Slide 1: Q1 2026 Highlights & Supplemental Information
Q1 2026 Highlights & Supplemental Information May 6, 2026 Investor Relations Aadam Anwar investors@taboola.com
Slide 2: Forward-Looking Statements - Disclaimer
Forward-Looking Statements - Disclaimer Certain statements in this presentation are forward-looking statements, including our Q2 2026 and full-year 2026 guidance and our expectations for Realize, our new performance advertising platform. Forward-looking statements generally relate to future events i
Slide 3: Today's Presenters
Today’s Presenters Adam Singolda Stephen Walker Founder & CEO CFO ● Founded Taboola in 2007; Has led the ● Joined Taboola in 2014 when the Company Company as its CEO ever since acquired Perfect Market, which Steve founded ● Previously: Israeli National Security Agency ● Previously: ● Graduated first
Slide 4: Business & Financial Highlights
Business & Financial Highlights 4
Slide 5: Q1 2026 Actuals Vs Guidance
Q1 2026 Actuals Vs Guidance Q1 2026 Actuals Q1 2026 Guidance Revenues $466.4M $444 to $462M (+9% YoY) Gross profit $129.6M $119 to $125M (+9% YoY) ex-TAC Gross Profit1 $168.1M $158 to $164M (+11% YoY) Adj. EBITDA1 $26.7M $20 to $26M (-26% YoY) 1. Non-GAAP measures, see appendix for reconciliation to
Slide 6: Revenue Growth Driven by Scaled Advertisers & Spend
Revenue Growth Driven by Scaled Advertisers & Spend #of Scaled Adv Q1 2026 Highlights ● Revenue from Scaled Advertisers accounted for ~85% of Total Revenue 1 ● Scaled Advertisers grew ~3.5% YoY to 2,061 ● Average Revenue Per Scaled Advertiser grew ~5% to ~$193K Revenue Per Scaled Advertiser ● Growth
Slide 7: Guidance Summary
Guidance Summary Q2 2026 Guidance (3) FY 2026 Guidance (3) $492 to $505M $2,006 to $2,062M Revenues (+7% YoY) (+6% YoY) Gross profit $147 to $152M $610 to $630M (+10% YoY) (+9% YoY) $189 to $194M $760 to $781M ex-TAC Gross Profit1 (+11% YoY) (+8% YoY) $49 to $55M $222 to $240M Adj. EBITDA1 (+15% YoY
Slide 8: 2026 Guidance: Supplemental Information
2026 Guidance: Supplemental Information Split Guidance ($ in millions) First Half Second Half FY 2026 Revenues ~47% ~53% $2,006 to $2,062 ex-TAC Gross Profit ~46% ~54% $760 to $781 Adjusted EBITDA ~34% ~66% $222 to $240 Quarterly percentages are estimated quarterly percentages based on the midpoint
Slide 9: Additional Modeling Assumptions
Additional Modeling Assumptions • Interest payments: ~$6M in 2026 (vs $7M in • CapEx (includes investments in property and 2025 associated with $100.5M RCF. equipment, leasehold improvements and capitalized software): $45M in 2025 and • Share based compensation: $64M in 2025 $47M estimated in 2026.
Slide 10: Appendix
Appendix 10
Slide 11: Revenue Model Drives High Incremental Margins
Revenue Model Drives High Incremental Margins Engagement Number of Frequency of Depth of (Page views / ad impressions) unique users engagement engagement x Yield Depth / breadth AI technology Quality of data (RPM / CPM) of advertisers (ability to target) = ● Revenue paid by Advertisers, before traff
Slide 12: Our Model In A Nutshell
Our Model In Model components: Sample inputs / financials: Illustrative Taboola economics: Revenues(1) $909 $1.00 (100%) A Nutshell Traffic Acq Cost (Value to publishers) - ($627) ($0.69) = ex-TAC Gross Profit(2) $282 $0.31 - Cost of Revenues ($48) ($0.05) = Gross profit $234 $0.26 - R&D ($73) ($0.0
Slide 13: Historical Revenues & ex-TAC Gross Profit (Reported Basis)
Historical Revenues & ex-TAC Gross Profit1 (Reported Basis) Revenues ex-TAC Gross Profit YoY Growth 16% 2% 3% 23% 8% 6% YoY Growth 36% 10% -6% 25% 7% 8 4% 1. Non-GAAP measure, see appendix for reconciliation to GAAP 13
Slide 14: Historical ex-TAC Gross Profit & Adjusted EBITDA (Reported Basis)
Historical ex-TAC Gross Profit & Adjusted EBITDA1 (Reported Basis) ex-TAC Gross Profit Adjusted EBITDA YoY Growth 36% 10% -6% 25% 7% 8% 4 Margin 35% 28% 18% 30% 30% 30% 4 2020A 2021A 2022A 2023A 2024A 2025A 2026E 1. Non-GAAP measure, see appendix for reconciliation to GAAP 14
Slide 15: Selected GAAP And Non-GAAP Metrics
Selected GAAP And Non-GAAP Metrics ($ in millions, FYE) 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2026E Revenues 909 1,094 1,189 1,378 1,401 1,440 1,766 1,912 2,034 % YoY Growth 20.0% 20.3% 8.7% 15.9% 1.7% 2.8% 22.7% 8.3% 6.4% Gross Profit 234 232 319 441 464 426 534 570 620 % YoY Growth 31.1%
Slide 16: Historical FY Actuals & FY 2026 Guidance
Historical FY Actuals & FY 2026 Guidance Actual Actual Actual Actual Actual Guidance ($ in millions) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 YoY% Revenues 1,378 1,401 1,440 1,766 1,912 $2,006 to $2,062 6% Gross Profit 441 464 426 534 570 $610 to $630 9% ex-TAC Gross Profit¹ 519 570 536 667 7
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ in millions) 2019A 2020A 2021A 2022A 2023A 2024A 2025A Net income (loss) (28.0) 8.5 (24.9) (12.0) (82.0) (3.8) 42.3 Adjustments: Financial expenses (income), net 3.4 2.7 (11.3) (9.2) 12.8 12.0 11.3 Tax expenses 5.0 14.9 23.0 7.5 5.5 17.7 (9.5) Depreciation and amort
Slide 18: Quarterly Results: Adjusted EBITDA Reconciliation
Quarterly Results: Adjusted EBITDA Reconciliation ($ in millions) FY 2023 FY 2024 FY 2025 Q1-26A Net income (loss) (82.0) (3.8) 42.3 59.1 Adjustments: Financials expenses (income),net 12.8 11.9 11.3 0.2 Tax expenses (income) 5.6 17.6 (9.5) 10.1 Depreciation and amortization¹ 96.5 103.7 99.7 20.0 Sha
Slide 19: Ratio Of Adjusted EBITDA To ex-TAC Gross Profit Reconciliation
Ratio Of Adjusted EBITDA To ex-TAC Gross Profit Reconciliation ($ in millions) 2019A 2020A 2021A 2022A 2023A 2024A 2025A Gross Profit 232 319 441 464 426 534 570 Net Income (loss) (28) 8 (25) (12) (82) (4) 42 Ratio of Net income -12% 3% -6% -3% -19% (loss) to Gross profit -1% 7% ex-TAC Gross Profit
Slide 20: ex-TAC Gross Profit Margin Reconciliation
ex-TAC Gross Profit Margin Reconciliation ($ in millions) 2020A 2021A 2022A 2023A 2024A 2025A 2026E Revenues 1,189 1,378 1,401 1,440 1,766 1,912 2,034 Gross Profit 319 441 464 426 534 570 620 Gross Profit Margin 27% 32% 1 33% 30% 30% 30% 30% Revenues 1,189 1,378 1,401 1,440 1,766 1,912 $2,034 ex-TAC
Slide 21: Historical Adj. Gross Profit Margin Reconciliation
Historical Adj. Gross Profit Margin Reconciliation ($ in millions) 2019A 2020A 2021A 2022A 2023A 2024A 2025A Revenues 1,094 1,189 1,378 1,401 1,440 1,766 1,912 Traffic Acquisition Cost (TAC) (798) (807) (859) (832) 904 (1,102) (1,215) Amortization of non-cash based 0 0 0 0 0 3 16 Commercial agreemen
Slide 22: Historical Free Cash Flow Reconciliation
Historical Free Cash Flow Reconciliation ($ in millions) 2020A 2021A 2022A 2023A 2024A 2025A Q1-26A Net cash from operating activities¹ $139 $64 $53 $84 $184 $208 $109 Net cash used in the following -$18 -$39 -$35 -$32 -$35 -$44 -$18 investing activities Intangible assets -$9 -$14 -$13 -$12 -$13 -$1
Slide 23: Supplemental Cash Flow Information
Supplemental Cash Flow Information 2020A 2021A 2022A 2023A 2024A 2025A Q1-26A Free Cash Flow 121.3 24.5 18.6 52.2 149.2 163.5 91.0 Add back: Cash investment in publisher prepayments (4.5) 7.3 15.3 (19.6) (22.5) (13.0) (3.9) (net)¹ Cash interest expense for money borrowed 0.0 1.1 20.7 18.5 14.3 11.1
Slide 24: Non-GAAP Net Income Reconciliation
Non-GAAP Net Income Reconciliation ($ in millions) 2021A 2022A 2023A 2024A 2025A Q1-26A Net income (loss) (24.9) (12.0) (82.0) (3.8) 42.3 59.1 Adjustments: Amortization of acquired intangibles 23.0 63.6 63.9 65.1 67.8 12.4 Share-based compensation expenses¹ 124.2 63.8 53.7 60.0 63.9 14.2 Restructuri
Slide 25: Example Of Publisher Prepayments
Example Of Publisher Prepayments $3,000 50% 5 $6,000 Assumptions: Prepayment ($M) Revenue Share Year Term Annual Revenue ($M) Accrual Accounting Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Revenue $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 Traffic Acquisition cost (TAC): Rev Share $3,000 $3,000 $3,000
Slide 26: Consolidated Balance Sheet
Consolidated Balance Sheet As of Dec 31, As of Dec 31, As of Dec 31, As of Dec 31, As of Dec 31, As of Dec 31, ($ in millions) 2020 2021 2022 2023 2024 2025 Cash, cash equivalents, short-term deposits and 243 319 263 183 231 121 investments Total Assets 580 1,598 1,530 1,708 1,719 1,589 Total Liabil
Slide 27: Q2 2026 and 2026 Full Year Guidance: ex-TAC Gross Profit Reconciliation
Q2 2026 and 2026 Full Year Guidance: ex-TAC Gross Profit Reconciliation Guidance Guidance ($ in millions) Q2-26 FY 2026 Revenues $492 to $505 $2,006 to $2,062 Traffic Acquisition Cost (TAC) ($307) - ($315) ($1,262) - ($1,297) Other Cost of Revenues ($38 - $38) ($134 - $135) Gross Profit $147 to $152
Slide 28: Non-GAAP Financial Measures Note Regarding Adjusted EBITDA Guidance
Non-GAAP Financial Measures This Presentation includes ex-TAC Gross Profit, Adjusted EBITDA, Ratio of Adjusted EBITDA to ex-TAC Gross Profit, Free Cash Flow and Non-GAAP Net Income (Loss), which are non-GAAP financial measures. These non-GAAP financial measures are not measures of financial performa
Slide 29: Thank You
TabOela Thank You