Zeta Global Holdings Corp. · NYSE:ZETA
Zeta Global — Q2 2025 Earnings Presentation
45 slides from Zeta Global's earnings presentation, Aug 5, 2025
Slide 1: Supplemental 2Q'25 Earnings Presentation
Supplemental 2Q’25 Earnings Presentation August 5, 2025
Slide 2: Forward-looking statements and non-GAAP measures
Forward-looking statements and non-GAAP measures This presentation, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Sec
Slide 3: Zeta's 2Q'25 results reflect strong business momentum
Zeta’s 2Q’25 results reflect strong business momentum KEY THEMES RESULTS • 2Q revenue growth of 35%, 27% excluding LiveIntent and PY Political Candidate 2Q’25 Strong 1H • 2Q Adj. EBITDA2 growth of 52% and margin2 expansion of 210 bps RESULTS to the Year • 2Q free cash flow2 growth of 69% and 57% con
Slide 4: Consistent execution with strong underlying fundamentals
Consistent execution with strong underlying fundamentals Scaled Customer Count Scaled Customer ARPU Industry Verticals TOTAL SCALED4 SUPER-SCALED5 TOTAL SCALED6 SUPER-SCALED7 6 of the Top 10 567 +21% Y/Y 168 +17% Y/Y $532K $1.6M Verticals Grew 1Q’25: 548 1Q’25: 159 1Q’25: $467K 1Q’25: $1.4M Greater
Slide 5: 14 straight quarters of >20% revenue growth and expanding Adj. EBITDA margins
14 straight quarters of >20% revenue growth and 18 consecutive quarters of expanding Adj. EBITDA margins Y/Y Revenue Growth Adjusted EBITDA2 Growth $59 $308 19.1% of Revenue $228 $39 16.9% of Revenue 2Q’24 2Q’25 2Q’24 2Q’25 See slide 41 for footnote definitions See appendix for definitions of non-GA
Slide 6: Accelerating Y/Y scaled customer count expansion
Accelerating Y/Y scaled customer count expansion 17 Consecutive Quarters of Sequential Scaled Customer Expansion Y/Y Growth: 21% 320 567 527 548 270 159 168 475 220 460 468 148 440 452 425 170 144 144 144 124 131 118 120 379 389 399 ZETA 2028 316 321 316 324 331 MODELED CAGR: 70 307 4-8% 20 (30) 2Q'
Slide 7: Significant Y/Y scaled customer ARPU expansion
Significant Y/Y scaled customer ARPU expansion Y/Y ARPU Growth % 10% 10% 7% 11% 22% 33% 27% 12% 11% Y/Y Growth: $454 $479 $557 $577 $467 $532 11% $418 $416 $392 2Q’25 ARPU for $1M+ is ZETA 2025 15X 2Q’25 ARPU for $1M+ is 17X the $100K - $1M Cohort MODELED CAGR: 12-16% the $100K - $1M Cohort Q2'23 Q3
Slide 8: Powerful revenue leverage as customers ramp to >$1M spend
Powerful revenue leverage as customers ramp to >$1M spend $100K to $1M Greater than $1M 389 399 Scaled 168 159 Customer 324 144 Count Total Scaled Customers 2Q’25: 567 1Q’25: 548 2Q‘24 1Q‘25 2Q’25 2Q‘24 1Q‘25 2Q’25 2Q’24: 468 Quarterly ARPU $103 $94 $91 $1,326 $1,380 $1,578 1 7 X OPP. Avg. Channels
Slide 9: The longer our customers stay with us, the bigger they become
The longer our customers stay with us, the bigger they become FY’24 Scaled Customer ARPU $2.6M $1.2M $0.9M $0.6M $1.3M $2.1M FY’23 FY’23 FY’23 Scaled Customer <1 Year 1-3 Years 3+ Years Count 106 138 283 Revenue $91M $169M $725M ~90% Revenue driven by scaled customers who have been with Zeta >1 year
Slide 10: Zeta is well-diversified across a wide range of verticals
Zeta is well-diversified across a wide range of verticals FY 2024 Revenue by Vertical Well-Diversified Customer Set Automotive, 4% Consumer & Retail, 22% • Broad coverage across 15 Healthcare, 6% different industry verticals Technology & Media, 6% • 7 of the Top 10 verticals grew Travel & greater th
Slide 11: Serving 44% of the Fortune 100
Serving 44% of the Fortune 10014 11 of the 17 largest 2 of the 3 largest 5 of the 10 largest Insurance Consumer & Retail Airline companies companies in the world companies 6 of the 13 largest 5 of the largest Agency 4 of the 5 largest Technology & Media Hold Cos Telecommunications companies companie
Slide 12: Zeta 2028
Zeta 2028
Slide 13: Tracking towards Zeta 2028
Tracking towards Zeta 2028 2028 Targets $2,100 2028 REVENUE TARGET $2,500 $1,263 $2,000 $1,006 $2.1B+ $1,500 $591 $729 $368 $458 $1,000 $500 Implied 20% CAGR $- '20 '21 '22 '23 '24 '25E* '28 2 $525 2028 ADJ. EBITDA TARGET 19% 21% $600 30% $500 16% 18% 25% 14% $265 25% $525M+ 11% $400 20% $300 $129 $
Slide 14: Compound annual growth rates for Zeta 2028 key metrics
Compound annual growth rates for Zeta 2028 key metrics Original Zeta 2025 Model Actual Performance Zeta 2028 Model Announced Feb. 2022 2021–2024 Announced Feb. 2025 Revenue CAGR 22% 30% 20% METRICS KEY Adj. EBITDA2 CAGR 33% 45% 28% Free Cash Flow2 CAGR 58% 74% 39% Scaled Count CAGR 6% 14% 4% – 8% Sc
Slide 15: 3Q'25 & FY'25 Guidance
3Q’25 & FY’25 Guidance
Slide 16: Guidance that is balanced between growth & operating leverage
Guidance that is balanced between growth & operating leverage 3Q’25 FY’25 3Q’25 FY’25 Guidance Guidance Guidance Guidance Range Range Midpoint Midpoint Total Zeta Revenue $327M – $329M $1,258M – $1,268M $328M $1,263M % Growth Y/Y 22% – 23% 25% – 26% 22% 26% Adj. EBITDA2 $70.3M – $71.0M $263.6M – $26
Slide 17: Guidance that is balanced between growth & operating leverage
Guidance that is balanced between growth & operating leverage 1Q’25 2Q’25 3Q’25 4Q’25 FY’25 Actuals Actuals Midpoint Midpoint Midpoint Zeta Revenue excl. LiveIntent $245M $288M $302M $335M $1,170M % Growth excl. LiveIntent & Political Y/Y 26% 27% 22% 21% 24% LiveIntent Revenue $19M $20M $26M $28M $9
Slide 18: Guidance that is balanced between growth & operating leverage
Guidance that is balanced between growth & operating leverage 1Q’25 2Q’25 3Q’25 4Q’25 FY’25 Guidance Guidance Guidance Actuals Actuals Midpoint Midpoint Midpoint 2025 Revenue Prior Guidance (reported as of 5/1) $323M $358M $1,242M Y/Y Growth % 21% 14% 23% REVISED 2025 Revenue: 1Q, 2Q Actuals + New G
Slide 19: Guiding to Free Cash Flow of $142M in 2025, with a target of $340M+ by 2028
Guiding to Free Cash Flow of $142M in 2025, with a target of $340M+ by 2028 FCF conversion adjusted for Working Capital headwinds primarily from the agency business growth ADJ. EBITDA FCF $ 62% 68% $525+ 65% $600 70% FCF / EBITDA % 3 54% 60% 48% $500 $400 42% 42% $340+ 50% $265 40% $300 26% 28% $193
Slide 20: Expecting significant reduction in share count dilution in 2025 and 2026
Expecting significant reduction in share count dilution in 2025 and 2026 Total Dilution ~15% 18% 16% ~5% Follow-on Offering 14% 12% ~3% LiveIntent 10% Acquisition Target Total Dilution Target Total Dilution 8% 6% ~3% Stock granted, net ~4-6% ~3-4% Previously issued ~3% Stock granted, net ~1% Stock g
Slide 21: Stock-based Compensation declining as both an expense and as a % of revenue
Stock-based Compensation declining as both an expense and as a % of revenue 57% $299 $350 60% $259 $300 50% $250 51% $243 $195 $190 40% $200 33% 30% $150 20% 19% 15% $100 10% $50 $- 0% 2021 2022 2023 2024 2025E Total Stock-based Compensation (M) Stock-based Compensation as a % of revenue 21
Slide 22: Zeta makes sophisticated marketing SIMPLE
Zeta makes sophisticated marketing SIMPLE 22
Slide 23: Being a Sophisticated Marketer Is Harder Than Ever
Being a What message will resonate? Sophisticated Who should Marketer Is How can I make Gen AI I target? How do I Harder Than Ever know who’s actionable? in market Which channels With fragmented tools, are more processes, and poorly integrated data, profitable? 55% of marketers cannot identify What
Slide 24: Zeta helps marketers Acquire, Grow & Retain customers
Zeta helps marketers Acquire, Grow & Retain customers more efficiently and effectively by… …enriching customer data …synthesizing data …and delivering real-time with Zeta data… into Intelligence… omnichannel engagement CRM EMAIL Zeta MOBILE AI Marketing Platform SOCIAL WEBSITE PERSONALIZATION DSP Ze
Slide 25: Zeta consolidates the fragmented marketing landscape
Zeta consolidates the fragmented marketing landscape The Zeta Marketing Platform (ZMP) consolidates all 3 Data Marketing Management Automation Engagement (Marketing Clouds (Programmatic) (CDPs) & ESPs) How brands create a unified customer How brands effectively reach and manage How brands acquire ne
Slide 26: The Zeta Advantage
The Zeta Advantage Integrated Identity & Intelligence The ZMP is Makes Generative AI Actionable Built For Results Real Time Only Zeta’s Purpose-Built Platform Can Replace Legacy Technology or Optimize Existing Flexibility to Wrap Around Tech Stack Tech Lower Total Cost of Ownership Generates Higher
Slide 27: The intelligence powered era is breaking boundaries
The intelligence powered era is breaking boundaries U.S. TAM 11 CAGR 11 OMNICHANNEL ENGAGEMENT 2023 ’23 – ‘25 Data Media MarTech SIGNALS Intelligence Powered $19B 14% Marketing IPM Technology Intelligence IDENTITY Powered Media 12% $64B See slide 41 for footnote definitions 27
Slide 28: Zeta was named a Leader in the Latest Forrester Wave
Zeta was named a Leader in the Latest Forrester Wave15 Zeta was named as the leader, by a wide 3Q 2024 margin, scoring highest possible rating in 13 of 22 categories. Highlights 1Q 2022 “Zeta Global stands out with a solution that suits the most type of marketers.” “Zeta’s current offering leads our
Slide 29: Comprehensive Look Into Zeta's Data Cloud, Governance & Vision
Comprehensive Look Into Zeta’s Data Cloud, Governance & Vision Selection from Zeta Data Summit on December 9, 2024
Slide 30: Finding Signal Through the Noise
Finding Signal Through the Noise Zeta’s POV on How Outsiders Should Value Data Assets, Capabilities, Compliance Size, Scale, Is Coverage Comprehensive and Resilient? Durability Data Active Activation Compliance Model Is Usability Easy, and Does Are Standards of Today and it Create “Unfair the Likely
Slide 31: Zeta's Types of Data
Zeta’s Types of Data Zeta’s People-Based Data Includes Identities, Identifiers, & Signals Identities Identifiers Signals Identities are unique Identifiers are indices that Signals are data-in-motion and individuals, represented by determine the best way to data-at-rest processed by Zeta offline PII
Slide 32: Defining Zeta's Sources of Data
Defining Zeta’s Sources of Data Zeta Data Sources Description Zeta Demand Side Platform (DSP) Technology enabling advertisers to participate in online, programmatic auctions Zeta Supply Side Platform (SSP) Technology enabling publishers to participate in online, programmatic auctions Zeta Message Tr
Slide 33: Contribution Value of Zeta's Technology and Networks
Contribution Value of Zeta’s Technology and Networks Est. Contribution Zeta Data Sources Identities Identifiers Signals to Total Graph Zeta Demand Side Platform (DSP) 15-20% Zeta Supply Side Platform (SSP) 3-5% Zeta Message Transfer Agent (MTA) 10-15% Disqus 15-20% LiveIntent 20-25% O&O Properties 0
Slide 34: MTA, LiveIntent, Disqus Contribute > 75%+ of Identities
MTA, LiveIntent, Disqus Contribute > 75%+ of Identities O&O Third Party MTA Disqus LiveIntent 34
Slide 35: DSP, LiveIntent, Disqus Contribute > 95% of Identifiers
DSP, LiveIntent, Disqus Contribute > 95% of Identifiers SSP Third Party LiveIntent Disqus DSP 35
Slide 36: Disqus, DSP, LiveIntent Contribute > 75%+ of Signals
Disqus, DSP, LiveIntent Contribute > 75%+ of Signals Third Party O&O DSP LiveIntent Disqus 36
Slide 37: Digital and Email Permission Have Different Requirements
Digital and Email Permission Have Different Requirements Zeta Collects Permissioned Data for Web Monitoring and Email Using Methodologies Compliant with Federal Laws, State Laws, and Self-Regulatory Programs Zeta Data Cloud Counts as of November 2024 Digital Permission: Identities, Signals and Ident
Slide 38: Data Durability
Data Durability Zeta’s People-Based Assets Have Demonstrated Stability and Antifragility Amidst a More Stringent Regulatory Environment December 2021 January 2024 November 2024 231M* 241M* 245M* LiveIntent Acquisition Completed Data Privacy Regulation & Browser Updates GDPR Apple ITP TCF 2.0 Google
Slide 39: How Hard it is to Replicate
How Hard it is to Replicate In Short, It Would Be Challenging to Recreate Zeta’s Model Data AI Convergence Own identity-based Leading AI-capabilities to Platform capable of assets that provide real synthesize data into operating across the value to Publishers, and actionable intelligence entire cons
Slide 40: Appendix
aa Appendix
Slide 41: Footnotes
Footnotes 1 | 2Q’25 GAAP net loss of $12.8M, or 4.2% of revenue, includes $46.5M of stock-based compensation. 2 | Adjusted EBITDA, Adjusted EBITDA Margin, non-GAAP Net Income, non-GAAP Net Income per share, and Free Cash Flow are non-GAAP measures, see reconciliations in this Appendix. 3 | Free Cash
Slide 42: Non-GAAP Measures
Non-GAAP Measures In order to assist readers in understanding the core operating results that our management uses to evaluate the business, we describe our non-GAAP measures referenced in this presentation below. We believe these non-GAAP measures are useful to investors in evaluating our performanc
Slide 43: Reconciliation for Adj. EBITDA and Adj. EBITDA margin
Reconciliation for Adj. EBITDA and Adj. EBITDA margin $ in ’000s, unless otherwise noted ` 2Q’24 2Q’25 1Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 Net loss $ (28,066) $ (12,814) $ (21,600) $ (38,465) $ (53,225) $ (249,563) $ (279,239) $ (187,481) $ (69,771) Net loss margin (12.3)% (4.2)% (8.2)% (12.6)
Slide 44: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $ in ’000s, unless otherwise noted 2Q’24 2Q’25 1Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 Cash Flows from Operating Activities $31,110 $ 42,049 $ 34,799 $ 30,599 $ 35,539 $ 44,292 $ 78,486 $ 90,523 $ 133,861 Capital expenditures (6,754) (2,349) (2,736) (3,300) (2,249) (9
Slide 45: Non-GAAP Net Income per share Reconciliation
Non-GAAP Net Income per share Reconciliation $ in ’000s, except shares and per share amounts 2Q’24 2Q’25 YTD’24 YTD’25 Net Loss $ (28,066) $ (12,814) $ (67,632) $ (34,414) Restructuring expenses - - - 3,152 Stock-based compensation 52,159 46,471 104,797 88,458 Other expenses / (income) (1,564) 6,351