Slides
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Supplemental 3Q’25 Earnings Presentation November 4, 2025
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2 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 earnings call that are not statements of historical fact, including statements about our fourth quarter and full year 2025 guidance, our initial full year 2026 guidance, the Zeta 2028 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 fourth quarter and full year 2025 guidance, our initial full year 2026 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 and Zeta 2028 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 ("SEC"), that 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, and non-GAAP net income per share, free cash flow (“FCF”), and FCF to adjusted EBITDA ratio. 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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3 Zeta’s 3Q’25 results are durable, predictable, and profitable See slide 44 for footnote definitions RESULTS 3Q’25 RESULTS Revenue Y/Y Growth $337M 26% Cash from Ops Y/Y Growth $58M 68% Adjusted EBITDA2 Y/Y Growth $78M 46% Adjusted EBITDA Margin %2 Y/Y Improvement 23.2% 320 bps • 3Q revenue growth of 26%, 28% excluding LiveIntent and PY Political Candidate • 3Q Adj. EBITDA2 growth of 46% and margin2 expansion of 320 bps • 3Q free cash flow2 growth of 83%, 60% conversion, and 14% margin • Broad based industry revenue contribution, 7 out of 10 growing >20% TTM Y/Y • Increasing FY25 revenue, adjusted EBITDA, and free-cash-flow guidance by more than the 3Q25 beat • Establishing initial 2026 guidance ahead of consensus revenue, adjusted EBITDA, and free cash flow • Initial 2026 guidance calls for a sixth straight year of revenue growth over 20% with free cash flow margin expansion • Launched Athena by ZetaTM, our AI conversational, superintelligent agent, which improves engagement and helps drives a higher ROI • Held our most successful 5th annual Zeta Live yet, attendance up 35% Y/Y • Multiple OneZeta wins, demonstrating that customers who adopt 2+ use cases generate greater than 3x the annual revenue of single use–case customers Strong YTD Momentum Traction With Strategic Initiatives Raising FY25 & Announcing Initial FY26 Guidance KEY THEMES See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures
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4 Consistent execution with strong underlying fundamentals Scaled Customer Count GAAP Cost of Revenue13 Scaled Customer ARPU Direct Revenue Mix8 Industry Verticals Quota Carrier Headcount 39.5% 180 2Q’25: 37.9% 3Q’24: 39.4% 2Q’25: 179 3Q’24: 155 572 2Q’25: 567 3Q’24: 475 180 2Q’25: 168 3Q’24: 144 TOTAL SCALED4 SUPER-SCALED5 +20% Y/Y +25% Y/Y $579K 2Q’25: $532K 3Q’24: $557K $1.6M 2Q’25: $1.6M 3Q’24: $1.6M TOTAL SCALED6 SUPER-SCALED7 75% 2Q’25: 75% 3Q’24: 70% See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures 7 of the Top 10 Verticals Grew Greater Than 20% 9 See slide 44 for footnote definitions | The data on this slide is as of 9/30/25 unless otherwise indicated
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5 15 straight quarters of >20% revenue growth and 19 consecutive quarters of expanding Adj. EBITDA margins Y/Y See slide 44 for footnote definitions See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures Adjusted EBITDA2 Growth Revenue Growth $268 $337 3Q’24 3Q’25 $54 $78 3Q’24 3Q’25 23.2% of Revenue 20.0% of Revenue
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6 Significant Y/Y scaled customer count expansion See slide 44 for footnote definitions | Based on TTM revenue per customer 4-8% ZETA 2028 MODELED CAGR: 20% Y/Y Growth: 18 Consecutive Quarters of Sequential Scaled Customer 4,5 Expansion $100K – $1M $1M+ 316 321 316 324 331 379 389 399 392 124 131 144 144 144 148 159 168 180 440 452 460 468 475 527 548 567 572 - 50 100 150 200 250 300 350 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25
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7 Continued scaled customer ARPU expansion Y/Y ARPU 6,7 Growth % 10% 7% 11% 22% 33% 27% 12% 11% 4% 12-16% ZETA 2028 MODELED CAGR: 15X 2Q’25 ARPU for $1M+ is the $100K - $1M Cohort $418 $454 $416 $479 $557 $577 $467 $532 $579 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 ~17X 3Q’25 ARPU for $1M+ is the $100K - $1M Cohort 4% Y/Y Growth: See slide 44 for footnote definitions
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8 Powerful revenue leverage as customers ramp to >$1M spend See slide 44 for footnote definitions | $ in thousands, unless otherwise noted $1,619$95 $91Quarterly ARPU6,7 $97 $1,578 2.91.9 2.0 3.21.9 3.1Avg. Channels Per ~17X OPP. 331 399 392 Scaled Customer Count4,5 3 Q‘24 $100K to $1M Greater than $1M 2 Q‘25 3 Q’25 144 168 180 3 Q‘24 2Q‘25 3 Q’25 Total Scaled Customers 3Q’25: 572 2Q’25: 567 3Q’24: 475 $1,630 >60 %
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9 The longer our customers stay with us, the bigger they become See slide 44 for footnote definitions | The data on this slide is as of investor day on 10/8/25 ~90% Revenue driven by scaled customers who have been with Zeta >1 year $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 Scaled Customer ARPU6 59%17%16%8%Percentage of 2Q‘25 TTM Revenue 2023 2024 2Q’25 TTM
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10 Zeta is well-diversified across a wide range of verticals Well-Diversified Customer SetFY 2024 Revenue by Vertical • Broad coverage across 15 different industry verticals • 7 of the Top 10 verticals grew greater than 20% in 2024 • Top 5 fastest growing verticals were Automotive, Consumer & Retail, Insurance, Political Candidate & Advocacy, and Technology & Media Insurance, 10% Political Candidate & Advocacy, 8% Telecom, 9% Financial Services 8% Services, 7% Education, 7% Technology & Media, 6% Healthcare, 6% Consumer & Retail, 22% Travel & Hospitality, 7% Automotive, 4% The data on this slide is as of 12/31/24
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11 Serving 44% of the Fortune 100 14 5 of the 10 largest Insurance companies in the world 11 of the 17 largest Consumer & Retail companies 6 of the 13 largest Technology & Media companies 5 of the largest Agency Hold Cos Our experience working with category leaders led to a higher propensity to modernize their marketing cloud AND invest to grow through tougher macro conditions. 2 of the 3 largest Airline companies 2 of the 3 largest Automotive companies in the world 3 of the 5 leading Pharmaceutical companies 4 of the 11 largest Financial Services companies 4 of the 5 largest Telecommunications companies See slide 44 for footnote definitions | The data on this slide is as of 12/31/24
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Zeta 2028
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13 Tracking towards Zeta 2028 See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures for the historical periods presented herein 2028 REVENUE TARGET 2028 ADJ. EBITDA2 TARGET 2028 FCF2 TARGET 2028 Targets $2.1B+ $525M+ $340M+ FCF $ Implied 20% CAGR Implied 65% conversion FCF Margin10 ADJ. EBITDA$ ADJ. EBITDA MarginImplied 25% margin $368 $458 $591 $729 $1,006 $1,275 $1,540 $2,100 $- $500 $1,000 $1,500 $2,000 $2,500 '20 '21 '22 '23 '24 '25E* '26E '28 $40 $63 $92 $129 $193 $274 $354 $525 11% 14% 16% 18% 19% 21% 23% 25% 0% 5% 10% 15% 20% 25% 30% $- $100 $200 $300 $400 $500 $600 '20 '21 '22 '23 '24 '25E* '26E '28 $10 $17 $39 $55 $92 $157 $209 $340 3% 4% 7% 7% 9% 12% 14% 16% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% $- $50 $100 $150 $200 $250 $300 $350 $400 '20 '21 '22 '23 '24 '25E* '26E '28 See slide 44 for footnote definitions | *2025 estimates are midpoint of guidance
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14 Compound annual growth rates for Zeta 2028 key metrics Revenue CAGR 22% 20% Adj. EBITDA2 CAGR 33% 28% Free Cash Flow2 CAGR 58% 39% Scaled Count CAGR 6% 4% – 8% Scaled ARPU CAGR 14% 12% – 16% Quota Carrier CAGR ~25% 10% – 15% Net Revenue Retention 16 Range 110% – 115% 110% – 115%* Direct Mix 8 Range ~80% 70% – 75%* KPIs KEY METRICS See slide 44 for footnote definitions | *NRR & Direct Mix ranges are for 2025 through 2028 See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures for the historical periods presented herein 30% 45% 74% 14% 15% 22% 111% – 114% 70% – 77% Original Zeta 2025 Model Announced Feb. 2022 Zeta 2028 Model Announced Feb. 2025 Actual Performance 2021–2024
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4Q’25 & FY’25 & FY’26 Guidance
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16 Guidance that is balanced between growth & operating leverage Excludes Marigold 4Q’25 Guidance Range FY’25 Guidance Range 4Q’25 Guidance Midpoint FY’25 Guidance Midpoint Total Zeta Revenue $363M – $366M $1,273M – $1,276M $365M $1,275M % Growth Y/Y 15% – 16% 27% 16% 27% Adj. EBITDA2 $89.7M – $90.5M $273.2M – $274.1M $90.1M17 $273.7M % Growth Y/Y 27% – 29% 42% 28% 42% Adj. EBITDA Margin2 24.5% – 24.9% 21.4% – 21.5% 24.7% 21.5% BPS Change Y/Y 215 BPS – 260 BPS 220 BPS – 235 BPS 240 BPS 230 BPS Free Cash Flow2 – $156.9M – $157.9M $48.5M $157.4M Stock-based Compensation – $190.0M – $190.0M The 4Q’25 and FY'25 guidance provided herein are based on Zeta's current estimates and assumptions and are not a guarantee of future performance. Growth and margin percentages may not tie due to rounding.The guidance provided is subject to significant risks and uncertainties, including the risk factors discussed in the Company's reports on file with the SEC, that could cause actual results to differ materially.There can be no assurance that the Company will achieve the results expressed by this guidance. We calculate forward-looking non-GAAP Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP net income (loss). We do not attempt to provide a reconciliation of forward-looking non-GAAP Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow guidance to forward looking GAAP net income (loss), margin, and cash flow from operating activities because 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 would 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. See appendix for definitions of non-GAAP measures used herein
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17 Guidance that is balanced between growth & operating leverage Excludes Marigold 1Q’25 Actuals 2Q’25 Actuals 3Q’25 Actuals 4Q’25 Midpoint FY’25 Midpoint Zeta Revenue excl. LiveIntent $245M $288M $317M $341M $1,190M % Growth excl. LiveIntent & Political Y/Y 26% 27% 28% 23% 26% LiveIntent Revenue $19M $20M $21M $24M $84M Total Zeta Revenue $264M $308M $337M $365M $1,275M % Growth Y/Y 36% 35% 26% 16% 27% Adj. EBITDA $46.7M $58.8M $78.1M $90.1M17 $273.7M % Growth Y/Y 53% 52% 46% 28% 42% Adj. EBITDA Margin 17.7% 19.1% 23.2% 24.7% 21.5% BPS Change Y/Y 200 BPS 215 BPS 320 BPS 240 BPS 230 BPS Free Cash Flow $28.2M $33.6M $47.1M $48.5M $157.4M % Growth Y/Y 87% 69% 83% 53% 70% Stock-based Compensation $42.0M $46.5M $45.6M - $190.0M The 4Q’25 and FY'25 guidance provided herein are based on Zeta's current estimates and assumptions and are not a guarantee of future performance. Growth and margin percentages may not tie due to rounding. The guidance provided is subject to significant risks and uncertainties, including the risk factors discussed in the Company's reports on file with the SEC, that could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by this guidance. 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). We do not attempt to provide a reconciliation of forward-looking non-GAAP Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow guidance to forward looking GAAP net income (loss), margin, and cash flow from ope rating activities because 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. See appendix for definitions of non-GAAP measures used herein
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18 Guidance that is balanced between growth & operating leverage Excludes Marigold 1Q’25 Actuals 2Q’25 Actuals 3Q’25 Actuals 4Q’25 Guidance Midpoint FY’25 Guidance Midpoint 2025 Revenue Prior Guidance (reported as of 8/5) $363M $1,263M Y/Y Growth % 15% 26% REVISED 2025 Revenue: 1Q, 2Q, 3Q Actuals + New Guidance $264M $308M $337M $365M $1,275M REVISED Y/Y Growth % 36% 35% 26% 16% 27% 2025 Adj. EBITDA Prior Guidance (reported as of 8/5) $88.4M $264.6M Adj. EBITDA Margin % 24.4% 20.9% REVISED 2025 Adj. EBITDA: 1Q, 2Q, 3Q Actuals + New Guidance $46.7M $58.8M $78.1M $90.1M17 $273.7M REVISED Adj. EBITDA Margin % 17.7% 19.1% 23.2% 24.7% 21.5% REVISED BPS Change Y/Y 200 BPS 215 BPS 320 BPS 240 BPS 230 BPS The 4Q’25 and FY'25 guidance provided herein are based on Zeta's current estimates and assumptions and are not a guarantee of future performance. Growth and margin percentages may not tie due to rounding. The guidance provided is subject to significant risks and uncertainties, including the risk factors discussed in the Company's reports on file with the SEC, that could cause actual results to differ materially.There can be no assurance that the Company will achieve the results expressed by this guidance. We calculate forward-looking non-GAAP Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP net income (loss). We do not attempt to provide a reconciliation of forward-looking non-GAAP Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow guidance to forward looking GAAP net income (loss), margin, and cash flow from operating activities because 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 would 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. See appendix for definitions of non-GAAP measures used herein
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19 Initial 2026 guidance calls for another year of 20%+ growth Excludes Marigold 1Q’26 Guidance FY’26 Guidance Total Zeta Revenue $314.5M $1,540.0M % Growth Y/Y 19% 21% Adj. EBITDA2 $56.0M $354.0M % Growth Y/Y 20% 29% Adj. EBITDA Margin2 17.8% 23.0% BPS Change Y/Y 10 BPS 150 BPS Free Cash Flow2 – $209.0M The initial 1Q'26 and FY’26 guidance provided herein are based on Zeta's current estimates and assumptions and are not a guarantee of future performance. Growth and margin percentages may not tie due to rounding. The guidance provided is subject to significant risks and uncertainties, including the risk factors discussed in the Company's reports on file with the SEC, that could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by this guidance. We calculate forward-looking non-GAAP Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP net income (loss). We do not attempt to provide a reconciliation of forward-looking non-GAAP Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow guidance to forward looking GAAP net income (loss), margin, and cash flow from operating activities because 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 would 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. See appendix for definitions of non-GAAP measures used herein
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20 FCF conversion adjusted for Working Capital headwinds primarily from the agency business growth Guiding to Free Cash Flow of $157M in 2025, with a target of $340M+ by 2028 See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures ADJ. EBITDA The FY’25, initial FY’26 & FY’28 guidance provided herein are based on Zeta's current estimates and assumptions and are not a guarantee of future performance. Growth and margin percentages may not tie due to rounding. The guidance provided is subject to significant risks and uncertainties, including the risk factors discussed in the Company's reports on file with the SEC, that could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by this guidance. We calculate forward-looking non-GAAP Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow based on internal forecasts that 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 forward-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, because 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 would 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. FCF $ 62% 68% $40 $63 $92 $129 $193 $274 $354 $525+ $10 $17 $39 $55 $92 $157 $209 $340+ 26% 28% 42% 42% 48% 58% 59% 65% 0% 10% 20% 30% 40% 50% 60% 70% $- $100 $200 $300 $400 $500 $600 2020 2021 2022 2023 2024 2025 2026 2028 2020 2021 2022 2023 2024 2025 Midpoint Guidance 2026 Guidance 2028 Target FCF / EBITDA % 3 65%
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21 Expecting significant reduction in share count dilution in 2025 and 2026 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% FY'24 FY'25E FY'26E Follow-on offering LiveIntent acquisition Previously issued PSUs earned based on stock price appreciation Previously issued PSUs earned ~5% ~2% Previously issued PSUs earned~2% Stock granted, net~3% Stock granted, net~3% Stock granted, net~1% LiveIntent Acquisition~3% Follow-on Offering~5% Stock granted, net PSUs earned Target Total Dilution ~4-6% Target Total Dilution ~3-4% Total Dilution ~15%
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22 Stock-based Compensation declining as both an expense and as a % of revenue Total Stock-based Compensation (M) Stock-based Compensation as a % of revenue $259 $299 $243 $195 $190 57% 51% 33% 19% 15% 0% 10% 20% 30% 40% 50% 60% $- $50 $100 $150 $200 $250 $300 $350 2021 2022 2023 2024 2025E
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Zeta Overview
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24 Convergence One System 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 18 Authenticated Identity from 1P data is the connective tissue for Precision & Scale PAID CHANNELS SOCIAL SEARCH PROGRAMMATIC/CTV RETAIL MEDIA OWNED CHANNELS EMAIL/SMS PUSH/IN -APP WEB/APP UNIFIED IDENTITY
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25 A New Category is Emerging AUTHENTICATED PERSISTENT IDENTITY 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. REQUIRES DELIVERS CLOSED LOOP MEASUREMENT CENTRALIZED DECISION ENGINE COMPOUNDING RETURNS FASTER TIME TO VALUE PRECISION & SCALE
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26 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 19 The Zeta Promise More value with us than without us
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27 The Zeta Edge One System Powering All Touchpoints Proprietary SuperGraph Intelligence CONTAINER CONNECTORS CONTENT AI-POWERED DATA FOUNDATION System of Truth
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28 is the Unlock 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 Three on-ramps, one system 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
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29 Zeta consolidates the fragmented marketing landscape How brands create a unified customer database that can identify & create audiences How brands effectively reach and manage customers via owned channels, like email & websites How brands acquire new customers through paid channels, like display, CTV & social The Zeta Marketing Platform (ZMP) consolidates all 3 Engagement (Programmatic) Data Management (CDPs) Marketing Automation (Marketing Clouds & ESPs) Note: This is not an exhaustive competitor set
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30 Zeta was named a Leader in the Latest Forrester Wave15 1Q 2022 3Q 2024 “Zeta Global stands out with a solution that suits the most type of marketers.” “Zeta’s current offering leads our study because it can personalize send-time, delivery frequency, channel, as well as content, product, offer and subject line.” “Zeta’s detailed product roadmap links planned developments to its vision to make sophisticated marketing simple.” “Reference customers say to expect a partnership, not just a software company [with Zeta].” Highlights Zeta was named as the leader, by a wide margin, scoring highest possible rating in 13 of 22 categories. See slide 44 for footnote definitions
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31 The intelligence powered era is breaking boundaries Technology Data Media Intelligence Powered MarketingSIGNALS OMNICHANNEL ENGAGEMENT IDENTITY CAGR ’23 – ‘25 11U.S. TAM 2023 11 $19B $64B 14% 12% MarTech IPM Intelligence Powered Media See slide 44 for footnote definitions
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Comprehensive Look Into Zeta’s Data Cloud, Governance & Vision Selection from Zeta Data Summit on December 9, 2024
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33 Is Coverage Comprehensive and Resilient? Are Standards of Today and the Likely Future Met? Is Usability Easy, and Does it Create “Unfair Advantages”? Finding Signal Through the Noise Zeta’s POV on How Outsiders Should Value Data Assets, Capabilities, Compliance Size, Scale, Durability Data Activation Model Active Compliance
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34 Zeta’s Types of Data Zeta’s People -Based Data Includes Identities, Identifiers, & Signals Identities Identities are unique individuals, represented by offline PII like an email hash that can be joined to a digital identifier via an authentication event (e.g. login, signup, click-thru) Signals Signals are data-in-motion and data-at-rest processed by Zeta AI to infer intent, interest, and attributes (e.g. intent to buy a car or travel, kids in household) High Stability & Persistence Refreshing Regularly Identifiers Identifiers are indices that determine the best way to reach an identity across digital and offline channels (e.g. email hash, MAID, IFA, phone number) Stable & Refreshing
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35 Defining Zeta’s Sources of Data Zeta Supply Side Platform (SSP) Zeta Message Transfer Agent (MTA) Disqus LiveIntent O&O Properties (e.g. ArcaMax) Third Party Sources (e.g. LiveRamp) Zeta Demand Side Platform (DSP) Technology enabling publishers to participate in online, programmatic auctions Email infrastructure technology powering messages and activity to Zeta-permissioned records Publisher toolset powering features like comments and polls that drive reader engagement; generally leveraged by smaller publishers Publisher toolset enabling monetization of email newsletters and website traffic; generally leveraged by larger publishers Content Newsletters and Web Publishers providing information and services to registered consumers Ecosystem partners providing permissioned, incremental data to Zeta’s graph Technology enabling advertisers to participate in online, programmatic auctions Zeta Data Sources Description Strategic, Durable Approach Spanning Multiple Years
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36 35%20%45% Contribution Value of Zeta’s Technology and Networks Zeta Supply Side Platform (SSP) Zeta Message Transfer Agent (MTA) Disqus LiveIntent O&O Properties (e.g. ArcaMax) Third Party Sources (e.g. LiveRamp) Zeta Demand Side Platform (DSP) Zeta Data Sources 3-5% 10-15% 20-25% 0.5-1% 10-15% 15-20% 15-20% Identities SignalsIdentifiers Est. Contribution to Total Graph Weighting
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37 MTA, LiveIntent , Disqus Contribute > 75%+ of Identities Disqus LiveIntent Third Party MTA O&O
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38 DSP, LiveIntent , Disqus Contribute > 95% of Identifiers DSP LiveIntent Disqus SSP Third Party
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39 Disqus, DSP, LiveIntent Contribute > 75%+ of Signals DSP LiveIntent Third Party O&O Disqus
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40 Digital and Email Permission Have Different Requirements Zeta Collects Permissioned Data for Web Monitoring and Email Using Methodologies Compliant with Federal Laws, State Laws, and Self -Regulatory Programs Zeta Data Cloud Counts as of November 2024 US Individuals Providing Permission to Online Tracking by Agreeing to Publisher Terms of Service 245M US Individuals Providing Permission to Email via Opt-in Action 110M Digital Permission: Identities, Signals and Identifiers are synthesized via explicit value exchange with Publishers through which they are enabled to drive engagement and monetize. Email Permission: Identities are synthesized via explicit opt-in from a Consumer through which they are receiving services.
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41 Data Durability Zeta’s People -Based Assets Have Demonstrated Stability and Antifragility Amidst a More Stringent Regulatory Environment 231M* 241M* 245M* December 2021 January 2024 November 2024 LiveIntent Acquisition Completed * US Individuals Eligible for Online Tracking via Acceptance of Zeta Publisher Terms of Service CCPAGoogle SameSite TCF 2.0 Apple ITP 2.1/2.2 GDPR Data Privacy Regulation & Browser Updates Apple IDFA 3rd Party CookiesEmail Deliverability
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42 Data Own identity-based assets that provide real value to Publishers, and generate identities, signals and identifiers at significant scale AI Leading AI-capabilities to synthesize data into actionable intelligence across customers, competitors, prospects Convergence Platform capable of operating across the entire consumer lifecycle (acquire, grow, retain) How Hard it is to Replicate In Short, It Would Be Challenging to Recreate Zeta’s Model
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Appendix
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44 Footnotes 1 | 3Q’25 GAAP net loss of $3.6M, or 1.1% of revenue, includes $45.6M of stock-based compensation. 2 | Adjusted EBITDA, Adjusted EBITDA Margin, non-GAAP Net Income, non-GAAP Net Income per share, and Free Cash Flow are non-GAAP measures, see reconciliations in this Appendix. 3 | Free Cash Flow to Adjusted EBITDA ratio is a non-GAAP financial measure defined as Free Cash Flow divided by Adjusted EBITDA for the same period. 4 | We define scaled customers as customers from which we generate at least $100,000 of revenue on a trailing twelve-month (TTM) basis. 5 | We define super scaled customers, which is a subset of scaled customers, as customers from which we generate at least $1 ,000,000 of revenue on a trailing twelve-month (TTM) basis. 6 | We calculate the scaled customer average revenue per user (“ARPU”) as revenue for the corresponding period divided by the average number of scaled customers during that period. We believe that scaled customer ARPU is useful for investors because it is an indicator of our ability to increase revenue and scale our business. 7 | We calculate the super-scaled customer average revenue per user (“ARPU”) as revenue for the corresponding period divided by the average number of super-scaled customers during that period. We believe that super-scaled customer ARPU is useful for investors because it is an indicator of our ability to increase revenue and scale our business. 8 | Direct Platform Revenue Mix: Percent of revenue generated by the ZMP comprised of subscription software and utilization fees generated by channels owned and operated by Zeta, resulting in stronger operating leverage. 9 | Vertical revenue growth calculated on a Trailing Twelve Month (TTM) basis Y/Y 10 | Free Cash Flow margin is a non-GAAP financial measure defined as Free Cash Flow divided by Revenue for the same period. 11 | Source: Gartner, ISBA, InsiderIntelligence, Statista. Compound Annual Growth Rate (“CAGR”) is for 2023 through 2025. 12 | Source: Forrester 2023; Deloitte 2022 13 | GAAP Cost of Revenues excludes depreciation and amortization and consists primarily of media and marketing costs and ce rtain employee-related costs. 14 | Source: Fortune.com 15 | The Forrester Wave is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave are trademarks of Forrester Research, Inc. The Forrester Wave is a graphical representation of Forrester’s call on a market and is plotted using a detailed spreadsheet with exposed scores, weightings, and comments. Forrester does no t endorse any vendor, product, or service depicted in the Forrester Wave . Information is based on best available resources. Opinions reflect judgment at the time and are subject to change. 16 | Net Revenue Retention (“NRR”): We use an annual NRR rate as a measure of our ability to retain and expand business gen erated from our existing customer base. We calculate our NRR rate by dividing current year revenue earned from customers from which we also earned revenue in the prior year, by the prior year revenue from those same customers. We exclude political and advocacy customers from our calculation of NRR rate because of the biennial nature of these customers. 17 | It is important to note that we expect an additional $15 million to $20 million of Marigold acquisition related expenses in the fourth quarter 2025 which will not impact adjusted EBITDA but will impact our GAAP net income. 18 | Source: https://www.zs.com/insights/100-top-marketing-execs-say-ai-driven-personalization-is-the-new-norm 19 | Source: The Total Economic Impact of Zeta–Cost Savings and Benefits Enabled by Zeta
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45 Non-GAAP Measures In order to assist readers in understanding the core operating results that our management uses to evaluate the business, we describe 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 comparing 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 settlement 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 sto ck units upon the completion 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 on going 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 to Adjusted EBITDA Ratio 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 and 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 should 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 other 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 forward-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 activitie s respectively, because 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 would 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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46 Reconciliation for Adj. EBITDA and Adj. EBITDA margin ` 3Q’24 3Q’25 2Q’25 1Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 Net loss $ (17,375) $ (3,634) $ (12,814) $ (21,600) $ (38,465) $ (53,225) $ (249,563) $ (279,239) $ (187,481) $ (69,771) Net loss margin (6.5)% (1.1)% (4.2)% (8.2)% (12.6)% (14.5)% (54.4)% (47.3)% (25.7)% (6.9)% Stock-based compensation 47,177 45,632 46,471 41,987 216 105 259,159 298,992 242,881 194,984 Depreciation and amortization 12,590 17,191 17,403 17,687 34,340 40,064 45,922 51,878 51,149 56,100 Acquisition-related expenses 4,583 6,482 - - 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* 1,624 - - - - - 2,705 - - 1,624 Interest (income) / expense, net 1,945 (180) 166 331 15,491 16,257 7,033 7,303 10,939 7,147 Other expenses / (income) 2,851 11,726 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) 200 840 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 $ 53,595 $ 78,057 $ 58,769 $ 46,713 $ 24,334 $ 39,586 $ 63,255 $ 92,180 $ 129,393 $ 193,022 Adjusted EBITDA margin 20.0% 23.2% 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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47 Free Cash Flow Reconciliation $ in ’000s, unless otherwise noted 3Q’24 3Q’25 2Q’25 1Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 Cash Flows from Operating Activities $ 34,402 $ 57,919 $ 42,049 $ 34,799 $ 30,599 $ 35,539 $ 44,292 $ 78,486 $ 90,523 $ 133,861 Capital expenditures (4,893) (5,473) (2,349) (2,736) (3,300) (2,249) (9,482) (22,232) (20,483) (25,727) Website and software development costs (3,898) (5,159) (5,798) (4,155) (19,374) (22,958) (17,274) (17,004) (15,487) (16,040) Effect of exchange rate 121 (161) (344) 289 (75) (208) (41) (165) (34) 227 Free Cash Flow $ 25,732 $ 47,126 $ 33,558 $ 28,197 $ 7,850 $ 10,124 $ 17,495 $ 39,085 $ 4,519 $ 92,321
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48 Non-GAAP Net Income per share Reconciliation $ in ’000s, except shares and per share amounts 3Q’24 3Q’25 YTD’24 YTD’25 Net Loss $ (17,375) $ (3,634) $ (85,007) $ (38,048) Restructuring expenses - - - 3,152 Acquisition related expenses 4,583 6,482 4,583 6,482 Stock-based compensation 47,177 45,632 151,974 134,090 Capital raise related expenses 1,624 - 1,624 - Other expenses 2,851 11,726 1,958 21,589 Income tax effects of non-GAAP adjustments* (1,462) (8,210) (2,082) (17,688) Non-GAAP net income $ 37,398 $ 51,996 $ 73,050 $ 109,576 *Income tax effects of non-GAAP adjustments are calculated based on the projected effective tax rate 3Q’24 3Q’25 YTD’24 YTD’25 Net Loss per share $ (0.09) $ (0.02) $ (0.47) $ (0.17) Restructuring expenses - - - 0.01 Acquisition related expenses 0.02 0.03 0.02 0.03 Stock-based compensation 0.20 0.18 0.66 0.52 Capital raise related expenses 0.01 - 0.01 - Other expenses 0.01 0.05 0.01 0.08 Income tax effects of non-GAAP adjustments (0.01) (0.03) (0.01) (0.07) Other dilutive effect 0.02 (0.01) 0.10 0.03 Non-GAAP net income per share $ 0.16 $ 0.20 $ 0.32 $ 0.43 3Q’24 3Q’25 YTD’24 YTD’25 Weighted average number of shares used to compute net loss per share 187,905,129 222,440,882 179,035,728 217,453,797 Dilutive effect of weighted-average common stock on: Options 1,862,228 1,315,711 829,064 1,065,330 Restricted stock 40,433,755 23,928,064 44,809,920 27,765,761 Performance Stock Units 6,861,351 8,621,339 6,383,799 10,203,060 Weighted average number of shares used to compute non-GAAP net income per share 237,062,463 256,305,996 231,058,511 256,487,948
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49 Revenue growth excluding Political Candidate & LiveIntent Revenue Reconciliation 3Q’24 3Q’25 Revenues $ 268,295 $ 337,169 Political candidate revenue (21,058) NM* LiveIntent revenue - (20,600) Revenues excluding political candidate & LiveIntent revenues $ 247,237 $ 316,569 Growth excluding political candidate & LiveIntent revenues 32% 28% *NM: Not Material