platform and strengthening our partner ecosystem. We are confident that continued execution of this strategy will drive further growth and long-term shareholder value. With that, I'll turn the call over to Guy.