Slide 1: Q4 & FY 2025 Earnings Presentation
Q4 & FY 2025 EARNINGS PRESENTATION March 11, 2026 1
Slide 2: Safe Harbor
SAFE HARBOR This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply futur
Slide 3: Highlights Q4 2025
HIGHLIGHTS Q4 2025 ▪ Revenue, contribution ex-TAC, and adjusted EBITDA all achieved new records REVENUE ▪ Revenue, contribution ex-TAC, and adjusted EBITDA all exceeded the high end of our guidance ▪ Revenue increased 22% YoY and contribution ex-TAC increased 19% YoY AS REPORTED +22% YoY ▪ Delivered
Slide 4: Highlights FY 2025
HIGHLIGHTS FY 2025 ▪ Record revenue, contribution ex-TAC, and adjusted EBITDA ▪ Revenue increased 19% YoY and contribution ex-TAC increased 18% YoY REVENUE ▪ Adjusted EBITDA increased 29% YoY +19% YoY ▪ Adjusted EBITDA margin(1) was 28%, a 250 basis point improvement over the prior year ▪ Record CTV
Slide 5: Strong Performance Q4 2025 vs. Guidance
STRONG PERFORMANCE Q4 2025 VS. GUIDANCE Q4 Guidance Q4 Actual Q4 Better / (Worse) Midpoint(1) Revenue $103.0 $110.1 $7.1 Contribution ex-TAC $63.0 $64.6 $1.6 Non-GAAP Operating Expenses $40.0 $39.8 $0.2 Adjusted EBITDA $23.0 $24.7 $1.7 (2) Adjusted EBITDA Margin 37% 38% 1% ▪ Revenue, contribution ex
Slide 6: Revenue
REVENUE FOURTH QUARTER FULL YEAR +28% YoY +19% YoY EX POLITICAL +22% YoY AS REPORTED $110.1 $344.2 $90.1 $289.2 Q4-24 Q4-25 2024 2025 ▪ Revenue increased 22% YoY to a record $110.1 million in Q4 2025. Excluding political spend, revenue grew 28%, underscoring strong underlying momentum. Revenue incre
Slide 7: Contribution ex-TAC
CONTRIBUTION EX-TAC FOURTH QUARTER FULL YEAR +24% YoY +18% YoY EX POLITICAL +19% YoY AS REPORTED $64.6 $208.7 $54.4 $177.4 Q4-24 Q4-25 2024 2025 ▪ Contribution ex-TAC increased 19% YoY to $64.6 million in Q4 2025. When excluding political spend, contribution ex-TAC increased 24% ▪ Contribution ex-TA
Slide 8: Non-GAAP Operating Expenses
NON-GAAP OPERATING EXPENSES FOURTH QUARTER FULL YEAR +14% YoY +7% YoY $151.2 $37.3 $39.8 $132.9 Q4-24 Q4-25 2024 2025 ▪ Non-GAAP operating expenses increased 7% YoY in Q4 2025 ▪ Excluding the acquisitions of IRIS.TV and Lockr, non-GAAP operating expenses increased 5% YoY ▪ Non-GAAP operating expense
Slide 9: Adjusted EBITDA
ADJUSTED EBITDA FOURTH QUARTER FULL YEAR +45% YoY +29% YoY $24.7 $57.4 $17.1 $44.4 Q4-24 Q4-25 2024 2025 ▪ Adjusted EBITDA increased 45% YoY in Q4 2025 and adjusted EBITDA as a percentage of contribution ex-TAC increased 680 basis points over the prior year to 38% ▪ Adjusted EBITDA increased 29% YoY
Slide 10: Financial Performance Snapshot
FINANCIAL PERFORMANCE SNAPSHOT FY 2025 FY 2024 % YoY Growth Revenue $344.2 $289.2 19% Contribution ex-TAC $208.7 $177.4 18% Non-GAAP operating expenses $151.2 $132.9 14% Adjusted EBITDA $57.4 $44.4 29% Adjusted EBITDA margin (1) 28% 25% n/a ▪ Delivered strong full-year results with 19% revenue growt
Slide 11: Guidance Ranges Q1 2026
GUIDANCE RANGES Q1 2026 (1) % YoY Change at Q1 2026 Guidance Midpoint Revenue $83.0 - $86.0 20% Contribution ex-TAC $49.0 - $51.0 17% Non-GAAP Operating Expenses $40.5 - $41.5 10% Adjusted EBITDA $8.5 - $9.5 67% Adjusted EBITDA Margin (2) 17% - 19% n/a ▪ Based on the midpoint of our Q1 guide, we exp
Slide 12: Valuation and Shares Outstanding
VALUATION AND SHARES OUTSTANDING Basic Share Count Enterprise Value Class A shares 17.6 Share price (3/9/2026) $ 10.12 Class B shares 45.7 Total Class A and Class B shares outstanding(1) 63.3 Total Class A and Class B shares outstanding(1) 63.3 Market capitalization $ 640.7 Plus: Debt - Less: Cash(2
Slide 13: Appendix
APPENDIX 13
Slide 14: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES To provide investors and others with additional information regarding Viant’s results, we have included in this presentation the following financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”): contribution ex
Slide 15: Non-GAAP Financial Measures (Continued)
NON-GAAP FINANCIAL MEASURES (CONTINUED) Free cash flow is a financial measure defined by us as net cash provided (used in) by operating activities, less purchases of property and equipment and capitalized software development costs. Net cash provided by (used in) operating activities is the most com
Slide 16: Reconciliation of Revenue to Gross Profit to Contribution ex-TAC
RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 (Unaudited, in thousands) Revenue $ 53,393 $ 65,866 $ 79,922 $ 90,054 $ 70,642 $ 77,853 $ 85,582 $ 110,124 Less: Platform operations (29,880) (35,122) (44,598) (47,564) (40,080) (41,970)
Slide 17: Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 (Unaudited, in thousands) Operating expenses: Platform operations $ 29,880 $ 35,122 $ 44,598 $ 47,564 $ 40,080 $ 41,970 $ 45,743 $ 58,823 Sales and marketing 12,899 13,088 13,007 14,75
Slide 18: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 (Unaudited, in thousands) Net income (loss) $ (3,214) $ 1,488 $ 6,458 $ 7,720 $ (3,307) $ 1,787 $ 5,153 $ 20,463 Add back (less): Interest income, net (2,381) (2,359) (2,407) (2,088) (1,724) (1,484
Slide 19: Net Income as a Percentage of Gross Profit and Adjusted EBITDA Margin
NET INCOME (LOSS) AS A PERCENTAGE OF GROSS PROFIT AND ADJUSTED EBITDA AS A PERCENTAGE OF CONTRIBUTION EX-TAC Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 (Unaudited, in thousands ex cept percentages) Gross profit $ 23,513 $ 30,744 $ 35,324 $ 42,490 $ 30,562 $ 35,883 $ 39,839 $ 51,301 Net income (
Slide 20: Reconciliation of Net Income to Non-GAAP Net Income
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 (Unaudited, in thousands) Net income $ 20,463 $ 7,720 $ 24,096 $ 12,452 Add back (less): Stock-based compensation 6,431 5,728 24,840 21,034 Restructuring and other(1) 526 —
Slide 21: Stock-Based Compensation
STOCK-BASED COMPENSATION Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 (Unaudited, in thousands) Stock-based compensation: Platform operations $ 1,034 $ 601 $ 3,948 $ 2,114 Sales and marketing 1,771 1,164 6,860 4,238 Technology and development 1,094 873 3,980 2,717 Gene
Slide 22: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 (Unaudited, in thousands) Depreciation and amortization: Platform operations $ 3,838 $ 3,402 $ 14,844 $ 13,842 Sales and marketing 85 — 319 — Technology and development 993 456 3,173 1,759 Gener
Slide 23: Contribution ex-TAC per Employee
CONTRIBUTION EX-TAC PER EMPLOYEE TTM TTM Q4-25 Q4-24 Change (%) (Unaudited, in thousands, ex cept percentages and headcount) Contribution ex-TAC $ 208,652 $ 177,390 18% (1) Headcount 383 352 9% Contribution ex-TAC per employee $ 545 $ 504 8% ▪ Our ongoing investments in technology are translating in
Slide 24: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Three Months Ended December 31, 2025 2024 Change (%) (Unaudited, in thousands, ex cept percentages) (Unaudited, in thousands) Net cash provided by operating activities $ 33,076 $ 16,491 101% Less: Purchases of property and