Clarivate Plc · NYSE:CLVT
Clarivate — Q2 2026 Earnings Presentation
33 slides from Clarivate's earnings presentation, Jul 29, 2026
Slide 1: Q2 2026 Earnings Call
Q2 2026 Earnings Call July 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: Q2 2026 Overview
Q2 2026 Overview Revenues Academia & Government $587M ACV Organic Growth: 1.5% ▲ 20 bps YoY H1 Subs Organic Growth: 1.2% ▲ 60 bps YoY Organic ACV and subs revenue growth at 2% H1 Recurring Organic Growth: 0.7% Introduced Nexus Connect, the first scholarly institutional AI gateway to trusted research
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 Academic AI as the Trusted Layer Between AI and Research
Scaling Academic AI as the Trusted Layer Between AI and Research Academia & Government: Academic AI Web of Science Research Intelligence AI RESEARCH ASSISTANTS AND WORKFLOW AGENTS Launched Web of Science Research Intelligence Globally AI-native platform for research funding, strategy and impact, sha
Slide 9: Driving AI Innovation Momentum Across The IP Ecosystem
Driving AI Innovation Momentum Across The IP Ecosystem Intellectual Property: IPOne IPOne1 AI RESEARCH ASSISTANTS AND WORKFLOW AGENTS Unified Platform for AI-Powered IP Intelligence Announced development of IPOne, combining purpose-built AI agents with trusted CompuMark, Derwent and Darts-ip proprie
Slide 10: Poised To Accelerate IP Organic Growth Under Proven Leadership
Poised To Accelerate IP Organic Growth Under Proven Leadership Intellectual Property STRUCTURAL STRENGTHS Simon Webster Scale, Proprietary Assets and Customer Trust IP President Re-occurring annuities and renewals engine, vast collection of proprietary assets, and deep relationships with majority of
Slide 11: LS&H Transaction Expected to Strengthen Financial Profile and Sharpen Strategic Focus
LS&H Transaction Expected to Strengthen Financial Profile and Sharpen Strategic Focus Life Science & Healthcare Divestment SHAREHOLDER VALUE CREATION Transaction Delivered at a Highly Accretive Multiple Values LS&H at 10x 2026E Adjusted EBITDA less capex, a 3 turn premium to Clarivate's implied valu
Slide 12: Positioned to Accelerate Organic Growth
Positioned to Accelerate Organic Growth VCP Building Blocks in Place, Clear Runway to Drive Growth ACCELERATING ORGANIC GROWTH ACCELERATING DEBT PAYDOWN ▲ Expect > 100 bps LS&H DIVESTITURE sequential improvement ▼ ~0.5B RATIONALIZED in recurring organic PORTFOLIO Clear path to retire ● ~10X growth i
Slide 13: Financial Review
Financial Review Jonathan Collins Chief Financial Officer
Slide 14: Q2 & H1 2026 Financial Results
Q2 & H1 2026 Financial Results Changes from Prior Year Revenues $m except per share data Q2 ‘26 Q2 ‘25 Change H1 ‘26 H1 ‘25 Change • Change primarily due to inorganic disposals Revenues $587 $621 $(34) $1,173 $1,215 $(42) Net Income / Loss Operating Expenses 787 614 173 1,343 1,229 114 • Loss and ch
Slide 15: Q2 2026 Revenues and Adj. EBITDA
Q2 2026 Revenues and Adj. EBITDA1 Changes from Prior Year Organic Year + Better - Worse $ millions • Continued growth in recurring Revenues revenues and strong cost Adj. EBITDA1 discipline largely mitigated profit impact from lower transactional $621 Recurring ~+3 revenues Transactional ~(11) Inorga
Slide 16: H1 2026 Revenues and Adj. EBITDA
H1 2026 Revenues and Adj. EBITDA1 Changes from Prior Year Organic Year + Better - Worse $ millions • Continued growth in recurring Revenues revenues and strong cost Adj. EBITDA1 discipline more than offset lower transactional revenues $1,215 Recurring2 ~+7 Inorganic Disposals Transactional ~(12) • I
Slide 17: Q2 & H1 2026 Cash Flow
Q2 & H1 2026 Cash Flow Changes from Prior Year Free Cash Flow 1 $m Q2 ‘26 Q2 ‘25 Change H1 ‘26 H1 ‘25 Change • Change from prior year driven entirely by working capital, largely Adj. EBITDA1 $247 $262 $(14) $488 $495 $(6) due to timing of collections and disbursements as well as higher One-Time Cost
Slide 18: FY 2026 Guidance Reaffirmed; Assumes LS&H Divestiture Closes at Year End
FY 2026 Guidance Reaffirmed; Assumes LS&H Divestiture Closes at Year End5 Current vs. PY ACV Organic ~2¼% 2% 3% +50 bps Growth ACV Organic Growth • Likely in lower half of range as LS&H Recurring ~1½% moves to discontinued ops in H2 ¾% 2¼% +90 bps Organic Growth2 Recurring Organic Growth • Subscript
Slide 19: FY 2026 Revenues and Adj. EBITDA Outlook
FY 2026 Revenues and Adj. EBITDA1 Outlook Changes from Prior Year ($ millions) Organic Year + Better - Worse • Recurring revenue growth partially Revenues offset by modest transactional Adj. EBITDA1 ~$20 decline $2,455 • Strong profit flow-through driven by disciplined cost management Inorganic Disp
Slide 20: FY 2026 Quarterly Phasing
FY 2026 Quarterly Phasing Revenue, Organic ACV Growth, Organic Recurring Revenue Growth and Adj. EBITDA % Revenues Incl. Discontinued Ops • Less seasonality this year due to 660 640 increased recurring revenue mix 620 because of the disposals 600 Organic ACV 580 560 • Expect acceleration through the
Slide 21: FY 2026 Cash Flow Outlook
FY 2026 Cash Flow Outlook Changes from Prior Year ($ millions) Free Cash Flow 1 2026 Outlook 2025 Actuals Change • Expecting flat versus prior year due to higher one-time transaction Adj. EBITDA1 ~$1,005 $1,002 ~Flat related costs from LS&H divestiture One-Time Costs2 ~(70) (67) ~(5) Capital Allocat
Slide 22: CFO Leadership Transition
CFO Leadership Transition Experienced, proven leader brings more than 25 years of financial and operational expertise Appointment underscores depth and strength of leadership bench, enabling seamless transition Focus will be on accelerating growth, improving profitability, Michael Easton strengtheni
Slide 23: Q&A Session
Q&A Session
Slide 24: Appendix: Presentation of Certain Non-GAAP Financial Measures
Appendix Presentation of Certain Non-GAAP Financial Measures
Slide 25: 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 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Net income (loss) to Adjusted EBITDA and Adjusted EBITDA margin $m Q2 ‘26 Q2 ’25 H1 ’26 H1 ’25 Net income (loss) $(268.6) $(72.0) $(308.8) $(175.9) Provision (benefit) for income taxes 8.0 12.3 19.4 31.1 Depreciation and amortization 185.7 190.9 369.7 37
Slide 27: 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 Q2 ‘26 Q2 ‘25 H1 ’26 H1 ‘25 $m except per share data Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net income (loss) and Diluted EPS $
Slide 28: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Net cash provided by operating activities to Free cash flow $m Q2 ‘26 Q2 ‘25 H1 ’26 H1 ’25 Net cash provided by operating activities $98.7 $116.3 $233.4 $287.5 Capital expenditures (54.7) (66.0) (110.5) (126.9) Free cash flow $44.0 $50.3 $122.9 $160.6 ©
Slide 29: 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) $(418) $(353) $(201.1) Provision (benefit) for income taxes 45 45 7.2 Dep
Slide 30: 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) Low High Net income (loss) per share $(0.64) $(0.54) Amortization related to acquired intangible assets 0.83
Slide 31: 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 $610 $680 $628.5 Capital expenditures (245) (245) (26
Slide 32: Reconciliation of Non-GAAP Financial Measures – 2026 Outlook
Reconciliation of Non-GAAP Financial Measures – 2026 Outlook Revenues, including discontinued operations to Revenues Year Ending December 31, 2026 (Forecasted) $m Low High Revenues, including discontinued operations $2,300 $2,420 Revenues attributable to discontinued operations (360) (380) Revenues
Slide 33: 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