N-Able (NABL) investor relations material

Executive summary

• Q3 revenue was $137.5M, up 4.9% YoY reported and 4.6% constant currency; ARR reached $553.1M, up 4.7%.

• Adjusted EBITDA was $43.6M at a 31.7% margin; revenue and adjusted EBITDA exceeded guidance.

• Channel-led platform serves over 500,000 businesses and 12M+ IT assets, spanning endpoint management, security operations and data protection.

Financial highlights

• Subscription revenue was $136.3M, up 5.0% YoY reported and 4.7% constant currency; it represented 99.2% of Q3 revenue.

• GAAP net loss was $4.4M, or $0.02 per diluted share, versus net income of $0.9M; non-GAAP net income was $22.9M, or $0.12 per diluted share.

• GAAP operating income was $15.4M versus $10.9M a year earlier; non-GAAP operating income was $36.8M versus $33.7M.

• Nine-month revenue was $408.0M, up 7.5%; adjusted EBITDA was $118.9M at a 29.1% margin.

• Q3 unlevered free cash flow was $30.3M versus $22.6M; nine-month unlevered free cash flow was $75.0M versus $72.8M.

Outlook and guidance

• FY26 ARR guidance is $558M–$560M, growth of 3%–4% reported and 5% constant currency.

• FY26 revenue guidance is $541M–$542M, growth of 6%–7% reported and 5% constant currency; adjusted EBITDA guidance is $158.5M–$159.5M at ~29% margin.

• Q4 revenue guidance is $133M–$134M, growth of 3%–4% reported and 4%–5% constant currency; adjusted EBITDA guidance is $39.6M–$40.6M at ~30% margin.

• FY26 unlevered free cash flow guidance is $116M–$118M; guidance assumes FX rates of 1.11 on the euro and 1.33 on the pound.

• Planned investment targets product innovation, go-to-market and agentic AI; forward non-GAAP outlook excludes specified items, and GAAP reconciliation was unavailable without unreasonable effort.