Thryv Holdings, Inc. · NASDAQ:THRY
Thryv — Q3 2025 Earnings Presentation
39 slides from Thryv's earnings presentation, Oct 30, 2025
Slide 1: 3rd Quarter 2025
Exhibit 99.2 3RD QUARTER 2025
Slide 2: Safe Harbor
Safe Harbor thryv This Presentation may include certain forward-looking statements, that reflect our current views with respect to future events and financial performance. Such statements are provided under the “safe harbor” protection of the Private Securities Litigation Reform Act of 1995 and incl
Slide 3: Key Investment Highlights
thryv Key Investment Highlights Best-In-Class SaaS Platform Powerful software platform tailored to the growing needs of the SMB. Massive Market Opportunity Established and resilient service-based SMBs with 2-99 employees. Global SAM ~10M Businesses ($40B Annual Spend). Mega-Trend Benefitting from cl
Slide 4: Proven results for over 100,000+ small businesses
thryv Proven results for over 100,000+ small businesses pea fe) +25% +61% $1.3B 20+ INCREASE IN NEW MORE APPOINTMENTS DIGITAL PAYMENTS HOURS A CUSTOMERS BOOKED COLLECTED IN 2024 WEEK SAVED
Slide 5: Giant Global SAM
thryv . $40 billion Giant Global SAM’ Addressable Market ~5 million SMBs $20 billion US SAM’ 1, SAM defined as Serviceable Addressable Market Source: Projections based on average ARPU spend for businesses with 2-99 employees in service-driven industries in the U.S., using data from the U.S. Census B
Slide 6: Thryv's Target Market
thryv Thryv’'s Target Market <$2k Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise, 6
Slide 7: Small Business Growth Fueled by AI
thryv Caption Al Al Review Response — MARKET Al Service Description thryv Get Found Online Al Website Builder Al Social Image Summary e Small Business AI Content Asian d ‘ _ E : Al Lead Scoring G rowth Fuele i SOM er 5 Al Social Image Summary by Al
Slide 8: Introducing Your AI Growth Partner
thryv INTRODUCING | Your Al Growth Partner Streamline your entire business through chat. %& How was your day, Bobbie Jo? Show me customers who haven't purchased in 90 days| + 2% @QResearch © Sonnet 4
Slide 9: Inflection Point
thryv INFLECTION POINT SaaS Saas Combined Overall Revenue EBITDA Top-line & >50% >50% Bottom-line Growth Inflection point evidences SaaS Revenue and Adjusted EBITDA eclipsing Marketing Services. Forward-looking targets reflect our current outlook and are subject to change as future events and opport
Slide 10: Thryv AI Today
Thryv Al Today Powering Small Business Growth thryv
Slide 11: Caption AI
" Caption Al Instantly create engaging social content. ® Social Media Management Post Now © Gen? & , Al Review Response Respond to reviews across sites in seconds. Al Service Descriptions Professional listings without the writing struggle.
Slide 12: AI Content Assistance
12 Al Content Assistance Personalized writing assistant for customer follow-ups, landing pages, and emails. Al Automation Assistant End to end campaign creation with assets.
Slide 13: AI Social Image Generated
3 Al Social Image Generated Allow users the ability to create Al images to fit their exact need. ©2025 Thryy, Inc.All Rights
Slide 14: AI Call Analysis
14 Al Call Analysis + Al Review Call Transcript * Al Creates Action Items * Al Scores Lead value thryv @ Contact info Phone, email and fax (608) 428.9978
Slide 15: AI Site Generation
15 Al Site Generation + Al-Generated Website Design + Al Copy & Image Generation * Verticalized Templates (Coming Soon) Al Site Editing + Suggested Text in Seconds + One-Click Meta Tags & Alt Text + Drag-and-Drop Editor * Mobile-Friendly Editing + Al Copilot Editing Assistance (Coming Soon)
Slide 16: Professional Results. Powered By AI
16 Professional Results. Powered By Al ‘A @ Bel CP Launch Fast Be Visible Stay Optimized Expert Help Fast load = Your website loads instantly improving conversions Schema/Sitemaps = Your business info shows up directly in Al answers thryv
Slide 17: Accolades & Awards
aye Accolades & Awards i = RECOGNISING AUSTRALIA‘S +**& GLO —— MOST LOVED WORKPLACE BUSINESS, The Australian BEST cD Best . os rsweek, INNOVATION Business Awards COMPANIES & TECHNOLOGY LEADERS cnowceaword > TO SELL FOR Sell For 2025 choice award 60 ve : ab ue Newsweek's list of Global Most Loved Wor
Slide 18: Financial Review Q3 2025
Financial Review Q3 2025 thryv
Slide 19: 3rd Quarter Highlights
19 3rd Quarter Highlights (1) Consolidated Adjusted EBITDA is equal to SaaS Adjusted EBITDA and Marketing Services Adjusted EBITDA. See the Appendix for a reconciliation to Net income (loss). (2) Equal to adjusted EBITDA divided by revenue. 3rd Quarter $ in thousands 2025 2024 YoY% SaaS Revenue $115
Slide 20: Q3 SaaS Highlights
20 FINANCIAL REVIEW Q3 SaaS Highlights +33% YoY +7% YoY $365 +19% YoY $89M +9% YoY Revenue Subscribers ARPU ThryvPay TPVSeasoned Net Revenue Retention (NRR) 73% +80 bps YoY 94% + b YoY Adjusted Gross Margin(1) Results are inclusive of the Keap acquisition made on October 31, 2024, with the exception
Slide 21: SaaS share of revenue
21 Results are inclusive of the Keap acquisition made on October 31, 2024. The SaaS percentage of revenue may fluctuate due to the timing of revenue recognized from Marketing Services print publications, which are recognized upfront for the full 24-month contract in accordance with ASC 606. However,
Slide 22: SaaS Highlights
22 SaaS Highlights F I N A N C I A L R E V I E W Revenue $87.1 $115.9 Q3-24 Q3-25 Adjusted EBITDA $10.3 $19.6 Q3-24 Q3-25 Adjusted Gross Margin 72.2% 73.0% Q3-24 Q3-25 ($ in millions) Results are inclusive of the Keap acquisition made on October 31, 2024. (1) See Appendix for a reconciliation of Gro
Slide 23: (1) (1) Denotes customers with paid products. Excludes clients from the Keap acquisition made
23 (1) (1) Denotes customers with paid products. Excludes clients from the Keap acquisition made on October 31, 2024. Includes upgrades to the SaaS platform initiated by Thryv for selected Marketing Services customers at no additional base cost to the converted customers.
Slide 24: Excludes clients from the Keap acquisition made on October 31, 2024. Includes upgrades to
24 Excludes clients from the Keap acquisition made on October 31, 2024. Includes upgrades to the SaaS platform initiated by Thryv for selected Marketing Services customers at no additional base cost to the converted customers.
Slide 25: Excludes clients from the Keap acquisition made on October 31, 2024. Includes upgrades to
25 Excludes clients from the Keap acquisition made on October 31, 2024. Includes upgrades to the SaaS platform initiated by Thryv for selected Marketing Services customers at no additional base cost to the converted customers.
Slide 26: SaaS and Local Sales Generated
26 Total SaaS and Local Sales Generated inclusive of results from the Keap acquisition. Q3 SaaS ARPU: Total $365, Thryv $355, Keap $437. (1) Thryv Initiated Upgrades refers to upgrades to the SaaS platform initiated by Thryv for selected Marketing Services products at no additional base cost to the
Slide 27: Amortization Scorecard
7 FINANCIAL REVIEW Amortization Scorecard Payments Made In 2024-2025 ' Q2-24 = Q3-24Q4-24 0 Q1-25 Q2-25 Q3-25 Q425Q1-26 © Q2-26 | Q3-26 86426 = Q)1-27 oO Paid Required Amortization [ ) Required Amortization Payments Q227 Q3-27 thryv Q4-27
Slide 28: Print Unlevered FCF (2025-2030)
28 Print Unlevered FCF” (2025-2030) $250-$300 Million 1. Estimates include global tax assumptions but excludes cash interest payments. By the End of the Decade 2. Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise. Progress So Far t
Slide 29: Billings
29 Q3-25 Q3-24 Marketing Services Billings (millions)(1)(3) $70.6 $105.7 YoY % (33)% (35)% BILLINGS (YoY%) (19)% (17)% (20)% (17)% (19)% (22)% (19)% (23)% (24)% (28)% (35)% (40)% (42)% (38)% (33)% 21% 20% 24% 25% 24% 20% 13% 22% 22% 24% 32% 43% 51% 46% 32% (14)% (12)% (13)% (9)% (12)% (14)% (12)% (1
Slide 30: Q4 and FY 2025 Outlook
30 Q4 and FY 2025 Outlook (in millions, USD) Q4 2025 FY 2025 MANAGEMENT COMMENTARY MARKETING SERVICES REVENUE $71.6 to $73.6 $323.0 to $325.0 • Company expects FY-25 MS revenue decline of ~32% to ~33% Adjusted EBITDA $16.8 to $18.8 $76.0 to $78.0 • Company expects MS EBITDA margins in the mid- twent
Slide 31: Appendix
thryv Appendix
Slide 32: Non-GAAP Financial Reconciliation
32 APPENDIX Non-GAAP Financial Reconciliation *Figures may not foot due to rounding. (in thousands) Q1-24 Q2-24 Q3-24 Q4-24 FY24 Q1-25 Q2-25 Q3-25 YTD-25 Net income (loss) $ 8,424 $ 5,548 $ (96,071) $ 7,883 $ (74,216) $ (9,618) $ 13,931 $ 5,654 $ 9,967 Interest expense 13,359 12,175 11,514 9,723 46,
Slide 33: SaaS Segment Adjusted EBITDA Calculation
33 APPENDIX Three Months Ended September 30, (in thousands) 2025 2024 Segment Revenue $ 115,903 $ 87,055 Less: Segment cost of services 31,291 24,168 Segment sales and marketing 43,882 36,676 Segment general and administrative 21,139 15,897 Segment Adjusted EBITDA $ 19,591 $ 10,314 SaaS Segment Adju
Slide 34: Reconciliation of Adjusted Gross Profit to Gross Profit
34 Reconciliation of Adjusted Gross Profit to Gross Profit APPENDIX Three Months Ended September 30, 2025 (in thousands) SaaS Marketing Services Consolidated Reconciliation of Adjusted Gross Profit Gross profit $ 82,407 $ 54,058 $ 136,465 Plus: Depreciation and amortization expense 2,120 1,569 3,689
Slide 35: Reconciliation of Adjusted Gross Profit to Gross Profit
35 Reconciliation of Adjusted Gross Profit to Gross Profit APPENDIX Non-GAAP Financial Reconciliation Nine Months Ended September 30, 2025 (in thousands) SaaS Marketing Services Consolidated Reconciliation of Adjusted Gross Profit Gross profit $ 244,088 $ 158,285 $ 402,373 Plus: Depreciation and amo
Slide 36: Supplemental Financial Information
36 APPENDIX Supplemental Financial Information The supplemental financial information provides Revenue, Adjusted EBITDA and Adjusted EBITDA Margin for our (i) Marketing Services business and (ii) SaaS business. SaaS Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Marketin
Slide 37: Free Cash Flow and Supplemental Financial Information
37 APPENDIX Nine Months Ended September 30, (in thousands) 2025 2024 Net cash provided by operating activities $ 41,321 $ 63,640 Additions to fixed assets and capitalized software (22,491) (24,730) Free cash flow $ 18,830 $ 38,910 Supplemental Financial Information Nine Months Ended September 30, 20
Slide 38: Unbilled receivables
38 1Unbilled receivables represent print revenue earned but not yet invoiced and are expected to result in future cash collections as clients are billed under contract terms. Per ASC 606 accounting policy, print revenue is recognized upfront at the time of shipment.
Slide 39: Definitions
39 APPENDIX Definitions Definitions of key terms used in this presentation are as follows: • SaaS revenue consists of SaaS revenue recognized by our domestic and foreign operations. • Marketing Services revenue consists of SaaS revenue recognized by our domestic and foreign operations. • SaaS Adjust