Slide 1: Investor Deck August 2025
2021 York Mountain Syrah - $78 Investor Deck August 2025
Slide 2: Disclaimer
Disclaimer Safe Harbor Disclaimer for Forward-Looking Statements This presentation has been prepared by management of System1, Inc. (together with its subsidiaries, collectively “System1”) and does not constitute a prospectus, and should under no circumstances be understood as an offer to sell or th
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this pres
Slide 4: Company Overview
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Slide 5: System1 operates a leading omnichannel marketing platform and flagship brands
System1 operates a leading omnichannel marketing platform and flagship brands in shopping, travel and search connecting high intent customers with advertisers
Slide 6: System1 at a Glance
System1 at a Glance Two components – Technology is our $734M+ of Flexible business Marketing and Products advantage Advertising Demand2 model in all market conditions Marketing drives paid traffic to Proprietary “Responsive Total Advertising Spend Our platform and solutions our Owned & Operated Acqu
Slide 7: Our platform is built for scale
1B+ monthly sessions1 1.6B+ rows/day3 47K+ daily creative & Our platform generated on O&O generated from first bidding optimizations3 properties and across party data informing our by our automated is built for ~220 active Network Machine Learning buying engine scale and partners2 pipelines primed t
Slide 8: Key Business Lines
Key Business Lines Segment Adjusted Gross ACQUIRE REFINE MONETIZE Profit Marketing $82M $89M Products Partner Network 8 Note: Segment Adjusted Gross Profit defined as revenue less traffic acquisition costs incurred to acquire users
Slide 9: RAMP Identifies & Generates Customers Across All Verticals
RAMP Identifies & Generates Customers System1 AcrossisAll Omnivertical & Omnichannel Major Advertising Categories & from All Major Traffic Sources Health Finance Platform Business & Technology Search Revenue by Revenue by Leisure & Lifesytle Network Partners Vertical Vertical Travel & Tourism Platfo
Slide 10: How Our Platform Works
How Our Platform Works Identify and unlock consumer intent across 1 2 all major sources of traffic UNLOCK REFINE Platform Refine consumer intent based Revenue by on actions they take on System1 Vertical websites 3 MONETIZE Monetize via key advertising partners 10 10
Slide 11: Consumer Intent is Refined into Monetizable Intent
Consumer Intent is Refined into Monetizable Intent 11
Slide 12: Platform Architecture
Platform Architecture = RAMP Console System and Network partner access to the RAMP platform, including campaign management, experimentation tools and reporting dashboards. SYSTEM Publishing Search Partner . rl] . . + Properties Properties Properties Acquisition Engagement Monetization Paid and organ
Slide 13: AI & Machine Learning Enabling Rapid Scale
AI & Machine Learning Enabling Rapid Scale - Data Pipelines Generative AI Buy Side AI and Machine - Machine generates Ad integrations Learning monitor, learning models creative and permit rapid administer and - First-Party Data content at scale. activation across optimize across - Analytical Tools t
Slide 14: Key Financial KPIs
Key Financial KPIs $317M $165M $52M Revenue Adj. Gross Profit Adj. EBITDA (32% Margin on Gross Profit) See appendix for reconciliation of all Non-GAAP metrics to their corresponding GAAP metric Metrics shown are for the twelve months ending June 30, 2025
Slide 15: Founder-Led Team of Industry Veterans
Founder-Led Team of Industry Veterans MICHAEL BLEND CHUCK URSINI TRIDIVESH KIDAMBI CHRIS TESTA CEO & Co-Founder President, CFO CTO COO & Co-Founder BETH SESTANOVICH BRIAN COPPOLA DANIEL WEINROT AVI RAJU Chief People Officer Chief Ad Operations General Counsel Chief Product Officer Officer 15
Slide 16: Investment Highlights
Investment Highlights A resilient and profitable business Technology platform provides a strong and sustainable competitive advantage A highly diversified business across its marketing and monetization capabilities Proven M&A capabilities Strong, industry-experienced and founder-led management team
Slide 17: Thank You
Thank You
Slide 18: Appendix
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Slide 19: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA $ in millions June 2025 LTM $ in millions $ $ in in millions millions Net Income (Loss) ($90) Plus: Income Tax Expense ($2) Interest Expense $30 Depreciation & Amortization $81 Other Expense $0 Stock-Based Compensation & Distributions to Members $16 No
Slide 20: Reconciliation of Revenue to Adjusted Gross Profit
Reconciliation of Revenue to Adjusted Gross Profit June 2025 $ in millions $ in millions LTM Gross Profit $139 $ in millions Add: Depreciation and amortization related to cost of revenue $ in millions $26 $ in millions Adjusted Gross Profit $165 20