SEMrush Holdings, Inc. · FWB:628
SEMrush — Q3 2025 Earnings Presentation
39 slides from SEMrush's earnings presentation, Nov 6, 2025
Slide 1: Semrush Investor Presentation
Semrush Investor Presentation November 2025
Slide 2: Safe Harbor
Safe Harbor This presentation will contain forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning our expected future business and fina
Slide 3: Meet the Team
Meet the Team William R. Wagner Oleg Shchegolev Eugene Levin Brian Mulroy Vitalii Obishchenko David Mason Chief Executive Officer Co-founder and Chief President Chief Financial Officer Chief Product Officer Chief Legal Officer Former LogMeIn Technology Officer Former Target Global Former Microsoft &
Slide 4: Our Journey
Our Journey 2023 Surpassed 100,000 Customers & Launched 2021 Semrush Social 2018 Initial Public Offering 2008 2015 Completed Venture Capital 2024 Built First 10,000 Financing SEO Product Customers Launched Enterprise SEO and Surpassed 2022 $400M in ARR 2018 Launched First AI product 2025 2012 2016 L
Slide 5: Our Journey
Our Journey Semrush has evolved from an SEO tool into a unified digital marketing cloud platform built for the AI era 2025 An AIPowered 2008 2015 Enterprise Digital Marketing Platform Started with Became a Suite a Single SEO of Online Visibility Product Tools 2012 2020 Expanded into Evolved into a
Slide 6: Our Strong Financial Performance
Our Strong Financial 15% Q3ʼ25 Revenue Growth % YoY Performance $112.1M Q3ʼ25 Revenue 12.6% Q3ʼ25 Non-GAAP Operating Margin** $275.7M Cash, Cash Equivalents and Short-Term Investments*** 6 See Appendix for GAAP to Non-GAAP Operating Margin reconciliation *** As of 9/30/25
Slide 7: Our Diverse & Loyal Customer Base
Our Diverse & All Loyal Customer Industries, Market Segments and Marketing Disciplines Base 150 Countries 114,000 Customers 9,000 Enterprise Customers 7 All metrics as of 9/30/25. References to Customers reflect paying customers. Enterprise Customers are paying customers from companies who have
Slide 8: Our Large Market Opportunity
Our Large Market Opportunity + Evolved from Suite to Platform $40B + AI Search / GEO Opportunity $13B At IPO + Enterprise GTM Investment + Enhanced Sophistication + Enterprise Portfolio Today + Market Growth 8 See Appendix for detailed TAM calculation
Slide 9: Our Strong Competitive Moat
Our Strong Competitive Moat Extensive Network High Gross Leading Integrated Global Data Set Effect to Margin Brand Platform Scale that Enables Enhance Structural Loyalty Proprietary AIPowered Advantage Insights Intelligence 1 2 3 4 5 6 9
Slide 10: Ownership, Innovation, Creativity
→ Ownership 2023 & 2024 Award Winning → Innovation → Creativity → Data-Driven → Efficiency 10
Slide 11: Don't Just Take Our Word For It
Donʼt Just Take Our Word For It 11 Note: Semrushʼs 2025 position reflects its leadership ranking from The Forrester Wave™: Search Engine Optimization Solutions, Q3 2025 report. Semrushʼs 2018 position reflects its leadership ranking from The Forrester Wave™ : SEO Platforms 2018 report. All other com
Slide 12: Industry Experts Recognize Our Leadership
Industry Experts Recognize Our Leadership SEO Tools SEO Leader Leader Local SEO Leader Leader Local Marketing Local Leader Leader Local Listing Management Leader Leader Social Media Suites Leader Leader Leader Social Media Analytics Social Leader Leader Social Media Management Media Leader Leader Le
Slide 13: The Digital Marketing Problem We Solve
The Digital Marketing Problem We Solve 13
Slide 14: Overwhelming Digital Noise
Overwhelming Digital Noise Information barrier gets bigger every day: average consumer already spends 720K 8.5B hours of video uploaded Google 6.5 hours a day online to Youtube searches and is overwhelmed with information 1B 50B Facebook stories Meta and across all apps Google impressions 2.3M
Slide 15: Constantly Evolving Digital Marketing Channels
Constantly Evolving Digital Marketing Channels Google AI overview Iphone Snap mobile interfaces Mailchimp Wordpress Facebook Twitter/X (email In 20 years we went from marketing) website and email to ● Google / Bing ● Content Marketing ● Youtube / TikTok ● FB / X / Snapchat / Instagram / Linkedin Yel
Slide 16: Growing Complexity Drives Demand for Martech
Growing Complexity Drives Demand for Martech As complexity increased, marketers needed more data, tools and features and that demand created a market that greatly benefits from the most complete platforms such as Semrush 16 Source: chiefmartec.com Marketing Technology Landscape as of May 2024 (with
Slide 17: Businesses Have Three Bad Options
Businesses Have Three Bad Options Biased Fragmented Expensive Use tools provided by Use point solutions Rely on army of engineers Google, Facebook and for each channel and data scientists to build other networks custom systems Challenges: Challenges: Challenges: ● Paid Channel Focus ● Inefficient
Slide 18: In Short…
In Short… Attention Content & Budgets is Limited Martech are Limited Tools are Exploding 18
Slide 19: The Semrush Digital Marketing Solution
The Semrush Digital Marketing Solution 19
Slide 20: Our Digital Marketing Platform Is Uniquely Built
Our Digital Marketing Platform Is Uniquely Built to Solve Complex Marketing Problems Our best-in-class platform helps customers drive revenue growth by increasing online visibility and attracting more qualified leads through proprietary data and insights Unified solution suite spanning SEO, paid, co
Slide 21: Data Assets and Intelligence Foundation
It Starts with our Unique Combination of Data Assets and Intelligence Foundation 27B 200M 300M Keywords Domains Ad Samples 33T Billions 17B Backlinks Weekly Anonymized URLs Crawled Panel Data Daily 21 Source: Estimated based on Semrush Intelligence as of July 2025
Slide 22: Extends into the new AI Search Channel
Extends into the new AI Search Channel AI Search is fundamentally altering brand visibility from traditional search ranking to reference rates in AI generated answers Semrush enables brands to build a comprehensive digital footprint – website, content, social, third-party mentions – that ensures dis
Slide 23: And is Powered by AI
And is Powered by AI Recently Launched AI Portfolio Reaches $20M in ARR as of Q3ʼ25 Analyze & Monitor Agentic Ads Launch AI Optimization AI Toolkit Search GPT Marketing AI AI Content Local Business Assistant Enterprise Booster and AI Toolkit / AI AI Marketing Assistant Social Content Manager AI-powe
Slide 24: Financial Highlights
FINANCIAL HIGHLIGHTS 24
Slide 25: Strong Track Record of Growth
Strong Track Record of Growth Strong ARR Growth 30% CAGR Q3ʼ2019Q3ʼ2025 25 ARR amounts in chart above for 20192024 are as of 12/31 and 2025 YTD is as of 9/30/25. CAGR represents a 6 year CAGR from Q3ʼ19 through Q3ʼ25.
Slide 26: Strong Track Record of Growth
Strong Track Record of Growth Strong New Customer Demand 2X Since 2019 26 20192024 are as of 12/31 and 2025 YTD is as of 9/30/25
Slide 27: Strong Track Record of Growth
Strong Track Record of Growth Consistent Average ARR Per Customer Expansion 2X Since 2019 27 20192024 are as of 12/31 and 2025 YTD is as of 9/30/25; reflects Average ARR per paying Customer
Slide 28: Efficient Performance
Efficient Performance As we scale, our efficiency continues to improve 1900 Basis Point Increase to Non-GAAP Operating Margin Since 2022 28 20192024 are our full year Non-GAAP Operating Margin results for the year ended 12/31 and Q3ʼ25 is for the fiscal quarter ended 9/30/25.
Slide 29: Efficient Performance
Efficient Performance Cost Efficiency Drivers 01 Highly Scalable Platform which gives us a structural advantage to reinvest into Product, Sales and Marketing 02 Strong CAC to LTV economics by using Semrush Products 03 AI and Automation investments that enable an efficient, frictionless journey throu
Slide 30: Capital Allocation Strategy
Capital Allocation Strategy Focused on Building Shareholder Value Invest in Invest in Maintain Strong Organic Growth Inorganic M&A Balance Sheet ● Platform infrastructure ● Close Adjacencies ● $275.7M Cash & 1 2 3 ● Product suite offerings ● Talent Equivalents* ● Sales and marketing ● Technology ● S
Slide 31: Core Strategies for Growth
Core Strategies for Growth Capture AI Opportunity 01 Scale AIO, GEO and AI Content Creation solutions, using our data moat to become the indispensable LLM-optimization layer across all digital marketing channels 02 Continue Enterprise Innovation Deliver a steady cadence of AI-first, enterprise produ
Slide 32: Long-Term Target Operating Model
Long-Term Target Operating Model Target FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 E Model Gross Margin 78% 81% 83% 84% 82% 85% Sales & Marketing 43% 49% 40% 36% 37% 35% Research & Development 13% 16% 18% 20% 18% 18% General & Administrative 22% 23% 22% 15% 14% 10% Non-GAAP Operating Income Loss 0%
Slide 33: Appendix
Appendix 33
Slide 34: TAM Calculation Details
TAM Calculation Details We estimate that, based on our potential customer spending levels for Semrush products in market, the annual global potential market opportunity for our Marketing SaaS Platform is currently $40 billion. We calculated this estimate based on the number of Enterprise (those with
Slide 35: GAAP to Non-GAAP Operating Margin Reconciliation
GAAP to Non-GAAP Operating Margin Reconciliation FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Q3'25 GAAP operating income (loss) 8.2 6.1 2.5 36.4 7.7 8.3 4.5 Stock-based compensation expense 0.5 1.0 2.7 7.4 15.3 28.0 13.0 Amortization of acquired intangibles 0.0 0.1 0.2 1.9 2.3 4.3 1.5 Rest
Slide 36: GAAP to Non-GAAP Gross Margin Reconciliation
GAAP to Non-GAAP Gross Margin Reconciliation FY 2021 FY 2022 FY 2023 FY 2024 Q3'25 GAAP Gross Margin 77.7% 80.9% 83.0% 82.6% 80.2% Stock-based compensation expense 0.0% 0.0% 0.0% 0.1% 0.1% Amortization of acquired intangibles 0.0% 0.5% 0.3% 0.8% 1.0% Restructuring and other costs 0.0% 0.0% 0.0% 0.0%
Slide 37: Cash Flow to Free Cash Flow Reconciliation
Net cash provided by operating activities margin to Free Cash Flow margin Reconciliation FY 2021 FY 2022 FY 2023 FY 2024 Net cash provided by operating activities 12.6% 3.8% 2.6% 12.5% Purchases of property and equipment 1.3% 1.7% 0.8% 1.0% Capitalization of internal-use software costs 0.7% 0
Slide 38: Definitions
Definitions Annual Recurring Revenue (ARR): we define Annual Recurring Revenue as the total subscription revenue as of a given date that we expect to contractually receive over the subsequent 12 months from customers on an annualized basis, assuming no increases, reductions or cancellations. This AR
Slide 39: Third Party Sources
Third Party Sources Estimated Stats Source Average consumer already spends 6.5 “Digital 2023 Global Overview Report - The Essential Guide to the World’s Connected Behaviors” by We Are hours a day online Social and Meltwater; and GlobalWebIndex Insight Reports (2017-2022) +720K hours of video uploade