Marketwise, Inc. · NASDAQ:MKTW
Marketwise — Investor Presentation (March 2026)
40 slides from Marketwise's investor presentation, March 2026
Slide 1: MarketWise, Inc. Investor Presentation March 2026
M A R K E T W I S E , I N C . ( N A S D A Q : M K T W ) Investor Presentation | March 2026
Slide 2: Important Information
IMPORTANT INFORMATION: This presentation is for informational purposes. These materials are subject to change or amendment from time to time without notice and Marketwise is not under any obligation to keep you advised of such changes. The materials are not intended as an offer or solicitation with
Slide 3: Contents
CONTENTS 01 About MarketWise 02 FY 2025 Executive Summary 03 FY 2025 Financial Performance 04 Operational Metrics 05 Balance Sheet, Capital Structure, & Capital Allocation 06 FY 2026 Strategic Priorities 07 FY 2026 Financial Targets
Slide 4: About MarketWise
About MarketWise Background | Investment Thesis | Content | Brands
Slide 5: About MarketWise
ABOUT MARKETWISE • Founded in 1999 with a mission to level the playing field for self-directed investors. • Leading multi-brand subscription services platform providing premium financial research, software, education, and tools for investors. • Serves a community of millions of free and paid subscri
Slide 6: MarketWise Investment Thesis
MARKETWISE INVESTMENT THESIS 1. Massive Market Opportunity…. Large and growing market with secular tailwinds. 2. Robust Ecosystem… Over 2 million subscribers and 100+ research and software products. 3. Asset-lite Business Model… Strong recurring revenue stream and minimal CAPEX. 4. Meaningful Scale…
Slide 7: Premium Subscription Content, Software & Tools
PREMIUM SUBSCRIPTION CONTENT, SOFTWARE & TOOLS ACTIONABLE IDEAS SOFTWARE & TOOLS
Slide 8: Our Customer-Facing Brands
OUR CUSTOMER-FACING BRANDS eo CHAIKIN" P Maen e CHAIKIN’ Altimetry JEFF CLARK & SBTRADESMITH. TRADER @ INVESTORPLACE ky BROWNSTONE YS SPPORTUNISTIC WIDE II]i MOAT *RESEARCH: RESEARCH
Slide 9: Diverse, Actionable & Affordable Content
Diverse, Actionable & Affordable Content
Slide 10: FY 2025 Executive Summary
FY 2025 Executive Summary
Slide 11: FY 2025 Executive Summary
FY 2025 EXECUTIVE SUMMARY Growth + Margin Expansion + Dividend Yield translates to compelling total return profile FY BILLINGS FY CFFO Q4 BILLINGS YoY DIVIDENDS/SHARE $271M $46M +42% $1.90 +13% vs. FY 2024 +$68M vs. FY 2024 Strongest Growth Quarter 13% Cash Yield • Billings of $271M exceeded Guidanc
Slide 12: FY 2025 Financial Performance
FY 2025 Financial Performance Highlights | Billings & Revenue | Profitability & Cash Flow | Quarterly Financials
Slide 13: FY 2025 Key Highlights
FY 2025 KEY HIGHLIGHTS • Stabilized subscriber base in 2H following the discontinuation of the Legacy Research brands in 2024. • Strongest year of Billings Growth since IPO in 2021 (+13%). • Significant cash generation: $68M improvement from FY 2024 to FY 2025. • Initiated $50M share repurchase prog
Slide 14: Billings and GAAP Net Revenue Trends
BILLINGS and GAAP NET REVENUE TRENDS Quarterly Cash Billings ($M), ex Legacy GAAP NET REVENUE BY QUARTER 90 79 80 71 Q1 2025 $84M 70 61 64 58 56 60 53 Q2 2025 $80M 47 50 40 Q3 2025 $81M 30 20 Q4 2025 $83M 10 0 Q1 Q2 Q3 Q4 FY 2025 $328M FY 2024 Billings ($M) FY 2025 Billings ($M) • Note: Net Revenue
Slide 15: Relationship Between Billings and GAAP Net Revenue
RELATIONSHIP BETWEEN BILLINGS AND GAAP NET REVENUE STRATEGIC CONTEXT • Billings (cash received by customers) is a leading indicator. • Billings tend to lead GAAP revenue recognition by 12-24 months, on average. • The Billings recovery in FY2025 (+13%) and Q4 2025 (+42% YoY to $78.9M) are strong lead
Slide 16: Profitability & Cash Flow
PROFITABILITY & CASH FLOW Quarterly Net Income ($M) Quarterly CFFO ($M) 30 30 24 25 25 20 17 18 20 18 15 14 15 15 10 10 5 5 2 2 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY 2025 NET INCOME FY 2025 CFFO CFFO MARGIN ~$64M $46M ~17% vs. $93M in FY 2024 +$68M improvement YoY Adj. operating margin
Slide 17: Quarterly Financial Summary
QUARTERLY FINANCIAL SUMMARY ($M) Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 GAAP Net Revenue $83.5 $80.0 $81.3 $83.3 $328.1 Billings/Net Sales $70.5 $58.2 $63.7 $78.9 $271.2 GAAP Net Income $16.8 $15.3 $17.9 $14.0 $64.0 CFFO $1.7 $17.8 $2.2 $24.2 $46.0 Billings YoY Growth (ex. Legacy) +15% +10% +36% +4
Slide 18: 2025 Operational Metrics
2025 Operational Metrics Subscribers| Composition | ARPU & Revenue Quality | Net Revenue Retention
Slide 19: Subscriber Metrics
SUBSCRIBER METRICS Paid Subscriber Trajectory (K) STRATEGIC CONTEXT 600 506 500 473 • Subscriber decline is 394 379 primarily due to 400 374 discontinued Legacy 300 Research Brands in 2024. 200 • Introduction of higher price points has impacted 100 volumes. 0 • Higher prices are leading to Q4 '24 Q1
Slide 20: Subscriber Composition
SUBSCRIBER COMPOSITION STRATEGIC CONTEXT • While the paid subscriber count has declined, mix has improved. • ~ 65% of customers have cumulative spend higher than $500. • ARPU increasing as low-value subscribers churn.
Slide 21: Subscriber Mix & ARPU Trends
SUBSCRIBER MIX & ARPU TRENDS Mix shift to higher-value subscribers driving ARPU and revenue quality improvements 1. LHS - plotted on left hand side vertical axis; RHS – plotted on right hand side vertical axis
Slide 22: Net Revenue Retention
Net Revenue Retention Net Revenue Retention % Key Takeaways 120% • 2025 NRR% of 91% represents 113% a return to pre-covid rates 100% 96% 96% 91% • Indicates that current 85% 80% 85% subscriber base is “sticky” and 69% making multiple purchases 60% over their lifetime 51% 53% 40% • NRR declined in 20
Slide 23: Compelling Monetization of Customer Cohorts
Compelling Monetization of Customer Cohorts 1. “Sticky” customer base contributes meaningful recurring revenues several years post acquisition. 2. Revenue retention of 91%, coupled with the acquisition of higher-value customers ($50m from new customers), supported a return to growth in FY 2025. • 20
Slide 24: Balance Sheet, Capital Structure, & Capital Allocation
Balance Sheet, Capital Structure, & Capital Allocati0n
Slide 25: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY As of December 31, 2025 CASH & EQUIVALENTS TOTAL DEBT CASH FLOW BRIDGE (FY 2025) $70.1M $0 Beginning Cash (Jan 1) $97.2M +$20M in Q4 Debt-free balance sheet (+) Cash from Operations $46.0M (-) Partnership Tax Dist. ($49.8M) FY 2026 ESTIMATED TAX DISTRIBUTIONS TOTAL ASSETS ~
Slide 26: Capital Structure
Capital Structure As of December 31, 2025 1. Note that Class B shares are not publicly traded. Class A share price is used as a proxy to arrive at Market Capitalization
Slide 27: Capital Allocation & Shareholder Returns
CAPITAL ALLOCATION & SHAREHOLDER RETURNS DIVIDENDS BUYBACKS INVESTMENT Organic $50M $1.80/share Growth and Program M&A Share repurchase program Investing in content quality, initiated in early 2025 for FY 2026 dividend target of marketing effectiveness, and opportunistic buybacks when $1.80 per Clas
Slide 28: Capital Allocation - Dividend History
CAPITAL ALLOCATION- DIVIDEND HISTORY1 FY 2026 Dividend Target of $1.80 per Class A Share. Special Dividends result from Tax Distribution mechanics and are expected to continue. 2 1. All dividends prior to our 1-for-20 reverse stock split in April 2025 have been adjusted for said split 2. Not reflect
Slide 29: 2026 Strategic Priorities
2026 Strategic Priorities Subscriber Growth | Billings Growth | Margin Expansion
Slide 30: Subscriber Growth Strategy
1. SUBSCRIBER GROWTH STRATEGY Stabilize and grow the paid subscriber file while maintaining ARPU improvements. ACQUISITION RETENTION CONVERSION • Improve renewal rates • Increase marketing • Accelerate free-to-paid through enhanced spend with improved conversion through engagement efficiency improve
Slide 31: Billings Growth
2. BILLINGS GROWTH Annual Billings Progression ($M) GROWTH DRIVERS 350 300 • Paid Subscriber stabilization and 300 271 gradual growth 250 239 • Improved renewal rates from higher-quality subscribers 200 • New product launches targeting 150 adjacent market segments 100 • Cross-brand and cross-sell re
Slide 32: CFFO Growth
3. CFFO GROWTH MARGIN EXPANSION LEVERS Operating Leverage Revenue growth on largely fixed cost base; content and editorial costs scale efficiently Marketing Efficiency Improved CAC with data-driven targeting; higher conversion rates reduce cost per acquisition ARPU Expansion Price increases and prod
Slide 33: FY 2026 Financial Targets
FY 2026 Financial Targets
Slide 34: 2026 Financial Targets
2026 FINANCIAL TARGETS BILLINGS CFFO FY 2026 DIVIDEND TARGET ~$300M ~$50M $1.80 +11% YoY 16% Cashflow Margin Per Class A share Billings growth + Margin = 27% Sustainable yield KEY ASSUMPTIONS & DEPENDENCIES • Paid subscriber file stabilizes, strong revenue retention, with improved quality mix • ARPU
Slide 35: Appendix
M A R K E T W I S E Appendix CONFIDENTIAL | February 2026
Slide 36: Historical Billings & Share Price Relationship
Historical Billings & Share Price Relationship
Slide 37: Non-GAAP Reconciliation – CFFO & Free Cash Flow
Non-GAAP Reconciliation – CFFO & Free Cash Flow ($ in 000's) 2023 2024 2025 Q4'24 Q4'25 Net Cash Provided/(Used) by Operating Activities 62,428 (22,150) 45,958 5,985 24,214 Plus: Non-Recurring Expenses1 3,940 - - - - Adj. CFFO (Adjusted Cash Flow from Operations) 66,368 (22,150) 45,958 5,985 24,214
Slide 38: Income Statement (Q4'25)
Income Statement (Q4’25)1 ($ in 000's) Q4'24 Q4'25 % Variance Q4'24 Q4'25 Total Revenue 97,478 83,394 -14% Total Revenue 100% 100% Operating Expenses Operating Expenses Cost of Revenue 11,014 10,851 -1% Cost of Revenue 11% 13% Sales and Marketing 34,044 34,104 0% Sales and Marketing 35% 41% General
Slide 39: Income Statement (2025)
Income Statement (2025) ($ in 000's) 2024 2025 % Variance 2024 2025 Total Revenue 408,701 328,122 -20% Total Revenue 100% 100% Operating Expenses Operating Expenses Cost of Revenue 50,663 44,335 -12% Cost of Revenue 12% 14% Sales and Marketing 160,707 130,954 -19% Sales and Marketing 39% 40% General
Slide 40: Balance Sheet (as of December 31, 2025)
Balance Sheet (as of December 31, 2025) ($ in 000's) Dec 31, 2024 Dec 31, 2025 ($ in 000's) Dec 31, 2024 Dec 31, 2025 Assets Liabilities and Stockholders' Deficit Current Assets Current Liabilities Cash and Cash Equivalents 97,876 70,140 Trade and Other Payables 4,011 3,868 Accounts Receivable 1,876