Slides
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Supplemental 4Q’25 Earnings Presentation February 24, 2026
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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 first quarter 2026 guidance and 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 first quarter and full year 2026 guidance, provided herein are based on Zeta’s current estimates and assumptions and are not a guarantee of future performance. The guidance provided is 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, non-GAAP net income per share, free cash flow (“FCF”), FCF margin, and FCF to adjusted EBITDA 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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3 Durable, predictable, and profitable growth at scale See slide 45 for footnote definitions R E S U L T S • 18th straight “beat and raise” quarter • FY25 revenue growth of 30%, 27% excluding LiveIntent, Marigold’s Enterprise Business, and PY Political Candidate revenue • FY25 Adj. EBITDA2 growth of 44% and margin2 expansion of 217 bps • FY25 FCF2 growth of 78%, 59% conversion3, and 13% margin4 • Broad based industry revenue contribution, in FY25 9 of the top 10 verticals grew >20% TTM Y/Y • Increasing Zeta 2028 targets for revenue, adj. EBITDA 2, and FCF2 • Targeting 23% revenue CAGR, 31% adj. EBITDA CAGR, and 42% FCF CAGR between 2024 and 2028 • 2026 guidance calls for a sixth straight year of revenue growth over 20% and free cash flow margin expansion4 • Guidance expectation of 92 bps of adj. EBITDA 2 expansion at the midpoint • Guiding to GAAP Net Income positive in FY26, a significant company milestone Once again proving durability of growth 2026 guidance exhibits predictability of growth 2028 targets showcase continued increases in profitability K E Y T H E M E S See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures 4Q’25 RESULTS FY’25 RESULTS Revenue Y/Y Growth $395M 25% $1,305M 30% Cash from Ops Y/Y Growth $64M 47% $199M 49% Adjusted EBITDA2 Y/Y Growth $95M 35% $279M 44% Adjusted EBITDA Margin %2 Y/Y Improvement 24.1% 174 bps 21.4% 217 bps
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4 Consistent execution with strong underlying fundamentals Scaled Customer Count GAAP Cost of Revenue11 Scaled Customer ARPU Direct Revenue Mix9 Industry Verticals Quota Carrier Headcount 198 3Q’25: 180 4Q’24: 180 602 3Q’25: 572 4Q’24: 527 184 3Q’25: 180 4Q’24: 148 TOTAL SCALED5 SUPER-SCALED6 +14% Y/Y +24% Y/Y $625K 3Q’25: $579K 4Q’24: $577K $1.8M 3Q’25: $1.6M 4Q’24: $1.7M TOTAL SCALED7 SUPER-SCALED8 See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures 9 of the Top 10 Verticals Grew Greater Than 20% 10 See slide 45 for footnote definitions | The data on this slide is as of 12/31/25 unless otherwise indicated 40.5% 3Q’25: 39.5% 4Q’24: 40.0% 39.4% FY’24: 39.7% FY’23: 37.7% 4Q’25 FY25 74% 3Q’25: 75% 4Q’24: 74% 74% FY’24: 70% FY’23: 72% 4Q’25 FY25
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5 16 straight quarters of >20% revenue growth and 20 consecutive quarters of expanding Adj. EBITDA margins Y/Y See slide 45 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 $315 $395 4Q’24 4Q’25 $70 $95 4Q’24 4Q’25 24.1% of Revenue 22.4% of Revenue
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6 6 straight years of >20% revenue growth with Adj. EBITDA margin expansion See slide 45 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 $591M $729M $1,006M $1,305 1FY’23 FY’24FY’22 $92M $129M $193M $279 $1 19.2% of Revenue 15.6% of Revenue 17.8% of Revenue FY’25 FY’23 FY’24FY’22 FY’25 21.4% of Revenue
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7 Significant Y/Y scaled customer count expansion See slide 45 for footnote definitions | Based on TTM revenue per customer 4-8% Super Scaled Customer6 Growth ZETA 2028 MODELED CAGR: 14% Y/Y Growth: $100K – $1M At Least $1M 321 316 324 331 379 389 399 392 418 131 144 144 144 148 159 168 180 184452 460 468 475 527 548 567 572 602 0 200 400 600 800 1000 1200 1400 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 19 Consecutive Quarters of Sequential Scaled Customer 5,6 Expansion
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8 Continued scaled customer ARPU expansion Y/Y ARPU 7,8 Growth % 7% 11% 22% 33% 27% 12% 11% 4% 8% 12-16% Super Scaled Customer6 Growth ZETA 2028 MODELED CAGR: 15X 2Q’25 ARPU for $1M+ is the $100K - $1M Cohort $454 $416 $479 $557 $577 $467 $532 $579 $625 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 ~17X 4Q’25 ARPU for At Least $1M is the $100K - $1M Cohort 8% Y/Y Growth: See slide 45 for footnote definitions
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9 Powerful revenue leverage as customers ramp to >$1M spend See slide 45 for footnote definitions | $ in thousands, unless otherwise noted $1,725$129 $97Quarterly ARPU7,8 $104 $1,630 3.02.0 1.9 3.31.9 3.2Avg. Channels Per ~17X OPP. 379 392 418 Scaled Customer Count5,6 4 Q‘24 $100K to $1M At Least $1M 3 Q‘25 4 Q’25 148 180 184 4 Q‘24 3Q‘25 4 Q’25 Total Scaled Customers 4Q’25: 602 3Q’25: 572 4Q’24: 527 $1,807 >70 %
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10 The longer our customers stay with us, the bigger they become Count Revenue FY’25 Scaled Customer ARPU7 <1 Year 1-3 Years 3-5 Years 5+ Years $1.1M FY’25 $3.9M FY’25 $0.7M FY’25 $79M 111 $1.2M FY’24 $2.8M FY’24 $0.9M FY’24 Scaled Customer5 See slide 45 for footnote definitions | The data on this slide is as of 12/31/25 ~90% Revenue driven by scaled customers who have been with Zeta >1 year $2.0M FY’24 $2.1M FY’25 $241M 217 $135M 65 $815M 209
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11 Zeta is well-diversified across a wide range of verticals Well-Diversified Customer SetFY 2025 Revenue by Vertical • Broad coverage across 15 different industry verticals • 9 of the Top 10 verticals grew greater than 20% in 2025 • Top 5 fastest growing verticals were Travel & Hospitality, Advertising & Marketing, Automotive, Consumer & Retail, and Telecom Insurance, 11% Advertising & Marketing, 5% Telecom, 10% Financial Services 8% Education, 5% Technology & Media, 7% Healthcare, 5% Consumer & Retail, 24% Travel & Hospitality, 11% Automotive, 5% The data on this slide is as of 12/31/25
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12 Serving 51% of the Fortune 100 14 6 of the 16 largest Insurance companies in the world 12 of the 15 largest Consumer & Retail companies 10 of the 13 largest Technology & Media companies 4 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 1 of the 3 largest Automotive companies in the world 3 of the 6 leading Pharmaceutical companies 8 of the 12 largest Financial Services companies 4 of the 4 largest Telecommunications companies See slide 45 for footnote definitions | The data on this slide is as of 12/31/25
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Zeta 2028
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14 Updating Zeta 2028 Targets Previous Zeta 2028 Update for Marigold’s Enterprise Business Updated Zeta 2028 Total Zeta Revenue $2.1B $190M $2.3B Adj. EBITDA2 $525M $48M $573M Free Cash Flow2 $340M $31M $371M We calculate forward-looking non-GAAP Adjusted EBITDA, 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, and Free Cash Flow guidance to forward looking GAAP net income (loss), margin, and net cash provided by 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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15 Zeta 2028 Targets updated for Marigold’s Enterprise Business 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 $2.3B+ $573M+ $371M+ FCF $ Implied 23% CAGR Implied 65% conversion FCF Margin4 ADJ. EBITDA$ ADJ. EBITDA MarginImplied 25% margin See slide 45 for footnote definitions | *2026 estimates are midpoint of guidance $368 $458 $591 $729 $1,006 $1,305 $1,755 $2,300 '20 '21 '22 '23 '24 '25 '26E '28 $40 $63 $92 $129 $193 $279 $391 $573 11% 14% 16% 18% 19% 21% 22% 25% -10% -5% 0% 5% 10% 15% 20% 25% $- $100 $200 $300 $400 $500 $600 $700 '20 '21 '22 '23 '24 '25 '26E '28 $10 $17 $39 $55 $92 $165 $231 $371 3% 4% 7% 7% 9% 13% 13% 16% -10% -5% 0% 5% 10% 15% $- $50 $100 $150 $200 $250 $300 $350 $400 '20 '21 '22 '23 '24 '25 '26E '28
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16 Evolving KPI reporting to $1M+ super scaled customers In 2020, at least $1M customers represented ~70% of revenue >90% of revenue growth from 2020 to 2025 has been driven by at least $1M customers At Least $1M 70% Other 30% % of Revenue In 2025, at least $1M customers approaching ~90% of revenue Since IPO, Zeta and its customers have grown substantially At Least $1M 90% Other 10% % of Revenue At Least $1M 90% Other 10% % of Revenue Growth Aligns with One Zeta model and key growth drivers
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17 Compound annual growth rates for Zeta 2028 key metrics Revenue CAGR Adj. EBITDA2 CAGR Free Cash Flow2 CAGR Super Scaled Count CAGR 4% – 8% Super Scaled ARPU CAGR 12% – 16% Quota Carrier CAGR 10% – 15% Net Revenue Retention 13 Avg. 110% – 115%* Direct Mix 8 Range 70% – 75%* K P I s K E Y M E T R I C S See slide 45 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% 75% 17% 14% 21% 115% 70% – 77% Zeta 2028 Model Updated Feb. 2026 Actual Performance 2021–2025
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1Q’26 & FY’26 Guidance
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19 Guidance that is balanced between growth & operating leverage 1Q’26 Guidance Range FY’26 Guidance Range 1Q’26 Guidance Midpoint FY’26 Guidance Midpoint Total Zeta Revenue $369M – $371M $1,749M – $1,762M $370M $1,755M % Growth Y/Y 39% – 40% 34% - 35% 40% 35% Adj. EBITDA2 $61.2M – $61.8M $389.9M – $392.1M $61.5M $391.0M % Growth Y/Y 31% – 32% 40% - 41% 32% 40% Adj. EBITDA Margin2 16.5% – 16.8% 22.1% – 22.4% 16.6% 22.3% BPS Change Y/Y (120) BPS – (90) BPS 80 BPS – 110 BPS (105) BPS 90 BPS Free Cash Flow2 – $230.7M – $231.7M - $231.2M The 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), net income (loss) margin and net cash provided by operating activities. 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), net income (loss) margin, and net cash provided by 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 2026 guidance including quarterly cadence See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures These are not projections; they are goals/targets and are forward-looking, subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management and are based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary, and those variations may be material. Nothing in this presentation should be regarded as a representation by any person that these goals/targets will be achieved, and the Company undertakes no duty to update its goals. We calculate forward-looking non-GAAP Adjusted EBITDA and Adjusted EBITDA margin based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP net income (loss) and net income (loss) margin. We do not attempt to provide a reconciliation of forward-looking non-GAAP Adjusted EBITDA and Adjusted EBITDA margin guidance to forward looking GAAP net income (loss) and net income (loss) margin 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. 1Q’26 Midpoint 2Q’26 3Q’26 4Q’26 FY’26 Midpoint Zeta Revenue excl. Marigold’s Enterprise Business & Political $323M $369M $406M $453M $1,550M % Growth excl. Marigold’s Enterprise Business & Political Y/Y 22% 20% 20% 20% 21% Marigold’s Enterprise Business Revenue $47.5M $47.5M $47.5M $47.5M $190M Political Revenue $0M $0M $7M $8M $15M Total Zeta Revenue $370M $416M $461M $508M $1,755M % Growth Y/Y 40% 35% 37% 29% 35% Adj. EBITDA2 $61.5M $84.9M $112.8M $131.9M $391.0M % Growth Y/Y 32% 44% 44% 39% 40% Adj. EBITDA Margin2 16.6% 20.4% 24.5% 25.9% 22.3% BPS Change Y/Y (105) BPS 135 BPS 135 BPS 185 BPS 90 BPS
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21 Guidance that is balanced between growth & operating leverage 1Q’26 Guidance Midpoint FY’26 Guidance Midpoint 2026 Revenue Prior Guidance (reported as of 11/24) $362M $1,730M Y/Y Growth % 37% 34% REVISED 2026 Revenue: New Guidance $370M $1,755M REVISED Y/Y Growth % 40% 35% 2026 Adj. EBITDA Prior Guidance (reported as of 11/24) $60.0M $385.4M Adj. EBITDA Margin % 16.6% 22.3% REVISED 2026 Adj. EBITDA: New Guidance $61.5M $391.0M REVISED Adj. EBITDA Margin % 16.6% 22.3% REVISED BPS Change Y/Y (105) BPS 90 BPS 2026 Free Cash Flow2 Prior Guidance (reported as of 11/24) - $224M REVISED 2026 Free Cash Flow2: New Guidance - $231M The 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), net income (loss) margin and net cash provided by operating activities. 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), net income (loss) margin, and net cash provided by 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 cer tainty 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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22 $40 $63 $92 $129 $193 $279 $391 $573+ $10 $17 $39 $55 $92 $165 $231 $371+ 26% 28% 42% 42% 48% 59% 59% 0% 10% 20% 30% 40% 50% 60% 70% $- $100 $200 $300 $400 $500 $600 $700 FCF conversion adjusted for Working Capital headwinds primarily from the agency business growth Guiding to Free Cash Flow of $231M in 2026, with a target of $371M+ 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’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), net income (loss) margin and net cash provided by 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), net income (loss) margin, and net cash provided by 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% 2020 2021 2022 2023 2024 2025 2026 Midpoint Guidance 2028 Target FCF / EBITDA % 3 65%76%
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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 14 Authenticated Identity from 1P data is the connective tissue for Precision & Scale Scale & SpendEffectiveness PAID CHANNELS SOCIAL SEARCH PROGRAMMATIC/CTV RETAIL MEDIA Precision&Profit 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 50% CERTAINTY More predictable outcomes ROAS 6X SIMPLICITY The “easy-button” to AI-powered marketing Annualized Savings 15 $3.2 M 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 ONE ZETA 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 Wave16 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 45 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 17U.S. TAM 2023 17 $19B $64B 14% 12% MarTech IPM Intelligence Powered Media See slide 45 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 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 u se in comparing our financial performance over multiple periods. Adjusted EBITDA is a non-GAAP financial measure defined as net income / (loss) adjusted for interest expenses, net, depreciation and amortizatio n, stock-based compensation, income tax (benefit) / provision, acquisition-related expenses, restructuring expenses, change in fair value of warrants and derivative liabilities, certain dispu te 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 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 a non-GAAP financial measure defined Free Cash Flow divided by the 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, Free Cash Flow, Free Cash Flow Margin, and Free Cash Flow Conversion 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, Free Cash Flow, Free Cash Flow Margin, and Free Cash Flow Conversion 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 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.
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45 Footnotes 1 | 4Q’25 GAAP net income of $6.5M, or 1.7% of revenue, includes $43.7M of stock-based compensation. 2 | Adjusted EBITDA, Adjusted EBITDA Margin, non-GAAP Net Income (Loss), non-GAAP Net Income (Loss) per share, and Free Cash Flow are non-GAAP measures, see reconciliations in this Appendix. 3 | Free Cash Flow to Adjusted EBITDA conversion is a non-GAAP financial measure defined as Free Cash Flow divided by Adjusted EBITDA for the same period. 4 | Free Cash Flow margin is a non-GAAP financial measure defined as Free Cash Flow divided by Revenue for the same period. 5 | We define scaled customers as customers from which we generate at least $100,000 of revenue on a trailing twelve-month (TTM) basis. 6 | We define super scaled customers, which is a subset of scaled customers, as customers from which we generate at least $1,0 00,000 of revenue on a trailing twelve-month (TTM) basis. 7 | 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. 8 | 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. 9 | 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. 10 | Vertical revenue growth calculated on a Trailing Twelve Month (TTM) basis Y/Y 11 | GAAP Cost of Revenues excludes depreciation and amortization and consists primarily of media and marketing costs and ce rtain employee-related costs. 12| Source: Fortune.com 13 | Net Revenue Retention (“NRR”): We use an annual NRR rate as a measure of our ability to retain and expand business generated 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. 14 | Source: https://www.zs.com/insights/100-top-marketing-execs-say-ai-driven-personalization-is-the-new-norm 15 | Source: The Total Economic Impact of Zeta–Cost Savings and Benefits Enabled by Zeta 16 | 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. 17 | Source: Gartner, ISBA, InsiderIntelligence, Statista. Compound Annual Growth Rate (“CAGR”) is for 2023 through 2025.
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46 Reconciliation for Adj. EBITDA and Adj. EBITDA margin ` 3Q’25 4Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Net (loss) / income $ (3,634) $ 6,539 $ (38,465) $ (53,225) $ (249,563) $ (279,239) $ (187,481) $ (69,771) $ (31,509) Net (loss) / income margin (1.1)% 1.7% (12.6)% (14.5)% (54.4)% (47.3)% (25.7)% (6.9)% (2.4%) Stock-based compensation 45,632 43,731 216 105 259,159 298,992 242,881 194,984 177,821 Depreciation and amortization 17,191 19,758 34,340 40,064 45,922 51,878 51,149 56,100 72,039 Acquisition-related expenses 6,482 13,799 5,916 5,402 1,953 344 203 8,229 20,281 Restructuring expenses - - 1,388 2,090 727 - 2,845 - 3,152 Capital raise related expenses* - - - - 2,705 - - 1,624 - Interest (income) / expenses, net (180) 54 15,491 16,257 7,033 7,303 10,939 7,147 371 Other expenses / (income) 11,726 16,499 239 (126) (279) 13,983 7,820 (115) 38,088 Change in fair value of warrants and derivative liabilities - - 4,200 28,100 5,000 410 - - - Income tax provision / (benefit) 840 (5,254) 1,009 919 (598) (1,491) 1,037 (5,176) (1,578) Gain on extinguishment of debt - - - - (10,000) - - - - Dispute settlement expense - - - - 1,196 - - - - Adjusted EBITDA $ 78,057 $95,126 $ 24,334 $ 39,586 $ 63,255 $ 92,180 $ 129,393 $ 193,022 $278,665 Adjusted EBITDA margin 23.2% 24.1% 7.9% 10.8% 13.8% 15.6% 17.8% 19.2% 21.4% $ 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’25 4Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Cash Flows from Operating Activities $ 57,919 $ 64,135 $ 30,599 $ 35,539 $ 44,292 $ 78,486 $ 90,523 $ 133,861 $ 198,902 Capital expenditures (5,473) (3,257) (3,300) (2,249) (9,482) (22,232) (20,483) (25,727) (13,815) Website and software development costs (5,159) (4,981) (19,374) (22,958) (17,274) (17,004) (15,487) (16,040) (20,093) Effect of exchange rate (161) (49) (75) (208) (41) (165) (34) 227 (265) Free Cash Flow $ 47,126 $ 55,848 $ 7,850 $ 10,124 $ 17,495 $ 39,085 $ 54,519 $ 92,321 $ 164,729 Free Cash Flow Margin 14.0% 14.2% 2.6% 2.8% 3.8% 6.6% 7.5% 9.2% 12.6%
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48 4Q’24 4Q’25 FY’24 FY’25 Net Income / (loss) $ 15,236 $ 6,539 $ (69,771) $ (31,509) Restructuring expenses - - - 3,152 Acquisition-related expenses 3,646 13,799 8,229 20,281 Stock-based compensation 43,010 43,731 194,984 177,821 Capital raise related expenses - - 1,624 - Other (income) / expenses (2,073) 16,499 (115) 38,088 Income tax effects of non-GAAP adjustments* (8,282) (9,085) (12,446) (20,674) Non-GAAP net income $ 51,537 $ 71,483 $ 122,505 $ 187,159 Non-GAAP Earnings per share Reconciliation $ in ’000s, except shares and per share amounts *Income tax effects of non-GAAP adjustments are calculated based on the projected effective tax rate 4Q’24 4Q’25 FY24 FY’25 Earnings / (loss) per share $ 0.06 $ 0.03 $ (0.38) $ (0.14) Restructuring expenses - - - 0.01 Acquisition-related expenses 0.01 0.05 0.03 0.08 Stock-based compensation 0.17 0.17 0.82 0.69 Capital raise related expenses - - 0.01 - Other (income) / expenses (0.01) 0.06 - 0.15 Income tax effects of non-GAAP adjustments (0.03) (0.04) (0.05) (0.09) Other dilutive effect - 0.01 0.09 0.03 Non-GAAP earnings per share $ 0.20 $ 0.28 $ 0.52 $ 0.73 4Q’24 4Q’25 FY’24 FY’25 Weighted average number of shares used to compute earnings / (loss) per share 250,320,459 249,182,177 185,984,107 220,722,814 Dilutive effect of weighted-average common stock on: Options - - 1,844,691 2,317,812 Restricted stock and RSUs - 5,733,103 42,361,451 25,786,889 Performance Stock Units 3,635,701 3,768,997 7,504,227 9,227,634 Weighted average number of shares used to compute non-GAAP earnings per share 253,956,160 258,684,277 237,694,476 258,055,149
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49 Revenue growth excluding Political Candidate, LiveIntent and Marigold’s Enterprise Business Revenue Reconciliation 4Q’24 4Q’25 FY’24 FY’25 Revenues $ 314,673 $ 394,638 $ 1,005,754 $ 1,304,668 Political candidate (21,881) NM* (44,363) NM* LiveIntent (16,929) (22,480) (16,929) (82,558) Marigold’s Enterprise Business - (18,573) - (18,573) Revenues excluding political candidate, LiveIntent & Marigold’s Enterprise Business $ 275,863 $ 353,585 $ 944,462 $ 1,203,537 Growth excluding political candidate, LiveIntent & Marigold’s Enterprise Business revenues 31% 28% 30% 27% *NM: Not Material