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0 Q3 2025 Earnings Call November 7, 2025
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1 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. 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, Non-GAAP Net income and Non-GAAP Earnings Per Share (collectively “Non-GAAP Financial Measures”). 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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2 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 $141 $156 $170 $165 $189 $189 Q1 Q2 Q3 2024 2025 +17% +21% +11% Quarterly Adj. EBITDA Margin $38 $47 $60 $45 $57 $66 Q1 Q2 Q3 2024 2025 27% 30% 35% $ in millions % y/y growth $ in millions % margin Continuing to deliver strong margins Automation & AI driving structural efficiencies Zero churn among Top 100 customers in Q3 Core customer engagement + attach rates healthy
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3 DV’s Growth Engines: Innovation, Diversification, Monetization A continuous growth engine: Innovation fuels Diversification, which drives Monetization Harnessing AI and automation to launch new products and drive efficiency. Innovation Diversification Monetization Expanding across Social, Streaming TV, AI Verification and Programmatic Converting innovation and diversification into sustained revenue growth
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4 Launching New AI Tools to Empower Advertisers in the Agentic Era DV AI SlopStopper helps advertisers avoid low- quality, AI-generated content across programmatic (launching for social in 2026). And Leveraging AI to drive greater precision and efficiency INTERNAL EFFICIENCY & MARGIN EXPANSION NEW SOLUTIONS: DV AI VERIFICATION DV Agent ID enables advertisers to identify and measure ad engagement with AI-powered chatbots. DV Agentic Classification System 2x classification volume 4x productivity 2300x faster labeling Example view in Pinnacle: Agent and AI Slop detection and classification INNOVATION
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5 Accelerating Social Activation Social in Activation grew 20% year-over-year in Q3’25 – adoption is accelerating across major platforms 100x expansion of Video Exclusion Lists YouTube Authentic Advantage Launched in late September 24-34% Lower CPMs 26-50% Higher Volumes +Improved Suitability Meta Activation Suitability Capacity nearly doubled 56 Advertisers Live 20 Top 100 Customers Live Usage beginning to scale TikTok 33% Improvement Reduced rate of unsuitable content by 1/3 Social Activation Solutions The need for independent pre and post bid verification on campaigns using platform-native AI engines DIVERSIFICATION ~200BPS lower suitability for AI-optimized campaigns 3X higher pre-bid protection on AI- optimized campaigns
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6 Expanding in CTV. Solving Content Transparency. Solving fragmentation and waste by bringing transparency and automation to Streaming TV DIVERSIFICATION 15% of all CTV Impressions end up in non-TV environments >$1B of CTV media spend is wasted each quarter Verified Streaming TV Measurement Identifies wasted impressions that are served to non-TV environments + IMDb Partnership Expected to add show-level transparency New CTV Measurement Solutions +30% Y/Y Growth in CTV measurement volume in Q3’25 New CTV Activation Solutions Do-Not-Air (DNA) List in ABS Automates brand safety and suitability at scale Verified Streaming TV Segments Enables advertisers to target authentic streaming inventory in open market and PMP buys Better pre-bid monetization with new CTV Activation solutions
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7 Programmatic Growth Remains Resilient 112 124 129 144 149 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Global retail media networks and sites that accept DV’s Measurement Tags RETAIL MEDIA SUPPLY-SIDE TOTAL SUPPLY-SIDE +30% +27% Q3 2025 Retail Media Supply-Side and Total Supply-Side Revenue Growth Supply Side Expansion Growth across programmatic and supply-side DIVERSIFICATION Programmatic Resilience 65% of DV’s open web media transactions today occur on mobile devices Double Digit Growth in programmatically purchased video and display impressions, ex-CTV in Q3 and YTD’25 What content-types are growing the most on the open web? News Lifestyle Food Hobbies High quality, content-rich publishers continue to attract engaged brand safe audiences.
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8 Turning Innovation into Revenue: Activation and Measurement Monetization Social, Streaming TV and AI’s Share of DV’s Total Revenue 2025E vs. 2029E Activation Revenue Drivers Measurement Revenue Drivers AI Verification Suite (Agent-ID, AI SlopStopper) Verified Streaming TV Measurement + IMDb partnership Total Revenue<30% ~50% 2029E2025E Share of Total Revenue from Social, CTV & AI $80-$100M DV Authentic Advantage $40 - $60M Meta Pre-bid ~$10M Streaming TV Activation MONETIZATION
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9 Winning Market Share and Diversifying Revenue 1. Growth in number of advertiser customers generating more than $200,000 over the last 12 months. Q3’25 Expansions and New Wins Diversifying Large Advertiser Revenue Base +11% growth in the number of large advertisers to 3471 MONETIZATION Verify Prove Optimize Accelerating Differentiation & Innovation Moved beyond verification, into AI-powered optimization and outcomes measurement $210M more GAAP R&D investment than nearest competitor (2023–YTD 2025) Product differentiation in Social, Streaming TV, and AI- powered optimizationand AI Verification. Proprietary Second-Half 2025 product launches: 1. DV Authentic Advantage TM 2. DV Verified Streaming TVTM 3. DV Agent IDTM 4. DV AI SlopStopperTM
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10 Q3 2025 Financial Highlights $0 DEBT No long-term debt $189 MILLION Total Revenue $51 MILLION Net Cash from Operating Activities $66 MILLION Adjusted EBITDA 35% MARGIN Adjusted EBITDA Margin 11% GROWTH Total Revenue Growth
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11 $14M $18M Q3 '24 Q3 '25 $58M $64M Q3 '24 Q3 '25 Q3 2025 Revenue Growth Drivers Social Measurement Q3 ’25 TOTAL REVENUE GROWTH OF 11% Key Drivers year-over- year growth +10% Activation year-over- year growth +9% Measurement year-over- year growth +27% Supply-Side Authentic Brand Suitability GROWTH ACROSS ALL THREE REVENUE LINES $97M $107M Q3 '24 Q3 '25 Retail Media Platforms Social in Activation
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12 Q3 2025 Revenue Growth Drivers (cont’d) Advertiser Revenue Growth DriversBusiness Line Contribution to Total Revenue Activation Drivers: ABS & Non -ABS Measurement Drivers: Social and International 10% 33% 57% Supply-side Measurement Activation VOLUME (MTM) PRICE (MTF) +12% -4% Q3 ’25 ADVERTISER REVENUE GROWTH OF 10% SOCIAL REVENUE INTL REVENUE +9% +2% Q3 ’25 MEASUREMENT REVENUE GROWTH OF 9%Q3 ’25 ACTIVATION REVENUE GROWTH OF 10% NON-ABS REVENUE ABS REVENUE +8% +12% Revenue growth across all three revenue lines
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13 Strategic Capital Allocation INVESTING IN CORE Key Priorities ACQUISITIONS Accelerate product roadmap Expand product/technology into new media environment adjacencies Accelerate International expansion M&A Strategy SHARE REPURCHASES YTD’25 Progress Purchased a total of 3.3M shares for $50M in Q3’25 Purchased a total of 8.4M shares for $132M YTD Total of $90M authorized and available Social Media CTV AI Solutions YTD Q3’25 NET CASH FROM OPERATING ACTIVITIES $138M 9/30 CASH $201M LONG-TERM DEBT $0M Underpinned by DV’s Strong Balance Sheet and Cash Flow Generation
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14 VISION Q4 & FY 2025 Guidance Q4 2025 Guidance FY 2025 Guidance +10% year-over-year growth at the midpoint $207 M - $211 M Low-end High-end Revenue 38% margin at the midpoint $77 M - $81 M Low-end High-end Adjusted EBITDA +14% year-over-year growth at the midpoint $750 M - $754 M Low-end High-end Revenue 33% margin at the midpoint $245 M - $249 M Low-end High-end Adjusted EBITDA
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15 Year Founded 2008 Revenue $ in millions Proven History of Growth & Profitability $104 $183 $244 $333 $452 $573 $657 $752 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025E Media Transactions Measured in FY 2024 8.3T $56M Employees at year-end 2024 1197 Net Cash from Operating Activities FY 2024 $160M Net Revenue Retention FY 2024 112% $27 $69 $73 $110 $142 $187 $219 $247 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025E +34% +75% +36% +36% +27% YoY Growth 25% 38% 30% 33% 31% 33% Adjusted EBITDA 1 $ in millions Adj. EBITDA margin 1 1. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as substitute for an analysis of results as reported under GAAP. See Appendix for a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to the nearest financial measures reported under GAAP +15% 33% +14% 33% Net Income in FY 2024
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16 Key Business Terms • Activation revenue is generated from the evaluation, verification and measurementof advertising impressions purchased through programmaticdemand-side and social media platforms. • Measurement revenue is generated from the verification and measurement of advertising impressions that are directly purchased on digital media properties, including publishers and social media platforms. • Supply-Side revenue is generated from platforms and publisher partners who use DoubleVerify’s data analytics to evaluate, verify and measure their advertising inventory. • Gross Revenue Retention Rate is the total prior period revenue earned from advertiser customers, less the portion of prior period revenue attributable to lost advertiser customers, divided by the total prior period revenue from advertiser customers. • Net Revenue Retention Rate is the total current period revenue earned from advertiser customers, which were also customers during the entire most recent twelve-month period, divided by the total prior year period revenue earned from the same advertiser customers, excluding a portion of our revenues that cannot be allocated to specific advertiser customers. • Media Transactions Measured (MTM) is the volume of media transactions that DoubleVerify’s software platform measures. • Measured Transaction Fee (MTF) is the fixed fee DoubleVerify charges per thousand Media Transactions Measured. • InternationalRevenue Growth Rates are inclusive of foreign currency fluctuations.
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17 Non-GAAP Financial Measures Reconciliation Three Months Ended September 30, Nine Months Ended 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-based compensation 27,379 22,950 78,728 67,906 Interest expense 467 353 1,330 818 Income tax expense 10,336 11,395 23,949 18,580 M&A and restructuring (recoveries) costs (a) (10) — 1,656 — Offering and secondary offering costs (b) — — — 68 Other costs (c) 2,187 — 3,705 — Other expense (income) (d) 99 (4,225) (5,185) (8,561) Adjusted EBITDA $ 65,851 $ 60,157 $ 167,779 $ 145,057 Adjusted EBITDA margin 35% 35% 31% 31%
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18 Non-GAAP Financial Measures Reconciliation Three Months Ended September 30, Nine Months Ended 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 7,173 23,236 21,582 M&A and restructuring (recoveries) costs (a) (10) — 1,656 — Other costs (c) 2,187 — 3,705 — Income tax effect of non-GAAP adjustments (e) (11,620) (7,862) (33,271) (23,356) Non-GAAP net income $ 36,067 $ 40,462 $ 95,375 $ 98,963 GAAP earnings per share: Basic $ 0.06 $ 0.11 $ 0.13 $ 0.19 Diluted $ 0.06 $ 0.10 $ 0.13 $ 0.19 GAAP Weighted-average common stock outstanding: Basic 162,031 170,254 163,285 171,060 Diluted 166,497 173,911 167,368 175,868 Non-GAAP earnings per share: Basic $ 0.22 $ 0.24 $ 0.58 $ 0.58 Diluted $ 0.22 $ 0.23 $ 0.57 $ 0.56 Non-GAAP Weighted-average common stock Basic 162,031 170,254 163,285 171,060 Diluted 166,497 173,911 167,368 175,868
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19 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 service costs related to the acquisition of Rockerbox and to our broader acquisition strategy. b) Offering and secondary offering costs for the nine months ended September 30, 2024 consist of third party costs incurred for underwritten secondary public offerings by certain stockholders of the Company. c) Other costs for the three and nine months ended September 30, 2025 consist of expenses incurred with respect to litigation and regulatory matters outside of the ordinary course and costs related to the early termination of an office lease. d) Other expense (income) for the three and nine months ended September 30, 2025 and September 30, 2024 consist of interest inco me earned on interest-bearing monetary assets, and the impact of changes in foreign currency exchange rates. e) We calculate the income tax effect of the adjustments using a non-GAAP effective tax rate to provide consistency across reporting periods. For the non-GAAP reconciliation, effective tax rates for the three and nine months ended September 30, 2025 and 2024 were calculated using assumed blended tax rates of 31% and 26%, respectively. These rates represent a blend of the statutory federal tax and state taxes rates associated with the most recent Annual Report on Form 10-K. We will periodically reevaluate this tax rate, as necessary, for significant events such as relevant tax law changes. Non-GAAP Financial Measures: In addition to our results determined in accordance with GAAP, management believes that these Non-GAAP Financial Measures are useful in evaluating our business. Fourth Quarter and Full-Year 2025 Guidance: With respect to the Company’s expectations under "Fourth Quarter and Full Year 2025 Guidance" above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income in this press release because the Company does not provide guidance for depreciation and amortization expense, acquisition-related costs, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income. In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.