Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation August 6, 2026
Slide 2: Safe Harbor
SAFE HARBOR This presentation contains forward-looking statements regarding our future business expectations, including but not limited to our guidance relating to our revenue, adjusted EBITDA, and adjusted EBITDA margin for the third quarter of 2026 and capex for the full year 2026, our expectation
Slide 3: Q2 2026 Financial Highlights: Leading AI-powered ad tech company
Q2 2026 FINANCIAL HIGHLIGHTS W H AT W E D O YOY REVENUE NET LOSS ▪ GROWTH M AR G I N PubMatic is the leading AI-powered 11% (1)% ad tech company delivering digital DIVERSIFIED BUSINESS AD J U S T E D E B I T D A M AR G I N C T V, m o b i l e a p p , a n d advertising emerging revenue performance ~60
Slide 4: Leading the AI Transformation of Open Internet Advertising
LEADING THE AI TRANSFORMATION OF OPEN INTERNET ADVERTISING 80+ I n t e g r a t e d AI p l a t f o r m d e l i v e r s performance with measurable results AGENTICOS C AM PA I G N S S I N C E J A N U A R Y, I N C L U D I N G ALL 5 GLOBAL H O L D I N G C O M PA N I E S Ag e n t i c O S e l i m i n a t
Slide 5: AgenticOS Outperformed Incumbent DSP in Head-to-Head Test
AGENTICOS OUTPERFORMED INCUMBENT DSP IN HEAD-TO-HEAD TEST 2X+ Impressions per dollar of ad spend 53% More efficient CPM vs incumbent DSP MOVE BEYOND TRADITIONAL P R O G R A M M AT I C W I T H 54% Higher video completion rate AGENTIC MEDIA BUYING DAYS NOT To deliver retargeting at scale MONTHS 5
Slide 6: AI-Native Buying Delivers Consistent, Measurable Results on PubMatic
AI-NATIVE BUYING DELIVERS CONSISTENT, MEASURABLE RESULTS ON PUBMATIC + + +25% +23% V I E W A B L E C O M P L E T I O N R AT E IMPRESSIONS V S I N D U S T R Y AV E R A G E V S TAR G E T 80% 18% REDUCTION IN DECREASE IN CPMs C AM PAI G N S E T U P T I M E V S TAR G E T 6
Slide 7: Competitive advantages fuel ad performance
AG E N T I C O S 20+ AI agents for media buyers and sellers ▪ AC T I V AT E Directly connects demand and supply in a single Competitive environment INTELLIGENCE advantages Proprietary bidstream data + over 300 data and commerce media partners + consumer signals fuel ad performance AI - N AT I V E I
Slide 8: Decision Fabric: Decisioning Closest to Supply Unlocks Better Outcomes
D E C I S I O N FAB R I C : D E C I S I O N I N G C L O S E S T T O S U P P LY U N L O C K S B E T T E R O U T C O M E S BUYER MODELS INCREASED P U B M AT I C C O N TA I N E R I Z E D INTELLIGENCE ADVERTISER D I R E C T LY O N P U B M AT I C PERFORMANCE Partners deploy their PubMatic and Auctions ru
Slide 9: New offerings, expanded marketplaces and performance solutions drive new categories
PERFORMANCE SOLUTIONS DRIVE NEW CATEGORIES OF ADVERTISERS AND BUDGETS ▪ New offerings, expanded marketplaces and Delivered 5X return on Launched Creator emerging ad channels ad spend for DTC Marketplace drive incremental brand Rouge Care Therapy C R E AT O R - L E D V I D E O opportunities IS 26% OF
Slide 10: Growth in Live Sports Marketplace
GROWTH IN LIVE SPORTS MARKETPLACE Q2 activity in Live Real-time content Sports more than intelligence at point doubled YOY of auction 10
Slide 11: AI is changing how media is bought and sold in the open internet
Delivering better customer outcomes ▪ AI is changing how Prior investments fueling media is bought and accelerated, profitable growth sold in the open internet. More buyers, publishers and data create a compounding intelligence advantage PubMatic is leading this transformation Expanding into new adv
Slide 12: Financial Highlights
Financial Highlights ▪
Slide 13: Returned to double-digit growth ahead of schedule
Q2 2026 FINANCIAL HIGHLIGHTS T O TA L R E V E N U E ▪ REVENUE GAAP NET LOSS Returned to $78.6M $(1.2)M double-digit 11 % Y O Y G R O W T H (1)% MARGIN growth ahead AD J U S T E D C AS H F L O W F R O M of schedule EBITDA1 O P E R AT I O N S 2 $19.6M $20.2M 25% M AR G I N 36% YOY GROWTH 1 Adjusted EB
Slide 14: Strong Revenue Growth Across Omnichannel Platform
S T R O N G R E V E N U E G R O W T H A C R O S S O M N I C H A N N E L P L AT F O R M 12% ~100% DISPLAY 40%+ EMERGING YOY GROWTH 25% MOBILE APP YOY GROWTH REVENUES YOY GROWTH CTV AMERICAS YOY GROWTH 14
Slide 15: Owned and Operated Infrastructure Is a Competitive and Financial Advantage
O W N E D A N D O P E R AT E D I N F R A S T R U C T U R E I S A C O M P E T I T I V E A N D F I N A N C I A L A D VA N TA G E Q2 QoQ GROWTH Pla t f or m in n o va t io n e n a b lin g n ew h ig h va lu e o f f e rings 4% MONETIZED IMPRESSIONS A I in f r a str u ctu re s u p p o r ts b o t h r e ve
Slide 16: GAAP Operating Expenses: AI Efficiencies Unlock Investment for Growth
G A A P O P E R AT I N G E X P E N S E S : AI EFFICIENCIES UNLOCK INVESTMENT FOR GROWTH DISCIPLINED O P E R AT I N G S T R AT E G Y ▪ AI automation unlocking productivity and efficiencies across business functions ▪ Drives re-allocation of resources and increased investment in Sales ▪ Sales team inc
Slide 17: Long Term Focus on Cash Generation
L O N G T E R M F O C U S O N C A S H G E N E R AT I O N USES OF CASH ▪ Investments for $449M $246M secular growth ▪ Share repurchases NET CASH FROM FREE CASH FLOW 1 O P E R AT I N G A C T I V I T I E S Q1 2021 – Q2 2026 ▪ Potential M&A Q1 2021 – Q2 2026 1 Free Cash Flow is a non-GAAP measure. A rec
Slide 18: Capital Allocation
C A P I TA L A L L O C AT I O N C A S H & M A R K E TA B L E SECURITIES $211M 15.5M $138M CASH USED FOR CLASS A COMMON REPURCHASES1 SHARES Q2 2026 REPURCHASED1 NO DEBT FEB 2023 TO JUN 2026 FEB 2023 TO JUN 2026 1 As of June 30, 2026, fully diluted weighted average shares outstanding of 49,809,156. 18
Slide 19: Q3 2026 Guidance
19 Q3 2026 GUIDANCE Q3 2026 Low High Revenue $75 $77 Ye a r o v e r Ye a r G r o w t h % 10% 13% Ad j u s t e d E B I T D A $17 $19 Ad j u s t e d E B I T D A M a r g i n 23% 25% Note: Numbers rounded for presentation purposes Full year 2026 capex outlook: $20 million - $25 million Although we provi
Slide 20: Multi-Faceted Strategy Transforms Business
20 M U LT I - FA C E T E D S T R AT E G Y T R A N S F O R M S B U S I N E S S 1 High value formats & channels to accelerate revenue growth in 2H 2 DSP diversification on track 3 Agentic advertising provides incremental tailw ind for grow th 4 Generating AI efficiencies that fuel disciplined investme
Slide 21: Appendix
Appendix 21
Slide 22: Non-GAAP Reconciliation – Adjusted EBITDA & Non-GAAP Net Income (Loss)
N O N - G A A P R E C O N C I L I AT I O N – A D J U S T E D E B I T D A & N O N - G A A P N E T I N C O M E (LOSS) ($ in Thousands) Q2 '26 Q1 '26 Q4 '25 Q3 '25 Q2 '25 Q1 '25 Q4 '24 Q3 '24 Net income (loss) $(1,202) $(12,510) $ 6,684 $(6,452) $(5,208) $(9,486) $13,899 $ (912) Add back (deduct): Stoc
Slide 23: Non-GAAP Reconciliation – Adjusted EBITDA & Non-GAAP Net Income (Loss)
N O N - G A A P R E C O N C I L I AT I O N – A D J U S T E D E B I T D A & N O N - G A A P N E T I N C O M E (LOSS) (in thousands except per share data) Q2 '26 Q1 '26 Q4 '25 Q3 '25 Q2 '25 Q1 '25 Q4 '24 Q3 '24 Net income (loss) $(1,202) $(12,510) $ 6,684 $(6,452) $(5,208) $(9,486) $13,899 $ (912) Sto
Slide 24: Free Cash Flow Reconciliation
F R E E C A S H F L O W R E C O N C I L I AT I O N Three Months Ended June ($ in Millions) Six Months Ended June 30, 30, 2026 2025 2026 2025 Net Cash provided by Operating Activities $20.2 $14.9 $37.5 $30.5 Deduct: Purchases of Property and Equipment (3.0) (1.3) (3.0) (2.8) Capitalized Software Deve