Taboola.com Ltd. · NASDAQ:TBLA
Taboola.com — Q2 2026 Earnings Presentation
29 slides from Taboola.com's earnings presentation, Aug 5, 2026
Slide 1: Q2 2026 Highlights & Supplemental Information
Q2 2026 Highlights & Supplemental Information August 5, 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 Q3 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: Q2 2026 Actuals Vs Guidance
Q2 2026 Actuals Vs Guidance Q2 2026 Actuals Q2 2026 Guidance Revenues $476.8M $492 to $505M (+2% YoY) Gross profit $139.5M $147 to $152M (+3% YoY) ex-TAC Gross Profit1 $192.4M $189 to $194M (+12% YoY) Adj. EBITDA1 $55.5M $36 to $43M (+23% 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 Q2 2026 Highlights ● Revenue from Scaled Advertisers accounted for ~86% of Total Revenue 1 ● Scaled Advertisers grew ~2% YoY to 2,081 ● Average Revenue Per Scaled Advertiser remained flat at ~$197K Revenue Per Scaled Advertiser ● Gro
Slide 7: Guidance Summary
Guidance Summary Q3 2026 Guidance (3) FY 2026 Guidance (3) $460 to $473M $1,930 to $1,956M Revenues (-6% YoY) (+2% YoY) Gross profit $148 to $152M $605 to $615M (+8% YoY) (+7% YoY) $184 to $190M $772 to $783M ex-TAC Gross Profit1 (+6% YoY) (+9% YoY) $51.5 to $56.5M $228 to $240M Adj. EBITDA1 (+12% Y
Slide 8: 2026 Guidance: Supplemental Information
2026 Guidance: Supplemental Information Quarterly Split Guidance ($ in millions) Q1 2026A Q2 2026A Q3 2026E Q4 2026E FY 2026 Revenues ~24% ~24% ~24% ~28% $1,930 to $1,956 ex-TAC Gross Profit ~21% ~25% ~24% ~30% $772 to $783 Adjusted EBITDA ~11% ~24% ~24% ~41% $228 to $240 Quarterly percentages are e
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) ($0.0
Slide 13: Historical Revenues & ex-TAC Gross Profit (Reported Basis)
Historical Revenues & ex-TAC Gross Profit1 (Reported Basis) Revenues ex-TAC Gross Profit YoY Growth 16% 2% 3% 23% 8% 2% YoY Growth 36% 10% -6% 25% 7% 9 4% 1. Non-GAAP measure, see appendix for reconciliation to GAAP 13
Slide 14: Historical ex-TAC Gross Profit & Adjusted EBITDA (Reported Basis)
Historical ex-TAC Gross Profit & Adjusted EBITDA1 (Reported Basis) ex-TAC Gross Profit Adjusted EBITDA YoY Growth 36% 10% -6% 25% 7% 9% 4 Margin 35% 28% 18% 30% 30% 30% 4 2020A 2021A 2022A 2023A 2024A 2025A 2026E 1. Non-GAAP measure, see appendix for reconciliation to GAAP 14
Slide 15: Selected GAAP And Non-GAAP Metrics
Selected GAAP And Non-GAAP Metrics ($ 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 1,943 % YoY Growth 20.0% 20.3% 8.7% 15.9% 1.7% 2.8% 22.7% 8.3% 1.6% Gross Profit 234 232 319 441 464 426 534 570 610 % 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 $1,930 to $1,956 2% Gross Profit 441 464 426 534 570 $605 to $615 7% ex-TAC Gross Profit¹ 519 570 536 667 7
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ 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 Q1-25A Q2-25A Q3-25A Q4-25A FY 2025 Q1-26A Q2-26A Net income (loss) (82.0) (3.8) (8.7) (4.3) 5.2 50.1 42.3 59.1 4.3 Adjustments: Financials expenses 12.8 11.9 4.5 2.5 (0.5) 4.8 11.3 0.2 0.0 (income),net Tax expenses (i
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) 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2026E Revenues 552 758 909 1,094 1,189 1,378 1,401 1,440 1,766 1,912 1,943 Gross Profit 101 179 234 232 319 441 464 426 534 570 610 Gross Profit Margin 18% 24% 26% 21%1 27% 32% 33% 3
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 Q1-24A Q2-24A Q3-24A Q4-24A 2024A Q1-25A Q2-25A Q3-25A Q4-25A 2025A Q1-26A Q2-26A Net cash from operating $139 $64 $53 $84 $32 $38 $50 $62 $184 $48 $47 $53 $60 $208 $109 $31 activities¹ Net cash used in the following -$
Slide 23: Supplemental Cash Flow Information
Supplemental Cash Flow Information 2020A 2021A 2022A 2023A 2024A 2025A Q1-26A Q2-26A Free Cash Flow 121.3 24.5 18.6 52.2 149.2 163.5 91.0 17.3 Add back: Cash investment in publisher prepayments (4.5) 7.3 15.3 (19.6) (22.5) (13.0) (3.6) (11.6) (net)¹ Cash interest expense for money borrowed 0.0 1.1 2
Slide 24: Non-GAAP Net Income Reconciliation
Non-GAAP Net Income Reconciliation ($ in millions) 2021A 2022A 2023A 2024A Q1-25A Q2-25A Q3-25A Q4-25A 2025A Q1-26A Q2-26A Net income (loss) (24.9) (12.0) (82.0) (3.8) (8.8) (4.3) 5.2 50.1 42.3 59.1 4.3 Adjustments: Amortization of acquired 23.0 63.6 63.9 65.1 17.8 17.8 17.0 15.2 67.8 12.4 14.1 inta
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: Q3 2026 and 2026 Full Year Guidance: ex-TAC Gross Profit Reconciliation
Q3 2026 and 2026 Full Year Guidance: ex-TAC Gross Profit Reconciliation Guidance Guidance ($ in millions) Q3-26 FY 2026 Revenues $460 to $473 $1,930 to $1,956 Traffic Acquisition Cost (TAC) ($280) - ($287) ($1,187) - ($1,202) Other Cost of Revenues ($32) - ($34) ($138) - ($139) Gross Profit $148 to
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