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PERION Investor Presentation Q2 2026 August 10 , 2026
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2 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 of 1995 with respect to the business, financial condition and results of operations of Perion. The words “will,” “believe,” “expect,” “intend,” “plan,” “should,” “estimate” and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views, assumptions and expectations of Perion with respect to future events and are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forward-looking statements. Many factors could cause the actual results, performance or achievements of Perion to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, or financial information, including, but not limited to, political, economic and other developments (including the current war between Israel and Hamas and other armed groups in the region), the failure to realize the anticipated benefits of companies and businesses we acquired and may acquire in the future, risks entailed in integrating the companies and businesses we acquire, including employee retention and customer acceptance, the risk that such transactions will divert management and other resources from the ongoing operations of the business or otherwise disrupt the conduct of those businesses, and general risks associated with the business of Perion including, loss of, or reduction in our business with, key customers or other partners that are material to our business, the impact of the rapid development and broad adoption of generative AI on our business, the transformation in our strategy, intended to unify our business units under the Perion brand (Perion One), intense and frequent changes in the markets in which the businesses operate and in general economic and business conditions (including the fluctuation of our share price), armed conflicts with Iran and other parties, the outcome of any pending or future proceedings against Perion, data breaches, cyber-attacks and other similar incidents, unpredictable sales cycles, competitive pressures, market acceptance of new products and of the Perion One strategy, changes in applicable laws and regulations as well as industry self-regulation, negative or unexpected tax consequences, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, whether referenced or not referenced in this presentation. We urge you to consider those factors, together with the other risks and uncertainties described in our most recent Annual Report on Form 20-F for the year ended December 31, 2025 as filed with the Securities and Exchange Commission (SEC) on March 16, 2026, and our other reports filed with the SEC, in evaluating our forward-looking statements and other risks and uncertainties that may affect Perion and its results of operations. Perion does not assume any obligation to update these forward-looking statements. Investors should read this presentation together with our respective quarterly press release furnished to the SEC. Non-GAAP Measures Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude certain items. This press release includes certain non-GAAP measures, including Contribution ex-TAC, Adjusted EBITDA, Adjusted free cash flow, Non-GAAP net income and non-GAAP diluted earnings per share. Contribution ex-TAC presents revenue reduced by traffic acquisition costs and media buy, reflecting a portion of our revenue that must be directly passed to publishers or advertisers and presents our revenue excluding such items. We believe Contribution ex-TAC is a useful measure in assessing the performance of the Company because it facilitates a consistent comparison against our core business without considering the impact of traffic acquisition costs and media buy related to revenue reported on a gross basis. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) is defined as GAAP income (loss) from operations excluding stock-based compensation expenses, retention and other acquisition-related expenses, unusual legal costs, gains and losses recognized with respect to changes in fair value of contingent consideration, amortization of acquired intangible assets, restructuring costs and other charges as well as depreciation. Adjusted free cash flow is defined as net cash provided by (or used in) operating activities less cash used for the purchase of property and equipment, net of sales and capitalized software development costs, but excluding the purchase of property and equipment related to our new corporate headquarter office, the portion of the cash payment of contingent consideration in excess of the acquisition date fair value and retention payment related to acquisitions, as we do not view either of those expenses as reflective of our normal on-going expenses. It is important to note that these expenses are in fact cash expenditures. Non-GAAP net income and non-GAAP diluted earnings per share are defined as GAAP net income (loss) and GAAP net earnings (loss) per share excluding stock-based compensation expenses, amortization of acquired intangible assets and the related taxes thereon, retention and other acquisition-related expenses, unusual legal costs, gains and losses recognized with respect to changes in fair value of contingent consideration, restructuring costs and other charges as well as foreign exchange gains and losses associated with ASC-842 The purpose of such adjustments is to give an indication of our performance exclusive of non-cash charges and other items that are considered by management to be outside of our core operating results. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Furthermore, the non-GAAP measures are regularly used internally to understand, manage and evaluate our business and make operating decisions, and we believe that they are useful to investors as a consistent and comparable measure of the ongoing performance of our business. However, our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required for such presentation without unreasonable effort. Consequently, no reconciliation of the forward-looking non-GAAP financial measures is included in this presentation. A reconciliation between results on a GAAP and non-GAAP basis is provided in the appendix attached to this presentation.
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Today’s Call Tal Jacobson Chief Executive Officer ● Opening Remarks ● Q2 2026 Results ● Business Updates ● Financial Results ● Q&A ● Closing Remarks Elad Tzubery Chief Financial Officer
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Growth Engines Q2 Business & Financial Highlights Results 1 Non-GAAP metrics. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric 2 On a proforma basis See glossary at the appendix to this presentation ChannelsVerticalTechnology $194.7M Spend1 $98.2M Revenue $2.8M Adjusted EBITDA1 $42.3M Contribution ex-TAC1 56% YoY Spend growth CTV 45% YoY Spend growth DOOH 60% YoY Spend growth Retail Media 136% YoY Spend growth2 Outmax AI Agent Highlights Best Buy Canada Selected Perion to power its in-store Retail Media network with end-to-end DOOH technology AcrossMedia241 Partner-led Outmax expansion into Greece and Central & Eastern Europe Google DV360 Added Programmatic Guaranteed deal execution for DOOH in Google DV360 4 Perion One Spend1 $156.7M 15% YoY growth Ask Perion Launched an agentic self-serve mobile app, within Perion One
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Solving The $1T Advertising Challenge Marketers are navigating a fragmented universe of screens, creative formats, and placements, trying to connect the dots and drive business results. Advertiser Google Spotify DOOH Pinterest TikTok CTVAppleReddit Amazon Netflix Open Web Bing YouTube Meta 5
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Perion One A unified multi-channel platform for Advertisers that plans, activates, optimizes, and measures campaigns across CTV, DOOH, Retail Media, Social, and the Open Web Outmax The proprietary AI agent at the core of Perion One, continuously optimizing advertiser outcomes across channels and walled gardens in real time. CTV - Connected TV DOOH - Digital out of Home See glossary at the appendix to this presentation 6
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The Performance OS for Modern Marketers AI execution layer Multiple Open Web DSPs CTV - Display - Web Multiple Open Web SSPs CTV - Display - Web DOOH DSP / SSP pDOOH - Perion-owned Perion-Owned Open ecosystem - unlimited connections Outmax AI Agent One DSP TikTok DSP Meta Multiple Audience Data and Measurement integrations including Perion owned SORT DSP YouTube Advertiser DSP - Demand Side Platform SSP - Supply Side Platform pDOOH - Programmatic Digital out of Home See glossary at the appendix to this presentation 7
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Perion Outmax The intelligent AI agent inside Perion One that optimizes outcomes across channels and walled gardens. Every Channel One Agent 8
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Agentic Self Served AppAsk 9
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Best Buy Canada In-Store Retail Media DOOH Best Buy Canada has selected Perion as its end-to-end technology partner to power and monetize its programmatic in-store digital signage network, creating one of the largest SSP-enabled DOOH media networks in the Canadian market. ● Extends Perion's retail media footprint by transitioning Best Buy Canada's in-store screens to a programmatic-first model ● Deploys Perion's complete Ad Server, SSP, and Header Bidding suite, deepening platform integration and share of wallet ● Establishes a repeatable playbook for modernizing retail media networks globally, building more predictable, infrastructure-level revenue streams + 10
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Google DV360 Programmatic Guaranteed Perion now supports Programmatic Guaranteed (PG) deal execution for Digital-Out-of-Home directly within Google's Display & Video 360, giving buyers access to premium DOOH inventory at global scale. ● Extends Perion's full-stack DOOH infrastructure by enabling PG deal execution directly within Display & Video 360 ● Deploys programmatic guaranteed access across Perion's full global DOOH footprint: over 590 Media Owners, 1.6 million screens, and 40+ countries ● Establishes PG as a standard DOOH deal type, giving buyers the same fixed pricing, committed inventory, and predictable delivery they already use across display, video, and CTV + 11
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Greece & CEE Expansion With Acrossmedia241 Partnered with Acrossmedia241, a leading digital advertising and media technology company in Greece, to bring Outmax to agencies and brands across the region. ● Extends Perion's distribution partner network into the region, building on Acrossmedia241's existing relationships across national tourism boards and international buying desks ● Deploys Outmax across the major digital channels Acrossmedia241 already buys, including YouTube, Meta, TikTok, and other leading DSPs ● Establishes a repeatable partner-led expansion model, expected to lower customer acquisition costs and accelerate Outmax's path to growth + 12
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Fetch Verified Purchase Data via LiveRamp Perion has partnered with Fetch, the leading consumer rewards and purchase intelligence platform, to bring verified, SKU-level purchase data to advertisers through a LiveRamp integration. ● Extends Perion's data infrastructure with deterministic, SKU-level purchase signals spanning 13M+ monthly active users, 13M daily receipts, and 26,000+ merchants ● Deploys over 1,300 retailer-agnostic segments spanning grocery, mass retail, QSR, and ecommerce, from category-level shopper profiles to SKU-specific competitive conquesting ● Establishes purchase behavior as a core targeting signal inside Perion One + 13
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Financial Results & Outlook Elad Tzubery Chief Financial Officer
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Growth Engines Q2 Key Financial Highlights Results 1 Non-GAAP metrics. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric 2 On a proforma basis See glossary at the appendix to this presentation ChannelsVerticalTechnology $98.2M Revenue $42.3M Contribution ex-TAC1 $2.5M Cash Flow from Operations $2.8M Adjusted EBITDA1 56% YoY Spend growth CTV 45% YoY Spend growth DOOH 60% YoY Spend growth Retail Media 136% YoY Spend growth2 Outmax AI Agent Highlights Narrowing guidance Range 2028 Target Plan on track 15 Balanced, disciplined capital allocation 2.7M shares repurchased in Q2’26 ($24.5M) $194.7M Spend1 Perion One Spend $156.7M 15% YoY growth $4.8M Adjusted free cash flow1
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Spend Perion Spend by Product Lines ($M) Perion One + Legacy represent Advertising Solutions Legacy includes low-margin historical activities Numbers may not add due to rounding 16 Perion Total Spend ($M)
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CTV Channel grew 56% in Q2’26 Vs 17.5% Expected U.S. Market Growth in 2026 Growth Engines - CTV Spend ($M) 171 Source: eMarketer data, June 2026 See glossary at the appendix to this presentation
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DOOH channel grew 45% in Q2’26 Vs 16.3% Expected U.S. Market Growth in 2026 Growth Engines - DOOH Spend ($M) 181 Source: eMarketer data, June 2026 See glossary at the appendix to this presentation
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Retail Media grew 60% in Q2’26 Vs 20.3% Expected U.S. Market Growth in 2026 Growth Engines - Retail Media Spend ($M) (Market vertical; includes CTV, DOOH, DIsplay and other channels) 191 Source: eMarketer data, June 2026 See glossary at the appendix to this presentation
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Outmax AI Agent grew 136% YoY in Q2’26 Growth Engines - Outmax Spend1 ($M) (AI Agent Tech Solution; includes CTV, Social, DIsplay and other channels) 201 On a pro forma basis Numbers may not add due to rounding See glossary at the appendix to this presentation
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Advertising Solutions revenue is comprised of Perion One + Legacy Legacy includes low-margin historical activities Numbers may not add due to rounding Revenue 21 Perion Total Revenue ($M) Perion Revenue by Product Lines ($M)
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1 Non-GAAP metrics. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric. Legacy includes low-margin historical activities Numbers may not add due to rounding See glossary at the appendix to this presentation Perion Contribution ex-TAC ($M) & Margin (%) Contribution ex-TAC1 Perion One Contribution ex-TAC representing 83% of total contribution ex-TAC in Q2’26, up from 76% in Q2’25 Perion Contribution ex-TAC by Category ($M) 22
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Adjusted EBITDA1 ($M) and Margins 1 Non-GAAP metrics. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric. Excluding FX impact of $1.6M in constant currency 23
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GAAP and Non-GAAP1 Net Income (Loss) ($M) & EPS ($) 1 Non-GAAP metrics. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric. GAAP Net Income (Loss) & EPS Non-GAAP Net Income & EPS1 GAAP Net Loss Non-GAAP Net Income 24
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Cash from Operations 1 Non-GAAP metrics. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric. Cash from Operations & Adjusted Free Cash Flow1 ($M) Continued Momentum Drives Higher Spend Highlighting the cash-generative nature of our business model Adjusted Free Cash Flow1 25
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1 Non-GAAP metrics. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric. 2 Mid-point range of 75% to 85% of expected adjusted EBITDA, representing prior years’ levels FY2026E CapEx includes corporate headquarters investment 26 Disciplined Cash Deployment Low CapEx, Strong FCF1, Aggressive Shareholder Returns ($M) Investing in Growth While Maximizing Shareholder Returns 2 2
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1 Includes cash, cash equivalents, short term deposits and marketable securities Net Cash1 ($M) Creating Value to Shareholders 27 Generating cash from operations Returning cash to shareholders Investing in Organic growth
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Share Repurchase Program Accumulated spend ($M) Number of shares repurchased (M) & Average Share Price ($) 28 $200 million authorized plan expected to be fully executed by year-end
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Forward Outlook Scaling Platform, Intelligence & Technology Perion One Pro-Forma4 2028 Growth Targets See glossary at the appendix to this presentation 1 Contribution ex-TAC (Revenue excluding Traffic Acquisition Costs and media buy) and Adjusted EBITDA are non-GAAP measures. See reconciliation of GAAP to non-GAAP measures at the appendix to this presentation. 2 Implies a revenue range of $460 - 475 million. Contribution ex-TAC1 Adjusted EBITDA1 Adj. EBITDA/Cont. ex-TAC3 $215M - $235M $50M - $54M 23% +8% YoY +15% YoY 3 Calculated at Contribution ex-TAC and Adjusted EBITDA guidance midpoint. 4 Pro forma numbers exclude search and discontinued legacy. 5 Adjusted EBITDA to Contribution ex-TAC. 25%+ 3-YR Spend CAGR 20%+ 3-YR Contribution Ex-TAC1 CAGR 28%+ Adj. EBITDA Margin5 (From 22% FY’25) $215M - $225M2 $51M - $53M 24% Previous Updated YoY3 2H’26 Drivers: ● Continued scale and adoption of Perion One’s growth engines ● Growing pipeline conversion ● Onboarding large scale strategic agreements and continuously adding new partnerships ● Reduced cost structure leading to efficiencies and productivity gains 29 2026 Guidance:
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Why Invest Large Omnichannel Growth Opportunity Strong focus on high-growth channels and market verticals: CTV, DOOH & Retail Media, through integrated cross-channel execution Unified Media Performance with Perion One A single platform to plan, activate, optimize & analyze across channels, bridging creative and media with actionable insights for performance-driven outcomes AI as the OS of Advertising AI-native execution infrastructure for modern advertising, with a proprietary AI agent embedded into Perion One Profitability & Cash Generation1 Over a decade of positive annual Adjusted EBITDA & Operating Cash Flow, combined with efficient operations with scalable technology foundation Global Footprint Presence in North America, South America, EMEA & APAC; Allows us to follow advertiser budgets across geographies and capture spend wherever it flows Experienced Management Led by a highly experienced, global management team with a track record of delivering innovation and value 1 Annually, on a non-GAAP basis 30
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Appendix. 31
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Spend and Contribution ex-TAC are the true indicators of our underlying growth, reflecting platform adoption and scale Spend (Represents Customer Adoption) Revenue Contribution EX-TAC (Net Revenue) Spend What it is: Total media budgets running through the platform. Why it leads: Provides early indications of platform adoption, customer trust, and long-term scale. Contribution EX-TAC What it is: Revenue excluding traffic acquisition costs. Why it leads: The main profit driver. It better represents top-line performance than revenue alone. 1 Non-GAAP metrics. Please see the Appendix to this presentation for definitions and a reconciliation to the nearest GAAP metric See glossary at the appendix to this presentation How We Measure our Business Spend and Contribution ex-TAC1 32
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Glossary Definitions of the key terms used throughout this presentation Spend Gross advertiser and media dollars activated through Perion. A measure of scale and adoption. Revenue Total reported revenue, recognized on either a gross or net basis in accordance with GAAP accounting principles, depending on Perion’s specific role in the transaction. TAC & Media Buy Traffic acquisition costs and media buy; represents amounts paid to publishers, media owners, and advertising partners in transactions where revenue is recorded on a gross basis. Contribution ex-TAC Revenue excluding TAC and media buy. This represents the portion of revenue retained by Perion and serves as a primary metric for evaluating core value creation. Contribution ex-TAC margin Contribution ex-TAC divided by Revenue. Adjusted EBITDA margin Adjusted EBITDA divided by Revenue, and Adjusted EBITDA divided by Contribution ex-TAC Perion One Perion's unified, AI-native execution platform. The company's go-forward business. Legacy Historical, lower-margin business activities that are monitored and managed separately from the core Perion One platform. Walled Gardens Closed advertising ecosystems (e.g., Meta, Google, Amazon, TikTok) where the platform controls data, targeting, and measurement within its own environment. 33
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Glossary Definitions of the key terms used throughout this presentation Outmax Perion's proprietary AI agent embedded within Perion One. It automatically optimizes advertiser campaigns across channels and walled gardens in real time, driving outcome-based performance. DSP Demand-Side Platform, technology that enables advertisers and agencies to buy digital ad inventory programmatically across multiple sources through a single interface. SSP Supply-Side Platform, technology that enables publishers to manage and sell their ad inventory programmatically, maximizing yield across multiple demand sources. DMP Data Management Platform, a system that collects, organizes, and activates audience data from multiple sources to improve ad targeting and personalization. CPA Cost Per Action, a pricing model where the advertiser pays only when a user completes an action, such as a purchase, sign-up, or download. CTR Click-Through Rate, the percentage of users who click on an ad after seeing it. Calculated as clicks divided by impressions. CPM Cost per Mille, the cost an advertiser pays per 1,000 ad impressions served. The standard pricing unit for display and video advertising. 34
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Condensed Consolidated Balance Sheets 35
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Consolidated Statements Of Operations - GAAP 36
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Condensed Consolidated Statements of Cash Flows 37
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Reconciliation of GAAP to Non-GAAP Results 38
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Reconciliation of GAAP to Non-GAAP Results 39
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Reconciliation of GAAP to Non-GAAP Results 40
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Reconciliation of GAAP to Non-GAAP Full Year 2026 Guidance 41
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Perion One Spend - Distribution by Channel ($M) 42Numbers may not add due to rounding Social includes activities driven by the Outmax AI agent
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Thank You.