Slide 1: Q4 2025 Earnings Call
Q4 2025 Earnings Call February 24, 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 Executive Vice President and 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: Momentum, Focus and Growth
Momentum, Focus and Growth 2025 Results Demonstrate 2026 Outlook Projects Conducted Portfolio Value Creation Plan Delivering Continued Solid Momentum Strategic Review • Delivered our full-year financial • Guiding to ACV, recurring revenue, • Launched process to sell Life guidance with inflecting KPI
Slide 7: Durable Foundation To Drive Scalable Impact In The AI Era
Durable Foundation To Drive Scalable Impact In The AI Era Non-Proprietary Decades of investment into 3% proprietary assets creates an Intelligence Solutions enduring advantage 57% Workflow Solutions 19% Trusted and scaled provider in markets where accuracy and 97% transparency is non-negotiable Inte
Slide 8: Combining Our Proprietary Assets With Cutting Edge Technology To Deliver Amplified Intelligence
Combining Our Proprietary Assets With Cutting Edge Technology To Deliver Amplified Intelligence PROPRIETARY INTELLIGENCE AMPLIFIED BY AI Clarivate AI Research Assistants Billions of Interconnected Conversational, contextual AI driven search and discovery; a Data Points “front door” to our trusted in
Slide 9: 2025 Results Achieved and Exceeded Guidance
2025 Results Achieved and Exceeded Guidance Financial Metric 2025 Original Guidance Ranges4 2025 Actuals ~1.5% Organic ACV 1.0% 2.0% 1.8% ~Flat Recurring Organic Growth2 (1.0)% 1.0% 0.6% ~$2,340m $2,400m Revenues $2,280m $2,455 ~85% Recurring Revenue Mix3 83% 87% 83% 88%5 ~$970m $1,0
Slide 10: 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 11: A&G: Strong Year, Improved Mix, Accelerating Growth
A&G: Strong Year, Improved Mix, Accelerating Growth 2025 Overview AI Innovation Outlook Delivered strong performance Launched 10 AI assistants and AI- Expect continued improvement in achieving organic ACV growth over native agentic solutions in 2025, growth, as AI and product innovation 2%, despite
Slide 12: IP: Disciplined and Focused Execution with a Clear Path to Growth
IP: Disciplined and Focused Execution with a Clear Path to Growth 2025 Overview AI Innovation Outlook Delivered 270 bps YoY improvement Launched 5 AI native products and Expect steady improvement in in re-occurring organic growth, enhancements in 2025 across growth driven by improved reflecting stro
Slide 13: LS&H: Achieved Inflection Point, Advancing AI Innovation, Returning Growth
LS&H: Achieved Inflection Point, Advancing AI Innovation, Returning Growth 2025 Overview AI Innovation Outlook Clear inflection point, reversing 11K global active users leveraging Expect return to organic revenue subscription growth declines across AI research assistants and agentic AI growth in 202
Slide 14: Positive Momentum and Outlook Across Core Financial Metrics
Positive Momentum and Outlook Across Core Financial Metrics Financial Metric 2026E¹ YoY Growth Organic Annual Contract Value Growth ~2.5% ~70 bps Recurring Organic Growth2 ~1.5% ~90 bps Free Cash Flow3 ~$400M ~$35M []| ~10% 1 Midpoint of FY2026 guidance range. 2 Subscription + Re-occurring order typ
Slide 15: Positive Momentum and Outlook Across Core Financial Metrics
Positive Momentum and Outlook Across Core Financial Metrics Financial Metric 2026E¹ YoY Growth Organic Annual Contract Value Growth ~2.5% ~70 bps Recurring Organic Growth2 ~1.5% ~90 bps Free Cash Flow3 ~$400M ~$35M []| ~10% 1 Midpoint of FY2026 guidance range. 2 Subscription + Re-occurring order typ
Slide 16: Financial Review
Financial Review Jonathan Collins Chief Financial Officer
Slide 17: Q4 and FY 2025 Financial Results
Q4 and FY 2025 Financial Results Changes from Prior Year Revenues $m except per share data Q4 ‘25 Q4 ‘24 Change FY ‘25 FY ‘24 Change • Q4 and FY change driven by inorganic disposals and Revenues $617 $663 $(46) $2,455 $2,557 $(102) divestitures Operating Expenses 576 725 (149) 2,384 2,832 (448) Net
Slide 18: Q4 2025 Revenues and Adj. EBITDA
Q4 2025 Revenues and Adj. EBITDA1 Changes from Prior Year Organic Year + Better - Worse $ millions • Continued growth in subscription Revenues revenues offset by re-occurring Adj. EBITDA1 and transactional headwinds; higher incentive compensation $663 Subscription ~+4 contributing to profit headwind
Slide 19: FY 2025 Revenues and Adj. EBITDA
FY 2025 Revenues and Adj. EBITDA1 Changes from Prior Year Organic Year + Better - Worse $ millions • Subscriptions organic revenue Revenues growth, offset by re-occuring and Adj. EBITDA1 transactional decline $2,557 Recurring2 ~+11 Transactional ~(14) Inorganic Disposals ($3) • Impact from A&G (tran
Slide 20: Q4 and FY 2025 Cash Flow
Q4 and FY 2025 Cash Flow Changes from Prior Year Free Cash Flow 1 • Growth driven by disciplined $m Q4 ‘25 Q4 ‘24 Change FY ‘25 FY ‘24 Change capital expenditures, working capital benefit, and lower interest Adj. EBITDA1 $255 $285 $(30) $1,002 $1,060 $(58) and taxes, offset in part by lower One-Time
Slide 21: FY 2026 Guidance
FY 2026 Guidance Mid Point4 vs. PY ~2½% Organic ACV 2% 3% +70 bps Organic ACV • 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)% • Subscription growth acceleratio
Slide 22: FY 2026 Revenues and Adj. EBITDA Outlook
FY 2026 Revenues and Adj. EBITDA1 Outlook Changes from Prior Year Organic Year + Better - Worse $ millions • 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 Ino
Slide 23: FY 2026 Quarterly Phasing
FY 2026 Quarterly Phasing Revenue, Organic ACV Growth, Organic Recurring Revenue Growth and Adj. EBITDA % Revenue 660 • Anticipate disproportionate 640 6391 621 623 617 amount of decline over prior year 4.00% 620 160.0 in Q2-Q3 due to disposals 594 600 580 140.0 Organic ACV 3.00% 560 • Expect accele
Slide 24: FY 2026 Cash Flow Outlook
FY 2026 Cash Flow Outlook Changes from Prior Year Free Cash Flow 1 • Expecting ~10% growth on lower one-time costs, interest, and $m 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) (67) ~25 highe
Slide 25: Proven and Consistent Engine For Free Cash Flow Generation
Proven and Consistent Engine For Free Cash Flow Generation Capital Allocation 6% 36% Debt Repayments Share Repurchases Net Leverage ▼ 1x Share Count ▼13% Free Cash Flow Avg. FCF Conversion 2022 – Jan 26 2022-25A CAGR 2022-25A¹ 2022-25A¹ $1.2B $0.7B 30% $1.9B Free Cash Flow FCF + Divestitures Yield 2
Slide 26: Q&A Session
Q&A Session
Slide 27: Appendix: Presentation of Certain Non-GAAP Financial Measures
Appendix Presentation of Certain Non-GAAP Financial Measures
Slide 28: 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 acquisition and/or disposal-relat
Slide 29: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Net income (loss) to Adjusted EBITDA and Adjusted EBITDA margin $m Q4 ‘25 Q4 ’24 FY ’25 FY ’24 Net income (loss) $3.1 $(191.8) $(201.1) $(636.7) Provision (benefit) for income taxes (27.7) 59.6 7.2 82.9 Depreciation and amortization 189.1 186.0 757.2 727
Slide 30: 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 Q4 ‘25 Q4 ‘24 FY ’25 FY ‘24 $m except per share data Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net income (loss) and Diluted EPS $
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Net cash provided by operating activities to Free cash flow and Free cash flow conversion $m Q4 ‘25 Q4 ‘24 FY ’25 FY ’24 Net cash provided by operating activities $159.9 $141.3 $628.5 $646.6 Capital expenditures (70.7) (82.2) (263.2) (289.1) Free cash fl
Slide 32: 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 December 31, (Forecasted) $m Low High 2025 2024 2023 2022 Net income (loss) $(189) $(124) $(201.1) $(636.7) $(911.2) $(3,960.2) Provis
Slide 33: 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 34: 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 and Free cash flow conversion Year Ending December 31, 2026 (Forecasted) Year Ended December 31, $m Low High 2025 2024 2023 2022 Net cash provided by operating activities $615 $68
Slide 35: 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