Investor Presentaiton

Software-Like Gross Margins Drives Strong Operating Performance m W Gross Margin Operating Margin 2021E Margins Impacted by Acquisitions and a Revenue Mix Shift of ~215 bps Towards Product vs. 2020 78.9% 77.6% 77.0% 78.0% 76.1% 76.6% 26.9% 26.0% 24.8% 22.5% 20.5% 16.2% 13.1% 75.0% 2018 2019 2020 2021E(1) 2018 2019 2020 2021E (2) -GAAP -Non-GAAP GAAP -Non-GAAP (2) (1) Based on the midpoint of 2021 guidance provided on November 4, 2021. (2) © Fortinet, Inc. All Rights Reserved. Non-GAAP gross margin and non-GAAP operating margin are non-GAAP financial measures. See Appendix for reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures. 36 36

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