Slides
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October 8, 2025
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Forward-looking statements and non-GAAP measures This presentation, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this presentation or during the investor day that are not statements of historical fact, including statements about our third quarter and full year 2025 guidance, the Zeta 2028 targets, certain 2030 targets, and the timing of when we will achieve such targets, anticipated market growth, our ability to execute on KPIs and grow our scaled and super scaled customers, anticipated stock based compensation reductions, expected shift to digital Marketing and Advertising vertical, the capabilities of AI and Zeta’s platform, and the growth and expansion of the Zeta Marketing Platform, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning our anticipated future financial performance, market opportunities and expectations regarding our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook, “guidance” and other similar expressions. We base these forward-looking statements on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at such time. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our business, results of operations and financial condition and could cause actual results to differ materially from those expressed in the forward-looking statements. These statements are not guarantees of future performance or results. The forward-looking statements are subject to and involve risks, uncertainties and assumptions, and you should not place undue reliance on these forward-looking statements. These cautionary statements should not be construed by you to be exhaustive, and the forward-looking statements are made only as of the date of this presentation. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The full year 2025 guidance and Zeta 2028 targets provided herein are based on Zeta’s current estimates and assumptions and are not a guarantee of future performance. The guidance provided, the Zeta 2028 targets, and certain 2030 targets are subject to significant risks and uncertainties, including the risk factors discussed in the Company's reports on file with the Securities and Exchange Commission, which could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by this guidance or the targets. This presentation contains non-GAAP financial measures such as adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net income per share, free cash flow (“FCF”), free cash flow margin, and free cash flow conversion. These measures are not prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and have important limitations as analytical tools. Non-GAAP financial measures are supplemental, should only be used in conjunction with results presented in accordance with GAAP and should not be considered in isolation or as a substitute for such GAAP results. Refer to the Appendix of this presentation for (i) the definitions of the non-GAAP measures used in this presentation and (ii) a reconciliation of the non-GAAP financial measures used herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The contents and appearance of this presentation is copyrighted and the trademarks and service marks are owned by Zeta Global Corp. All rights reserved.
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Welcome Chris Greiner Chief Financial Officer, Zeta Global
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Durable, Predictable, Profitable… Zeta’s Investor Day theme is durable, predictable and profitable growth
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500+ public tech companies …Among the few in a vast universe of public technology companies
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22 companies have grown or are expected to grow 20% Y/Y or more annually for 5 straight years (2021-2025) 1 (1) Calculated based on FactSet consensus estimates …Among the few in a vast universe of public technology companies
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8 have ALSO expanded or are expected to expand free cash flow margins 1 every year over the same time period 2 (1) Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, FCF Margin and FCF Conversion are non-GAAP measures, see reconciliations in the Appendix. (2) Calculated based on FactSet consensus estimates …Among the few in a vast universe of public technology companies
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ZETA is one of those 8 …Among the few in a vast universe of public technology companies
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…while setting growth and margin expansion guidance and consistently beating and raising… Consensus $ Actual $ Post-COVID: Supply Chain Disruption Inflation and Rate Hikes Tariffs, and Workforce Reductions
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..with growth in free cash flow surpassing increases in revenue and Adjusted EBITDA year over year Free Cash Flow Margin (1) Free Cash Flow Conversion (1) 11% 4% ‘21 Free Cash Flow (1) $17M $142M ‘21 ‘25E 54% 28% ‘21 ‘25E Free Cash Flow CAGR since going public in ‘21 through ’25E % of quarterly Free Cash Flow used for share repurchase from ‘22 to 2Q‘25 (1) Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, FCF Margin and FCF Conversion are non-GAAP metrics, see reconciliations in the Appendix. 2025E is midpoint of guidance ranges. ‘25E
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Agenda Welcome & Today’s Agenda 10m Chris Greiner, Chief Financial Officer Zeta’s Edge: Unlocking Predictable, Profitable Growth 30m Steve Gerber, President Zeta’s Bridge: Delivering Predictable, Profitable Growth 15m Matt Mobley, Chief Operating Officer Zeta’s Moat: Powering Predictable, Profitable Growth 35m Neej Gore, Chief Data Officer Chris Monberg, Chief Technology Officer Break 15m AI: The Catalyst in the Convergence of Marketing — Panel Discussion 20m Ed See, Chief Growth Officer Marc Brodherson, Senior Partner, McKinsey & Co. Courtney Trudeau, Managing Director, Publicis Sapient Sudarshan Mandayam, CEO, Bounteous Activation in Practice — Panel Discussion 20m Jed Hartman, President, Activation Partnerships Adam Potashnick, CEO, Brainlabs US Durable, Predictable, Profitable Growth 20m Chris Greiner, Chief Financial Officer Bringing it All Together: Zeta’s CEO 15m David Steinberg, Co-founder, Chairman & CEO Q&A Panel with Management 30m
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The Unlock for Predictable, Profitable Growth Steven Gerber President, Zeta Global
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Since 2023…
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Zeta Has Outperformed On Every Dimension 2,500+ agents delivered — with measurable value Scaled customer and ARPU growth ahead of plan Revenue and Adj. EBITDA above expectations — 16 straight ‘beat & raise’ quarters Outperformance with headroom
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Our model is designed to address all three The Market’s Three Demands DURABILITY OF REVENUE GROWTH DEFENSIBILITY OF MOAT PREDICTABILITY OF PROFIT EXPANSION
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Why is growth predictable? Why are we accelerating? Why Zeta? Why now? Today We’ll Answer the Questions That Matter
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Why ?
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The Market is at an Inflection Point The Set-up For Category Change When Forces Converge, Markets Reset
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Enterprises are using just 33% of MarTech tools, pointing to overbuilt stacks 1 Q2 RFP Volume is up 70% YoY Insurgents are growing at 3x the rate of incumbents 2 The Replacement Cycle is Accelerating RFP Volume Rises Cracks in Legacy Stacks Market Share Shifts This is the changing of the guard
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DATA LAYER FIRST, NOT DASHBOARDS Only 31% of marketers are satisfied with data unification 3 Of marketers require IT help to use real time data in campaigns 3 AI is the spark, but 95% of pilots fail Modern Buyer Behavior
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DATA LAYER FIRST, NOT DASHBOARDS FROM CLOUDS TO COMPONENTS Of Enterprise RFPs list legacy platforms as the incumbent MarTech Automation tools were the most replaced apps in 2024 4 AI is the spark; Results are the fuel Modern Buyer Behavior
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DATA LAYER FIRST, NOT DASHBOARDS FROM CLOUDS TO COMPONENTS PROOF WINDOWS, NOT PILOTS Replacements are evaluated within 6 months 4 CFOs hold decision power in 79% of purchases 5 AI is the spark; Proof of scale rules Modern Buyer Behavior Cycles turn when buyer standards change
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View AI as a game changer 6 81 % Report rigid, fragmented ops limit ability to scale 6 84 % The CMO Growth Mandate Puts AI Center Stage Root cause: shaky data foundation
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1P Data As the Center of Gravity Apple’s ATT pushed 3rd party IDs to 14% opt-in 7 First-party data access, quality and application has become a strategic asset FIGHT FOR FIDELITY DEMAND FOR DATA CONTROL Of brands are investing in 1P data 8 Of Enterprises say their data is not ‘AI-ready’ 11 Enterprises super-scaled for Modern Warehouses 9 Of Enterprises have a CDO 10 AI AMBITION Modern Data Warehouses won — what runs on them?
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A Gap in the Market Exists Over half of marketers seek to personalize across the entire journey (lifecycle, cross-channel) — not just single touchpoints Fewer than 1 in 3 deliver individualized experiences at scale 12 Convergence One System PAID CHANNELS SOCIAL SEARCH PROGRAMMATIC/CTV RETAIL MEDIA OWNED CHANNELS EMAIL/SMS PUSH/IN- APP WEB/APP UNIFIED IDENTITY Convergence is identity-led and outcome-driven
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AUTHENTICATED PERSISTENT IDENTITY A New Category is Emerging AI-POWERED MARKETING Answer-driven systems that connect identity & intelligence to decide, act, and get smarter in real-time — delivering outcomes that get better over time. CLOSED LOOP MEASUREMENT CENTRALIZED DECISION ENGINE COMPOUNDING RETURNS FASTER TIME TO VALUE PRECISION & SCALE The catalyst for transition from stacks to systems
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Why Now? The Replacement Cycle Is Accelerating Buyer Standards Are Changing A New Category Is Emerging
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Why ?
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The Zeta Promise SPEED Onramps in weeks; Outcomes in a quarter Faster Time to Value CERTAINTY More predictable outcomes ROAS SIMPLICITY The “easy-button” to AI-powered marketing Annualized Savings 13 Make it hard to compete with Zeta
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The Zeta Edge Proprietary SuperGraph Powers All Intelligence Scales Across Ecosystem CONTAINER CONNECTORS CONTENT AI-POWERED DATA FOUNDATION System of Truth Learns Durable infrastructure; not episodic activation
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One System Powering All Touchpoints WHEN/ WHEREHOW WHATWHO System of Truth SuperGraph TM Intelligence DECISION ENGINE WHY The data foundation creates an enterprise decision standard
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— Decision Power: If NPS changed how companies listen, TVM changes how brands decide — One Standard: One truth beats a thousand dashboards — From AI to ROI: A blueprint that turns AI pilots to profit — Profitable Growth: Puts profitable customers at the center Measurement That Moves Budgets TVM creates an enterprise proof standard
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ASK SEE One Agentic Workspace for AI-Powered Marketing A single screen where work and answers live side-by-side. ACT A command center creates an enterprise interface standard all campaigns Engagement
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Competitive Platforms Are Fundamentally Different Workflow Efficiency at Core Channel Optimization at Core Supergraph & Intelligence at Core HIGH LOW AI is only as powerful as the data that fuels it… and the outcomes it drives
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Why Zeta? The Zeta Promise – Show, Don’t Tell Data Foundation Durable Advantage Enterprise Standards Lock-in Only Zeta Optimized for AI
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Why Are We
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Three Drivers of Outsized Growth AI-Powered Operations Expand Capacity & Capability at a Lower Cost Per Unit Reduction in Cycle Time Path to 25%+ Adj. EBITDA Impossible Products Seize Leadership in the AI Race Forrester Winner Path to 2x Scaled Customers OneZeta Model Simple to Buy, Obvious to Expand NPS: 69 for Super Scaled Path to 4x ARPU
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AI-Powered Operations Agents Run the Work on Zeta Reduction in Time to Onboard 14 Reduction in Cost of Revenue 15 Increase in Productivity 16 Capacity & capability expand; headcount does not
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LEVEL OF TRANSFORMATION DEGREE OF DIFFERENTIATION Impossible Products Raise Trajectory Prospect CDP ZME (with Snowflake) Zeta Answers Vertical Clouds Apps that make customers say Wow — and CFOs say Yes
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OneZeta Sharpens Differentiation Elevate to CMO Lever to “Expand & Extend” Catalyst for Innovative Pricing Showcase for Proof Scale Simple to start, obvious to grow
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Adds New High-Impact Use Case Strengthens Enterprise Core Advances Key Growth Vectors Marigold is a Growth Accelerant Bigger base, better unit economics
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OneZeta Ignites a Flywheel Embed Zeta Data Foundation Set Enterprise Standard Power Decisions & Orchestration Close The Loop Every turn increases share and operating leverage Use cases & Usage
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Why Is Growth
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Embedded Customers Scale Higher Average Revenue17 (Scaled Accounts) with 2+ Use Cases is 3X More $1.5 M $4.5 M 1 Use Case 2+ Use Cases EXPAND & EXTEND ELEVATES IMPACT Only 16% of Scaled Customers18 Work Across Multiple BUs 475 92 1 Use Case 2+ Use Cases SUBSTANTIAL HEADROOM TO GROW Embedding multiplies impact and economics
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PLATFORM OUT 360° View of Consumer MEDIA IN 360° View of Marketer ONEZETA AS SYSTEM 360° View of Business Customer Starting Point Hinge Point Impact Major Retailer CDP CTV tying exposure to in-store sales Up 5x YoY — and growing is the Unlock Major Airline High-value audiences in paid Identity resolution + scoring for expected value Up $5M YoY — and growing Middle Market Retailer 7 disconnected tools ZMP to simplify, standardize, and scale as a system of truth Signed for 4X larger than comparable clients Data Foundation ignites faster ARPU expansion
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Expand Share of Low & Mid-funnel Marketing Embed the Data Foundation Extend Use Cases Increase Audience Scale Right-size for Pricing The Path to 5% Wallet Share 5% Wallet Share 1.3% Wallet Share Better unit economics fund Expand, Extend, & Embed Approximate Starting Point
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How to Create
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Our Goal ‘1 OF 1’ COMPOUNDING GROWTH ENGINE ENTERPRISE STANDARDS DATA FOUNDATION
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Can Lead the AI Revolution in Marketing
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Matt Mobley Chief Operating Officer, Zeta Global Delivering Predictable, Profitable Growth
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AI POWERED AI Everywhere Zeta is becoming a fully AI-powered enterprise where every role and workflow leverages AI to enhance productivity, efficiency, customer outcomes, quality, and innovation. PLATFORM ACTIVATION OPERATING LEVERAGE CUSTOMER DELIVERY
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AI is everywhere; impact is not Without a model, value stays locked in pilots Zeta’s AI adoption and operating model The Challenge Situation Complication Resolution
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The Operating Model Governed Centrally; Executed Locally AI Immersion Local Champions AI-First Policy Role Expectations Cultural Integration AI OPERATIONS HUB Adoption Strategy Tooling Compliance & Security Measurement
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Why the Model Matters People who use AI to complete 30% - 50% of their job People who use AI to complete less than 30% of their job People who use AI to complete greater than 50% of their job Already seeing a 10X ROI on these roles
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AI Investments Productivity gains for active users in non- technical roles (e.g., sales). Product Innovation AI-assisted coding in all areas of product development. Customer Onboarding An agent will convert the coding language of other platforms to the ZMP. 2025 AI-Powered Wins
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Bringing AI to Our Customers • Audience Identification • Orchestration • Reporting Available to every customer Promotes capability adoption aligned to customer outcomes • Forecasting • Multichannel Strategies • Analytics Leveraging the Agent Studio to build bespoke Agents • Marketing Ops • Business Analysis • Measurement Build Trust Unlock Value Transform
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We will align value with cost, while monetizing our AI platform and remove pricing and contract friction to adopt more capabilities. Pricing Strategy AI MONETIZATION VALUE ALIGNMENT REMOVE ADOPTION FRICTION
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Enabling OneZeta Through AI AI Operating Model Creating a path to OneZeta by eliminating barriers to adoption, procurement, and outcomes. Model • Faster adoption of additional features and time to market • Recommendations that expand use cases • Frictionless pricing and contracts • Better outcomes across use cases • More intelligent analysis across the entire strategy
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AI Immersion Local Champions AI-First Policy Role Expectations Cultural Integration • Identify Excess Capacity • Increase Existing Productivity • Decrease Cross-training Time • Faster Migration from Legacy Integration • Role Classification • Review Existing Tooling • Adapt Tooling • AI Integration Strategy • Compliance & Security • Measurement AI Operations Hub Integrating Marigold Enterprise
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FASTER DELIVERY SCALABLE OUTCOMES HIGHER CONSISTENCY AI Powered Zeta is an AI-native enterprise where artificial intelligence is the default engine for speed, efficiency, and innovation We are the future-ready, AI-powered partner driving rapid customer impact and better outcomes.
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Neej Gore Chief Data Officer Chris Monberg Chief Technology Officer Powering Predictable, Profitable Growth
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In every wave of marketing revolution, whoever controls unique, large-scale, high-quality identity data has the MOAT to dominate 1900 AI Answers Era 2025+ Catalog & Direct Mail Loyalty & Demographic Data Digital Data-Driven
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Reduction in CPA Higher conversion rates Uplift in lifetime value Increase in qualified prospects In the AI revolution, Zeta Data is the Moat that is delivering wins Recent Zeta Data Benchmarks 19 Zeta Data is the Difference Between Commodity Models and Category Leadership
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Why Zeta Data Matters More Than Ever Context → More relevant models, stronger consumer engagement Confidence → Ground truth outcome data reduces mistakes and hallucinations Compounding → Signals accelerate engagement which create new signals
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Key Qualities of a Durable and High- Value Data Asset Is Usability Easy, and Does it Create “Unfair Advantages”? Are Standards of Today and the Likely Future Met? Is Coverage Comprehensive and Resilient? AI Activation Model Size, Scale, Durability Active Compliance
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245MM+ Notable Walled Gardens: 200-250MM+ Most US Adults Large Permissioned Data Set Email Address Postal Address IP Address Phone Number Connected Devices Demographic Households 245 Million+ Persistent IDs Who they are AI-Powered Experiences What they’re doing now 1 Trillion+ Signals Behavioral Interests Location Visits Transactions Websites Read Social Activity Profile Attributes Psychographics Sentiment Propensity Affinity Intent AI-Powered Intent Scores What they’ll do next Upgraded with GenAI Zeta’s Data Cloud Delivers Scale and Precision Scale Precision Addressability
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SUPERGRAPH Identities Signals Identifiers I N T E N T Zeta’s SuperGraph is Like No Other ZETA DATA SOURCES Zeta Supply Side Platform (SSP) Zeta Message Transfer Agent (MTA) Disqus LiveIntent O&O Properties Third Party Sources Zeta Demand Side Platform (DSP)
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Zeta’s SuperGraph Delivers Durability, Predictability, and Profitability SuperGraph Also Powers Durability, Predictability, and Profitability for Our Customers WHO / WHAT / WHEN / WHERE / WHY Proactive Adherence to federal laws, state laws, and self-regulatory programs; with external reviews. Active Compliance With 245M+ individuals seen monthly and 1.1T+ signals, the Zeta network represents 90%+ of US adults, growing over 4+ years. Size, Scale, Durability 2,500+ precision NLP Audiences & Data Cloud Intelligence across Acquire, Grow, Retain — built into Zeta Marketing Platform for AI Scores and Actions. AI Activation Model
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• From hindsight to foresight • Insight to actions • Interpretation to explanation • 1 of 1 advantage for our customers SuperGraph + Zeta AI Transforms Data-Driven to Answers-Driven SuperGraph Zeta AI Powering Acquire, Grow, Retain The Age of Zeta Answers Has Arrived
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Vertical Expertise Experience Delivery Strategy & Discovery To What’s Next PREDICTABILITY PROFITABILITY PRODUCTIVITY PERFORMANCE Improves every part of marketing
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• AI intelligence across all Zeta Data in a single, multi-dimensional view • Strategic guidance and tactical playbook • First-mover advantages for leadership Answers that Craft Marketing Strategy
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KEY QUESTIONS Answers that Drive Commerce Visitation, Basket Size, Frequency 90M Americans, 300M+ Transactions per month 800K+ GTIN-level products, 600+ category roll-ups What’s driving my brand’s performance? Show me my average sale price vs. my competitors for the last 6 months. Did my targeted audience spend, and how much?
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• Real-time viz scores your brand against key performance levers and peers • Interactive AI conversations to: — Interrogate and uncover key drivers — Understand impact from efforts Industry-First Agentic Retail Diagnostics Answers That Drive Commerce
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Measure Everything, Everywhere, All At Once Answers That Drive Commerce • Fractionally allocate and optimize performance across channels, locations/stores, creative versions and segments — including social blackboxes • Customers see 10%+ lift in conversion rate and 5-10% savings via media suppression
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From Shelf to Self: Intelligent Agents for CPG Answers That Drive Commerce • Expanded graph to 100% major retailer coverage and 800K+ products, including store location of sales • Enhanced data unlocks retargeting, conquesting, modeling, sales lift and suppression with greater precision
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Answers that Shape Social Influence • Uncover and prioritize the most persuasive connections across family, friends, and colleagues that amplify action • Activate individuals and their circles simultaneously, with measurement that proves incremental lift across both audiences
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Pending New Video Answers that Boost Discovery in LLM Search • Leverage Zeta Data on your best customers to shape your GEO strategy • Maximize accuracy, visibility, and optimizations across major AI platforms • Outperform competitors in LLM search Pending New Video
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Answers that Provide Foresight 97% ↑ Audience Size 4.3x ↑ CVR Increase 4.2x ↑ Lower CPA Expanding beyond decision-maker targeting by adding predictive intent signals: AI, biotech, cybersecurity Fortune 100 Tech Company
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• Demonstrate how marketing efforts are influencing prospects and customers down the conversion funnel — from awareness to considerations, conversion, and lifetime value • Know WHY individuals drop off — did they engage with a competitor or exit the category? Journey Pathing Expands the Time Machine Answers that Provide Foresight
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Answers that Accelerate Vertical Dominance • New intuitive navigation mirrors how individuals naturally explore and act on customer intelligence • Bespoke AI-powered configuration for each brand and vertical, delivering tailored opportunity UI
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• Zero-copy clean room for data onboarding, enrichment, and Zeta activation across brand partners and third parties, in collaboration with Snowflake • Tax-Free and Enabled by Zeta SuperGraph Retail Collaboration Has Never Been Easier Accelerate Vertical Dominance
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Powering Global Expansion with GeoExplorer Accelerate Vertical Dominance • Explore Zeta’s expanding global data capabilities • Uncovers total addressable market potential with key audience intelligence
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Answers are the Beginning of this Marketing Revolution… Example: A Leap Forward in Audiences Zeta Audiences now have AI- powered sentiment and can predict emotional response to media exposure, indicating advanced opportunities for loyalty, churn, and persuasion
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PREDICTABILITY / PROFITABILITY / PRODUCTIVITY / PERFORMANCE …But Wisdom is the Destination Platform that embodies Advanced via Athena By Zeta Tools that provide Underpinned by Zeta’s SuperGraph
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Where We’ve Been A strong data foundation + proven customer expansion = durable growth. Where We Are Delivering Impossible Products that set new enterprise AI standards. The Path from Durable Growth to Profitable Horizons Where We’re Going Expanding into new horizons with GenUI and agentic applications.
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Writing the New Standards How Zeta Redefines the AI Foundation
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We don’t need another tool. The AI Revolution Is Here. We need new for answers in action.
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2020 Long-Term Vision 2021 IPO Banner Moment
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AI Powered Marketing Superintelligent Agent drives expanded customer outcomes through performance, personalization and profit Developer Experience Faster innovation, stickier adoption, better engineers Transformative Operations Increased operating leverage and margin expansion Faster Customer Onboarding Answer the replacement cycle with accelerated time to value 2025: Focus On AI Impact
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AI Powered Marketing Developer Experience Ascend Transformative Operations Amplify Faster Customer Onboarding Align Defining New Organization Standards AI-Powered Enterprise:
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Contextual Intelligence AI Studio, Brand, User Behavior, Trust, Platform Knowledge AI Infrastructure Deterministic Foundation, MCP Servicers, LLM Routing SuperGraph Data, Identity, and Answers Athena’s Foundation: New Technology Standards
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DEMO
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Impossible Products Setting New Enterprise Standards
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Data Foundation Planning Forecasting Creative Measurement A Day in the Life of a Marketer FROM to AI-Powered
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Data Foundation Retail FROM Fragmented to Foundational Goal Reduction in Onboarding Time/Cost CTO Onboarding A Day in the Life of a Marketer
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The New Data Standard
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Planning FROM Hypothesis to Answers Travel Strategist Media Planning A Day in the Life of a Marketer Goal Faster Time to Revenue Across a Portfolio of Brands
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The New Decision Standard
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Forecasting FROM Strategy to Simulations Email Client CMO Budget A Day in the Life of a Marketer Goal Forecast Conversion Rate While Expanding from to channels
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The New Proof Standard
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Creative FROM Tactics to Workflows CreativeBrand Impact A Day in the Life of a Marketer Goal Capacity Per Headcount
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The New Creative Standard
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Measurement Retail Boost Sales FROM Static to Adaptive Goal Boost in Sales In Quarter CFO A Day in the Life of a Marketer
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The New Optimization Standard
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Insights Studio Conversational Intelligence for Everyone Media Intelligence Media Planning, Forecasting & Measurement for Agencies Prospect CDP Acquisition Intelligence, Modeling & Measurement Zeta Live Demo AreaMore Impossible Products: Intelligent Mobile Native RCS, Push, Wallet, App & More ZME (Zero Copy) Data Sharing for Immediate Intelligence & Activation Vertical Clouds Ai-powered Answers and Workflow Tools for Commerce, Travel & More
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New Horizons: GenUI Software On Demand
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The Paradox of Adoption The balance between structured systems and intelligent interfaces. Should an Individual Adapt to Software? OR
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Global Hospitality Brand Track Bookings Across the Globe Market to Lagging Locations Recent RFPUse Case:
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Balancing Structure & Intelligence: GenUI 1. Build Reports 2. Monitor 3. Select Audience 4. Develop Creatives 5. Configure Channel Tactics 6. Build More Reports 7. Monitor & Adjust FROM LEGACY APPROACH TO BUILDING UI ON DEMAND PURPOSE BUILT ADAPTIVE FABRIC We’re a global hotel brand that wants to track properties around the world. Build a global heat map that… SG SuperGraph DT Deterministic Technology AI AI Shield: Trust & Security CI Contextual Intelligence LLM LLMs & MCP PM Predictive Modeling GUI GenUI ATH Athena Super Agent MO Model & Activation Orchestration
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Software On DemandIntroducing GenUI:
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The Era of Agentic Workspaces FROM to Ecosystems
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The New Interface StandardAgentic Workspaces:
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DATA ANSWERS OPTIMIZATION SIMULATIONS WORKFLOWS When software adapts to people, imagination becomes the limit. One AI Platform. Infinite Possibilities.
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Zeta Is Writing the New Standard. The AI Revolution Is Here. Achieve The Impossible
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BREAK
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AI: The Catalyst in the Convergence of Marketing Ed See Chief Growth Officer
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Today’s Panelists Marc Brodherson Senior Partner, McKinsey & Co. Ed See Chief Growth Officer Courtney Trudeau Managing Director, Publicis Sapient Sudarshan Mandayam CEO, Bounteous
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Activation in Practice Jed Hartman President, Activation
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Today’s Panelists Adam Potashnick CEO, Brainlabs US Jed Hartman President, Activation Partnerships
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Durable, Predictable, Profitable Growth Chris Greiner Chief Financial Officer, Zeta Global
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Our growth is durable FINANCIAL DISCUSSION
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$458M $591M $729M $1,006M $1,263M $0M $200M $400M $600M $800M $1,000M $1,200M $1,400M 2021 2022 2023 2024 2025E 30% 27% 25% 32% 31% (1) Growth rates are calculated excluding political candidate revenue (2) Midpoint of guidance range Since going public, we have increased our annual revenue at a 28% CAGR(1) DURABLE (2)
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2021 2022 2023 2024 2025 267 261 258 260 273 283 300 301 307 316 321 316 324 331 379 389 399 76 86 97 99 100 106 103 110 118 124 131 144 144 144 148 159 168 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q $1M+ $100K - $1M (1) We define scaled customers as customers from which we generate at least $100,000 of revenue on a trailing twelve-month (“TTM”) basis. Of those scaled customers, we define super scaled customers as customers from which we generate at least $1,000,000 of revenue on a TTM basis. Consistent increases in scaled and super scaled customers has fueled our strong revenue growth DURABLE
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Customers Brands 45%+ scaled brand(1) growth, to 850+, since Investor Day 2023 33% growth in scaled customers, to 567 Underlying scaled customer growth, is even faster brand growth… DURABLE (1) We define a brand as the underlying product / line of business that is marketed using the Zeta platform. Every brand has at least $100K in TTM revenue.
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~60 ~125~525 ~725 0 100 200 300 400 500 600 700 800 0 20 40 60 80 100 120 140 160 180 200 2Q23 2Q25 Enterprise Brands HoldCo Brands HoldCos manage >15,000 brands; Zeta currently at <1% penetration Agency HoldCos and Enterprises have been contributors to brand expansion, with significant runway ahead DURABLE
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$1.2M $1.4M $1.6M $1.9M 2021 2022 2023 2024 18% 15% 10% 19% Zeta has also increased ARPU year to year every quarter as a public company DURABLE
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AI Adoption Use Case Expansion Channel Expansion We have three primary levers for expanding ARPU DURABLE
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186 228 87 136 47 99 35 104 4Q' 21 2Q' 25 4Q’21 2Q’25 1 channel 2 channels 3 channels 4+ channels 29% 20% 38% 13% 14% 16% 20% 52% 4Q' 21 2Q' 25 4Q’21 2Q’25 Multi-channel adoption has been a significant driver of ARPU growth with 4+ channel customers now accounting for over half of revenue… DURABLE
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30% 17% 15% 14% 6% 3% 15% EMAIL DISPLAY SOCIAL CTV VIDEO PROGRAMMATIC EMAIL OTHER Includes Audio, Mobile, Search, Identity, etc. And there is significant room for growth… DURABLE
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9% 9% 16% 4Q'21 4Q'23 2Q'25 OneZeta initiative launched in 2024, driving increased use case adoption INFLECTION POINT OneZeta is driving an inflection in multi- use case adoption, our biggest white space opportunity with customers DURABLE
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Multi use case customers are on average spending than single use case customers 2Q’25 TTM ARPU(1)2Q’25 TTM ARPU(1) 1 Use Case >1 Use Case (1) TTM ARPU calculated based on scaled customers Which creates an even further multiplier effect on ARPU DURABLE
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4Q'24 1Q'25 2Q'25 3Q'25 Customer Pulse Leading Indicators PersonaPulse Generative AI adoption is accelerating and in its earliest stages… DURABLE
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$3.… $4.… $5.… FY'23 FY'24 2Q'25 TTM $1.… $1.… $4.… FY'23 FY'24 2Q'25 TTM $2.… $2.… $4… FY'23 FY'24 2Q'25 TTM …Which is driving increased monetization with more to come DURABLE 3X 2X 2X
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Our growth is predictable FINANCIAL DISCUSSION
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Revenue Adj. EBITDA Free Cash Flow $1,000M $200M $110M $1,263M $265M $142M ZETA 2025 2025 Guidance(1) Since going public, we have consistently done what we told investors we are going to do PREDICTABLE (1) Midpoint of ranges $2,100M+ $525M+ $340M+ ZETA 2028
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15% 12% 2… 1 Acquisition Existing New ~60 % ~40 % Farmers Hunters Our growth has been balanced between new and existing customers PREDICTABLE (1) Based on incremental revenue split reported in 10-K filings
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Percentage of ‘25 TTM Revenue 8% 16% 17% 59% Most of the revenue comes from long-standing customer relationships, providing strong visibility PREDICTABLE $0.6M $1.3M $1.6M $2.5M $0.9M $1.2M $2.0M $2.8M $0.6M $1.5M $2.1M $3.2M <1 Year 1-3 Years 3-5 Years 5+ Years 2023 2024 2Q’25 TTM
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2022 2023 2024 Improvement Improvement $750K $1,100K $1,400K $350K $300K Our hunter sales model is proven and predictable, with consistent YoY contribution improvement PREDICTABLE
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FY’23 FY’24 Expected Post Marigold Enterprise Software Acquisition Recurring Revenue(1) Recurring Revenue Recurring Revenue (1) Recurring revenue is revenue that includes fixed fees associated with platform licensing, minimum quarterly amounts that customers have spent on our platform over the trailing four quarters, and recurring consumption-based revenues governed by master service agreements and insertion orders. Recurring revenue percentages exclude political candidate and advocacy revenue. And a higher mix of recurring revenue post the Marigold transaction should further improve visibility PREDICTABLE
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Our growth is profitable FINANCIAL DISCUSSION
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4% 7% 7% 9% 11% 2021 2022 2023 2024 2025E Adj. EBITDA Margin Free Cash Flow Margin Since going public we have consistently increased Adjusted EBITDA and FCF Margin(1) PROFITABLE (1) Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, FCF Margin and FCF Conversion are non-GAAP measures, see reconciliations in the Appendix.
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2Q’25 1Q’24 61% 45% HoldCos have significantly increased adoption of direct channels driving improvement in cost of revenue PROFITABLE
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2Q’25 Zeta’s GAAP Cost of Revenue FY’25 Marigold Enterprise’s Cost of Revenue Marigold Enterprise Software acquisition should drive further improvement in our cost of revenue PROFITABLE (1) FY’25 Marigold Enterprise cost of revenue refers to 12 months ended 6/30/2025
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5% 10% 15% 20% 25% 30% 35% 40% 21-'22 22-'23 23-'24 30% 15 % 2022 2023 2024 Total Headcount Growth Operating Leverage CAGR CAGR Revenue has been growing significantly faster than headcount, creating substantial operating leverage PROFITABLE 15 pt. Difference
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Pipeline Value Per Quota Carrier(1) Average TCV Per Win Deal Size Per Quota Carrier Up Over Up Over Up Over OneZeta and updates to pricing and packaging should further augment efficiency gains in sales and marketing PROFITABLE 1 2 3 (1) Calculations are all as of 2Q’25
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FY24 Adj. EBITDA Margin COR S&M G&A LT Adj. EBITDA Margin Positive mix shift New pricing and packaging Automation and global distribution of HC OneZeta Continued sales productivity in line with history FY’24 Adj. EBITDA Margin COR S&M G&A 2030 Adj. EBITDA Margin Target 30%+ 19% 1-5 pts 3-5 pts 4-6 pts Combining these levers creates a pathway to a 30%+ Adjusted EBITDA Margin (1) by 2030… PROFITABLE (1) Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, FCF Margin and FCF Conversion are non-GAAP measures, see reconciliations in the Appendix.
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2025E Working Capital Capex/ Intangibles Other 2030 FCF Conversion Target 2025E Working Capital Capex/Intangibles Other LT Target 70%+ 54% 5%-10% 5%-10% 1%-3% …With a roadmap to 70%+ Free Cash Flow Conversion by 2030 as well(1) PROFITABLE (1) Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, FCF Margin and FCF Conversion are non-GAAP measures, see reconciliations in the Appendix.
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Growth — proven to be durable, predictable, and profitable Profitable Outlook Targeting 30%+ Adj. EBITDA Margins and 70%+ Free Cash Flow Conversion by 2030(1) Predictable Revenue Increasing mix of recurring revenue Higher % of revenue from longest tenured customers with highest NRR Consistent new customer sales productivity Durable Growth Consistent scaled customer count and ARPU expansion trends Substantial runway with Enterprises and Agencies ahead (1) Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, FCF Margin and FCF Conversion are non-GAAP measures, see reconciliations in the Appendix.
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Bringing It All Together David Steinberg Co-founder, Chairman & CEO, Zeta Global
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Our Brand is Evolving Zeta Who Why Zeta Zeta Now Must Have Zeta ? !
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From ZETA WHO to WHY ZETA Increase in New Website Users GEO SOV for Marketing Clouds(1) Increase in Website Demo Requests Volume of RFPsEvent Attendance Positive Sentiment of Zeta Messaging(2) (1) Source: Conductor (2) Source: Qualtrics Survey, Jan–June 2025 (3) Growth calculated through Jan-Sept 2025
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Creating Value Through M&A Fully integrate into our platform in less than a year Grow the acquired business at faster pace than our overall organic growth rate Be accretive from Day 1 Possess clear synergies across combined customer bases CRITERIA 1 CRITERIA 2 CRITERIA 3 CRITERIA 4 Marigold Enterprise Software Access to world class human capital and relationships CRITERIA 5 LiveIntent
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SuperGraph Contextual Intelligence AI Infrastructure AI-Powered Enterprise: Defining New Product Standards Conversational Superintelligent Agent
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AI-Powered Enterprise: Defining New Product Standards AI Conversational Superintelligent Agent Our proprietary data fuels our AI
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We are pacing ahead of our Zeta 2028 targets
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Key Takeaways The is accelerating Zeta is leading , with Marigold Enterprise as an accelerant Zeta is creating better outcomes and sharper differentiation Our growth is We are pacing ahead of our
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Q&A Leadership Zeta Global
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Appendix
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Footnotes (1) Source: https://martech.org/marketers-are-only-using-one-third-of-their-stacks-capability (2) Based on latest completed fiscal year; incumbents including Salesforce Marketing and Commerce segment and Adobe Digital Exper ience segment; insurgents include Braze, Klaviyo , and Zeta (3) Source: https://rightwave.com/rwi/salesforces-9th-state-of-marketing-report-highlights-ai-and-data-trends (4) Source: https://martech.org/wp-content/uploads/2024/09/2024-MarTech-Replacement-Survey.pdf (5) Source: https://corporatevisions.com/blog/b2b-buying-behavior-statistics-trends/ (6) Source: https://newsroom.ibm.com/2025-06-17-ibm-study-profit-driven-cmos-see-ai-as-growth-driver,-but-operational-hurdles-slow-them-down (7) Source: https://www.singular.net/blog/att-opt-in-rates-2024/ (8) Source: https://blog.adobe.com/en/publish/2024/07/15/adobe-study-brands-make-progress-weaning-off-third-party-cookies-yet-feel-less-prepared-than-ever-world-without-them (9) Source: https://investors.snowflake.com/overview/default.aspx (10) Source: https://sloanreview.mit.edu/article/the-chief-data-officer-role-whats-next/ (11) Source: https://huble.com/blog/ai-readiness-gap (12) Source: https://www.zs.com/insights/100-top-marketing-execs-say-ai-driven-personalization-is-the-new-norm (13) Source: The Total Economic Impact of Zeta–Cost Savings and Benefits Enabled by Zeta (14) Related to comparable results when onboarding manually (15) Targeted reduction in labor expense in cost of revenue (16) Improvement in internal engineering efficiency metrics (17) TTM as of 2Q’25 (18) As of 2Q’25 (19) Select Zeta customers over a three-month look-back window
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Non-GAAP Measures In order to assist readers in understanding the core operating results that our management uses to evaluate the business, we des cribe our non-GAAP measures referenced in this presentation below. We believe these non - GAAP measures are useful to investors in evaluating our performance by providing an additional tool for investors to use in c omparing our financial performance over multiple periods. Adjusted EBITDA is a non-GAAP financial measure defined as net income / (loss) adjusted for interest expense, net, depreciation and amortization , stock-based compensation, income tax (benefit) / provision, acquisition - related expenses, restructuring expenses, change in fair value of warrants and derivative liabilities, certain dispute settlemen t expenses, gain on extinguishment of debt, certain non -recurring capital raise related (including IPO) expenses, including the payroll taxes related to vesting of restricted stock and restricted stock units upon the complet ion of the IPO, and other expenses / (income). Acquisition -related expenses and restructuring expenses primarily consist of professional services fees, severance and other employee- related costs, which may vary from period to period depending on the timing of our acquisitions and restructuring activities and may distort the comparability of the results of operations. Change in fair value of warrants and derivative liabilities is a non -cash expense related to periodically recording “mark -to-market” changes in the valuation of derivatives and warrants. Other expenses / (income) consist of non -cash expenses such as changes in fair value of acquisition -related liabilities, gains and losses on extinguishment of acquisition -related liabilities, gains and losses on sales of assets and foreign exchange gains and losses. In particular, we believe that the exclusion of stock -based compensation, certain dispute settlement expenses and non-recurring capital raise related (including IPO) expenses that are not related to our core operations provides measures for period -to-period comparisons of our business and provides additional insight into our core controllable costs. We exclude these charges because these expenses are not reflective of ongoing business and operating results. Adjusted EBITDA margin is a non-GAAP financial measure defined as Adjusted EBITDA divided by the total revenues for the same period. Non-GAAP Net Income is a non-GAAP financial measure defined as GAAP net income / (loss) adjusted for restructuring expenses, stock -based compensation, acquisition related expenses, capital raise related expenses, other expenses / (income) and income tax effects related to these adjustments. Non-GAAP Net Income per share is defined as non -GAAP net income divided by weighted average common stock adjusted for potential dilutive impact of restricted stock, restricted stock units (“RSUs”), performance- based stock units (“PSUs”) and stock options using the treasury -stock method. Free Cash Flow is a non-GAAP financial measure defined as cash from operating activities, less capital expenditures and website and software d evelopment costs, adjusted for the effect of exchange rates on cash and cash equivalents. Free Cash Flow Margin is Free Cash Flow divided by total revenues for the same period. Free Cash Flow Conversion is a non-GAAP financial measure defined as Free Cash Flow divided by Adjusted EBITDA for the same period. Adjusted EBITDA, Adjusted EBITDA margin, non -GAAP Net Income, non-GAAP Net Income per share, and Free Cash Flow provide us with useful measures for period-to-period comparisons of our business as well as comparison to our peers. We believe that these non -GAAP financial measures are useful to investors in analyzing our financial an d operational performance. Nevertheless, our use of Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP Net Income, non-GAAP Net Income per share, and Free Cash Flow has limitations as an analytical tool, and you sh ould not consider these measures in isolation or as a substitute for analysis of our financial results as reported under GAAP. Other companies may calculate similarly -titled non-GAAP financial measures differently than us, thereby limiting the usefulness of these non -GAAP financial measures as a comparative tool. Because of these and other limitations, you should consider our non -GAAP measures only as supplemental to othe r GAAP-based financial performance measures, including revenues and net income / (loss). We calculate forward-looking non-GAAP Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow based on internal forecasts th at omit certain amounts that would be included in forward -looking GAAP net income / (loss) margin and GAAP cash flows from operating activities, respectively. We do not attempt to provide a reconciliation of f orward-looking non-GAAP Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow guidance to forward-looking GAAP net income / (loss), margin, and GAAP cash flows from operating activities respectively, becaus e forecasting the timing or amount of items that have not yet occurred and are out of our control is inherently uncertain and unavailable without unreasonable efforts. Further, we believe that such reconciliations w ould imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.
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Reconciliation To Adjusted EBITDA and Adjusted EBITDA Margin ` 2Q’24 2Q’25 1Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 Net loss $ (28,066) $ (12,814) $ (21,600) $ (38,465) $ (53,225) $ (249,563) $ (279,239) $ (187,481) $ (69,771) Net loss margin (12.3)% (4.2)% (8.2)% (12.6)% (14.5)% (54.4)% (47.3)% (25.7)% (6.9)% Stock-based compensation 52,159 46,471 41,987 216 105 259,159 298,992 242,881 194,984 Depreciation and amortization 12,964 17,403 17,687 34,340 40,064 45,922 51,878 51,149 56,100 Acquisition-related expenses - - - 5,916 5,402 1,953 344 203 8,229 Restructuring expenses - - 3,152 1,388 2,090 727 - 2,845 - Capital raise related expenses* - - - - - 2,705 - - 1,624 Interest expense, net 2,560 166 331 15,491 16,257 7,033 7,303 10,939 7,147 Other expenses / (income) (1,564) 6,351 3,512 239 (126) (279) 13,983 7,820 (115) Change in fair value of warrants and derivative liabilities - - - 4,200 28,100 5,000 410 - - Income tax provision / (benefit) 486 1,192 1,644 1,009 919 (598) (1,491) 1,037 (5,176) Gain on extinguishment of debt - - - - - (10,000) - - - Dispute settlement expense - - - - - 1,196 - - - Adjusted EBITDA $ 38,539 $ 58,769 $ 46,713 $ 24,334 $ 39,586 $ 63,255 $ 92,180 $ 129,393 $ 193,022 Adjusted EBITDA margin 16.9% 19.1% 17.7% 7.9% 10.8% 13.8% 15.6% 17.8% 19.2% $ in ’000s, unless otherwise noted *Includes certain IPO related expenses incurred during FY’2021.
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Reconciliation to Free Cash Flow, Free Cash Flow Margin and Free Cash Flow Conversion $ in ’000s, unless otherwise noted 2Q’24 2Q’25 1Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 Cash Flows from Operating Activities $31,110 $ 42,049 $ 34,799 $ 30,599 $ 35,539 $ 44,292 $ 78,486 $ 90,523 $ 133,861 Capital expenditures (6,754) (2,349) (2,736) (3,300) (2,249) (9,482) (22,232) (20,483) (25,727) Website and software development costs (4.569) (5,798) (4,155) (19,374) (22,958) (17,274) (17,004) (15,487) (16,040) Effect of exchange rate 35 (344) 289 (75) (208) (41) (165) (34) 227 Free Cash Flow $19,822 $ 33,558 $ 28,197 $ 7,850 $ 10,124 $ 17,495 $ 39,085 $ 54,519 $ 92,321 2Q’24 2Q’25 1Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 Adjusted EBITDA $38,539 $58,769 $46,713 $24,334 $39,586 $63,255 $92,180 $129,393 $193,022 Free Cash Flow $19,822 $33,558 $28,197 $7,850 $10,124 $17,495 $39,085 $54,519 $92,321 Adjusted EBITDA Margin % 16.9% 19.1% 17.7% 7.9% 10.8% 13.8% 15.6% 17.8% 19.2% Free Cash flow Conversion % 51.4% 57.1% 60.4% 32.3% 25.6% 27.7% 42.4% 42.1% 47.8% Free Cash Flow Margin % 8.7% 10.9% 10.7% 2.6% 2.8% 3.8% 6.6% 7.5% 9.2%
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Revenue Growth Ex Political Candidate Reconciliation $ in ’000s, unless otherwise noted FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Total Revenue $ 368 $458 $591 $729 $1,006 $1,263 Political Candidate Revenue $15 $0 $8 $0 $44 $0 Total Revenue ex Political Candidate Revenue $353 $458 $583 $729 $961 $1,263 % Growth Y/Y N/A 30% 27% 25% 32% 31%