Slide 1: Investor Presentation Q4 & FY 2025
Investor Presentation Q4 & FY 2025 February 18, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains historical information and forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe- harbor provisions of the Private Securities Litigation Reform Act o
Slide 3: Today's Call
Today’s Call ● Opening Remarks ● Q4 & FY 2025 Results ● Business Updates ● Perion 2028 ● Financial Results Tal Jacobson Elad Tzubery ● Q&A Chief Executive Officer Chief Financial Officer ● Closing Remarks
Slide 4: A Year of Strategic Transformation
A Year of Strategic Transformation Tal Jacobson Chief Executive Officer
Slide 5: From Build to Scale
From Build to Scale Entering 2026 focused on expanding adoption and market share gains
Slide 6: Q4 Strong Performance
Q4 Strong Performance Delivering solid YoY growth across core financial metrics Results Highlights Growth Engines $137.1 19% 59% Q4 YoY YoY Revenue growth Revenue Contribution ex-TAC CTV $65.2 53% 42% Q4 YoY YoY Revenue growth Contribution ex-TAC Adjusted EBITDA Retail Media $24.3 403% 28% Q4 YoY Yo
Slide 7: Solving The $1T Advertising Challenge
YouTube Google Meta DOOH Solving The $1T Advertising Challenge Bing Spotify Open Pinterest Marketers are navigating a fragmented Web Advertiser universe of screens, creative formats, and placements, trying to connect the dots and drive business results. Netflix TikTok Amazon Apple CTV Reddit
Slide 8: Perion One: AI-First Execution Infrastructure
Perion One: AI-First Execution Infrastructure Our intelligent AI infrastructure powers advertiser execution and outcomes, continuously optimizing in real time.
Slide 9: Perion OUTMAX
Perion Every OUTMAX Channel One Agent AI-Native Execution Engine
Slide 10: Slide 10
Slide 11: Outmax Land and Expand - Spend, Geos & Channels
Outmax Land and Expand - Spend, Geos & Channels $50K to $20M spend in 24 months $40M YouTube + Meta $20M $30M $20M YouTube $4.5M YouTube $10M $50K $0 2023 2024 2025
Slide 12: DOOH Fullstack Land and Expand
DOOH Fullstack Land and Expand 200 Euro → 506k Euro a month in 90 days Dec 2025 Spend Spend: EUR€ 506,078 600k 500k Implementation 400k of DOOH Player 300k 200k 100k 0 May 2025 Jun 2025 Jul 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2025
Slide 13: Outmax CTV Optimization
Outmax CTV Optimization Site visitation Rate↑ 1.8% and CPA ↓ 89% in 4 weeks AI Optimizations Drove Efficiencies in CPA Week over Week $4.61 $1.94 $1.09 $0.53 9/25-10/1 10/2-10/8 10/9-10/15 10/16-10/22 CPA (Cost Per Action)
Slide 14: The Outmax Outcome Delta
The Outmax Outcome Delta nt al Perion’s Outmax me re x inc e a tm valu Ou Control Group
Slide 15: Serving 52 out of the Fortune 100 Companies
Serving 52 out of the Fortune 100 Companies Across Key Industry Verticals 17 of the 19 largest 2 of the 3 largest 5 of the 6 largest 6 of the 10 largest Consumer & Retail Airline companies Pharmaceutical Technology & Media companies companies companies 4 of the 4 largest 6 of the 16 largest 4 of 11
Slide 16: New Strategic Partnerships
New Strategic Partnerships
Slide 17: Amazon DSP New Partnership
Amazon DSP New Partnership This partnership brings together Perion's unique creative capabilities and premium inventory with Amazon's exclusive audience data. + ● New Premium Demand Channel: Commerce brands using Amazon as their DSP can now access Perion's solutions ● Clear differentiation: Pairs Pe
Slide 18: Walmart Connect New Partnership
Walmart Connect New Partnership Combining Walmart Connect’s powerful omnichannel media solutions with Perion’s AI-driven creative and performance capabilities empowers advertisers to: + ● Help reach shoppers more effectively through omnichannel touchpoints ● Connect media exposure to actual sales wi
Slide 19: Mastercard New Partnership
Mastercard New Partnership Mastercard Services data is now integrated into the Perion platform across Europe and the U.S Advertisers can now activate aggregated + ● purchase insights based on real consumer spend data directly within the platform ● Makes it easier than ever to reach high-intent audie
Slide 20: 2025 Achievements From Vision to Reality
2025 Achievements From Vision to Reality 2025 marked Perion’s transition from reset to execution and scale, restoring growth and building a scalable foundation for long-term value creation. Clear Strategy AI-Driven Execution Growth Engines Accelerated Perion One Platform Introduced Outmax, our AI-ex
Slide 21: Perion 2028 Target Plan
Perion 2028 Target Plan Scaling Organic Growth and Margins Driven by Perion One
Slide 22: Perion 2028: Scaling with Profitable Growth
Perion Perion 2028: Scaling 2028 One Perion Target Plan with Profitable Growth 2028 Targets 25%+ 1 20%+ 1 28% Perion One pro forma Perion One pro forma Perion Adj. EBITDA to spend Contribution ex-TAC2 Contribution ex-TAC 3-Y CAGR 3-Y CAGR Plan Catalysts Land & Expand Performance AI Capital Increase
Slide 23: Leadership Team of Industry Visionaries
Leadership Team of Industry Visionaries v Tal Jacobson Kenny Lau Mina Naguib Stephen Yap Erin McCallion Chief Executive Officer Chief Product Officer Chief Technology Officer Chief Revenue Officer Chief Marketing Officer Amit Gelber Rona Zur Turetz Elad Tzubery Anat Paran Ran Cohen Chief Growth Offi
Slide 24: Financial Results & Outlook
Financial Results & Outlook
Slide 25: Executing with Discipline
Executing with Discipline Driving Sustainable Long-Term Growth Q4 & FY 2025 Highlights Growth Engines Looking Forward Market-Leading Growth 59% 2026 Outlook CTV, Retail Media, and DOOH continuing (42% FY’25) Contribution ex-TAC1 $215 to $235M to outpace industry growth rates YoY Revenue growth Adjus
Slide 26: Q4 2025 Key Financial Highlights
Q4 2025 Key Financial Highlights Revenue Contribution ex-TAC1 Adjusted EBITDA1 Net Cash2 Cash Flow from Operations $137.1M $65.2 $24.3M $312.9M $21.8M 6% YoY growth 19% YoY growth 53% YoY growth Share Repurchase 403% YoY growth 48% Margin 18% Margin $23.9M Adj. FCF1/Adj. EBITDA1: 37% ex-TAC Margin 8
Slide 27: FY 2025 Key Financial Highlights
FY 2025 Key Financial Highlights Revenue Contribution ex-TAC1 Adjusted EBITDA1 Non-GAAP Net Cash Flow from Income1 Operations $439.9M $203.4 $45.2M $51.3M $41.9M 12% YoY Decline 4% YoY Decline 12% YoY Decline Diluted Non-GAAP EPS: Adj. FCF1/Adj. EBITDA1: 89% 46% Margin 10% Margin $1.13 Share Repurch
Slide 28: Growth Engines
Growth Engines Strong Momentum Outpacing Market Growth1 CTV by Perion ($M) DOOH by Perion 42% YoY Growth ($M) 36% 2023-2025 CAGR 36% YoY Growth 43% 2023-2025 CAGR CTV Ad Spending DOOH Ad Spending 12.9% 2024-2029 CAGR, US ($B) 9.2% 2024-2029 CAGR, US ($B) 1 Source: eMarketer data, December 2025 | DOO
Slide 29: Growth Engines - Retail Media
Growth Engines - Retail Media Growing Adoption of Our Technology among Retailers Retail Media by Perion ($M) Omnichannel Retail Media Ad Spending 36% YoY Growth 14.5% 2024-2029 CAGR, US ($B) 48% 2023-2025 CAGR Source: eMarketer data, December 2025
Slide 30: Revenue
Revenue Q4 Revenue ($M) 2025 Revenue ($M)
Slide 31: Revenue by Channels
Revenue by Channels Revenue by Channels Revenue by Channels Q4 2025 FY 2025 Search DOOH Search DOOH Revenue of $26.2M Revenue of $35.8M Revenue of $91.0M Revenue of $94.9M Search Search DOOH Increased by 3% YoY 19% DOOH Increased by 28% YoY Decreased by 44% YoY Increased by 36% YoY 21% 22% 26% Q4 20
Slide 32: Advertising Solutions Revenue
Advertising Solutions Revenue Q4 Revenue ($M) 2025 Revenue ($M)
Slide 33: Search Revenue Stabilizing ($M)
Search Revenue Stabilizing ($M)
Slide 34: Contribution ex-TAC Margin Expansion
Contribution ex-TAC Margin1 Expansion 1 Calculated as Contribution ex-TAC to Revenue. Non-GAAP metrics. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric.
Slide 35: Adjusted EBITDA ($M)
Adjusted EBITDA1 ($M) Q4 Adjusted EBITDA and Margins FY2025 Adjusted EBITDA and Margins 1 Non-GAAP metrics. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric.
Slide 36: GAAP and Non-GAAP Net Income ($M) & EPS
GAAP and Non-GAAP1 Net Income ($M) & EPS Q4 2025 FY 2025 GAAP Net Income & EPS2 Non-GAAP Net Income1 & EPS2 GAAP Net Income (Loss) & EPS2 Non-GAAP Net Income1 & EPS2 4.9 Q4’23 Q4’24 QA’25 Q4’23 Q4’24 QA’25 2023 2024 2025 2023 2024 2025 1 Non-GAAP metrics. Please see the Appendix to this presentation
Slide 37: Cash from Operations & Adjusted Free Cash Flow ($M)
Cash from Operations & Adjusted Free Cash Flow1 ($M) Q4 2025 FY 2025 1 Non-GAAP metrics. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric.
Slide 38: Net Cash ($M)
Net Cash1 ($M) 1 Includes cash, cash equivalents, short term deposits and marketable securities
Slide 39: Share Repurchase Program
Share Repurchase Program Accumulated spend ($M) Number of shares repurchased (M)
Slide 40: Committed to Balanced Capital Allocation
Committed to Balanced Capital Allocation Expansion of Share Repurchase Plan Share Repurchase Plan Executed Remaining Total share repurchase plan Execution since Remaining share Total Share initiation $118M repurchase plan1 $82M repurchase Plan $200M Expected aggregate Implied Return2 33% Implied ret
Slide 41: FY2026 Financial Outlook
FY2026 Financial Outlook $M 2025A 2026E YoY Change Contribution ex-TAC 203.4 215 - 2352 11% Adjusted EBITDA1 45.2 50 - 54 15% Contribution ex-TAC Margin3 22% 23% 1 Contribution ex-TAC and Adjusted EBITDA are non-GAAP measures. See reconciliation of GAAP to non-GAAP measures at the appendix to this p
Slide 42: Perion 2028 Targets
Perion 2028 Targets
Slide 43: Perion 2028 Targets: Pro forma Spend Surge
Perion 2028 Targets Perion One Platform Pro forma Spend Surge $1.2B Perion One Platform Spend Surges Perion One Spend ● 2022-2025 CAGR: 34% ● 2025-2028 CAGR: 25%+ $0.6B Legacy activities1 expected to remain stable $0.2B 1 Legacy activities include Search and discontinued low-margin legacy activities
Slide 44: Perion 2028 Targets: Pro forma Contribution ex-TAC
Perion 2028 Targets Perion One Platform Pro forma Contribution ex-TAC AGR Contribution ex-TAC +C 20% ● 2022-2025 CAGR: 19% ● 2025-2028 CAGR: 20%+ AGR 19% C Perion One platform 2026 Contribution ex-TAC reflects 85-90% of total
Slide 45: Perion 2028 Targets: Adjusted EBITDA Margin Growth
Perion 2028 Targets Perion Consolidated Adjusted EBITDA Margin Growth Target Perion consolidated Adjusted EBITDA/Contribution ex-TAC margin of 28% Catalysts Disciplined Cost Management Investments to drive operational leverage Invest to Scale 2026 investment in technology and go-to-market Efficiency
Slide 46: Why Invest
Large Omnichannel Growth Profitability Opportunity & Cash Generation1 Strong focus on high-growth channels Over a decade of positive annual and market verticals: Adjusted EBITDA & Operating Cash CTV, DOOH & Retail Media, through Flow, combined with efficient integrated cross-channel execution operat
Slide 47: Thank You.
Thank You. 3 PERION
Slide 48: Appendix
Appendix.
Slide 49: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets
Slide 50: Consolidated Statements Of Operations - GAAP
Consolidated Statements Of Operations - GAAP
Slide 51: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows
Slide 52: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results
Slide 53: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results
Slide 54: Reconciliation of GAAP to Non-GAAP Full Year 2026 Guidance
Reconciliation of GAAP to Non-GAAP Full Year 2026 Guidance