Slide 1: Fourth Quarter and Full Year 2025 Results
FOURTH QUARTER AND FULL YEAR 2025 RESULTS February 23, 2026 ©2026 Ziff Davis. All rights reserved. www.ziffdavis.com
Slide 2: Safe Harbor for Forward-looking Statements
Safe Harbor for Forward-looking Statements Certain statements in this presentation are “forward-looking statements” within the meaning of this presentation are property of their respective owners. Any references to third-party trademarks are the Private Securities Litigation Reform Act of 1995. Thes
Slide 3: Risk Factors
Risk Factors Some factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements contained in this presentation include, but are not limited to, our ability and intention to: • Sustain growth or profitability, particularly in light of a
Slide 4: FY 2025 Components of Revenues and Adjusted EBITDA by Segment
FY 2025 Components of Revenues and Adjusted EBITDA (1) by Segment Technology & Gaming & Health & Cybersecurity & Shopping Entertainment Wellness Connectivity Martech Corporate Total $ in 000's Revenues Advertising and Performance Marketing $ 350,985 $ 124,212 $ 335,746 $ 12,642 $ — $ — $ 823,585 % o
Slide 5: Q4 2025 Consolidated Financial Snapshot
Q4 2025 Consolidated Financial Snapshot Revenues (in millions) (1.5)% $412.8 $406.7 Q4 2024 Q4 2025 Adjusted EBITDA (1) Adjusted diluted EPS (1) (in millions) (5.0)% (0.8)% $171.8 $163.2 $2.58 $2.56 Q4 2024 Q4 2025 Q4 2024 Q4 2025 1. See "Supplemental Information" for non-GAAP reconciliations. 5
Slide 6: FY 2025 Consolidated Financial Snapshot
FY 2025 Consolidated Financial Snapshot Revenues (in millions) 3.5% $1,401.7 $1,451.3 FY 2024 FY 2025 Adjusted EBITDA (1) Adjusted diluted EPS (1) (in millions) 0.3% $6.62 $6.63 $493.5 $495.1 0.2% FY 2024 FY 2025 FY 2024 FY 2025 1. See "Supplemental Information" for non-GAAP reconciliations. 6
Slide 7: Revenue by Type
Revenue by Type (1)(2) Quarterly Revenues (1) Fiscal Year Revenues (1) (in millions) (in millions) Advertising and (4.4)% $824 Performance $258 $246 $778 5.9% Marketing Q4 2024 Q4 2025 FY 2024 FY 2025 Quarterly Revenues (1) Fiscal Year Revenues (1) (in millions) (in millions) Subscription and Licens
Slide 8: Q4 2025 and FY 2025 Technology & Shopping Segment
Q4 2025 and FY 2025 Technology & Shopping Segment Quarterly Revenues Full Year Revenues (in millions) (in millions) $132.9 $361.9 $356.6 $0.9 $108.9 $9.1 $(4.8) $2.0 $10.4 $(2.4) $7.2 $2.9 Other (1.5)% (18 Subscription and Licensing .0) $130.0 % $345.7 $351.0 $108.5 Advertising and Performance Marke
Slide 9: Q4 2025 and FY 2025 Gaming & Entertainment Segment
Q4 2025 and FY 2025 Gaming & Entertainment Segment Quarterly Revenues Full Year Revenues (in millions) (in millions) $51.7 $180.3 $183.6 $50.9 $16.0 $16.1 $59.5 $59.3 Other $34.9 $35.7 1.8% Subscription and Licensing 1.5% Advertising and Performance $120.8 $124.2 Marketing Q4 2024 Q4 2025 FY 2024 FY
Slide 10: Q4 2025 and FY 2025 Health & Wellness Segment
Q4 2025 and FY 2025 Health & Wellness Segment Quarterly Revenues Full Year Revenues (in millions) (in millions) $114.8 $402.4 $105.7 $2.9 $362.4 $12.9 $3.1 $13.4 $13.2 $53.7 $13.0 $49.5 Other .0% Subscription and Licensing 1 1 % $89.6 8.6 $98.7 $299.5 $335.7 Advertising and Performance Marketing Q4
Slide 11: Q4 2025 and FY 2025 Connectivity Segment
Q4 2025 and FY 2025 Connectivity Segment Quarterly Revenues Full Year Revenues (in millions) (in millions) $60.3 $230.7 $54.2 $3.8 $213.6 $16.0 $3.5 $15.7 $52.9 $202.1 $47.5 Other $186.0 .2 % 8.0% Subscription and Licensing 11 Advertising and Performance Marketing $3.3 $3.6 $11.9 $12.6 Q4 2024 Q4 20
Slide 12: Q4 2025 and FY 2025 Cybersecurity & Martech Segment
Q4 2025 and FY 2025 Cybersecurity & Martech Segment Quarterly Revenues Full Year Revenues (in millions) (in millions) $70.9 $283.5 $278.0 $69.0 $2.6 $4.9 (1.9)% Other $69.0 2.7% $68.3 $283.5 $273.1 Subscription and Licensing Q4 2024 Q4 2025 FY 2024 FY 2025 Quarterly Adjusted EBITDA & Margin (1) Full
Slide 13: Ziff Davis Capital Structure
Ziff Davis Capital Structure ($ in millions) December 31, 2025 Cash and Cash Equivalents $ 607 Long-term Investments 93 Total Cash, Cash Equivalents, and Investments $ 700 4.625% Senior Notes $ 460 1.75% Convertible Notes 149 3.625% Convertible Notes 263 Total Gross Debt (1) $ 872 Multiple of FY 202
Slide 14: Supplemental Information
SUPPLEMENTAL INFORMATION
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures The below non-GAAP financial measures are not measures presented in accordance with GAAP, and our use of these terms may vary from that of other companies, limiting their usefulness for comparison purposes. These non-GAAP financial measures are not based on any comprehens
Slide 16: Non-GAAP reconciliation: Adjusted EBITDA
Non-GAAP reconciliation: Adjusted EBITDA $ in 000's Ziff Davis Three months ended December 31, 2025 2024 Net income $ 370 $ 64,087 Interest expense, net 6,760 6,391 Loss on sale of businesses 57,988 — Other loss (income), net 1,402 (2,438) Income tax (benefit) expense (204) 13,610 Loss (income) from
Slide 17: Non-GAAP reconciliation: Adjusted EBITDA by Segment
Non-GAAP reconciliation: Adjusted EBITDA by Segment Technology & Gaming & Health & Cybersecurity & Connectivity Corporate (1) Total Shopping Entertainment Wellness Martech Q4 2025 $ in 000's Revenues $ 108,941 $ 51,728 $ 114,809 $ 60,328 $ 70,906 $ — $ 406,712 Income (loss) from operations $ 21,161
Slide 18: Non-GAAP reconciliation: Adjusted EBITDA
Non-GAAP reconciliation: Adjusted EBITDA $ in 000's Ziff Davis Year ended December 31, 2025 2025 2024 2023 Net income $ 47,354 $ 63,047 $ 41,503 Interest expense, net 25,910 13,988 20,031 Loss on sale of businesses 57,988 3,780 — (Gain) loss on investment, net (5,018) 7,654 28,138 Provision for cred
Slide 19: Non-GAAP reconciliation: Adjusted EBITDA by Segment
Non-GAAP reconciliation: Adjusted EBITDA by Segment Technology & Gaming & Health & Cybersecurity & Connectivity Corporate (1) Total Shopping Entertainment Wellness Martech FY 2025 $ in 000's Revenues $ 356,596 $ 183,558 $ 402,353 $ 230,733 $ 278,028 $ — $ 1,451,268 Income (loss) from operations $ 9,
Slide 20: Non-GAAP reconciliation: Adjusted EBITDA by Segment
Non-GAAP reconciliation: Adjusted EBITDA by Segment Technology & Gaming & Health & Cybersecurity & Connectivity Corporate (1) Total Shopping Entertainment Wellness Martech FY 2023 $ in 000's Revenues $ 330,557 $ 168,821 $ 361,923 $ 211,518 $ 291,209 $ — $ 1,364,028 Income (loss) from operations $ (5
Slide 21: Non-GAAP reconciliation: Adjusted net income and Adjusted diluted EPS
Non-GAAP reconciliation: Adjusted net income and Adjusted diluted EPS $ in 000's Ziff Davis Three months ended December 31, 2024 Per diluted Per diluted 2025 share (1) 2024 share (1) Net income $ 370 $ 0.01 $ 64,087 $ 1.43 Interest, net 85 — 60 — Loss on sale of businesses 43,491 1.11 — — Loss on in
Slide 22: Non-GAAP reconciliation: Adjusted net income and Adjusted diluted EPS
Non-GAAP reconciliation: Adjusted net income and Adjusted diluted EPS $ in 000's Ziff Davis Years ended December 31, 2024 Per diluted Per diluted 2025 share (1) 2024 share (1) Net income $ 47,354 $ 1.15 $ 63,047 $ 1.42 Interest, net 269 0.01 132 — Loss on sale of businesses 43,491 1.06 103 — (Gain)
Slide 23: Q4 2025 and Q4 2024 Reconciliation of GAAP to Non-GAAP Financial Measures
Q4 2025 and Q4 2024 Reconciliation of GAAP to Non-GAAP Financial Measures (Gain) loss on (Gain) loss on (Income) loss from Transaction, Lease asset Interest, Share-based Adjusted non-GAAP GAAP amount sale of investments, equity method Amortization integration, and impairments and net compensation am
Slide 24: FY 2025 and FY 2024 Reconciliation of GAAP to Non-GAAP Financial Measures
FY 2025 and FY 2024 Reconciliation of GAAP to Non-GAAP Financial Measures (Gain) loss (Income) loss Lease asset (Gain) loss Provision for Transaction, GAAP Interest, on from equity Share-based impairments Goodwill Adjusted non- on sale of credit losses on Amortization integration, and amount net inv
Slide 25: Non-GAAP reconciliation: Free Cash Flow
Non-GAAP reconciliation: Free Cash Flow $ in 000's Ziff Davis Three months ended December 31, Years ended December 31, 2025 2024 2025 2024 Net cash provided by operating activities $ 191,082 $ 158,233 $ 407,068 $ 390,315 Less: Purchases of property and equipment (33,310) (27,159) (119,198) (106,635)
Slide 26: Organic Growth
Organic Growth (1) 2023 2024 2025 Year over Year Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Growth Rates Organic Revenues (1) (5%) (5%) 0% 0% (2%) 1% (4%) (1%) (3%) (2%) (1%) 4% (2%) (3%) (1%) Total Revenues (3%) (3%) 0% (2%) (2%) 2% (2%) 4% 6% 3% 4% 10% 3% (1%) 4% 1. The Company includes revenues
Slide 27: Key Operating Metrics by Segment - Advertising and Performance Marketing
Key Operating Metrics by Segment - Advertising and Performance Marketing 2024 2025 Q4 Q4 Technology & Shopping Net advertising and performance marketing revenue retention (1) 92.9% 91.0% Customers (2) 793 753 Quarterly revenue per customer (3) $163,947 $144,070 Gaming & Entertainment Net advertising
Slide 28: Key Operating Metrics by Segment - Subscription and Licensing
Key Operating Metrics by Segment - Subscription and Licensing 2024 2025 Q4 Q4 Gaming & Entertainment Customers (1)(2) 600,000 524,000 Average quarterly revenue per customer (2)(3) $26.65 $30.63 Health & Wellness Customers (1)(2) 1,771,000 1,878,000 Average quarterly revenue per customer (2)(3) $7.32