Slide 1: Q1 2026 Earnings Call
Q1 2026 Earnings Call April 29, 2026
Slide 2: Safe Harbor Statement and Non-GAAP Financial Measures
Safe Harbor Statement and Non-GAAP Financial Measures Forward-Looking Statements This presentation includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions, or projections regarding future events or future results and therefore are, or may be deemed to be,
Slide 3: Safe Harbor Statement and Non-GAAP Financial Measures
Safe Harbor Statement and Non-GAAP Financial Measures Non-GAAP Financial Measures This presentation contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Incom
Slide 4: Agenda
Agenda Business Review Matti Shem Tov Chief Executive Officer Financial Review Jonathan Collins Chief Financial Officer Q&A © 2026 Clarivate. All rights reserved. 4
Slide 5: Business Review
Business Review Matti Shem Tov Chief Executive Officer
Slide 6: Q1 2026 Overview
Q1 2026 Overview Revenues Academia & Government $586M ACV Organic Growth: 1.6% ▲ 40 bps YoY Subscription Organic Growth: 1.7% ▲ 230 bps YoY Organic ACV and subs revenue growth >2% Recurring Organic Growth: 1.0% ▲ 40 bps YoY Accelerated adoption of subscription-based content solutions Adj. EBITDA¹ $2
Slide 7: Value Creation Plan Driving Focus, Growth and Innovation
Value Creation Plan Driving Focus, Growth and Innovation Revenue Sales Product & Agentic AI Portfolio Business Model Optimization Improved Sales Execution Accelerated Innovation Solutions Rationalization Focus on driving core Drive sales execution, Invest in proprietary assets and Assess strategic a
Slide 8: Scaling Subscription Adoption, Strategic Partnerships, and AI-Driven Impact
Scaling Subscription Adoption, Strategic Partnerships, and AI-Driven Impact Academia & Government BUSINESS MODEL OPTIMIZATION Accelerating Adoption of Subscription-Based Content Solutions Drove continued adoption of new ProQuest subscription offerings, with over 600 new subscriptions sold since laun
Slide 9: Driving Business Optimization, National IP Wins, and Product Innovation
Driving Business Optimization, National IP Wins, and Product Innovation Intellectual Property BUSINESS MODEL OPTIMIZATION Increasing Focus on Subscription Organic Growth ~100bps improvement in Q1 renewal rate helping to return ACV organic growth to nearly flat IMPROVED SALES EXECUTION Brand Landscap
Slide 10: Advancing AI Ecosystem Impact and Commercial Momentum
Advancing AI Ecosystem Impact and Commercial Momentum Life Sciences & Healthcare BUSINESS MODEL OPTIMIZATION Advancing Subscription Transition Across Commercial Business Progressing ahead of schedule in the shift to subscriptions, with strong customer feedback and a sales cadence delivering repeatab
Slide 11: Shareholder Value Creation Focus
Shareholder Value Creation Focus Rationalizing Portfolio LS&H Sale Process Announced process in Q1 to pursue sale of the LS&H business Ongoing process with due diligence progressing No guarantee of an agreement; will update as appropriate © 2026 Clarivate. All rights reserved. 11
Slide 12: Scaling AI Enablement, Enhancing Efficiency to Augment FCF Growth
Scaling AI Enablement, Enhancing Efficiency to Augment FCF Growth AI Driven Cost Efficiencies GO-TO-MARKET Embedding AI within sales and customer care to accelerate revenue growth, streamline customer interactions, and increase retention Return to healthy organic TECHNOLOGY growth will augment Deplo
Slide 13: Financial Review
Financial Review Jonathan Collins Chief Financial Officer
Slide 14: Q1 2026 Financial Results
Q1 2026 Financial Results Changes from Prior Year Revenues • Change driven by disposals, $m except per share data Q1 2026 Q1 2025 Change partially offset by organic growth and Fx translation impact Revenues $586 $594 $(8) Operating Expenses 555 615 (60) Net Income / Loss • Improvement over the prior
Slide 15: Q1 2026 Revenues and Adj. EBITDA
Q1 2026 Revenues and Adj. EBITDA1 Changes Changes from Prior fromYear Prior($Year millions) Organic Year + Better - Worse • Accelerated subscription revenue Revenues growth partially offset by re- Adj. EBITDA1 occurring and transactional +$3m headwinds; cost efficiencies led to $594 Subscription ~+6
Slide 16: Q1 2026 Cash Flow
Q1 2026 Cash Flow Changes from Prior Year ($ millions) Free Cash Flow1 • Change from prior year driven Q1 2026 Q1 2025 Change entirely by working capital, largely due to expected incentive Adj. EBITDA1 $241 $233 $8 compensation payments One-Time Costs2 (18) (23) 5 Capital Allocation Interest (40) (3
Slide 17: FY 2026 Guidance Reaffirmed
FY 2026 Guidance Reaffirmed Mid Point4 vs. PY ACV Organic ~2½% 2% 3% +70 bps Growth ACV Organic Growth • Expect continued acceleration as Recurring ~1½% momentum from Value Creation Plan ¾% 2¼% +90 bps continues Organic Growth2 Recurring Organic Growth ~$2,360m Revenues $2,300m $2,420m (4)% • Subscr
Slide 18: FY 2026 Revenues and Adj. EBITDA Outlook
FY 2026 Revenues and Adj. EBITDA1 Outlook Changes from Prior Year ($ millions) Organic Year + Better - Worse • Recurring revenue growth partially Revenues offset by modest transactional ~$25 Adj. EBITDA1 decline $2,455 • Strong profit flow-through driven by disciplined cost management ~$10 ~$2,360 I
Slide 19: FY 2026 Quarterly Phasing
FY 2026 Quarterly Phasing Revenue, Organic ACV Growth, Organic Recurring Revenue Growth and Adj. EBITDA % Revenue 660 • Less seasonality this year due to 640 increased recurring revenue mix 4.00% 620 due to the disposals 600 580 Organic ACV 3.00% 560 • Expect acceleration through the 540 balance of
Slide 20: FY 2026 Cash Flow Outlook
FY 2026 Cash Flow Outlook Changes from Prior Year ($ millions) Free Cash Flow 1 • Expecting ~10% growth from lower one-time costs, interest, and 2026 Outlook 2025 Actuals Change capital spending driven by Adj. EBITDA1 ~$1,010 $1,002 ~$5 efficiencies to be partially offset by One-Time Costs2 ~(40) (6
Slide 21: Focusing Capital Allocation to Deleverage via Mid-Term Debt Maturities
Focusing Capital Allocation to Deleverage via Mid-Term Debt Maturities Debt Maturity Profile ($ millions) Debt Maturity Profile • Favorable runway with no near- term debt maturities 775 2,499 2028 and 2029 Notes 900 900 • Like the last three years, expect to 2026 2027 2028 2029 2030 2031 generate at
Slide 22: Q&A Session
Q&A Session
Slide 23: Appendix: Presentation of Certain Non-GAAP Financial Measures
Appendix Presentation of Certain Non-GAAP Financial Measures
Slide 24: Presentation of Certain Non-GAAP Financial Measures
Presentation of Certain Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin Adjusted EBITDA represents net income (loss) before the provision (benefit) for income taxes, depreciation and amortization, and interest expense, net, adjusted to exclude share-based compensation, impairm
Slide 25: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Net income (loss) to Adjusted EBITDA and Adjusted EBITDA margin $m Q1 ‘26 Q1 ’25 Net income (loss) $(40.2) $(103.9) Provision (benefit) for income taxes 11.4 18.8 Depreciation and amortization 184.0 185.4 Interest expense, net 59.0 64.3 Share-based compe
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Net income (loss) and Net income (loss) per share to Adjusted net income and Adjusted diluted EPS Q1 ‘26 Q1 ‘25 $m except per share data Amount Per Share Amount Per Share Net income (loss) and Diluted EPS $(40.2) $(0.06) $(103.9) $(0.15) Amortization rel
Slide 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Net cash provided by operating activities to Free cash flow $m Q1 ‘26 Q1 ‘25 Net cash provided by operating activities $134.7 $171.2 Capital expenditures (55.8) (60.9) Free cash flow $78.9 $110.3 © 2026 Clarivate. All rights reserved. 27
Slide 28: Reconciliation of Non-GAAP Financial Measures – 2026 Outlook
Reconciliation of Non-GAAP Financial Measures – 2026 Outlook Net income (loss) to Adjusted EBITDA and Adjusted EBITDA margin Year Ending December 31, 2026 Year Ended (Forecasted) December 31, $m Low High 2025 Net income (loss) $(189) $(124) $(201.1) Provision (benefit) for income taxes 43 48 7.2 Dep
Slide 29: Reconciliation of Non-GAAP Financial Measures – 2026 Outlook
Reconciliation of Non-GAAP Financial Measures – 2026 Outlook Net income (loss) per fully diluted weighted shares outstanding to Adjusted diluted EPS Year Ending December 31, 2026 (Forecasted) $m Low High Net income (loss) per share $(0.29) $(0.19) Amortization related to acquired intangible assets 0
Slide 30: Reconciliation of Non-GAAP Financial Measures – 2026 Outlook
Reconciliation of Non-GAAP Financial Measures – 2026 Outlook Net cash provided by operating activities to Free cash flow Year Ending December 31, 2026 Year Ended (Forecasted) December 31, $m Low High 2025 Net cash provided by operating activities $615 $685 $628.5 Capital expenditures (250) (250) (26
Slide 31: About Clarivate
About Clarivate © 2026 Clarivate Clarivate is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in Clarivate and its logo, as well as all other the areas of Academia & Government, Intellectual Property and L