Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 7, 2026
Slide 2: Safe Harbor
SAFE HARBOR This presentation contains forward-looking statements regarding our future business expectations, including but not limited to our guidance relating to our revenue, adjusted EBITDA, and adjusted EBITDA margin for the second quarter of 2026 and capex for the full year 2026, our expectatio
Slide 3: Q1 2026 Revenue Highlights
Q1 2026 REVENUE HIGHLIGHTS W H AT W E D O ▪ U N D E R LY I N G REVENUE BUSINESS1 YOY GROWTH PubMatic is the leading AI-powered $62.6M 13% ad tech company delivering digital EMERGING REVENUES CTV YOY GROWTH YOY GROWTH2 advertising performance 80%+ 18% 1 Underlying business defined as total revenue ex
Slide 4: PubMatic's agentic approach prioritizes outcomes and simplifies the ecosystem
A GEN TIC PR IO R IT IZES OU TC OMES A N D SIMPLIFIES TH E EC OSYSTEM PubMatic sits at PubMatic’s Walled garden- Our business the intersection approach to like performance model is built of buyers, agentic is now on performance publishers, and transforms the achievable in the and usage audiences ent
Slide 5: Competitive Advantages Compound
S S P S C AL E ~ 2,000 Premium Publishers and Streamers ▪ AC T I V AT E Connects Demand and Supply in a Single Environment Competitive AG E N T I C O S Advantages 20+ AI Agents Compound I N F R AS T R U C T U R E Drives Speed, Intelligence and Superior Outcomes CONNECT 300+ Data and Commerce Media P
Slide 6: Agentic Adoption Continues to Scale
AGENTIC ADOPTION CONTINUES TO SCALE AI-ENABLED F R AN C E PUBLISHER DEALS 1,000+ N E T H E R L AN D S F U L LY A U T O N O M O U S AG E N T I C C AM PA I G N S 30+ INDEPENDENT AG E N C I E S 6
Slide 7: Diversified DSP Mix Unlocks High Growth Opportunities
DIVERSIFIED DSP MIX UNLOCKS HIGH GROWTH OPPORTUNITIES 20%+ ~10% MCP YOY AD SPEND INCREASE IN CPMs DSP-SSP GROWTH FROM WITH AMAZON’S I N T E G R AT I O N MID-MARKET DSPs DYNAMIC TRAFFIC ENGINE (DTE) 7
Slide 8: Significant Growth in CTV and Mobile App
SIGNIFICANT GROWTH IN CTV AND MOBILE APP 25%+ YOY MOBILE APP REVENUE GROWTH 8
Slide 9: Expanding Commerce Media with Premier Partnerships and Data Insights
EXPANDING COMMERCE MEDIA WITH PREMIER PARTNERSHIPS AND DATA INSIGHTS ▪ Direct Connections to First-Party Data Drive Stronger Advertising ROI and Scale Emerging Revenue Streams 9
Slide 10: AI Is an Accelerant to Our Growth Drivers
AI I S AN AC C E L E R AN T T O ▪ OUR GROWTH DRIVERS As the digital advertising landscape E AC H T R AN S AC T I O N transforms, PubMatic C O M P O U N D S O U R D ATA AD VAN TA G E is not just adapting. We’re defining what comes next. EXPECT DOUBLE-DIGIT YOY REVENUE GROWTH I N S E C O N D H AL F O
Slide 11: Financial Highlights
Financial Highlights ▪
Slide 12: Q1 2026 Financial Highlights
Q1 2026 FINANCIAL HIGHLIGHTS U N D E R LY I N G B U S I N E S S 3 ▪ REVENUE GAAP NET LOSS Underlying $62.6M $12.5M business grew 13% YOY AD J U S T E D E B I T D A 1 C AS H F L O W F R O M O P E R AT I O N S 2 in Q1 2026 $2.6M $17.3M 4% M AR G I N 1 Adjusted EBITDA and Adjusted EBITDA Margin are non
Slide 13: Strong Revenue Growth Across Omnichannel Platform
S T R O N G R E V E N U E G R O W T H A C R O S S O M N I C H A N N E L P L AT F O R M 5% 80%+ DISPLAY 25%+ EMERGING YOY GROWTH 18% MOBILE APP YOY GROWTH REVENUES YOY GROWTH CTV YOY GROWTH1 1 CTV revenues exclude legacy DSP 13
Slide 14: Structural Strength of Business Model
STRUCTURAL STRENGTH OF BUSINESS MODEL AD IMPRESSIONS PROCESSED C O M PA R E D T O C O S T O F R E V E N U E 94T +26% 75T 20% YOY DECLINE IN $25.6 $26.1 UNIT COST TTM Q1 2026 Q1 2025 Q1 2026 Ad Impressions Cost of Revenue (In Trillions) (In Millions) 14
Slide 15: GAAP Operating Expenses: AI Efficiencies Unlock Investment for Growth
G A A P O P E R AT I N G E X P E N S E S : AI EFFICIENCIES UNLOCK INVESTMENT FOR GROWTH DISCIPLINED O P E R AT I N G S T R AT E G Y ▪ AI automation unlocking productivity and efficiencies across business functions ▪ Q1 2026 includes increase in Sales & Marketing team ▪ Q1 2026 total headcount reduce
Slide 16: Long Term Focus on Cash Generation
L O N G T E R M F O C U S O N C A S H G E N E R AT I O N USES OF CASH ▪ Investments for $429M $232M secular growth ▪ Share repurchases NET CASH FROM FREE CASH FLOW 1 O P E R AT I N G A C T I V I T I E S Q1 2021 – Q1 2026 ▪ Potential M&A Q1 2021 – Q1 2026 1 Free Cash Flow is a non-GAAP measure. A rec
Slide 17: Capital Allocation
C A P I TA L A L L O C AT I O N CASH $190M 13.5M $145M CASH USED FOR CLASS A COMMON REPURCHASES1 SHARES Q1 2026 REPURCHASED1 FEB 2023 TO MAR 2026 FEB 2023 TO MAR 2026 NO DEBT 1 As of March 31, 2026, fully diluted weighted average shares outstanding of 49,687,924. 17
Slide 18: Q2 2026 Guidance
18 Q2 2026 GUIDANCE Q2 2026 ($ in Millions) Low High Revenue $68 $70 Ye a r o v e r Ye a r G r o w t h % -4% -2% Ad j u s t e d E B I T D A $8 $10 Ad j u s t e d E B I T D A M a r g i n 12% 14% Note: Numbers rounded for presentation purposes F u l l y e a r 2 0 2 6 c a p e x o u t l o o k : Ap p r o
Slide 19: Multi-Faceted Strategy Transforms Business
19 M U LT I - FA C E T E D S T R AT E G Y T R A N S F O R M S B U S I N E S S 1 Secular growth channels to accelerate revenue growth in 2H 2 DSP diversification on track 3 Agentic advertising provides incremental tailw ind for grow th 4 Generating AI efficiencies that fuel disciplined investments 5
Slide 20: Appendix
Appendix 20
Slide 21: Non-GAAP Reconciliation – Adjusted EBITDA & Non-GAAP Net Income (Loss)
N O N - G A A P R E C O N C I L I AT I O N – A D J U S T E D E B I T D A & N O N - G A A P N E T I N C O M E (LOSS) ($ in Thousands) Q1 '26 Q4 '25 Q3 '25 Q2 '25 Q1 '25 Q4 '24 Q3 '24 Q2 '24 Net income (loss) $(12,510) $ 6,684 $(6,452) $(5,208) $(9,486) $ 13,899 $ (912) $ 1,971 Add back (deduct): Stoc
Slide 22: Non-GAAP Reconciliation – Adjusted EBITDA & Non-GAAP Net Income (Loss)
N O N - G A A P R E C O N C I L I AT I O N – A D J U S T E D E B I T D A & N O N - G A A P N E T I N C O M E (LOSS) (in thousands except per share data) Q1 '26 Q4 '25 Q3 '25 Q2 '25 Q1 '25 Q4 '24 Q3 '24 Q2 '24 Net income (loss) $(12,510) $ 6,684 $(6,452) $(5,208) $(9,486) $ 13,899 $ (912) $ 1,971 Sto
Slide 23: Free Cash Flow Reconciliation
F R E E C A S H F L O W R E C O N C I L I AT I O N ($ in Millions) Three Months Ended March 31, 2026 2025 Net Cash provided by Operating Activities $17.3 $15.6 Deduct: Purchases of Property and Equipment — (1.4) Capitalized Software Development Costs (6.6) (6.9) Free Cash Flow $10.7 $7.3 Revenue $62