Slides
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1 From Quality to Outcomes Scaling Trust Across Digital Media
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2 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 intentions and other statements contained herein that are not historical facts. When used herein, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “will,” “should,” “could,” “estimates” and similar expressions are generally intended to identify forward-looking statements . In particular, statements about the markets in which we operate, including growth of our various markets, and statements about our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance contained in this presentation are forward-looking statements . Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievement to be materially different from any projected results, performance or achievements expressed or implied by the forward-looking statements . Forward-looking statements represent the beliefs and assumptions of DoubleVerify Holdings, Inc. (the “Company”) only as of the date of this presentation, and we undertake no obligation to update or revise, or to publicly announce any update or revision to, any such forward-looking statements, whether as a result of new information, future events or otherwise. As such, the Company’s results may vary from any expectations or goals expressed in, or implied by, the forward-looking statements included in this presentation, possibly to a material degree. We cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any long-term financial or operational goals or targets will be realized. For a discussion of some of the risks, uncertainties and other factors that could cause the Company’s results to differ materially from those expressed in, or implied by, the forward-looking statements included in this presentation, you should refer to the ‘‘Risk Factors’’ section and other sections in the Company’s Form 10-K filed with the SEC on February 27, 2025 and the Company’s other filings and reports with the SEC from time to time. In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company also discloses in this presentation certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA less Capital Expenditures . We believe that these non-GAAP financial measures are useful to investors for period- to-period comparisons of the Company’s core business and for understanding and evaluating trends in the Company’s operating results on a consistent basis by excluding items that we do not believe are indicative of the Company’s core operating performance . These non-GAAP financial measures have limitations as analytical tools, and are presented for supplemental purposes and should be considered in addition to, and not in isolation or as substitutes for an analysis of the Company’s results as reported under GAAP. In addition, other companies in the Company’s industry may calculate these non-GAAP financial measures differently than the Company does, limiting their usefulness as a comparative measure . You should compensate for these limitations by relying primarily on the Company’s GAAP results and using the non-GAAP financial measures only supplementally . A reconciliation of these measures to the most directly comparable GAAP measures is included at the end of this presentation . In addition, this presentation contains industry and market data and forecasts that are based on our analysis of multiple sources, including publicly available information, industry publications and surveys, reports from government agencies, reports by market research firms and consultants and our own estimates based on internal company data and management’s knowledge of and experience in the market sectors in which the Company competes . While management believes such information and data are reliable, we have not independently verified the accuracy or completeness of the data contained in these sources and other publicly available information . Accordingly, we make no representations as to the accuracy or completeness of that data nor do we undertake to update such data after the date of this presentation .
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3 Today’s Agenda: Strategy in Motion Driving Brand Success with Kenvue Adam Benaroya, Sr. Director Global Media Excellence Partnering for Performance Diana Lucas, Director of Marketing Science, Meta Valerie Dediu, VP of Growth Marketing & Ecommerce, Away From Data to Decisions Ron Jacobson, Founder, Rockerbox Amanda Carlton, DV’s Sr. Director Product Management, DV Unified and Unstoppable Mark Zagorski, CEO, DV Making Social Suitable, Smart and Scalable Steve Mougis, Chief Growth Officer, DV Dor Levy, SVP of Product Management, DV Audience Q&A 15 minute break Customer Success on Tiktok Jorge Ruiz, Head of Marketing Science, TikTok Compounding Growth in Action Nicola Allais, CFO, DV Social Unlocked Jack Smith, Chief Innovation Officer, DV AI for ROI Nisim Tal, Chief Technology Officer, DV Alex Valle, Chief Product Officer, DV Verify. Optimize. Prove. Mark Zagorski, CEO, DV Break For 15 minutes
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4 Mark Zagorski Chief Executive Officer
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5 Verify. Optimize. Prove. Charting Success with the DV Media AdVantage Platform
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6 Since Our Last Innovation Day… Financial Performance Operational Execution Delivered Profitable Revenue Growth +40% Rule Of Maintained since IPO in 2021 Launched Suitability Measurement and Activation on Meta and Tik Tok Scaled Scibids and Upsold to >200 DV customers on way to $100M in revenue Doubled AI powered implementations accelerating some dev cycles by 20X Acquired Rockerbox to ingest more unique customer data and close the loop Doubled down on CTV, which has grown from 5% to 11% of measurement volumes 15% 17% 17% FY’24 Q1’25 Q2’25E
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7 Key Takeaways from DV’s Innovation Day A Strong Core DV’s core is strong and growing; 17% 1H 2025 The Performance Evolution Leveraging the value of verification to expand into media optimization and performance measurement via the DV Media AdVantage Platform, expanding TAM DV’s AI Advantage From unique scaled training data to accelerating operational efficiencies, AI is powering future growth and profitability in ways that aren’t duplicated Our Unique Capabilities = Winning the Future Scale, innovation and trust unique to DV deliver results that make us essential to our customers and the ecosystem
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8 A New Platform Formed From the Core of DV DV Media AdVantage Platform Verify Optimize Prove
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9 •Unifying Media Truth The DV MAP Unlocks the Value of Our Core Data, Relationships and Independence The Right Company, Right Time and Right Tools to Address Challenges Was the ad in the right context and was it seen? Did it drive a result?Did I deliver efficiently?
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10 Digital Advertising Is (Getting) Lost In Complexity More complexity: channels, platforms, formats Less clarity: disconnected tools, fragmented logic Higher pressure: every dollar must prove its worth
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11 More Complexity, Less Trust 11 59% say trust in social media is falling1 57% say the same about programmatic media 1 Complexity is rising. . Confidence is falling . Source: Interactive Advertising Bureau (IAB), “2024 State of Dat a Report,” April 2024. IAB 2024 Survey of Advertising and Data Decision Makers
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12 Lose independence More Complexity Managing Complexity Without Compromise More Compromises Lose consistency To simplify operations To move fast Hand control to black box algorithmsTo drive performance
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13 DV’s MAP: An Independent Trusted Transparent Guide Verify Optimize Prove
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14 DV Authentic AdVantage Verify + Optimize Verify Optimize Prove MAP Solutions Are Live and Emerging
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15 Integrated MAP Solutions soon DV Performance AdVantage Optimize + Prove Verify Optimize Prove
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16 Verify Verify media quality Optimize Optimize ad performance Prove Prove campaign outcomes Integrated MAP Solutions Tomorrow Cohesive Agentic UI Verify+Optimize+Prove
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17 Opportunity to Lead and Opportunity to Grow Total TAM1: $27B+ Capturing value across digital media’s most scaled and strategic budget lines. Verification Fraud, Viewability, Brand Safety, Suitability, Attention, Contextual $21B TAM Digital media ex-Search Optimization Scibids AI, Custom Bidding (Programmatic Only) $1B TAM Programmatic (expanding now to Social) Outcomes Attribution, MMM, Incrementality, Data Foundation $5B TAM All digital and linear media
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18 The MAP Strategy is Already Working We are creating stickier, higher value relationships 4 Solutions that haven’t integrated and innovated are failing 3 We are offering bundled solutions that “pay for themselves” 1 We are winning RFPs based on unique, combined assets 2
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19 Why DV Wins An independent, differentiated, scaled proprietary data set to leverage AI 2,000+ brands, 100+ countries, dozens of platforms, 300B+ daily signals. Embedded Ubiquitous Trusted Ad-supported AI – COMING SOON!
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20 The Road Ahead for DV: Expansion Always, in All Ways Channel Expansion Social, CTV, retail media Full-funnel Expansion Brand metrics to business outcomes Customer Expansion Penetrating and winning large advertisers and breaking into mid-market and performance marketers
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21 Verify Verify media quality Optimize Optimize ad performance Prove Prove campaign outcomes Clarity, Confidence and Control for Every Dollar, Everywhere An Essential Partner At an Essential Time
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22 Driving Brand Success: Kenvue’s Strategy for a Fragmented Media World
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23 Nisim Tal Mark Zagorski Chief Executive Officer Adam Benaroya Sr. Director Global Media Excellence at Kenvue
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24 Jack Smith Chief Innovation Officer
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25 Social Unlocked: From Safety & Suitability to Scaled Impact
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26 Verify Optimize Prove From Concept to Capability: MAP Goes Social
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27 Verify Optimize Prove Suitability, Optimization, and Outcomes in Progress Across all platforms Outcomes Measured Suitability Controls launched
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28 Turning Complexity into Competitive Advantage Fragmented Pre-bid Precision Real-time Optimization Outcome Measurement Unified Platform Attribution Media MixOpen Web Social CTV Direct Programmatic Optimization Analytics Verification
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29 Customer Success: Driving a Complete Verification to Outcomes Framework on TikTok
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30 Nisim Tal Jack Smith Chief Innovation Officer Jorge Ruiz Head of Marketing Science TikTok
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31 Steve Mougis Chief Growth Officer Dor Levy Senior Vice President Product Management
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32 Making Social Suitable, Smart and Scalable DV Authentic AdVantage
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33 Audience Settings Content Quality Creator Suitability Welcome to the Walled Garden Limited Control Complex Targeting 1. The New Yorker. (2022, March 21). The overlooked titan of social media. https://w ww.newyorker.com/books/under-review/the-overlooked-titan-of-social-media HOURS OF CONTENT UPLOADED EVERY MINUTE1 500 Dynamic Environment ROI ?
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34 The Complexity of Social Media Advertising Performance Protection Scale Suitability Cost Control Marketer’s Dilemma
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35 Why Social Tools Matter ROI + Reach Improves Performance and Reduces Waste OPEN WEB 87% of consumers expect brands to avoid unsafe content 2/3 will walk away if they don't. Confidence in Brands CONSUMER SOCIAL Scale + Price Filters restricts scale and increased costs
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36 Introducing DV Authentic AdVantage to Provide a Unified Offering DV Scibids AI Optimization DV Media Quality Detailed Reporting & Insights
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37 What Makes DV Authentic AdVantage Unique DV Scibids Optimization Pre-Bid Measurement Transparency, Protection & Performance With No Tradeoffs
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38 The Challenge of Scaling Social Safely and Efficiently Audience Reach Media CostBrand Risk
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39 The Cost of Giving Up Control Transparency Where did your ad run? Precision Control for sensitive placements Performance Insights Black box algorithm Brand Alignment Prevent brand damage
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40 Enter DV Authentic AdVantage
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41 What DV Authentic AdVantage Does
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42 Customized Brand Suitability Set Up Control Content Categories & Creators Measurement Activated Suitability KPI
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43 The Unified Dashboard
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44 What can I do right now to improve performance and reduce risk?
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45 Optimize for Outcomes Control for Content Quality Maximize ROI
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46 Action Panel Demo
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47 Real-Time Optimization
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48
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49 The Results View
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50 Why It Matters Protection and Performance. Automated. Advertiser Value Better Campaign Outcomes DV Growth Greater Product Adoption Less Effort and More Operational Leverage Measurement + Activation + Optimization
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51 CPG Brand - Marketer's Dilemma Too many unsuitable placementsdegrading brand integrity CPMs were rising, with limited transparency or control Campaign execution was manual and reactive, not scalable Challenges:
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52 DV Authentic AdVantage Improved Cost-Efficiencies & Brand Suitability CASE STUDY: DV Authentic AdVantage Media CPM -35% Decrease Impression Volume +60% Increase Suitability Score +10% Greater Suitability
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53 DV Authentic AdVantage Improved Cost-Efficiencies & Brand Suitability CASE STUDY: DV Authentic AdVantage Challenge Rising CPMs & Inconsistent Media Quality Situation Global Footwear Company Looking to Scale on YouTube Solution DV Authentic Advantage Pre-Bid & Scibids
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54 DV Authentic AdVantage Improved Cost-Efficiencies & Brand Suitability CASE STUDY: DV Authentic AdVantage Challenge Rising CPMs & Inconsistent Media Quality Situation Global Footwear Company Looking to Scale on YouTube Solution DV Authentic Advantage Pre-Bid & Scibids
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55 DV Authentic AdVantage Improved Cost-Efficiencies & Brand Suitability CASE STUDY: DV Authentic AdVantage Media CPM -70% Lower Cost Impression Volume +200% Greater Volume Suitability Score +30% Greater Suitability Reach More Customers Drive ROI Safer Consumer Engagement
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56 Why Clients Are Excited ROI Brand Safety Scale Automation Transparency No More Trade Offs. Just results.
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57 Why We’re Excited "DV Authentic AdVantage is an outstanding solution for optimizing digital ad quality and cost-efficiency. Our AaaS (Advertising as a Service) with DV initiatives have already shown its effectiveness, reinforcing DoubleVerify's unique market value. We expect this solution to deliver strong business outcomes and cater to a wide array of advertiser requirements.” – Naoki Ishikawa, Senior Corporate Officer, Hakuhodo, Japan AGENCY ENDORSEMENT
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58 Why We’re Excited Opportunity ~50 Campaigns Launched $82M-$105M Expected Revenue From Upsells Advertiser Test Momentum
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59 Protection. Performance. No Trade-Offs. Powered by Real Performance Real Protection Independent. Trusted. Transparent
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60 Amanda Carlton Senior Director, Product Management Ron Jacobson Co-Founder of Rockerbox
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61 From Data to Decisions DV Outcomes & Optimization in Action
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62 Scibids Progress Since 2023 200 DV Clients Scaled and Upsold on DV Scibids AI 4x Average Increase in Client ROI 67% Increase in Campaigns Optimized
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63 Problem After Scibids • The Airline was looking to maximize number of bookings at lowest possible cost • Wanted to optimize across 11 different markets without DV Scibids this would have required high operational lift CPA -70% # of model pushed by the AI 24,722 DV Scibids ROI* 10.4x Results DV Scibids Drives Icelandair Media Efficiencies CASE STUDY: Proof in Performance
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64 Every Platform Claims to Be the Hero of the Same Conversion
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65 Verify Verify media quality Optimize Optimize ad performance Prove Prove campaign outcomes DV Media AdVantage Platform
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66 Where This Is Going All Impressions Non-viewable, Below the fold Viewable but low attention High attention Real Impact Legacy attribution treats these as equal inputs. DV Signals Viewability Was it in view Attention Did someone notice or interact with it? Smarter Model
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67 Foundational Principles Cross-channel measurement. First-party outcome data. Independence.
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68 Plugged Into Everything 100+ Integrations Easily Connected Digital + Offline Paid Social to CTV
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69 Centralizes 100% of Ad Spend
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70 Revenue Conversions New vs Repeat Customers Tracks Your Key Business KPIs
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71 To Enable Measurement from Quality to Outcomes Cost Per Acquisition Return on Ad Spend Cost Per Site Visit
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72 To Help You Plan
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73 Verify You Made the Right Decisions
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74 Case Study: Proof in Performance Consumer Subscription Platform managing high spend across media platforms including DSPs and social media Goal 1: to reduce Cost per Acquisition (CPA) Goal 2: reduce time and effort needed for optimization DV Rockerbox began sending verified daily CPA data to DV Scibids at the impression level using custom tags. 1 1 1 01 0 1 $ $ 0 $ CASE STUDY: Proof in Performance
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75 From Test to Scaled Impact — No Heavy Lift Before DV Scibids AI A Consumer Subscription brand faced several hurdles to implement at scale : Optimizing for Efficiency Scalability Complex Data Activation After DV Scibids AI -39% CPA during the first 8 weeks (A/B test phase) CASE STUDY: Proof in Performance
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76 Broader Opportunities Unlocked for DV Scibids AI Now Next Future Cross-platform optimization using DV Rockerbox’s multi- touch data Activate on Social media platforms and DSPs using the same independent outcomes signal Align around ROAS, LTV, and other business-centric goals, which we’re already exploring with clients
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77 Closing The Loop Verify Optimize Prove
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78 BREAK
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79 Partnering For Performance: Meta & Away Travel on Transparency, Measurement, and Growth
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80 Julie Eddleman Global Chief Commercial Officer DoubleVerify Ron Jacobson Co-Founder of Rockerbox Diana Lucas Director of Marketing Science Meta Valerie Dediu VP of Growth Marketing & Ecommerce Away Travel
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81 Nisim Tal Nisim Tal Chief Technology Officer Alex Valle Chief Product Officer
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82 AI for ROI The Intelligence Engine Behind DV’s Platform
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83 Executing The Unified Vision Verify Optimize Prove
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84 Expertise Scale Data Executing The Unified Vision Innovation
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85 Demand-Side Platforms Social Platforms Video Platforms Supply-side Platforms & Publishers 2000+ Brands 100+ Countries 40+ Languages 300B+ Daily Signal Evaluations
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86 STRONGER OUTCOMES Turning Scale Into Competitive Advantage DV’s Competitive Advantage BETTER MODELS MORE CUSTOMER WINS MORE INTEGRATIONS VERIFIED SIGNALS
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87 Expertise Scale Data Executing The Unified Vision Innovation
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88 From Data to ROI: Turning Signal Into Value Run Attribution Analysis Inspect Delivery Data Intelligence Engine Data Perform Contextual AnalysisCapture User Journey Achieve customer KPIs 1st Party Data Analysis 1 2 34 5 6
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89 LLM Training Sets1 160TB 26TB (OpenAI, 2023) (Meta, 2025) Why DV’s Data Volume Matters 1. GPT-4 data volume sourced from Pat McGuinness, citing int ernal estimates that the model was trained on 26 terabytes of high-qualit y curated data (source). LLaMA4 f igure based on reported scale-up from LLaMA3, which trained on approximately 15 trillion tokens, equating to ~60–160 terabytes depending on token encoding and preprocessing methods (source). Figures are approximated for comparison only. 400+TB of verified signal data processed every day Structured Data: Brand Policy, Suitability, Delivery Metadata, Attention, Cost, Outcomes, Attribution, Audience Graphs Unstructured Data: Content (text, video, audio), Contextual Inputs (UGC, news, education) VS
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90 Why LLMs Alone Can’t Scale for Suitability Brand suitability selections and contextual segmentation X Tokens in ad supported content = 1 token = ~ 1 word a basic unit to calculate AI usage cost
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91 Why LLMs Alone Can’t Scale for Suitability Token and compute estimates are based on internal DV data and public benchmarks. LLM token cost is modeled using a low cost , commercially available frontier model. Content Tokens DV Classifies Every Month 8 Trillion Tokens 56 Quadrillion Tokens To replicate DV AI via LLM it would require
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92 The Smart Path: DV’s Hybrid AI Approach Rules-based systems Neural networks and traditional ML DV Hybrid AI LLMs ● Customizable ● Multimodal ● Scalable ● Auditable ● Agentic Patent Pending
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93 Executing The Unified Vision Verify Optimize Prove
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94 DV AI Transforms Data into Action ACTIVATE MEASURE OPTIMIZEPROVE PLAN DV Media AdVantage Platform for Full-Funnel Intelligence 300B+ consistently drive every stage of the marketing campaign signals daily Open Web CTV Social Retail Media
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95 DV AI Drives Revenue and Lowers Cost Speed Internal OperationsClients 40% faster software development Optimization 200k+ models constantly retrained 100% IT tickets triaged Efficiency 2000x faster, more accurate content labeling Scale of data, strategic integrations, consistent metrics, AI models 50% faster campaign launch 50% fewer steps for policy & category rollout
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96 The Future + Agents Rules-based systems Neural networks and traditional ML LLMs DV Hybrid AI
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97 What’s Next: Agentic AI in Action Implement Brand Guidelines Optimize Campaigns Enforce Brand Preferences Drive Performance Reallocate Budgets
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98 DV Advantage Unified platform InfrastructureIntelligence Product embedded across the full media lifecycle that operates at speed, scale and precision that turns complexity into clarity and outcomes into growth built on real, verified signals
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99 Nicola Allais Chief Financial Officer
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100 Connecting Vision to Value Compounding growth Greater customer value Optimize Optimize ad performance Prove Prove campaign outcomes Verify Verify media quality
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101 Verification Measurement Expansion Geography Platform Format & Device Attach DV’s Growth Strategy Lower Unit Costs Greater AI Efficiencies Lower Friction ScaleGreater Operational Efficiency Deeper Monetization Through Product Upsells Stack ABS Core Programmatic Social Activation Social Measurement DV Rockerbox DV Scibids AI Attention Contextual
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102 How Attach, Stack and Scale Work Together OPEN WEB/ CTV MEASUREMENT ATTENTION MEASUREMENT SOCIAL MEASUREMENT CORE PROGRAMMATIC AUTHENTIC BRAND SUITABILITY CUSTOM CONTEXTUAL SOCIAL ACTIVATION Verification Unlocks The Value of DV Verification Data Unlocks The Value of DV Verification Data & DV Scibids AI Optimization Outcomes Scale Compounding Revenue Growth
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103 Unlocking the Full Potential of Verification DV Current Measurement Attach Ratevs. Opportunity by Media Environment DV US Measurement Impressions Unverified Opportunity US (Attachable Volume) Management Estimates: US impressions by media environment were derived using FY2024 eMarketer ad spend and CPM data. DV measurement attach rates are based on DV’s actual US media quality measurement impressions by environment in FY2024. Attach CTV SocialOpen Web 20% DV Attach 19% DV Attach 6% DV Attach +1% Attach +$4M New Revenue (Approx.) +$5M New Revenue (Approx.) +$1M New Revenue (Approx.)
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104 More Products Drive More Revenue and Longer Retention Top 700 Measurement Advertisers FY 2024 Average Revenue per Advertiser by Product Adoption (Approximate) Stack Early Stack Mid Stack Deep Stack <$0.1M $0.5M $1.8M 1-2 products used 2+ years tenure 3-4 products used 3+ years tenure 5-7 products used 5+ years tenure The calculations on this page are all approximate numbers.
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105 Most Clients Are Early in Their Stack Journey Top 700 Measurement Advertisers FY 2024 By Product Adoption Tier Stack Early Stack Mid Stack Deep Stack 27% 50% 23% 1-2 products used 1x baseline revenue 3-4 products used 9x baseline revenue 5-7 products used 35x baseline revenue
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106 OptimizationDV Authentic AdVantageSocial Activation Outcomes Building Large New Long-Term Growth Vectors Activation Revenue MeasurementRevenue Acquired Aug ‘23 Launched Jun ‘25 Launched Apr ‘25 Launched Feb ‘25 Acquired Mar ‘25 Scale
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107 Social Activation Potential Meta Opportunity Management estimate assumes 50% of existing Met a measurement campaigns adopt Activation at an average price ranging from 2x to 3x their current measurement pricing. Meta Activation Revenue Potential: Illustrative estimate $40M - $60M Scale 2024 Revenue: Meta measurement ~$40M Total social measurement $109M Verify
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108 DV Authentic AdVantage Potential YouTube Opportunity Management estimate based on 70% of DV’s total YouTube measured campaigns, represent ing $5 billion in media spend, as eligible for DV Authentic AdVantage . Assumes a 33% sell-through rate at a bundled price equal to 7% t o 9% of media spend Scale YouTube measurement ~$44M Total social measurement $109M YouTube Activation Revenue Potential: Illustrative estimate $82M - $105M Optimize 2024 Revenue: Verify
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109 Media Spend for all 700 DV Rockerbox targets $23B Media Spend for 200 targets already working with DV $8B Outcomes Beyond Brand: DV Rockerbox Potential Full Funnel Opportunity Of the 700 D V Rockerbox- ident ified target accounts, 200 are existing DV client s, representing an estimat ed $8B in media spend. Management estimat es across-sell opportunity based on a 0. 4% to 0.6% take rate of that spend. Scale Performance Cross-Sell Revenue Value: Illustrative estimate $31M - $47M Prove
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110 Revenue Penetration & Diversification Opportunities Strategic M&A ● International Expansion ● Product Extensions ● Product Adjacencies Channel Expansion Only 48% of measurement revenue is social International Expansion Only 30% of measurement revenue is non-US Client Growth and Scale $4.2m per top 100 customer New Product Introduction & Upsell 77% of Top 700 not at deep stack adoption Scale
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111 Scaling With Leverage ● Automated model training ● Automated customer onboarding ● GenAI for sales workflows ● AI-triaged support tickets Early Progress (2024–2025) ● Lower model development cost ● Faster revenue generation ● Growth with efficient headcount ● Faster operations Expected FY26 and Beyond Efficiency initiatives underway to continue to deliver long-term operating leverage Scale
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112 Updated Guidance YEAR-OVER-YEAR GROWTH AT MIDPOINT Revenue 30% MARGIN AT MIDPOINT Adjusted EBITDA Q2 2025 YEAR-OVER-YEAR GROWTH (APPROXIMATELY) +17% +13% 32% MARGIN (APPROXIMATELY) FY 2025 $180 M - $184 M Low-end - High-end Revenue Adjusted EBITDA Expectations $52 M - $56 M Low-end - High-end Operating Discipline - Leveraging AI and Investing in Scalable Growth Vectors Expectations
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113 Revenue $ in millions Proven History of Growth & Profitability YoY Growth Adjusted EBITDA1 $ in millions Adj. EBITDA margin1 Year Founded 2008 Media Transactions Measured in FY 2024 8.3T Net Income in FY 2024 $56M Employees at Year-end 2024 1197 Net Cash from Operating Activities FY 2024 $160M Net Revenue Retention FY 2024 112% 1. Adjusted EBITDA and Adjust ed EBI TDA Margin are non-GAAP f inancial measures. Non-GAAP measures have limit ations as analyt ical tools and should not be considered in isolation or as substitute for an analysis of results as report ed under GAAP. See following slide for a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to the nearest financial measures reported under GAAP +36% +36% +27% +15% +13% 2020A 2021A 2022A 2023A 2024A 2025E $244 $333 $452 $573 $657 $742 30% 33% 31% 33% 33% 32% 2020A 2021A 2022A 2023A 2024A 2025E $73 $110 $142 $187 $219 $237
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114 ($mm) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Net income $20.5 $29.3 $43.3 $71.5 $56.2 Depreciation and amortization 24.6 30.3 34.3 40.9 45.2 Stock-based compensation 20.5 21.9 42.3 59.2 90.7 Interest expense, net 4.9 1.2 0.9 1.1 1.1 Income tax expense (benefit) (3.1) (3.5) 16.1 24.4 32.6 M&A and restructuring costs (a) 0.2 3.5 1.2 1.3 0.5 Offering, IPO readiness and secondary offering costs (b) 4.9 23.6 1.3 0.9 0.1 Other (recoveries) costs 1.6 3.8 3.4 (1.0) - Other income (c) (0.9) (0.3) (1.2) (11.2) (7.5) Adjusted EBITDA $73.2 $109.7 $141.6 $187.1 $218.9 % margin 30% 33% 31% 33% 33% Non-GAAP Financial Measures Reconciliation
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115 Q & A
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116 Mark Zagorski Chief Executive Officer Nicola Allais Chief Financial Officer Nisim Tal Chief Technology Officer Alex Valle Chief Product Officer Jack Smith Chief Innovation Officer Steve Mougis Chief Growth Officer
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117 Mark Zagorski Chief Executive Officer
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118 Key Takeaways from DV’s Innovation Day A Strong Core DV’s core is strong and growing; 17% 1H 2025 The Performance Evolution Leveraging the value of verification to expand into media optimization and performance measurement via the DV Media AdVantage Platform, expanding TAM DV’s AI Advantage From unique scaled training data to accelerating operational efficiencies, AI is powering future growth and profitability in ways that aren’t duplicated Our Unique Capabilities = Winning the Future Scale, innovation and trust unique to DV deliver results that make us essential to our customers and the ecosystem