Investor Presentaiton

W Fortinet Leads Palo Alto Networks and Cybersecurity Peers in Operating Margins GAAP Operating Margin Non-GAAP Operating Margin 27.4% 18.4% 19.5% 26.5% 19.2% 21.7% 15.8% 16.2% 8.8% (4.7%) (6.7%) (6.6%) LTM SBC as a LTM HC % of Revenue Increase (10.6%) FTNT 7% 20% (13.5%) (17.9%) PANW 21% 32% Peer Average 30% 52% Q3'19 II m Q3'20 -FTNT -PANW Peer Average (1) Q3'21 Q3'19 Source: Company filings. O Fortinet, Inc. All Rights Reserved. (1) Peer average is revenue-weighted and is composed of the following companies: Palo Alto Networks, CrowdStrike, Okta, and Zscaler. Note: PANW's fiscal year does not follow the calendar year. Q3'20 -FTNT PANW Peer Average (1) 25.8% 18.0% 13.1% Q3'21 37

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