Zeta Global Holdings Corp. · NYSE:ZETA
Zeta Global — Zeta Webinar Moderated by Citi (July 2026)
18 slides from Zeta Global's conference presentation, Jul 6, 2026
Slide 1: The Pivot to Intelligent AI Infrastructure
Z E TA G L O B A L · N Y S E : Z E TA The Pivot to Intelligent AI Infrastructure Why Zeta is an intelligent AI infrastructure company — a proprietary Data Cloud, Athena by Zeta as the intelligence layer, and the economics to prove it. INVESTOR UPDATE · JULY 2026
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: Valued as martech. Built as infrastructure.
THE REPOSITIONING PROBLEM Valued as martech. Built as infrastructure. HOW WE BELIEVE THE MARKET SEES IT WHAT IT ACTUALLY IS Marketing technology Intelligent AI infrastructure — A vertical SaaS tool sold to CMOs — A proprietary identity data graph — owned, not rented — Campaigns, journeys, features —
Slide 4: What Changed.
THE INFLECTION What Changed. In roughly a year, four catalysts moved Zeta from AI Marketing Cloud to intelligent AI infrastructure — bringing external validation from both the model leader and the infrastructure leader. OpenAI Athena, live Snowflake Palantir OpenAI's models power Zeta's agentic, Zet
Slide 5: The category is already earned.
THE PROOF IS ALREADY IN PLACE The category is already earned. Zeta isn't asserting the intelligent AI-infrastructure category — it has already cleared the bar that earns it. Three independent proofs are in place today, not on a roadmap. 01 02 03 Proven economics Proprietary asset External validation
Slide 6: The Data Cloud is the moat.
T H E S T R AT E G I C A S S E T The Data Cloud is the moat. Every AI system is only as good as the data beneath it. Zeta's edge isn't a model anyone can license — it's a proprietary, consented identity graph that can't be bought, rented, or rebuilt. WHY IT IS DIFFICULT TO REPLICATE 535M Owned, not
Slide 7: When models commoditize, data compounds.
WHY IT COMPOUNDS When models commoditize, data compounds. Foundation models are becoming a shared utility — OpenAI and others, available to everyone. The durable advantage shifts to whoever owns the proprietary data that turns generic intelligence into specific, accountable outcomes. Proprietary dat
Slide 8: Athena turns data into decisions.
T H E I N T E L L I G E N C E L AY E R Athena turns data into decisions. Athena isn't an application on top of the platform — it's the layer that converts the Data Cloud into inference, decisions, and outcomes. Enterprises stop navigating dashboards and start asking. THE INTELLIGENCE LAYER DATA CLOU
Slide 9: The economics of a platform, not a tool.
CONSUMED LIKE INFRASTRUCTURE The economics of a platform, not a tool. Infrastructure is bought once and consumed forever — and consumption compounds. Two metrics prove Zeta is consumed, not just sold: retention, and how much more each enterprise runs on the platform. E X PA N S I O N O N T H E P L A
Slide 10: It already earns like infrastructure.
THE FINANCIAL FINGERPRINT It already earns like infrastructure. Durable 20%+ revenue growth excluding M&A at scale, expanding margins, and Free Cash Flow compounding faster than revenue — operating leverage, not a services grind. REVENUE ($M) $1,785 FREE CASH FLOW 3 ($M) +78% FCF growth, 2025 $1,305
Slide 11: The category, confirmed from outside.
E X T E R N A L VA L I D AT I O N The category, confirmed from outside. The proof is the case — the economics and the asset make the argument. The corroboration: the model leader, the infrastructure leader, and a flagship enterprise all building on Zeta. THE MODEL LEADER THE INFRASTRUCTURE LEADER A
Slide 12: Value Zeta against other AI infrastructure companies.
THE RIGHT COMP SET Value Zeta against other AI infrastructure companies. Zeta is intelligent AI infrastructure — and across the metrics that define the category, it sits in the cohort. On Rule of 404 it clears the bar, and trades at a lower multiple. Z E TA v s . T H E C O H O R T RULE OF 40 · REVEN
Slide 13: An AI platform powered by proprietary data infrastructure
THE ONE-LINE CLAIM An AI platform powered by proprietary data infrastructure — with Athena as the intelligence layer. 535M-individual data cloud Athena: the intelligence layer 120% NRR2 +78% FCF growth1,3 Priced like martech, built like infrastructure The data asset compounds. The intelligence runs
Slide 14: Appendix
Appendix
Slide 15: Footnotes
Footnotes 1. NRR as of FY2025; Free Cash Flow growth and revenue growth both reflect year-over-year growth for FY2025. 2. Net Revenue Retention (“NRR”: We use an annual NRR rate as a measure of our ability to retain and expand business generated from our existing customer base. We calculate our NRR
Slide 16: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $ in ’000s, unless otherwise noted 3Q’25 4Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Cash Flows from Operating Activities $ 57,919 $ 64,135 $ 30,599 $ 35,539 $ 44,292 $ 78,486 $ 90,523 $ 133,861 $ 198,902 Capital expenditures (5,473) (3,257) (3,300) (2,249) (9,482)
Slide 17: Free Cash Flow Yield Calculation
Free Cash Flow Yield Calculation $ in ’000s, unless otherwise noted Estimated Free Cash Market Company Current Fiscal Year Free Cash Flow Yield Flow Capitalization* Zeta 2026 $235,000 $4,905,386 5% MongoDB 2027 $562,865 $27,017,075 2% Snowflake 2027 $1,381,220 $88,209,700 2% Palantir 2026 $4,300,000
Slide 18: Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA Margin Reconciliation $ in ’000s, unless otherwise noted ` 1Q’26 4Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Net (loss) / income $ (3,634) $ 6,539 $ (38,465) $ (53,225) $ (249,563) $ (279,239) $ (187,481) $ (69,771) $ (31,509) Net (loss) / income margin (1.1)% 1.7% (12.6)% (14.5)
Zeta Global Holdings — Zeta Webinar Moderated by Citi (July 2026) on 6ix