SentinelOne Inc at Goldman Sachs Communacopia & Technology Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Gabriela Borges - Goldman Sachs Group Inc - Analyst : <_ALACRA_META_ABSTRACT>So I want to move out from talking about the core competency on endpoint to understanding your strategy with AI and SIEM. And so maybe actually a great place to start is with the Observo acquisition from this morning. So maybe give it to us in one-on-one terms, how does Observo give you something that you didn't have before? And where does it fit in the AI strategy and the next gen SIEM stack? Tomer Weingarten - SentinelOne Inc - Co-Founder, President, Chief Executive Officer, Chairman of the Board Yes. I mean, look, I'll open at the highest level. There is not a single AI or enterprise transformation that can happen today without routing data from one place to the other and typically from a legacy system and into an LLM based system. You want to have the data accessible by AI and for AI. And to do that, you really have to use something that's called the data pipeline. The data pipeline gives you the ability not only to connect to any source of data in the enterprise, but also to manipulate that data to transform it, to sanitize it, to enrich it and make it ready to be fed into LLM based systems. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 8:45PM, S.N - SentinelOne Inc at Goldman Sachs Communacopia & Technology Conference So broadly and outside of security, data pipelines are incredibly important. There's been one legacy in that market, legacy player in that market called Cribl that really had this more kind of structured, code-based data pipeline. But as we're seeing, obviously, to our SIEM motion, the need to migrate data specifically for security from one SIEM to the other, you start realizing all the deficiency points in the current approaches. And what we started doing, I think, it was kind of late March time frame is we started looking, okay. So can we find something that can allow us to move data freely with nonstructured schemas. Something that's really AI-driven, that can maintain connectivity no matter what the connection point is and no matter what the destination point is. Can we find something that can do it as close as it can be to real time? It can manipulate data in real time. Can we find something that has the most connecting capabilities to anything that you have in the enterprise? And we looked at about 11 vendors. And we POC'ed all of them, checked the performance, the security. We just published on our blog, like, I think, an 11 criteria type of -- just our internal evaluation of these solutions. And Observo was clearly just a mile ahead of all of those, and then we started talking to their customers, and we got the sense that, hey, you know what, we always felt like routing the data and the data lake story, like all of that needs to be more holistic. There's really not a lot of credence to just have that component separate and that component separate. If you can bring these two together, then you'll just be able to expedite pretty much every data opportunity that you have because now you're not leaning on a third party. The customer doesn't need to go and find a way to route the data. You could just bring it out of the box, which is what was another incredibly compelling thing with Observo is that it's almost fully self-served. So if you think about some of these SIEM migration projects today, what happens is that even if you win the heart of the customer and you say, "I got a much better SIEM for you." And they decide to move, they need to go about this long-haul project that needs to map out all the data sources, all the dashboards, all the rule sets, all the stuff. Sometimes they bring in SI. It's going to take them months to really fully wholly move. Suddenly with something like Observo, you're talking about an out-of-the-box capability that spins up SaaS, completely DIY and you click through your data sources. It connects and it moves the data and you're done. You can start migrating all the objects within some of these systems. So I sincerely believe the things that are going to be possible with these types of technologies call it, in the next year or two are going to change dramatically the barriers to entry. Once, I think maybe two, three years ago, we talked about like the query language being a barrier to move, right? I think that obviously has been removed, but now you kind of hit all these other bottlenecks and with a robust data pipeline, I mean, you're removing the biggest barrier out there. So for us, owning that. We feel it's a very strategic layer in the enterprise. Again, it spans beyond security, and we would love to keep that offering as something that just allows you to move data even directly into LLM. So take your data from a legacy system, you massage it a bit, enrich it, make it ready, context ready and have an LLM get access to it. I mean that's huge. That's what everybody is trying to do right now. So again, an amazing accelerant and a complement to our data and AI motion, but more generally, a very strategic point for us, a point of insertion for us in any environment. And that to me is kind of the last point on this is we've always, throughout our journey, have been looking for ways to be relevant in any environment. I never liked the it's us or them dynamic, right? I mean a lot of us in cybersecurity, it's like you take my platform, all or nothing, right? I don't subscribe to that stuff. And for me, something like a data pipeline. I mean, it's amazing because you can come in into kind of a Microsoft-dominant environment and still be incredibly relevant. And then you can talk about the rest of the parts on your platform, but just getting that foot in the door, getting a unique capability out there, it's always something that expands your opportunity set. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 8:45PM, S.N - SentinelOne Inc at Goldman Sachs Communacopia & Technology Conference

Question: Gabriela Borges - Goldman Sachs Group Inc - Analyst : And how is it technically better than Cribl or in what ways is it technically better?

Question: Gabriela Borges - Goldman Sachs Group Inc - Analyst : And Barbara, maybe I'll ask you the financial implications question. It seems like there is part one, which is how quickly can you ramp Observo, any commentary on revenue and margin today? And then the second derivative question is, well, what are the implications for your emerging products portfolio and the SIEM piece in particular? Or even the data piece too, it sounds like both those pieces move together? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 8:45PM, S.N - SentinelOne Inc at Goldman Sachs Communacopia & Technology Conference

Question: Gabriela Borges - Goldman Sachs Group Inc - Analyst : Max, over to you?

Question: Gabriela Borges - Goldman Sachs Group Inc - Analyst : So let's have a little bit of a discussion around go to market. And Barbara, I'd love to get your view on this as well. For the longest time, SentinelOne has just had this really solid reputation in core endpoint. And I think it's been a little bit of an evolution to become more a platform company, and now you're at the point where 50% of bookings are coming from emerging solutions. So maybe level REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 8:45PM, S.N - SentinelOne Inc at Goldman Sachs Communacopia & Technology Conference set us, what do you think is working well in the go-to-market and having customers think of you as more of a holistic AI closed loop autonomous solution? And where do you still have more work to do.

Question: Gabriela Borges - Goldman Sachs Group Inc - Analyst : And from a benchmarking standpoint, tell us a little bit more about how you go about that exercise? And what is the -- where are we in terms of -- how long till we get to the benchmark that you want to hit?

Question: Gabriela Borges - Goldman Sachs Group Inc - Analyst : And actually, this is a question for both of you as well. There is a little bit of a question around scale in the security industry. You've got Microsoft talking about $4 billion in security R&D. You've got Palo Alto and CyberArk now combined, will be a bigger company. You've got CrowdStrike that will say that they outspend you on sales and marketing already. So it's a little bit of a question on how do you think about your ability to punch above your weight and deliver the type of net new ARR acceleration that you just put up in 2Q with a smaller OpEx budget. When we know that in security, winning is not just what the technology, you have to say. It's the investment you're making in the technology road map and the go-to-market. So a little bit of a question, how do you think about your relative scale versus some of these bigger competitors?

Question: Gabriela Borges - Goldman Sachs Group Inc - Analyst : Barbara, anything you are at here? I know you've been at companies of all sizes. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 8:45PM, S.N - SentinelOne Inc at Goldman Sachs Communacopia & Technology Conference

Question: Gabriela Borges - Goldman Sachs Group Inc - Analyst : Let's pause for a moment. Questions from the audience. Max, do you want to hit on some of the financials?

Question: Gabriela Borges - Goldman Sachs Group Inc - Analyst : Tomer, I want to end on a technology question. How do you think about the balance between deterministic and nondeterministic in the security operations center, knowing how risk-averse security people are, how do you put enough guardrails and something like Purple. So that it's safe or accepted while also having it be useful?

Question: Gabriela Borges - Goldman Sachs Group Inc - Analyst : A great place to end. Tomer and Barbara, thank you for your time. Please join me in thanking the SentinelOne, Management Team.