Slide 1: First Quarter 2026 Results
Exhibit 99.2 FIRST QUARTER 2026 RESULTS May 7, 2026 ©2026 Ziff Davis. All rights reserved. www.ziffdavis.com
Slide 2: Safe Harbor for Forward-looking Statements
Safe Harbor for Forward-looking Statements Certain statements in this presentation are “forward-looking statements” within the meaning of this presentation are property of their respective owners. Any references to third-party trademarks are the Private Securities Litigation Reform Act of 1995. Thes
Slide 3: Risk Factors
Risk Factors Some factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements contained in this presentation include, but are not limited to, our ability and intention to: • Sustain growth or profitability, particularly in light of a
Slide 4: Q1 2026 Consolidated Financial Snapshot - Continuing Operations
Q1 2026 Consolidated Financial Snapshot - Continuing Operations (1) Revenues (in millions) (1.9)% $272.8 $267.6 Q1 2025 Q1 2026 Adjusted EBITDA (2) Adjusted diluted EPS (2) (in millions) $71.4 (11.2)% $0.77 $63.4 (5.2)% $0.73 Q1 2025 Q1 2026 Q1 2025 Q1 2026 1. During the first quarter of 2026, the C
Slide 5: Revenue by Type - Continuing Operations
Revenue by Type - Continuing Operations (1)(2) Quarterly Revenues (1) (in millions) Advertising and (5.1)% $173 $164 Performance Marketing Q1 2025 Q1 2026 Quarterly Revenues (1) (in millions) Subscription and Licensing $96 1.9% $98 Q1 2025 Q1 2026 1. Throughout this presentation, revenues are net of
Slide 6: Q1 2026 Technology & Shopping Segment
Q1 2026 Technology & Shopping Segment Quarterly Revenues (in millions) $81.7 $2.2 $71.1 $2.8 Other $79.5 (12. 9)% $68.4 Subscription and Licensing Advertising and Performance Marketing Q1 2025 Q1 2026 Quarterly Adjusted EBITDA & Margin (1) (in millions) $21.0 $17.0 (19.3 )% 25.7% 23.8% Q1 2025 Q1 20
Slide 7: Q1 2026 Gaming & Entertainment Segment
Q1 2026 Gaming & Entertainment Segment Quarterly Revenues (in millions) $38.0 $40.8 Other $15.1 $13.6 Subscription and Licensing 7.2% $24.4 $25.7 Advertising and Performance Marketing Q1 2025 Q1 2026 Quarterly Adjusted EBITDA & Margin (1) (in millions) $12.1 $12.7 4.3% 31.9% 31.1% Q1 2025 Q1 2026 1.
Slide 8: Q1 2026 Health & Wellness Segment
Q1 2026 Health & Wellness Segment Quarterly Revenues (in millions) $85.8 $85.9 $3.7 $2.8 $13.1 $13.2 Other Subscription and Licensing 0.2% $68.9 $69.9 Advertising and Performance Marketing Q1 2025 Q1 2026 Quarterly Adjusted EBITDA & Margin (1) (in millions) $29.4 $24.5 34.2% 28.5% (16.5)% Q1 2025 Q1
Slide 9: Q1 2026 Cybersecurity & Martech Segment
Q1 2026 Cybersecurity & Martech Segment Quarterly Revenues (in millions) $67.3 $69.8 $2.7 Other 3.6% $67.3 $67.0 Subscription and Licensing Q1 2025 Q1 2026 Quarterly Adjusted EBITDA & Margin (1) (in millions) $22.2 $21.8 32.9% 31.3% (1.6)% Q1 2025 Q1 2026 1. See "Supplemental Information" for non-GA
Slide 10: Ziff Davis Capital Structure - Continuing Operations
Ziff Davis Capital Structure - Continuing Operations ($ in millions) March 31, 2026 Cash and Cash Equivalents (1) $ 520 Long-term Investments 100 Total Cash, Cash Equivalents, and Long-term Investments $ 620 4.625% Senior Notes $ 460 1.75% Convertible Notes 149 3.625% Convertible Notes 263 Total Gro
Slide 11: Supplemental Information
SUPPLEMENTAL INFORMATION
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures The below non-GAAP financial measures are not measures presented in accordance with GAAP, and our use of these terms may vary from that of other companies, limiting their usefulness for comparison purposes. These non-GAAP financial measures are not based on any comprehens
Slide 13: Quarterly adjusted results from Continuing Operations
Quarterly adjusted results from Continuing Operations Q1 2026 FY 2025 (1) Q4 2025 (1) Q3 2025 (1) Q2 2025 (1) Q1 2025 (1) $ in 000's, except per share amounts Revenues $ 267,641 $ 1,220,535 $ 346,385 $ 306,531 $ 294,803 $ 272,816 Adjusted EBITDA $ 63,357 $ 381,385 $ 132,375 $ 97,845 $ 79,783 $ 71,38
Slide 14: Non-GAAP reconciliation: Adjusted EBITDA
Non-GAAP reconciliation: Adjusted EBITDA $ in 000's Ziff Davis Three months ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Net (loss) income from continuing operations $ (775) $ (17,962) $ (15,957) $ 14,308 $ 9,812 Interest expense, net 6,896 6,764 6,541 6,584
Slide 15: Non-GAAP reconciliation: Adjusted Net Income and Adjusted Diluted EPS
Non-GAAP reconciliation: Adjusted Net Income and Adjusted Diluted EPS $ in 000's, except per share amounts Ziff Davis Three months ended 2024 March 31, Per diluted December 31, Per diluted September 30, Per diluted June 30, Per diluted March 31, Per diluted 2026 share (1) 2025 share (1) 2025 share (
Slide 16: Non-GAAP reconciliation: Adjusted EBITDA by Segment
Non-GAAP reconciliation: Adjusted EBITDA by Segment Technology & Gaming & Health & Cybersecurity & Corporate (1) Total Shopping Entertainment Wellness Martech Q1 2026 $ in 000's Revenues $ 71,159 $ 40,764 $ 85,950 $ 69,768 $ — $ 267,641 Operating (loss) income $ (6,458) $ 7,884 $ 8,624 $ 13,697 $ (2
Slide 17: Q1 2026 and Q1 2025 Reconciliation of GAAP to Non-GAAP Financial Measures
Q1 2026 and Q1 2025 Reconciliation of GAAP to Non-GAAP Financial Measures (Income) loss Transaction, Lease asset from equity Share-based Adjusted non- GAAP amount Interest, net Amortization integration, and impairments and method compensation GAAP amount other charges other charges Q1 2026 investmen
Slide 18: Non-GAAP reconciliation: Free Cash Flow from Continuing and Discontinued Operations
Non-GAAP reconciliation: Free Cash Flow from Continuing and Discontinued Operations $ in 000's Ziff Davis Q1 2026 Q1 2025 Net cash provided by operating activities from continuing and discontinued operations $ 29,953 $ 20,613 Less: Purchases of property and equipment (33,127) (25,619) Free cash flow
Slide 19: Key Operating Metrics by Segment - Advertising and Performance Marketing
Key Operating Metrics by Segment - Advertising and Performance Marketing 2025 2026 Q1 Q1 Technology & Shopping Net advertising and performance marketing revenue retention (1) 90.0% 90.0% Customers (2) 573 586 Quarterly revenue per customer (3) $138,701 $116,661 Gaming & Entertainment Net advertising
Slide 20: Key Operating Metrics by Segment - Subscription and Licensing
Key Operating Metrics by Segment - Subscription and Licensing 2025 2026 Q1 Q1 Gaming & Entertainment Customers (1)(2) 531,000 499,000 Average quarterly revenue per customer (2)(3) $25.68 $30.29 Health & Wellness Customers (1)(2) 1,820,000 1,762,000 Average quarterly revenue per customer (2)(3) $7.20