Doubleverify Holdings, Inc. · NYSE:DV
Doubleverify — Q4 2025 Earnings Presentation
24 slides from Doubleverify's earnings presentation, Feb 26, 2026
Slide 1: Q4 & FY 2025 Earnings Call
Q4 & FY 2025 Earnings Call February 26, 2026 1
Slide 2: Disclaimer
Disclaimer This presentation contains “forward-looking statements” that are based on management’s beliefs and assumptions and on information currently available to management. These forward-looking statements include, but are not limited to, statements about our plans, objectives, expectations and i
Slide 3: Q4 2025 Performance Highlights
Q4 2025 Performance Highlights Strong Solid Customer Social Growth CTV Growth Profitability Retention NO % % % 38 NEW DEACTIVATIONS ~60 ~22 Adj. EBITDA Margin Of Top 100 Customers YoY Growth YoY Growth in Q4 25 in Q4 25 Social Activation CTV Measurement in Q4 25 Impressions in Q4 25 3
Slide 4: Product Innovation Driving Durable Growth
Product Innovation Driving Durable Growth PRODUCT INNOVATION CYCLE ACROSS THE FASTEST-GROWING AREAS OF DIGITAL ADVERTISING SOCIAL CTV AI PLATFORMS MEDIA ADVantage PLATFORM (MAP) EXPAND WIN <0.5% ~500 of digital advertising spend today Top advertisers not yet customers • Opportunity to expand adoptio
Slide 5: Execution and Financial Performance
Execution and Financial Performance 2025 REVENUE STRONG CASH GROWTH PROFITABILITY GENERATION FY 25 FY 25 FY 25 Y/Y Revenue Growth Adj. EBITDA Margin Net Cash from Operating Activities % % +14 33 <0.5% $211M 5
Slide 6: AI Opportunity: Unlocking Growth in the ~$400B+ Search Ad Market
AI Opportunity: Unlocking Growth in the ~$400B+ Search Ad Market AI Search Ad Spending will Reach over $25 Billion by 2029 Advertising on AI Platforms DV’s Core Value is Unchanged Has Opportunity to Unlock Search Ad Spend for DV DV Remains an Integral Part of the Ad Equation $823B Global Digital Tot
Slide 7: Product Growth Drivers: Social, Streaming TV, AI Platforms
Product Growth Drivers: Social, Streaming TV, AI Platforms Social, Streaming TV and AI Platforms’ Share of DV’s Total Revenue Share of Total Revenue from Social, CTV & AI <30% ~50% Total Revenue 2025E 2029E Activation Revenue Drivers Measurement Revenue Drivers $80-$100M DV Authentic Advantage AI Ve
Slide 8: Accelerating Social Activation
Accelerating Social Activation Social in Activation grew ~60% year-over-year in Q4 25 – adoption is accelerating across major platforms Social Activation Solutions YouTube Meta TikTok Authentic Advantage Activation Suitability Capacity 100x expansion of Video Launched in late September nearly double
Slide 9: Expanding CTV
Expanding CTV Solving fragmentation and waste by bringing transparency and automation to Streaming TV % ofendallupCTVin non-TV Impressions 15 >$1B of CTV media spend is environments wasted each quarter Y/Y Growth in CTV Better pre-bid monetization with +33 % measurement volume in new CTV Activation
Slide 10: New AI Tools Empower Advertisers in the Agentic Era
New AI Tools Empower Advertisers in the Agentic Era DV is Leveraging AI to drive greater precision and efficiency Example view in Pinnacle: Agent and AI Slop detection and classification NEW SOLUTIONS: DV AI VERIFICATION™ DV Agent ID™ enables advertisers to identify and measure ad engagement with AI
Slide 11: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights $206 8% $73 MILLION GROWTH MILLION Total Total Revenue Net Cash from Revenue Growth Operating Activities $78 38% $0 MILLION MARGIN DEBT Adjusted Adjusted EBITDA No long-term EBITDA Margin debt 11
Slide 12: Q4 2025 Revenue Growth Drivers
Q4 2025 Revenue Growth Drivers Q4 25 TOTAL REVENUE GROWTH OF 8% GROWTH ACROSS ALL THREE REVENUE LINES $ Millions Key Drivers Activation Measurement Supply-Side +6% +8% +17% Core Programmatic, Scibids AI year-over-year year-over-year year-over-year growth growth growth & Social Activation Social Meas
Slide 13: Q4 2025 Revenue Growth Drivers (cont'd)
Q4 2025 Revenue Growth Drivers (cont’d) Business Line Contribution to Total Revenue Advertiser Revenue Growth Drivers Q4 25 ADVERTISER REVENUE GROWTH OF 7% % VOLUME (MTM) PRICE (MTF) 91 % % OF Q4 25 REVENUE DRIVEN BY ADVERTISERS +8 -3 Activation Drivers: ABS & Non-ABS Measurement Drivers: Social and
Slide 14: FY 2025 Revenue Growth Drivers
FY 2025 Revenue Growth Drivers FY 25 TOTAL REVENUE GROWTH OF 14% DOUBLE-DIGIT REVENUE GROWTH ACROSS ALL THREE BUSINESS LINES $ Millions Key Drivers Activation Measurement Supply-Side +15% +10% +25% Activation Solutions year-over-year year-over-year year-over-year growth growth growth Social Measurem
Slide 15: Volume-Driven Advertiser Revenue Growth
Volume-Driven Advertiser Revenue Growth VISION Media Transactions Measured (MTM) Measured Transaction Fees (MTF) +21% +1% CAGR CAGR Note: 2025 and 2024 MTM and MTF excludes the impact of an introductory fixed fee deal for one large customer. 15
Slide 16: Strong Retention and Enterprise Customer Expansion
Strong Retention and Enterprise Customer Expansion NET REVENUE RETENTION GROSS REVENUE RETENTION FY 2025 109% >95% Top Customer Tenure Average Revenue per Customer Number of Customers (Years)1 ($M)2 >$1M in Annual Revenue 1. Customer tenure as of year-end 2025. 2. Average revenue for Top 100 custome
Slide 17: Strong Cash Generation and Strategic Capital Allocation
Strong Cash Generation and Strategic Capital Allocation SHARE REPURCHASES ACQUISITIONS INVESTING IN CORE Capital Return M&A Strategy Key Priorities $300M authorized and Accelerate product roadmap AI Platforms available as of 2/26/26 Purchased 8.4M shares Expand product/technology into new Social for
Slide 18: Q1 & FY 2026 Guidance
Q1 & FY 2026 Guidance Q1 2026 Revenue Adjusted EBITDA $177 M - $183 M 9% $48 M - $52 M 28% YEAR-OVER-YEAR Low-end High-end GROWTH AT THE Low-end High-end MARGIN AT MIDPOINT THE MIDPOINT FY 2026 Revenue Adjusted EBITDA $810 M - $826 M 8% to 10% $267 M - $283 M 34% YEAR-OVER-YEAR MARGIN AT Low-end Hig
Slide 19: Proven History of Growth & Profitability
Proven History of Growth & Profitability Revenue Adjusted EBITDA1 $ in millions $ in millions YoY Growth Adj. EBITDA margin1 +9% +14% 34% +15% 33% +27% 33% 33% +36% 31% +36% +34% 33% +75% 38% 30% 25% 1,231 9.5T $51M $211M 70% 109% YE 25 FY 25 Media Transactions FY 25 FY 25 Net Cash from FY 25 Free C
Slide 20: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation ($mm) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Net income $29.3 $43.3 $71.5 $56.2 $50.7 Depreciation and amortization 30.3 34.3 40.9 45.2 56.6 Stock-based compensation 21.9 42.3 59.2 90.7 104.2 Interest expense 1.2 0.9 1.1 1.1 1.7 Income tax expense (benefit
Slide 21: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Three Months Ended Twelve Months Ended ($mm) 12/31/25 12/31/24 12/31/25 12/31/24 Net Income $29.3 $23.4 $50.7 $56.2 Stock-based compensation 25.5 22.8 104.2 90.7 Amortization of acquired intangibles 6.5 7.1 29.8 28.7 M&A and restructuring costs (a) — 0.5 1.
Slide 22: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation ($mm) FY 2023 FY 2024 FY 2025 Net cash provided by operating activities $119.7 $159.7 $211.2 Purchase of property, plant and equipment (17.0) (27.1) (38.5) Free cash flow $102.7 $132.5 $172.7 Free cash flow conversion 55% 61% 70% 22
Slide 23: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation a) M&A and restructuring costs for the year ended December 31, 2025 consist of third party professional service costs related to the acquisition of Rockerbox and to our broader acquisition strategy. M&A and restructuring costs for the year ended December 31
Slide 24: Key Business Terms
Key Business Terms • Activation revenue is generated from the evaluation, verification and measurement of advertising impressions purchased through programmatic demand-side and social media platforms. • Measurement revenue is generated from the verification and measurement of advertising impressions
DoubleVerify Holdings — Q4 2025 Earnings Presentation on 6ix