Slide 1: Q3 2025 Earnings Call
Q3 2025 Earnings Call October 29, 2025
Slide 2: Safe Harbor Statement and Non-GAAP Financial Measures
Safe Harbor Statement and Non-GAAP Financial Measures Forward-Looking Statements This communication 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 Executive Vice President and Chief Financial Officer Q&A © 2025 Clarivate. All rights reserved. 4
Slide 5: Business Review
Business Review Matti Shem Tov Chief Executive Officer
Slide 6: Q3 2025 Overview
Q3 2025 Overview Revenues Academia & Government $623M Organic ACV: 1.6% ▲ 30 bps sequentially Solid 2% organic ACV & subs revenue growth Renewal Rate: 93% ▲ 100 bps YoY Secured 100+ new contracts YTD led by Subs Organic Revenue Growth: 1.2% ProQuest Ebooks and Digital Collections Adj. EBITDA¹ $252M
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: Strong Execution Driving Strategic Wins and Transition to Subscriptions
Strong Execution Driving Strategic Wins and Transition to Subscriptions Academia & Government Accelerating Transition to Subscriptions Secured 100+ contracts for our new content subscription framework Partnered with the University of Melbourne to YTD, led by key solutions: ProQuest Ebooks and ProQue
Slide 9: Strengthening IP Market Leadership Through AI Innovation and Global Wins
Strengthening IP Market Leadership Through AI Innovation and Global Wins Intellectual Property Sinopec Group Selects Clarivate for Impactful Research and Innovation Signed agreements to provide China Petrochemical Corporation (Sinopec Group) with leading intellectual property and academic Derwent Pa
Slide 10: Advancing AI Adoption with New Product Capabilities and Expertise
Advancing AI Adoption with New Product Capabilities and Expertise Life Sciences & Healthcare Powering Market Growth with DRG Commercial Analytics 360 Partnered with Bioventus, a global orthobiologics leader, to leverage DRG Commercial Analytics 360 and unlock new U.S. growth for EXOGEN, its FDA-appr
Slide 11: Value Creation Plan on Track in 2025
Value Creation Plan on Track in 2025 Business Model Optimization Improved Sales Execution Accelerated Solutions Innovation Rationalization Q1 2025 Q2 2025 Q3 2025 Q4 2025 • A&G | Launched ProQuest • Implemented initiative to • A&G | Released Web of • A&G | General Release of ✓ e-Books (subscription
Slide 12: Key Focus Areas Into 2026 Execution Of The Value Creation Plan
Key Focus Areas Into 2026 Execution Of The Value Creation Plan Continue rapid deployment of Agentic AI Accelerate AI Build on existing momentum to release new AI-native solutions in existing and adjacent markets Innovation at Scale Extend AI-powered capabilities across the flagship product portfolio
Slide 13: Shareholder Value Creation Focus
Shareholder Value Creation Focus Strategic Alternatives Progress Strong Foundation To Drive Shareholder Value Continuing to advance comprehensive review and assessment of strategic alternatives Best-In-Class Trusted Provider, Data & Workflow Products Blue Chip Assets Customer Base Scaled Information
Slide 14: Positive Momentum Building Across Core Financial Metrics
Positive Momentum Building Across Core Financial Metrics Core Financial Metrics 2024A vs. YTD 2025A 0.9% Organic ACV ▲ 70 bps 1.6% 92% Renewal Rate ▲ 100 bps 93% Recurring Organic 80% ▲ 800 bps Revenue Mix1 88% Recurring 0.1% ▲ 50 bps Organic Growth2 0.6% Total Organic (1.4%) ▲ 160 bps Revenue Growt
Slide 15: Financial Review
Financial Review Jonathan Collins Chief Financial Officer
Slide 16: Q3 and YTD 2025 Financial Results
Q3 and YTD 2025 Financial Results Changes from Prior Year Revenues $m except per share data Q3 ‘25 Q3 ‘24 Change YTD ‘25 YTD ‘24 Change • Q3 essentially flat as Fx benefit more than offset inorganic decline Revenues $623 $622 $1 $1,838 $1,894 $(56) Net Income / Loss Income / (Loss) from Operations 4
Slide 17: Q3 2025 Revenues and Adj. EBITDA
Q3 2025 Revenues and Adj. EBITDA1 Changes from Prior Year Organic Year + Better - Worse $ millions • Continued growth in subscription Revenues revenues offset by re-occurring Adj. EBITDA1 and transactional headwinds; lower incentive compensation $5 expense in prior year driving $622 $6 $623 majority
Slide 18: YTD 2025 Revenues and Adj. EBITDA
YTD 2025 Revenues and Adj. EBITDA1 Changes from Prior Year Organic Year + Better - Worse $ millions • Subscriptions driving organic Revenues revenue growth Adj. EBITDA1 $1,894 Inorganic Disposals • Impact from A&G and LS&H $4 disposals ($35) Inorganic Divestitures $9 $1,838 • Primarily ScholarOne an
Slide 19: Q3 and YTD 2025 Cash Flow
Q3 and YTD 2025 Cash Flow Changes from Prior Year Free Cash Flow 1 $m Q3 ‘25 Q3 ‘24 Change YTD ‘25 YTD ‘24 Change • Change resulting from lower Adj. EBITDA as lower capital spending Adj. EBITDA 1 $252 $264 $(12) $747 $775 $(28) was offset by higher one-time One-Time Costs2 (13) (8) (5) (55) (33) (22
Slide 20: FY 2025 Guidance Reaffirmed with Raised Revenue Range
FY 2025 Guidance Reaffirmed with Raised Revenue Range ~1.5% Organic ACV 1.0% 2.0% Organic ACV • Expect continued growth Recurring Flat acceleration at upper end of range (1.0)% 1.0% Organic Growth2 Recurring Organic Growth ~$2,440m • Anticipate outcome in upper half Revenues $2,425m $2,455m of range
Slide 21: FY 2025 Revenues and Adj. EBITDA Outlook
FY 2025 Revenues and Adj. EBITDA1 Outlook Changes from Prior Year Organic Year + Better - Worse $ millions • Expecting revenue to be flat as Revenues recurring2 growth offsets Adj. EBITDA1 transactional decline • Profit headwind due to continued $2,557 Recurring2 ~+10 investments in product innovati
Slide 22: FY 2025 Cash Flow Outlook
FY 2025 Cash Flow Outlook Changes from Prior Year Free Cash Flow 1 $m 2025 Outlook 2024 Actuals Change • Lower interest, working capital, and capital spending expected to Adj. EBITDA 1 ~$995 $1,060 ~$(65) largely offset lower profit to One-Time Costs2 ~(65) (46) ~(20) maintain FCF conversion Interes
Slide 23: Proven and Consistent Engine For Free Cash Flow Generation
Proven and Consistent Engine For Free Cash Flow Generation 4% 35% $1.1B Debt Repayments Free Cash Flow Avg. FCF Conversion CAGR 2022-25F ¹ 2022-25F ¹ 1x Net Leverage 2022 – YTD 2025 $0.6B 13% $1.5B Share Repurchases Free Cash Flow FCF Generation 10% / 75m Share Yield 2025F ¹,² 2022-25F ¹ 2022 – YTD
Slide 24: Q&A Session
Q&A Session
Slide 25: Appendix: Presentation of Certain Non-GAAP Financial Measures
Appendix Presentation of Certain Non-GAAP Financial Measures
Slide 26: 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 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Net income (loss) to Adjusted EBITDA and Adjusted EBITDA margin $m Q3 ‘25 Q3 ’24 YTD ’25 YTD ’24 Net income (loss) $(28.3) $(65.6) $(204.2) $(444.9) Provision (benefit) for income taxes 3.8 15.1 34.9 23.3 Depreciation and amortization 191.8 177.2 568.1 5
Slide 28: 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 Q3 ‘25 Q3 ‘24 YTD ’25 YTD ‘24 $m except per share data Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net income (loss) and Diluted EPS
Slide 29: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Net cash provided by operating activities to Free cash flow and Free cash flow conversion $m Q3 ‘25 Q3 ‘24 YTD ’25 YTD ’24 Net cash provided by operating activities $181.1 $202.9 $486.6 $505.3 Capital expenditures (65.6) (76.6) (192.5) (206.9) Free cash
Slide 30: Reconciliation of Non-GAAP Financial Measures – 2025 Outlook
Reconciliation of Non-GAAP Financial Measures – 2025 Outlook Net income (loss) to Adjusted EBITDA and Adjusted EBITDA margin Year Ending December 31, 2025 Year Ended December 31, (Forecasted) $m Low High 2024 2023 2022 Net income (loss) $(328) $(252) $(636.7) $(911.2) $(3,960.2) Provision (benefit)
Slide 31: Reconciliation of Non-GAAP Financial Measures – 2025 Outlook
Reconciliation of Non-GAAP Financial Measures – 2025 Outlook Net income (loss) per fully diluted weighted shares outstanding to Adjusted diluted EPS Year Ending December 31, 2025 (Forecasted) $m Low High Net income (loss) per share $(0.48) $(0.38) Amortization related to acquired intangible assets 0
Slide 32: Reconciliation of Non-GAAP Financial Measures – 2025 Outlook
Reconciliation of Non-GAAP Financial Measures – 2025 Outlook Net cash provided by operating activities to Free cash flow and Free cash flow conversion Year Ending December 31, 2025 Year Ended December 31, (Forecasted) $m Low High 2024 2023 2022 Net cash provided by operating activities $555 $635 $64
Slide 33: About Clarivate
About Clarivate © 2025 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