Slide 1: Q4 2025 Highlights & Supplemental Information
Q4 2025 Highlights & Supplemental Information February 25, 2026 Investor Relations Aadam Anwar investors@taboola.com
Slide 2: Forward-Looking Statements - Disclaimer
Forward-Looking Statements - Disclaimer Certain statements in this presentation are forward-looking statements, including our Q1 2026 and full-year 2026 guidance and our expectations for Realize, our new performance advertising platform. Forward-looking statements generally relate to future events i
Slide 3: Today's Presenters
Today’s Presenters Adam Singolda Stephen Walker Founder & CEO CFO ● Founded Taboola in 2007; Has led the ● Joined Taboola in 2014 when the Company Company as its CEO ever since acquired Perfect Market, which Steve founded ● Previously: Israeli National Security Agency ● Previously: ● Graduated first
Slide 4: Business & Financial Highlights
Business & Financial Highlights 4
Slide 5: Q4 2025 Actuals Vs Guidance
Q4 2025 Actuals Vs Guidance Q4 2025 Actuals Q4 2025 Guidance Revenues $522.3M $532 to $542M (+6% YoY) Gross profit $175.6M $166 to $171M (-1% YoY) ex-TAC Gross Profit1 $212.8M $204 to $210M (+0% YoY) Adj. EBITDA1 $86.1M $83 to $85M (-7% YoY) 1. Non-GAAP measures, see appendix for reconciliation to G
Slide 6: Full Year 2025 Actuals Vs Guidance
Full Year 2025 Actuals Vs Guidance FY 2025 Actuals FY 2025 Guidance Revenues $1,912M $1,914 to $1,932M (+8% YoY) Gross profit $569.5M $550 to $564M (+7% YoY) ex-TAC Gross Profit1 $713.5M $700 to $710M (+7% YoY) Adj. EBITDA1 $215.5M $209 to $214M (+7% YoY) 1. Non-GAAP measures, see appendix for recon
Slide 7: Revenue Growth Driven by Scaled Advertisers & Spend
Revenue Growth Driven by Scaled Advertisers & Spend #of Scaled Adv Q4 2025 Highlights ● Revenue from Scaled Advertisers accounted for ~84% of Total Revenue 1 ● Scaled Advertisers grew ~3% YoY to 2,157 ● Average Revenue Per Scaled Advertiser grew ~2% to ~$204K Revenue Per Scaled Advertiser ● Growth p
Slide 8: Guidance Summary
Guidance Summary Q1 2026 Guidance (3) FY 2026 Guidance (3) $444 to $462M $1,993 to $2,054M Revenues (+6% YoY) (+6% YoY) Gross profit $119 to $125M $601 to $621M (+3% YoY) (+7% YoY) $158 to $164M $753 to $774M ex-TAC Gross Profit1 (+6% YoY) (+7% YoY) $20 to $26M $222 to $236M Adj. EBITDA1 (+1% YoY) (
Slide 9: Q1 2026 and 2026 Full Year Guidance: Supplemental Information
Q1 2026 and 2026 Full Year Guidance: Supplemental Information Split Guidance ($ in millions) First Half Second Half FY 2026 Revenues ~46% ~54% $1,993 to $2,054 ex-TAC Gross Profit ~45% ~55% $753 to $774 Adjusted EBITDA ~32% ~68% $222 to $236 Quarterly percentages are estimated quarterly percentages
Slide 10: Additional Modeling Assumptions
Additional Modeling Assumptions • Interest payments: ~$6M in 2026 (vs $7M in • CapEx (includes investments in property and 2025 associated with $100.5M RCF related to equipment, leasehold improvements and the Connexity acquisition). capitalized software): $45M in 2025 and $47M estimated in 2026. • S
Slide 11: Appendix
Appendix 11
Slide 12: Revenue Model Drives High Incremental Margins
Revenue Model Drives High Incremental Margins Engagement Number of Frequency of Depth of (Page views / ad impressions) unique users engagement engagement x Yield Depth / breadth AI technology Quality of data (RPM / CPM) of advertisers (ability to target) = ● Revenue paid by Advertisers, before traff
Slide 13: Our Model In A Nutshell
Our Model In Model components: Sample inputs / financials: Illustrative Taboola economics: Revenues(1) $909 $1.00 (100%) A Nutshell Traffic Acq Cost (Value to publishers) - ($627) ($0.69) = ex-TAC Gross Profit(2) $282 $0.31 - Cost of Revenues ($48) ($0.05) = Gross profit $234 $0.26 - R&D ($73) ($0.0
Slide 14: Historical Revenues & ex-TAC Gross Profit
Historical Revenues & ex-TAC Gross Profit1 (Reported Basis) Revenues ex-TAC Gross Profit YoY Growth 9% 16% 2% 3% 23% 8% YoY Growth 29% 36% 10% -6% 25% 7 4% 1. Non-GAAP measure, see appendix for reconciliation to GAAP 14
Slide 15: Historical ex-TAC Gross Profit & Adjusted EBITDA
Historical ex-TAC Gross Profit & Adjusted EBITDA1 (Reported Basis) ex-TAC Gross Profit Adjusted EBITDA YoY Growth 29% 36% 10% -6% 25% 7% 4 YoY Growth 212% 69% -13% -37% 104% 74% 2019A 2020A 2021A 2022A 2023A 2024A 2025A 1. Non-GAAP measure, see appendix for reconciliation to GAAP 15
Slide 16: Selected GAAP And Non-GAAP Metrics
Selected GAAP And Non-GAAP Metrics ($ in millions, FYE) 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A Revenues 909 1,094 1,189 1,378 1,401 1,440 1,766 1,912 % YoY Growth 20.0% 20.3% 8.7% 15.9% 1.7% 2.8% 22.7% 8.3% Gross Profit 234 232 319 441 464 426 534 570 % YoY Growth 31.1% -0.9% 37.5% 38.2% 5.
Slide 17: Historical FY Actuals & FY 2026 Guidance
Historical FY Actuals & FY 2026 Guidance Actual Actual Actual Actual Actual Guidance ($ in millions) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 YoY% Revenues 1,378 1,401 1,440 1,766 1,912 $1,993 to $2,054 6% Gross Profit 441 464 426 534 570 $601 to $621 7% ex-TAC Gross Profit¹ 519 570 536 667 7
Slide 18: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ in millions) 2019A 2020A 2021A 2022A 2023A 2024A 2025A Net income (loss) (28.0) 8.5 (24.9) (12.0) (82.0) (3.8) 42.3 Adjustments: Financial expenses (income), net 3.4 2.7 (11.3) (9.2) 12.8 12.0 11.3 Tax expenses 5.0 14.9 23.0 7.5 5.5 17.7 (9.5) Depreciation and amort
Slide 19: Quarterly Results: Adjusted EBITDA Reconciliation
Quarterly Results: Adjusted EBITDA Reconciliation ($ in millions) FY 2023 Q1-24A Q2-24A Q3-24A Q4-24A FY 2024 Q1-25A Q2-25A Q3-25A Q4-25A FY 2025 Net income (loss) (82.0) (26.2) (4.3) (6.4) 33.1 (3.8) (8.7) (4.3) 5.2 50.1 42.3 Adjustments: Financials expenses (income),net 12.8 3.6 (1.0) 1.1 8.2 11.9
Slide 20: Ratio Of Adjusted EBITDA To ex-TAC Gross Profit Reconciliation
Ratio Of Adjusted EBITDA To ex-TAC Gross Profit Reconciliation ($ in millions) 2019A 2020A 2021A 2022A 2023A 2024A 2025A Gross Profit 232 319 441 464 426 534 570 Net Income (loss) (28) 8 (25) (12) (82) (4) 42 Ratio of Net income (loss) to -12% 3% -6% -3% -19% -1% Gross profit 7% ex-TAC Gross Profit
Slide 21: ex-TAC Gross Profit Margin Reconciliation
ex-TAC Gross Profit Margin Reconciliation ($ in millions) 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A Revenues 552 758 909 1,094 1,189 1,378 1,401 1,440 1,766 1,912 Gross Profit 101 179 234 232 319 441 464 426 534 569 Gross Profit Margin 18% 24% 26% 121% 27% 32% 33% 30% 30% 30% Reven
Slide 22: Historical Adj. Gross Profit Margin Reconciliation
Historical Adj. Gross Profit Margin Reconciliation ($ in millions) 2019A 2020A 2021A 2022A 2023A 2024A 2025A Revenues 1,094 1,189 1,378 1,401 1,440 1,766 1,912 Traffic Acquisition Cost (TAC) (798) (807) (859) (832) 904 (1,102) (1,215) Amortization of non-cash based 0 0 0 0 0 3 16 Commercial agreemen
Slide 23: Historical Free Cash Flow Reconciliation
Historical Free Cash Flow Reconciliation ($ in millions) 2020A 2021A 2022A 2023A Q1-24A Q2-24A Q3-24A Q4-24A 2024A Q1-25A Q2-25A Q3-25A Q4-25A 2025A Net cash from operating $139 $64 $53 $84 $32 $38 $50 $62 $184 $48 $47 $53 $60 $208 activities¹ Net cash used in the following -$18 -$39 -$35 -$32 -$5 -
Slide 24: Supplemental Cash Flow Information
Supplemental Cash Flow Information 2020A 2021A 2022A 2023A 2024A Q1-25A Q2-25A Q3-25A Q4-25A 2025A Free Cash Flow 121.3 24.5 18.6 52.2 149.2 36.1 34.2 46.3 47.0 163.5 Add back: Cash investment in publisher (4.5) 7.3 15.3 (19.6) (22.5) (5.3) (1.8) (3.0) (2.9) (13.0) prepayments (net)¹ Cash interest e
Slide 25: Non-GAAP Net Income Reconciliation
Non-GAAP Net Income Reconciliation ($ in millions) 2021A 2022A 2023A 2024A Q1-25A Q2-25A Q3-25A Q4-25A 2025A Net income (loss) (24.9) (12.0) (82.0) (3.8) (8.8) (4.3) 5.2 50.1 42.3 Adjustments: Amortization of acquired 23.0 63.6 63.9 65.1 17.8 17.8 17.0 15.2 67.8 intangibles Share-based compensation
Slide 26: Example Of Publisher Prepayments
Example Of Publisher Prepayments $3,000 50% 5 $6,000 Assumptions: Prepayment ($M) Revenue Share Year Term Annual Revenue ($M) Accrual Accounting Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Revenue $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 Traffic Acquisition cost (TAC): Rev Share $3,000 $3,000 $3,000
Slide 27: Consolidated Balance Sheet
Consolidated Balance Sheet As of Dec 31, As of Dec 31, As of Dec 31, As of Dec 31, As of Dec 31, ($ in millions) As of Dec 31, 2021 2020 2022 2023 2024 2025 Cash, cash equivalents, short-term deposits and 243 319 263 183 231 121 investments Total Assets 580 1,598 1,530 1,708 1,719 1,589 Total Liabil
Slide 28: Q1 2026 and 2026 Full Year Guidance: ex-TAC Gross Profit Reconciliation
Q1 2026 and 2026 Full Year Guidance: ex-TAC Gross Profit Reconciliation Guidance Guidance ($ in millions) Q1-26 FY 2026 Revenues $444 to $462 $1,993 to $2,054 Traffic Acquisition Cost (TAC) ($290 - $302) ($1,223 - $1,263) Other Cost of Revenues ($35 - $35) ($135 - $136) Gross Profit $119 to $125 $60
Slide 29: Non-GAAP Financial Measures Note Regarding Adjusted EBITDA Guidance
Non-GAAP Financial Measures This Presentation includes ex-TAC Gross Profit, Adjusted EBITDA, Ratio of Adjusted EBITDA to ex-TAC Gross Profit, Free Cash Flow and Non-GAAP Net Income (Loss), which are non-GAAP financial measures. These non-GAAP financial measures are not measures of financial performa
Slide 30: Thank You
TabOela Thank You