Slide 1: Q3 2025 Earnings Call
Q3 2025 Earnings Call November 7, 2025 0
Slide 2: Disclaimer
Disclaimer This presentation contains “forward-looking statements” that are based on management’s beliefs and assumptions and on information currently available to management. These forward- looking statements include, but are not limited to, statements about our plans, objectives, expectations and
Slide 3: Resilient Growth and Strong Profitability in Q3'25
Resilient Growth and Strong Profitability in Q3’25 +11% 82% 35% $51M REVENUE GROWTH (Y/Y%) REVENUE LESS COST OF SALES ADJ. EBITDA MARGIN NET OPERATING CASH Quarterly Revenue Growth Quarterly Adj. EBITDA Margin $ in millions % y/y growth $ in millions % margin 2024 2025 2024 2025 +21% +11% 35% +17% 3
Slide 4: DV's Growth Engines: Innovation, Diversification, Monetization
DV’s Growth Engines: Innovation, Diversification, Monetization A continuous growth engine: Innovation fuels Diversification, which drives Monetization Innovation Diversification Monetization Harnessing AI and Expanding across Converting innovation automation to Social, Streaming TV, and diversificat
Slide 5: Launching New AI Tools to Empower Advertisers in the Agentic Era
INNOVATION Launching New AI Tools to Empower Advertisers in the Agentic Era And Leveraging AI to drive greater precision and efficiency Example view in Pinnacle: Agent and AI Slop detection and classification NEW SOLUTIONS: DV AI VERIFICATION DV Agent ID enables advertisers to identify and measure a
Slide 6: Accelerating Social Activation
DIVERSIFICATION Accelerating Social Activation Social in Activation grew 20% year-over-year in Q3’25 – adoption is accelerating across major platforms Social Activation Solutions YouTube Meta TikTok Authentic Advantage Activation Suitability Capacity 100x expansion of Video Launched in late Septembe
Slide 7: Expanding in CTV. Solving Content Transparency.
DIVERSIFICATION Expanding in CTV. Solving Content Transparency. Solving fragmentation and waste by bringing transparency and automation to Streaming TV 15% >$1B of all CTV Impressions of CTV media spend is end up in non-TV wasted each quarter environments Better pre-bid monetization with % +30 measu
Slide 8: Programmatic Growth Remains Resilient
DIVERSIFICATION Programmatic Growth Remains Resilient Growth across programmatic and supply-side Programmatic Resilience Supply Side Expansion Q3 2025 Retail Media Supply-Side 65% of DV’s open web media transactions today occur on and Total Supply-Side Revenue Growth mobile devices RETAIL MEDIA TOTA
Slide 9: Turning Innovation into Revenue: Activation and Measurement Monetization
MONETIZATION Turning Innovation into Revenue: Activation and Measurement Monetization Social, Streaming TV and AI’s Share of DV’s Total Revenue 2025E vs. 2029E Share of Total Revenue from Social, CTV & AI <30% ~50% Total Revenue 2025E 2029E Activation Revenue Drivers Measurement Revenue Drivers $80-
Slide 10: Winning Market Share and Diversifying Revenue
MONETIZATION Winning Market Share and Diversifying Revenue Q3’25 Expansions and New Wins Accelerating Differentiation & Innovation $210M more GAAP R&D investment than nearest competitor (2023–YTD 2025) Product differentiation in Social, Streaming TV, and AI- powered optimization and AI Verification.
Slide 11: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights $189 11% $51 MILLION GROWTH MILLION Total Total Revenue Net Cash from Revenue Growth Operating Activities $66 35% $0 MILLION MARGIN DEBT Adjusted Adjusted EBITDA No long-term EBITDA Margin debt 10
Slide 12: Q3 2025 Revenue Growth Drivers
Q3 2025 Revenue Growth Drivers Q3 ’25 TOTAL REVENUE GROWTH OF 11% GROWTH ACROSS ALL THREE REVENUE LINES Key Drivers Activation Measurement Supply-Side Social in Activation +10% +9% +27% year-over- year-over- year-over- year growth year growth year growth Authentic Brand Suitability $107M $97M Social
Slide 13: Q3 2025 Revenue Growth Drivers (cont'd)
Q3 2025 Revenue Growth Drivers (cont’d) Business Line Contribution to Total Revenue Advertiser Revenue Growth Drivers Q3 ’25 ADVERTISER REVENUE GROWTH OF 10% Activation 57% VOLUME (MTM) PRICE (MTF) Measurement 33% Supply-side 10% Revenue growth across all three +12 % -4% revenue lines Activation Dri
Slide 14: Strategic Capital Allocation
Strategic Capital Allocation ACQUISITIONS SHARE REPURCHASES INVESTING IN CORE M&A Strategy YTD’25 Progress Key Priorities Purchased a total of Accelerate product roadmap 3.3M shares for $50M in Social Media Q3’25 Expand product/technology into new Purchased a total of CTV media environment adjacenci
Slide 15: Q4 & FY 2025 Guidance
Q4 & FY 2025 Guidance VISION Q4 2025 Guidance FY 2025 Guidance Revenue Revenue $207 M - $211 M +10% $750 M - $754 M +14% year-over-year year-over-year Low-end High-end growth at the Low-end High-end growth at the midpoint midpoint Adjusted EBITDA Adjusted EBITDA $77 M - $81 M 38% $245 M - $249 M 33%
Slide 16: Proven History of Growth & Profitability
Proven History of Growth & Profitability Revenue Adjusted EBITDA1 $ in millions $ in millions YoY Growth Adj. EBITDA margin 1 +14% 33% +15% 33% +27% $752 33% +36% $247 $657 31% $219 +36% $573 +34% 33% $187 +75% $452 30% 38% $142 $333 25% $110 $244 $183 $69 $73 $104 $27 2018A 2019A 2020A 2021A 2022A
Slide 17: Key Business Terms
Key Business Terms • Activation revenue is generated from the evaluation, verification and measurement of advertising impressions purchased through programmatic demand-side and social media platforms. • Measurement revenue is generated from the verification and measurement of advertising impressions
Slide 18: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In Thousands) (In Thousands) Net income $ 10,202 $ 18,201 $ 21,321 $ 32,831 Net income margin 5% 11% 4% 7% Depreciation and amortization 15,191 11,483 42,275 33,415 Stock-
Slide 19: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In Thousands) (In Thousands) Net income $ 10,202 $ 18,201 $ 21,321 $ 32,831 Stock-based compensation 27,379 22,950 78,728 67,906 Amortization of acquired intangibles 7,929
Slide 20: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation a) M&A and restructuring costs for the three and nine months ended September 30, 2025 consist of third party professional servic e costs related to the acquisition of Rockerbox and to our broader acquisition strategy. b) Offering and secondary offering cost