Slide 1: Q4 and FY 2025 Earnings Presentation
Q4 and FY 2025 Earnings Presentation Fe b r u a r y 2 6 , 2 0 2 6
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 first quarter of 2026 and capex for the full year 2026, our expectation
Slide 3: Q4 2025 Financial Highlights
Q 4 2 0 25 FIN ANC IAL HI GH LIG HT S W H AT W E D O ▪ REVENUE GAAP NET INCOM E PubMatic is the $80.0M $6.7M leading AI-powered ad tech company delivering digital A D J U ST E D EB I T D A 1 C A S H FL OW FR O M O P E R AT I O N S 2 advertising performance $27.8M $18.2M 35% M A R G I N 1 Adjusted EB
Slide 4: FY 2025 secular growth drivers
CTV up 50%+ YOY* FY 2025 SECULAR Buying Activity on GROWTH Activate up 3x YOY DRIVERS Emerging Revenues up ~100% YOY * Excludes political adver tising 4
Slide 5: Leading the industry transition to Agentic AI
S E T I N D U S TR Y S TA N D A R D S AdCP Leading L A U N C H E D F I R ST A GE N T I C C A M P A IG N S the industry F IR S T TO S C A LE transition to PubMatic's AgenticOS Agentic AI S W IF T ADOPTION 250+ ~100 Deals Applicants in Agentic AI Accelerator Program 5
Slide 6: AI is an incremental tailwind for growth
More Efficient New AI is an to Transact Advertisers incremental tailwind for growth, driving performance and expanding our total Higher In creased addressable market. ROAS Advertiser Budg ets 6
Slide 7: PubMatic's AI architecture unlocks transformative growth ahead of peers
P U B M AT I C ’ S A I A R C H I T E C T U R E U N L O C K S T R A N S F O R M AT I V E G R O W T H AH E AD OF P E ER S ▪ TR AN SA CT ION Activate and AgenticOS rewrites how advertisers and publishers connect, prioritizing A PP LIC ATI ON performance and efficiency AI embedded into customer workflow
Slide 8: Multiple priorities fueling growth
D I V ER S I F YI N G D S P M I X A C C E L ER A T I N G I N V E S T M E N T O N THE BUY-SIDE Multiple priorities A D V A N C I N G C TV A N D M OB I L E A P P L E A D ER S H I P fueling S C A L I N G E M ER G I N G R E V E N U E S T R E A M S growth I N T E G R A T I N G A I A C R O SS O U R B U S
Slide 9: Strength in diversified DSP mix
S TR EN GT H I N D IV E RS IF IE D D S P MIX 50 NE W DS P INTE GRATIONS IN 2 02 5 Unlocking mid-market, high-growth opportunities 9
Slide 10: Driving buyer growth and scaling Activate
DR IV IN G BUY E R GR OWT H AN D S C ALI NG AC TIV AT E SHARE OF ACTIVITY A C T IV A T E D R I V E S H I GH E R F R O M S U P P LY P A T H P E R FO R MA N C E O P T I M I Z AT I O N I N 2 0 2 5 55%+ E X P A N D IN G D I R E C T B R A N D A N D A G E N C Y R E L A T I O N SH I P S BUYER-FOCUS ED TEAM
Slide 11: Significant growth in CTV and mobile app
SIGNIFICANT GROWTH IN CTV AND MOBILE APP L IN E A R + S TR E A M IN G T V TOP GLOB AL STREA MERS O N P U B M AT I C 28 OF 30 MOBILE APP GROWTH Q 4 2025 Y OY 25%+ 11
Slide 12: Emerging revenues growth
E ME RG IN G RE V EN UE S G RO WTH YOY GR OWTH OF EMERGING RE VENUES IN 2025 Drives incremental AI Insights unlocks ~100% growth and long-term margin expansion 20%+ higher publisher CPMs 12
Slide 13: AI is driving operational excellence
AI IS DRI VI NG O P ER ATI ON AL E XC E LLE NC E 4 0 % + O F N E W SO F T W A R E C O D E W R I TT E N B Y A I I N 2 H 2 02 5 3 5 % + EF F I C I E N C Y G A I N S I N F I N A N C I A L O P E R AT I O N S PR O C E SS E S E F F I C I EN C I E S F U N D E D I N V E S T M E N T S A S H E A D C O U N T S
Slide 14: Focused on strategic priorities in high-growth areas
F O C U S E D O N S T R AT E G I C P R I OR I TI E S I N H IG H- GR O W TH ▪ AREAS As the digital advertising landscape A I I S A N I N C R E M E N TA L transforms, PubMatic TA I LW I N D F O R P U B M AT I C is not just adapting. We’re defining what comes next. E X P EC T D O U B L E - D I G I T Y
Slide 15: Financial Highlights
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Slide 16: Underlying business grew 18% YOY in Q4 2025
Q 4 2 0 25 FIN ANC IAL HI GH LIG HT S U N D E R LY I N G B U S I N E S S 3 ▪ REVENUE GAAP NET INCOM E Underlying $80.0M $6.7M business grew 18% YOY in Q4 2025, A D J U ST E D EB I T D A 1 C A S H FL OW FR O M O P E R AT I O N S 2 representing 83% of total revenue $27.8M $18.2M 35% M A R G I N 1 Adju
Slide 17: 2025 Key Highlights
2025 KEY HIGHLIGHTS Emerging revenues scale, ~10% including AI solutions O F T O TA L RE VENU E IN 20 25 Revenue contribution from ~50% high engagement channels 1 O F TO TA L RE VE N UE AT EN D OF 20 2 5 Number of new DSPs added 50 IN 2 02 5 Accelerated FY 2025 FCF growth 30%+ YOY 1 High Engagement
Slide 18: Key secular revenue growth drivers - CAGR
KE Y S E CU LAR RE V E NU E GR OW TH DRI VE R S 4 - Y EA R C A GR CTV 50%+ Mobile App 15% Emerging Revenues >100% 18
Slide 19: Intrinsic strength of business model
IN TRI NS IC S TRE N GT H O F BUS IN E SS MOD E L AD I M P RE S S I O NS P R OC E S S E D CO MPAR E D T O COST OF REV ENUE ~60% O F T O TA L P R O C E S S E D +28% 337 T I MP R E S S IO N S F R OM C T V A N D M OB I LE A P P 263 T $101 .0 $103 .1 20% Y OY D E C L IN E I N 202 4 202 5 UNIT COST Ad Im
Slide 20: GAAP operating expenses: AI efficiencies drive investment in highest growth areas
G AAP OP E RA TIN G EX P E NS E S : AI E FF ICI EN CIE S D RIV E I NV E S TME NT IN HI GH E ST G RO WTH AR EA S D I S C I P L IN E D S T R ATE G Y $50 $50 $51 $50,00 $46 $46 ▪ AI automation unlocking $15 $16 $16 productivity and efficiencies $14 $15 $40,00 across business functions $30,00 ▪ 20% YOY
Slide 21: Long term focus on cash generation
LO NG T E RM F OC US O N CAS H GE N ER ATI ON USES OF CASH $410M $220M ▪ Investments for secular growth NET CASH FROM FREE CASH FLOW1 ▪ Share repurchases O P E R AT I N G A C T I V I T I E S Q 1 2 0 21 – Q 4 2 0 2 5 Q 1 2 0 21 – Q 4 2 0 25 ▪ Potential M&A 1 Free Cash Flow is a non-GAAP measure. A re
Slide 22: Capital Allocation
CAPITAL ALLOCATION CASH $181M 12.4M CASH USED FOR CLA SS A C OMMON $146M RE PURCHAS ES1 SHARES RE PURCHAS ED1 YEA R END 2025 F E B 2 0 2 3 TO D E C 2 0 2 5 F E B 2 0 2 3 TO D E C 2 0 2 5 NO DE BT 1 As of December 31, 2025, fully diluted shares outstanding of 47,007,823. 22
Slide 23: Q1 2026 Guidance
23 Q 1 2 0 26 GU IDA NCE Q1 20 26 ($ in Millions) Low High R e ve nu e $58 $60 Ye a r o v e r Ye a r G r o w t h % -9% -6% A d j u s te d E B I T D A ($0.5) $1.0 A d j u s te d E B I T D A M a r g i n 0% 2% Note: Numbers rounded for presentation purposes F ul l y ea r 20 26 c ap ex ou t lo o k: A p
Slide 24: Multi-faceted strategy transforms business
24 M U LT I - FA C E T E D S T R AT E G Y T R A N S F O R M S B U S I N E S S 1 Secular growth channels to accelerate revenue growth in 2H 2 DSP diversification on track 3 A g ent ic ad vert isin g p ro vides in cremen tal t ailw ind fo r gro w th 4 Generating AI efficiencies that fuel disciplined i
Slide 25: Appendix
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Slide 26: Non-GAAP Reconciliation – Adjusted EBITDA & Non-GAAP Net Income (Loss)
N O N - G A A P R E C O N C I L IAT IO N – A D J U S T E D E B I TD A & N O N - G A A P N E T I N C O M E (L OSS) ($ in Thousands) Q4 '25 Q3 '25 Q2 '25 Q1 '25 Q4 '24 Q3 '24 Q2 '24 Q1 '24 Net income (loss) $ 6,684 $(6,452) $(5,208) $(9,486) $ 13,899 $ (912) $ 1,971 $(2,454) Add back (deduct): Stock-b
Slide 27: 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 IAT IO N – A D J U S T E D E B I TD A & N O N - G A A P N E T I N C O M E (L OSS) (in thousands except per share data) Q4 '25 Q3 '25 Q2 '25 Q1 '25 Q4 '24 Q3 '24 Q2 '24 Q1 '24 Net income (loss) $ 6,684 $(6,452) $(5,208) $(9,486) $ 13,899 $ (912) $ 1,971 $(2,454) Stock
Slide 28: Free Cash Flow Reconciliation
F R E E C A S H F L O W R E C O N C I L I AT I O N Three Months Ended Twelve Months Ended ($ in Millions) December 31, December 31, 2025 2024 2025 2024 Net Cash provided by Operating Activities $18.2 $18.0 $81.1 $73.4 Deduct: Purchases of Property and Equipment (6.9) (4.3) (14.3) (17.6) Capitalized