Zeta Global Holdings Corp. · NYSE:ZETA
Zeta Global — Q4 2025 Earnings Presentation
49 slides from Zeta Global's earnings presentation, Feb 24, 2026
Slide 1: Supplemental 4Q'25 Earnings Presentation
Supplemental 4Q’25 Earnings Presentation February 24, 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: Durable, predictable, and profitable growth at scale
Durable, predictable, and profitable growth at scale KEY THEMES RESULTS • 18th straight “beat and raise” quarter • FY25 revenue growth of 30%, 27% excluding LiveIntent, Marigold’s Enterprise 4Q’25 FY’25 Once again Business, and PY Political Candidate revenue RESULTS RESULTS proving • FY25 Adj. EBITD
Slide 4: Consistent execution with strong underlying fundamentals
Consistent execution with strong underlying fundamentals Scaled Customer Count Scaled Customer ARPU Industry Verticals TOTAL SCALED5 SUPER-SCALED6 TOTAL SCALED7 SUPER-SCALED8 9 of the Top 10 602 +14% Y/Y 184 +24% Y/Y $625K $1.8M Verticals Grew 3Q’25: 572 3Q’25: 180 3Q’25: $579K 3Q’25: $1.6M Greater
Slide 5: 16 straight quarters of >20% revenue growth and expanding Adj. EBITDA margins
16 straight quarters of >20% revenue growth and 20 consecutive quarters of expanding Adj. EBITDA margins Y/Y Revenue Growth Adjusted EBITDA2 Growth $395 $95 $70 24.1% $315 of Revenue 22.4% of Revenue 4Q’24 4Q’25 4Q’24 4Q’25 See slide 45 for footnote definitions See appendix for definitions of non-GA
Slide 6: 6 straight years of >20% revenue growth with Adj. EBITDA margin expansion
6 straight years of >20% revenue growth with Adj. EBITDA margin expansion Revenue Growth Adjusted EBITDA2 Growth $279 $1,305 21.4% $1,006M $193M of Revenue $729M $129M 19.2% $591M of Revenue $92M 17.8% of Revenue 15.6% of Revenue 1 FY’22 FY’23 FY’24 FY’25 FY’22 FY’23 $1 FY’24 FY’25 See slide 45 for
Slide 7: Significant Y/Y scaled customer count expansion
Significant Y/Y scaled customer count expansion 1200 1000 19 Consecutive Quarters of Sequential 800 Scaled Customer5,6 Expansion Y/Y Growth: 600 452 460 468 475 527 148 548 159 567 168 572 180 602 184 14% 400 131 144 144 144 200 379 389 399 392 418 ZETA 2028 321 316 324 331 MODELED CAGR: 4-8% 0 4Q'2
Slide 8: Continued scaled customer ARPU expansion
Continued scaled customer ARPU expansion Y/Y ARPU7,8 Growth % 7% 11% 22% 33% 27% 12% 11% 4% 8% Y/Y Growth: $479 $557 $577 $532 $579 $625 8% $454 $467 $416 2Q’25 ARPU for $1M+ is 4Q’25 ARPU for At Least $1M is ZETA 2028 15X ~17X MODELED CAGR: the $100K - $1M Cohort 12-16% the $100K - $1M Cohort 4Q'23
Slide 9: Powerful revenue leverage as customers ramp to >$1M spend
Powerful revenue leverage as customers ramp to >$1M spend $100K to $1M At Least $1M 418 184 392 180 379 Scaled Customer 148 Count5,6 Total Scaled Customers 4Q’25: 602 3Q’25: 572 4Q‘24 3Q‘25 4Q’25 4Q‘24 3Q‘25 4Q’25 4Q’24: 527 Quarterly ARPU7,8 $129 $97 $104 $1,725 $1,630 $1,807 ~17X OPP. Avg. Channel
Slide 10: The longer our customers stay with us, the bigger they become
The longer our customers stay with us, the bigger they become FY’25 Scaled Customer ARPU7 $3.9M FY’25 $2.1M FY’25 $1.1M $0.7M FY’25 FY’25 $0.9M $1.2M $2.0M $2.8M FY’24 FY’24 FY’24 FY’24 Scaled Customer5 <1 Year 1-3 Years 3-5 Years 5+ Years Count 111 217 65 209 Revenue $79M $241M $135M $815M ~90% Rev
Slide 11: Zeta is well-diversified across a wide range of verticals
Zeta is well-diversified across a wide range of verticals FY 2025 Revenue by Vertical Well-Diversified Customer Set Advertising & Marketing, • Broad coverage across 15 5% Consumer & Retail, different industry verticals Education, 5% 24% • 9 of the Top 10 verticals grew Healthcare, 5% greater than 20
Slide 12: Serving 51% of the Fortune 100
Serving 51% of the Fortune 100 14 12 of the 15 largest 2 of the 3 largest 6 of the 16 largest Insurance Consumer & Retail Airline companies companies in the world companies 10 of the 13 largest 4 of the largest Agency 4 of the 4 largest Technology & Media Hold Cos Telecommunications companies compan
Slide 13: Zeta 2028
Zeta 2028
Slide 14: Updating Zeta 2028 Targets
Updating Zeta 2028 Targets Update for Previous Marigold’s Updated Zeta 2028 Enterprise Zeta 2028 Business Total Zeta Revenue $2.1B $190M $2.3B Adj. EBITDA2 $525M $48M $573M Free Cash Flow2 $340M $31M $371M We calculate forward-looking non-GAAP Adjusted EBITDA, and Free Cash Flow based on internal fo
Slide 15: Zeta 2028 Targets updated for Marigold's Enterprise Business
Zeta 2028 Targets updated for Marigold’s Enterprise Business 2028 Targets $2,300 2028 REVENUE TARGET $1,755 $1,305 $2.3B+ $368 $458 $591 $729 $1,006 Implied 23% CAGR '20 '21 '22 '23 '24 '25 '26E '28 22% 2028 ADJ. EBITDA2 TARGET $700 14% 16% 18% 19% 21% $573 25% $600 11% 20% $573M+ $500 $279 $391 25%
Slide 16: Evolving KPI reporting to $1M+ super scaled customers
Evolving KPI reporting to $1M+ super scaled customers Since IPO, Zeta and its customers have grown substantially Other Other Other 30% 10% 10% % of % of % of Revenue Revenue Revenue Growth At Least $1M At Least At Least 70% $1M $1M 90% 90% In 2020, at least $1M In 2025, at least $1M >90% of revenue
Slide 17: Compound annual growth rates for Zeta 2028 key metrics
Compound annual growth rates for Zeta 2028 key metrics Actual Performance Zeta 2028 Model 2021–2025 Updated Feb. 2026 Revenue CAGR 30% METRICS KEY Adj. EBITDA2 CAGR 45% Free Cash Flow2 CAGR 75% Super Scaled Count CAGR 17% 4% – 8% Super Scaled ARPU CAGR 14% 12% – 16% KPIs Quota Carrier CAGR 21% 10% –
Slide 18: 1Q'26 & FY'26 Guidance
1Q’26 & FY’26 Guidance
Slide 19: Guidance that is balanced between growth & operating leverage
Guidance that is balanced between growth & operating leverage 1Q’26 FY’26 1Q’26 FY’26 Guidance Guidance Guidance Guidance Range Range Midpoint Midpoint Total Zeta Revenue $369M – $371M $1,749M – $1,762M $370M $1,755M % Growth Y/Y 39% – 40% 34% - 35% 40% 35% Adj. EBITDA2 $61.2M – $61.8M $389.9M – $39
Slide 20: 2026 guidance including quarterly cadence
2026 guidance including quarterly cadence 1Q’26 FY’26 2Q’26 3Q’26 4Q’26 Midpoint Midpoint Zeta Revenue excl. Marigold’s Enterprise Business & Political $323M $369M $406M $453M $1,550M % Growth excl. Marigold’s Enterprise Business & Political Y/Y 22% 20% 20% 20% 21% Marigold’s Enterprise Business Rev
Slide 21: Guidance that is balanced between growth & operating leverage
Guidance that is balanced between growth & operating leverage 1Q’26 FY’26 Guidance Guidance Midpoint Midpoint 2026 Revenue Prior Guidance (reported as of 11/24) $362M $1,730M Y/Y Growth % 37% 34% REVISED 2026 Revenue: New Guidance $370M $1,755M REVISED Y/Y Growth % 40% 35% 2026 Adj. EBITDA Prior Gui
Slide 22: Guiding to Free Cash Flow of $231M in 2026, with a target of $371M+ by 2028
Guiding to Free Cash Flow of $231M in 2026, with a target of $371M+ by 2028 FCF conversion adjusted for Working Capital headwinds primarily from the agency business growth ADJ. EBITDA 62% 68% 76% $700 FCF $ 65% 59% 70% $600 FCF / EBITDA % 3 59% $573+ 60% 48% $500 42% 42% 50% $400 $391 $371+ 40% 26%
Slide 23: Zeta Overview
Zeta Overview
Slide 24: Convergence → One System
Convergence → One System Authenticated Identity from rofit P n & 1P data is the connective o i tissue for Precision & Scale cis Pre PAID OWNED CHANNELS CHANNELS UNIFIED SOCIAL A Gap in the Market Exists ness EMAIL/SMS IDENTITY SEARCH Over half of marketers seek to PUSH/IN-APP tive personalize across
Slide 25: A new category is emerging
A new category is emerging AI-POWERED MARKETING Answer-driven systems that connect identity & intelligence to decide, act, and get smarter in real-time — delivering outcomes that get better over time. REQUIRES DELIVERS AUTHENTICATED CENTRALIZED CLOSED PRECISION & FASTER COMPOUNDING PERSISTENT DECISI
Slide 26: The Zeta Promise
The Zeta Promise More value with us than without us SPEED SIMPLICITY CERTAINTY Onramps in weeks; The “easy-button” to More predictable Outcomes in a quarter AI-powered marketing outcomes 50% Faster Time to Value $3.2M Annualized Savings 15 6X ROAS 26
Slide 27: The Zeta Edge
The Zeta Edge One System Powering CONTENT System All Touchpoints of Truth Proprietary SuperGraph Intelligence AI-POWERED DATA FOUNDATION CONTAINER CONNECTORS 27
Slide 28: Three on-ramps, one system
is the Unlock Three on-ramps, one system PLATFORM OUT MEDIA IN ONE ZETA AS SYSTEM 360° View of Consumer 360° View of Marketer 360° View of Business Customer Major Retailer Major Airline Middle Market Retailer Starting Point CDP High-value audiences in paid 7 disconnected tools CTV tying exposure to
Slide 29: Zeta consolidates the fragmented marketing landscape
Zeta consolidates the fragmented marketing landscape The Zeta Marketing Platform (ZMP) consolidates all 3 Data Marketing Management Automation Engagement (Marketing Clouds (Programmatic) (CDPs) & ESPs) How brands create a unified customer How brands effectively reach and manage How brands acquire ne
Slide 30: Zeta was named a Leader in the Latest Forrester Wave
Zeta was named a Leader in the Latest Forrester Wave16 Zeta was named as the leader, by a wide 3Q 2024 margin, scoring highest possible rating in 13 of 22 categories. Highlights 1Q 2022 “Zeta Global stands out with a solution that suits the most type of marketers.” “Zeta’s current offering leads our
Slide 31: The intelligence powered era is breaking boundaries
The intelligence powered era is breaking boundaries U.S. TAM 17 CAGR 17 OMNICHANNEL ENGAGEMENT 2023 ’23 – ‘25 Data Media MarTech Intelligence SIGNALS Powered Marketing $19B 14% IPM Technology Intelligence Powered Media IDENTITY $64B 12% See slide 45 for footnote definitions 31
Slide 32: Comprehensive Look Into Zeta's Data Cloud, Governance & Vision
Comprehensive Look Into Zeta’s Data Cloud, Governance & Vision Selection from Zeta Data Summit on December 9, 2024
Slide 33: Finding Signal Through the Noise
Finding Signal Through the Noise Zeta’s POV on How Outsiders Should Value Data Assets, Capabilities, Compliance Size, Scale, Is Coverage Comprehensive and Resilient? Durability Data Active Activation Compliance Model Is Usability Easy, and Does Are Standards of Today and it Create “Unfair the Likely
Slide 34: Zeta's Types of Data
Zeta’s Types of Data Zeta’s People-Based Data Includes Identities, Identifiers, & Signals Identities Identifiers Signals Identities are unique Identifiers are indices that Signals are data-in-motion and individuals, represented by determine the best way to data-at-rest processed by Zeta offline PII
Slide 35: Defining Zeta's Sources of Data
Defining Zeta’s Sources of Data Zeta Data Sources Description Zeta Demand Side Platform (DSP) Technology enabling advertisers to participate in online, programmatic auctions Zeta Supply Side Platform (SSP) Technology enabling publishers to participate in online, programmatic auctions Zeta Message Tr
Slide 36: Contribution Value of Zeta's Technology and Networks
Contribution Value of Zeta’s Technology and Networks Est. Contribution Zeta Data Sources Identities Identifiers Signals to Total Graph Zeta Demand Side Platform (DSP) 15-20% Zeta Supply Side Platform (SSP) 3-5% Zeta Message Transfer Agent (MTA) 10-15% Disqus 15-20% LiveIntent 20-25% O&O Properties 0
Slide 37: MTA, LiveIntent, Disqus Contribute > 75%+ of Identities
MTA, LiveIntent, Disqus Contribute > 75%+ of Identities O&O Third Party MTA Disqus LiveIntent 37
Slide 38: DSP, LiveIntent, Disqus Contribute > 95% of Identifiers
DSP, LiveIntent, Disqus Contribute > 95% of Identifiers SSP Third Party LiveIntent Disqus DSP 38
Slide 39: Disqus, DSP, LiveIntent Contribute > 75%+ of Signals
Disqus, DSP, LiveIntent Contribute > 75%+ of Signals Third Party O&O DSP LiveIntent Disqus 39
Slide 40: Digital and Email Permission Have Different Requirements
Digital and Email Permission Have Different Requirements Zeta Collects Permissioned Data for Web Monitoring and Email Using Methodologies Compliant with Federal Laws, State Laws, and Self -Regulatory Programs Zeta Data Cloud Counts as of November 2024 Digital Permission: Identities, Signals and Iden
Slide 41: Data Durability
Data Durability Zeta’s People-Based Assets Have Demonstrated Stability and Antifragility Amidst a More Stringent Regulatory Environment December 2021 January 2024 November 2024 231M* 241M* 245M* LiveIntent Acquisition Completed Data Privacy Regulation & Browser Updates GDPR Apple ITP TCF 2.0 Google
Slide 42: How Hard it is to Replicate
How Hard it is to Replicate In Short, It Would Be Challenging to Recreate Zeta’s Model Data AI Convergence Own identity-based Leading AI-capabilities to Platform capable of assets that provide real synthesize data into operating across the value to Publishers, and actionable intelligence entire cons
Slide 43: Appendix
aa Appendix
Slide 44: Non-GAAP Measures
Non-GAAP Measures In order to assist readers in understanding the core operating results that our management uses to evaluate the business, we describe our non-GAAP measures referenced in this presentation below. We believe these non-GAAP measures are useful to investors in evaluating our performanc
Slide 45: Footnotes
Footnotes 1 | 4Q’25 GAAP net income of $6.5M, or 1.7% of revenue, includes $43.7M of stock-based compensation. 2 | Adjusted EBITDA, Adjusted EBITDA Margin, non-GAAP Net Income (Loss), non-GAAP Net Income (Loss) per share, and Free Cash Flow are non-GAAP measures, see reconciliations in this Appendix
Slide 46: Reconciliation for Adj. EBITDA and Adj. EBITDA margin
Reconciliation for Adj. EBITDA and Adj. EBITDA margin $ in ’000s, unless otherwise noted ` 3Q’25 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
Slide 47: 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 48: Non-GAAP Earnings per share Reconciliation
Non-GAAP Earnings per share Reconciliation $ in ’000s, except shares and per share amounts 4Q’24 4Q’25 FY’24 FY’25 Net Income / (loss) $ 15,236 $ 6,539 $ (69,771) $ (31,509) Restructuring expenses - - - 3,152 Acquisition-related expenses 3,646 13,799 8,229 20,281 Stock-based compensation 43,010 43,7
Slide 49: Revenue growth excluding Political Candidate, LiveIntent and Marigold's Enterprise Business
Revenue growth excluding Political Candidate, LiveIntent and Marigold’s Enterprise Business Revenue Reconciliation 4Q’24 4Q’25 FY’24 FY’25 Revenues $ 314,673 $ 394,638 $ 1,005,754 $ 1,304,668 Political candidate (21,881) NM* (44,363) NM* LiveIntent (16,929) (22,480) (16,929) (82,558) Marigold’s Ente