Slides
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Supplemental 2Q'26 Earnings Presentation August 4 , 2026 ►ZETA
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Forward-looking statements and non-GAAP measures This presentation, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this presentation or during the earnings call that are not statements of historical fact, including statements about our third quarter 2026 guidance and full year 2026 guidance, the Zeta 2028 targets, and the timing of when we will achieve such targets, the expected benefits, adoption, and impact of Athena, expectations regarding the contribution of Marigold’s Enterprise Business, the expected benefits of and contributions from our partnerships and other strategic relationships, 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 third quarter and full year 2026 guidance and the Zeta 2028 targets provided herein are based on Zeta’s current estimates and assumptions and are not a guarantee of future performance. The guidance and the Zeta 2028 targets provided 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 / (loss), non-GAAP net income / (loss) 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. Any third-party trademarks, including names, logos, and brands, referenced in this presentation are the property of their respective owners. Such references are for identification purposes only and do not imply any affiliation with, or endorsement or sponsorship of the Company by, such owners.
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Durable, predictable, and profitable growth at scale See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures See slide 57 for footnote definitions R E S U L T S • 20th straight “beat and raise” quarter and achieved Rule of 64 15, and Rule of 4915 excluding M&A18 • 2Q’26 total revenue growth of 44%, and 28% revenue growth excluding M&A 18 • 2Q’26 FCF2 of $58 million, 13.1% FCF Margin4, up 220 bps Y/Y; up 73% Y/Y, and 63% conversion3 up 610 bps Y/Y • Increasing Zeta 2026 guidance for revenue, adj. EBITDA 2, FCF2 and GAAP EPS • Targeting 39% revenue growth for FY’26 at a 22.3% adj. EBITDA2 margin, and 63% free cash flow conversion3 • Increasing FY’26 GAAP EPS range to $0.09 to $0.11, up $0.07 at the midpoint from guidance of $0.02 to $0.04 previously • 8 of the top 10 verticals grew >20% TTM Y/Y; Consumer & Retail, Financial Services, Automotive and Healthcare all accelerating from 1Q • Super-scaled customer5 growth of 17%, and ARPU6 growth of 17% Y/Y, both ahead of 2028 model • Strong customer adoption across the platform with double-digit growth across all 3 use cases, customers using more than 1 use case up 90% Y/Y, customers using 5+ channels up 50% Y/Y, and cross-sell & upsell deals won in the quarter up 43% Y/Y Zeta’s results evidence of durability and predictability of growth Contribution of growth was broad- based Raising 3Q’26 & FY’26 Guidance K E Y T H E M E S 2Q’26 RESULTS Revenue Y/Y Growth $443M 44% Cash from Ops Y/Y Growth $69M 65% Adjusted EBITDA2 Y/Y Growth $92M 56% Adjusted EBITDA Margin %2 Y/Y Improvement 20.7% 170 bps
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Strong 2Q’26 performance across KPIs See slide 57 for footnote definitions | The data on this slide is as of 6/30/26 unless otherwise indicated Super-Scaled Customers5 Super-Scaled Customer ARPU6 Direct Revenue Mix9 Industry Verticals Quota Carrier Headcount 40.9% 72% 2Q’25: 37.9% 1Q’26: 41.0% 2Q’25: 75% 1Q’26: 75% 2Q’25: 179 1Q’26: 197 197 $1.8M 8 of the Top 10 Verticals Grew Greater Than 20% 72Q’25: 168 1Q’26: 189 2Q’25: $1.6M 1Q’26: $1.7M 198 GAAP Cost of Revenue8
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Rule of 64 performance15 in 2Q’26 See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures See slide 57 for footnote definitions Adjusted EBITDA2 Growth Revenue Growth $308 $443 2Q’25 2Q’26 $59 $92 2Q’25 2Q’26 20.7% of Revenue 19.1% of Revenue
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Significant Y/Y super-scaled customer count expansion See slide 57 for footnote definitions | Based on TTM revenue per customer 4-8% Super Scaled Customer5 Growth ZETA 2028 MODELED CAGR: 17% Y/Y Growth: At Least $1M 144 144 148 159 168 180 184 189 197 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 7 Consecutive Quarters of Sequential Super-Scaled Customer 5 Expansion
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Continued super-scaled customer ARPU expansion See slide 57 for footnote definitions | Based on TTM revenue per customer Y/Y ARPU 6 Growth % 18% 30% 31% 23% 19% 1% 5% 21% 17% 12-16% Super Scaled ARPU6 Growth ZETA 2028 MODELED CAGR: $1.3 $1.6 $1.7 $1.4 $1.6 $1.6 $1.8 $1.7 $1.8 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 17% Y/Y Growth:
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The longer our customers stay with us, the bigger they become Count Revenue FY’25 Scaled Customer ARPU17 <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 Customer16 ~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 See slide 57 for footnote definitions | The data on this slide is as of 12/31/25
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Zeta is well-diversified across a wide range of verticals The data on this slide is as of 12/31/25 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%
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Serving 51% of the Fortune 100 10 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 57 for footnote definitions | The data on this slide is as of 12/31/25
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Zeta 2028
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Tracking towards Zeta 2028 See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures See slide 57 for footnote definitions | *2026 estimates are midpoint of guidance 2028 REVENUE TARGET 2028 ADJ. EBITDA2 TARGET 2028 FCF2 TARGET $2.3B+ $573M+ $371M+ FCF $ Implied 23% CAGR Implied 65% conversion3 FCF Margin4 ADJ. EBITDA$ ADJ. EBITDA MarginImplied 25% margin $368 $458 $591 $729 $1,006 $1,305 $1,818 $2,300 '20 '21 '22 '23 '24 '25 '26E '28 $40 $63 $92 $129 $193 $279 $405 $573 11% 14% 16% 18% 19% 21% 22% 25% -10% -5% 0% 5% 10% 15% 20% 25% 30% $- $100 $200 $300 $400 $500 $600 $700 '20 '21 '22 '23 '24 '25 '26E '28 $10 $17 $39 $55 $92 $165 $255 $371 3% 4% 7% 7% 9% 13% 14% 16% -10% -5% 0% 5% 10% 15% 20% $- $50 $100 $150 $200 $250 $300 $350 $400 '20 '21 '22 '23 '24 '25 '26E '28
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Compound annual growth rates for Zeta 2028 key metrics See slide 57 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 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 11 Avg. 110% – 115%* Direct Mix 8 Range 70% – 75%* K P I s K E Y M E T R I C S 30% 45% 75% 17% 14% 21% 115% 70% – 77% Zeta 2028 Model Updated Feb. 2026 Actual Performance 2021–2025
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3Q’26 & FY’26 Guidance
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Guidance that is balanced between growth & operating leverage See appendix for definitions of non-GAAP measures used herein 3Q’26 Guidance Range FY’26 Guidance Range 3Q’26 Guidance Midpoint FY’26 Guidance Midpoint Total Zeta Revenue $469M – $472M $1,811M – $1,824M $471M $1,818M % Growth Y/Y 39% – 40% 39% – 40% 40% 39% Adj. EBITDA2 $115.0M – $116.0M $404.1M – $406.3M $115.5M $405.2M % Growth Y/Y 47% – 49% 45% – 46% 48% 45% Adj. EBITDA Margin2 24.4% – 24.7% 22.1% – 22.4% 24.5% 22.3% BPS Change Y/Y 120 BPS – 160 BPS 80 BPS – 105 BPS 140 BPS 90 BPS Free Cash Flow2 – $254.8M – $255.8M – $255.3M GAAP EPS – $0.09 – $0.11 – $0.10 The 3Q’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.
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2026 guidance including quarterly cadence *NM: Not Material 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). 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), 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. 1Q’26 Actuals 2Q’26 Actuals 3Q’26 Midpoint 4Q’26 FY’26 Midpoint Zeta Revenue excl. Marigold & Political $341M $395M $416M $453M $1,604M % Growth excl. Marigold & Political Y/Y 29% 28% 23% 20% 25% Marigold Revenue $55.6M $48.1M $47.5M $47.5M $199M Political Candidate Revenue *NM *NM $7M $8M $15M Total Zeta Revenue $396M $443M $471M $508M $1,818M % Growth Y/Y 50% 44% 40% 29% 39% Adj. EBITDA2 $66.1M $91.7M $115.5M $131.9M $405.2M % Growth Y/Y 42% 56% 48% 39% 45% Adj. EBITDA Margin2 16.7% 20.7% 24.5% 25.9% 22.3% BPS Change Y/Y (100) BPS 165 BPS 140 BPS 185 BPS 90 BPS
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Guidance that is balanced between growth & operating leverage 3Q’26 Guidance Midpoint FY’26 Guidance Midpoint 2026 Revenue Prior Guidance (reported as of 4/30) $461M $1,785M Y/Y Growth % 37% 37% REVISED 2026 Revenue: New Guidance $471M $1,818M REVISED Y/Y Growth % 40% 39% 2026 Adj. EBITDA Prior Guidance (reported as of 4/30) $112.8M $397.3M Adj. EBITDA Margin % 24.5% 22.3% REVISED 2026 Adj. EBITDA: New Guidance $115.5M $405.2M REVISED Adj. EBITDA Margin % 24.5% 22.3% REVISED BPS Change Y/Y 140 BPS 90 BPS 2026 Free Cash Flow Prior Guidance (reported as of 4/30) N/A $235.0M Free Cash Flow Margin % N/A 13.2% REVISED 2026 Free Cash Flow: New Guidance N/A $255.3M REVISED Free Cash Flow Margin % N/A 14.0% 2026 GAAP EPS Prior Guidance (reported as of 4/30) N/A $0.02 - $0.04 REVISED 2026 GAAP EPS: New Guidance N/A $0.09 - $0.11 The 3Q’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.
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Guiding to Free Cash Flow of $255M in 2026, with a target of $371M+ by 2028 FCF conversion3 adjusted for Working Capital headwinds primarily from the agency business growth 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. 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 and targets provided are 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 and targets. 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% $40 $63 $92 $129 $193 $279 $405 $573+ $10 $17 $39 $55 $92 $165 $255 $371+ 26% 28% 42% 42% 48% 59% 63% 10% 20% 30% 40% 50% 60% $- $100 $200 $300 $400 $500 $600
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The Pivot to Intelligent AI Infrastructure
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Valued as martech, built as infrastructure Marketing Technology ✓ A vertical SaaS tool sold to CMOs ✓ Campaigns, journeys, features — outputs ✓ Multiple capped by the martech comp set ✓ Revenue read as services-inflected Intelligent AI infrastructure ✓ A proprietary identity data graph — owned, not rented ✓ An intelligence layer consumed across use cases ✓ Financial results with an infrastructure signature ✓ Marketing is the first application, not the ceiling The gap between these two columns is the entire repositioning opportunity. H O W W E B E L I E V E T H E M A R K E T S E E S I T W H A T I T A C T U A L L Y I S
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Zeta’s evolution into an intelligent AI infrastructure company The model leader and the infrastructure leader both chose Zeta — with Athena as the agent layer between them. OpenAI OpenAI's models power Athena's voice capability, and Zeta now partners with OpenAI's advertising operations. A partnership spanning product and revenue. Athena, live Zeta's agentic, conversational super-agent reaches general availability — enterprises act on the graph by asking, not navigating. Snowflake Zeta Marketing Platform deeply embedded in 100+ customer’s Snowflake environments. Joint GTM, intelligence and activation across the Snowflake customer base. Palantir The Zeta Data Cloud is rearchitected on Foundry — the enterprise AI infrastructure layer, conferred by the category's reference company. J A N U A R Y 2 0 2 6 Q 1 2 0 2 6 M A Y 2 0 2 6 J U N E 2 0 2 6 Four catalysts moved Zeta from AI Marketing Cloud to intelligent AI infrastructure — bringing external validation from both the model leader and the infrastructure leader.
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The category is already earned Economics, asset, and external validation — three independent proofs, already in place. See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures 01 Proven economics Record 120% net revenue retention20, +78% Free-Cash-Flow2 growth, and durable 20%+ revenue growth at scale — the financial signature of a platform being consumed.19 02 Proprietary asset An identity graph of 535M covered individuals. The scarce, infrastructural layer competitors can't replicate. 03 External validation Palantir — the market's reference AI- infrastructure company — has embedded Zeta's Data Cloud into Foundry. The category is conferred, not claimed. See slide 57 for footnote definitions Zeta isn't asserting the intelligent AI-infrastructure category — it has already cleared the bar that earns it. Three independent proofs are in place today, not on a roadmap.
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The Data Cloud is the moat Owned, not rented Built over 20 years — not dependent on cookies or third-party brokers. Identity at scale 535M individuals covered globally, with thousands of signals per identity – providing the breadth and depth to power more precise intelligence. Resolved to individuals Identity stitched across signals and channels, not anonymous segments. Compounds with use Every interaction enriches the graph — the lead widens over time. W H Y I T I S D I F F I C U L T T O R E P L I C A T E Every AI system is only as good as the data beneath it. Zeta's edge isn't a model anyone can license — it's a proprietary identity graph that can't be bought, rented, or rebuilt. 535M+ Individuals covered globally Trillions Of consumer signals resolved to real people 20 years Of proprietary data, governance, and model tuning
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When models commoditize, data compounds Data is the differentiator in an AI-first world. Zeta's compounds; a rented model does not. Proprietary data 535M covered individuals, trillions of signals Sharper inference generic models, grounded in Zeta's first-party graph Better outcomes more relevant, accountable marketing decisions More usage & signal every outcome feeds the graph — and the edge widens Foundation models are becoming a shared utility — OpenAI and others, available to everyone. The durable advantage shifts to whoever owns the proprietary data that turns generic intelligence into specific, accountable outcomes. ↻ The flywheel: generic model + proprietary graph = intelligence difficult to replicate — and it gets smarter with every interaction.
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Athena turns data into decisions Agentic apps already in market: Insights and Advisor. Generic intelligence becomes Zeta's intelligence when it runs on Zeta's data. The asset — 535M individuals, trillions of signals. ATHENA An identity graph of 535M covered individuals. The scarce, infrastructural layer competitors can't replicate. Decisions executed across every channel — measured, then fed back. See slide 57 for footnote definitions Athena isn't an application on top of the platform — it's the layer that converts the Data Cloud into inference, decisions, and outcomes. Enterprises stop navigating dashboards and start asking. D A T A C L O UD T H E I N T E L L I G E N C E L A Y E R O U T C OM E S
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The economics of a platform, not a tool Existing enterprises spend more every year and run more of their stack on Zeta — the financial signature of a platform being consumed, not a tool re-sold. See slide 57 for footnote definitions Infrastructure is bought once and consumed forever — and consumption compounds. Two metrics prove Zeta is consumed, not just sol d: retention, and how much more each enterprise runs on the platform. 2 Q ’ 2 6 E X P A N S I O N O N T H E P L A T F O R M 112% 111% 114% 120% 2022 2023 2024 2025 +90% more enterprises using more than one use case (Y/Y) +50% more using more than four channels (Y/Y) 197 super-scaled customers >$1M/yr, up 17% Y/Y N E T R E V E N U E R E T E N T I O N 20
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It already earns like infrastructure See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures See slide 57 for footnote definitions Durable 20%+ revenue growth at scale, expanding margins, and Free Cash Flow compounding faster than revenue — operating leverage, not a services grind. R E V E N U E ( $ M ) Z E T A F I N A N C I A L S +78% FCF growth, 2025 ~39% Cost of Revenue, 2025 20 Straight beat-and-raise quarters, as of 2Q’26 $458 $591 $729 $1,006 $1,305 $1,818 2021 2022 2023 2024 2025 2026 guide $92 $165 $255 2024 2025 2026 guide F C F 2 ( $ M ) 2026 guide
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The category, confirmed from outside. Validation, not the foundation: the proof stands on its own — OpenAI, Palantir, and Gap confirm the category from the outside. OpenAI Palantir Gap Inc. See slide 57 for footnote definitions The proof is the case — the economics and the asset make the argument. The corroboration: the model leader, the infrastructure leader, and a flagship enterprise all building on Zeta. T H E I N F R A S T R U C T U R E L E A D E R A F L A G S H I P C U S T O M E RT H E M O D E L L E A D E R ▪ Models power Athena's voice capability ▪ Zeta partners with OpenAI's advertising operations ▪ "The most instrumental partnership in Zeta's history" ▪ Data Cloud rearchitected on Palantir Foundry ▪ Branded an "enterprise AI infrastructure layer“ ▪ 7-year partnership; joint go-to-market ▪ Zeta named as Gap's system of record ▪ Forward-deployed engineers embedded onsite ▪ One operating partnership — OpenAI + Palantir + Zeta, in production
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Value Zeta against other AI infrastructure companies See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures See slide 57 for footnote definitions Zeta is intelligent AI infrastructure — and across the metrics that define the category, it sits in the cohort. On Rule of 40 21 it clears the bar, and trades at a lower multiple. Z E T A v s . T H E C O H O R T 51Rule of 40 clears the bar L A S T F I S C A L Y E A R R U L E O F 4 0 · R E V E N U E G R O W T H + A D J . E B I T D A M A R G I N 2 N E T R E V E N U E R E T E N T I O N 20 120%NRR In the 115-125% band 30%Revenue growth 4-yr revenue CAGR 5% 2%FCF yield 23 Zeta >2X higher than cohort EV/Revenue29 Zeta vs. the cohort Same profile. A lower multiple. The gap is the repositioning opportunity. vs. average ~3x ~7-34xvs. 51% 50% 44% 42% 39% 107% 21 2121 21 139% 120% 120% 115% 121% 125% Palantir Zeta Datadog CrowdStrike MongoDB Snowflake 22 All measures presented on this page are for the most recently reported fiscal year, except FCF yield, which is forward-looking (see note 24 in the Appendix). NRR/multiples approximate. Excludes semiconductors. Zeta
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T H E O N E- L I N E C L A I M An AI platform powered by proprietary data infrastructure — with Athena as the intelligence layer. 535M-individual data cloud Athena: the intelligence layer 120% NRR20 +78% FCF growth2,19 Priced like martech, built like infrastructure The data asset compounds. The intelligence runs on it. The economics already read as infrastructure — and OpenAI and Palantir confirm it. See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable GAAP measures See slide 57 for footnote definitions
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Dynamic Business Intelligence: Zeta’s Fourth Use Case
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Zeta Business Intelligence (ZBI) Zeta Business Intelligence, ZBI, powered by the Data Cloud is enabling organizations to transform business and customer data into intelligence, insight, and action ZBI Sample Use Cases Examples of how the Data Cloud has helped customers make crucial strategic decisions Real Estate Intelligence Customer Experience Market Sizing Loyalty Growth Business Expansion Business Measurement
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Help brands identify where to open new stores Assess the impact of store closures Measure potential cannibalization of existing stores and e-commerce sales Real Estate Intelligence Specialty Bakery Franchise Tactical Apparel & Gear Brand Automotive Services Franchise “Where should I open new store locations, and how many openings can my brand support” “What other stores do customers visit on the same trip” “What impact do competitor stores have on my brand performance” Real world Zeta customer examples: Real estate typically accounts for 10-20%24 of an organization's total cost base, representing a multi-million-dollar savings opportunity. OPPORTUNITY Zeta Business Intelligence, ZBI, leverages the Data Cloud to help customers answer their biggest strategic questions about real estate to drive revenue growth and profitability: ZBI SOLUTION Luxury Lifestyle Brand See slide 57 for footnote definitions
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Understand how prospects & customers navigate your brand Identify key purchase pathways across channels Improve customer engagement and drive more profitable experiences Customer Experience Athletic Apparel & Footwear Brand Home Furnishings Brand Automotive Services Franchise Real world Zeta customer examples: Poor customer experiences put nearly $3 trillion25 in global sales at risk—creating a significant opportunity to optimize purchase journeys, reduce friction, and improve repeat conversion. OPPORTUNITY ZBI leverages the Data Cloud to help customers answer their biggest strategic questions about customer experience to drive revenue growth and profitability: ZBI SOLUTION Lease-to-Own Retailer “Do my customers first visit the website to browse and then go to the store to convert?” “How many and which competitor brands do they engage with during the purchase process?” “What is the impact of wait time in store on repeat conversion rates?” See slide 57 for footnote definitions
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Assess total and serviceable addressable markets Measure share of wallet Identify new product growth opportunities Market Sizing / Opportunity Assessment Rural Lifestyle Retailer Global Luxury Apparel Brand Global Sports & Entertainment Company Real world Zeta customer examples: Companies invest about 5% of revenue26 in new businesses, creating an opportunity to optimize investment through market sizing, wallet-share analysis, and opportunity prioritization. OPPORTUNITY ZBI leverages the Data Cloud to help customers answer their biggest strategic questions about market sizing to drive revenue growth and profitability: ZBI SOLUTION Animal Health Company “What is the total addressable market for my brand?” “Where should I focus my efforts to prioritize share- of-wallet opportunities?” “What occasions drive brand growth and what are opportunities to capture higher share?” See slide 57 for footnote definitions
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Apply AI-driven loyalty capabilities Increase customer lifetime value Drive customer growth Loyalty Growth Global Restaurant Franchisor Real world Zeta customer examples: Customer loyalty and retention account for nearly 15% of total media spend27 —a significant investment that can be optimized to deepen customer relationships and drive lifetime value. OPPORTUNITY ZBI leverages the Data Cloud to help customers answer their biggest strategic questions about building loyalty to drive revenue growth and profitability: ZBI SOLUTION Casual Dining Restaurant Operator “How many brand-loyal customers aren’t yet enrolled in my loyalty program?” “How do customers perceive the value of my loyalty program?” “Which loyalty levers will move the needle most on customer LTV?” See slide 57 for footnote definitions
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Identify new monetization opportunities Diagnose key revenue growth drivers Expand customer relationships Business Expansion Global Sports & Entertainment Company Real world Zeta customer examples: Companies spend almost 60% of growth budgets28 on market-penetration strategies—an opportunity to expand existing customer relationships and unlock new revenue streams. OPPORTUNITY ZBI leverages the Data Cloud to help customers answer their biggest strategic questions about expanding their business to drive revenue growth and profitability: ZBI SOLUTION Energy Drink Brand “What is the ROI of media partnerships in terms of incremental subscribers or reach?” “Where are the untapped monetization opportunities to grow revenue? “What incremental value does my CPG brand drive for retailer growth and how can I translate that into better self position?” See slide 57 for footnote definitions
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Impact Measurement Real-time Optimization Business Measurement Real world Zeta customer examples: Poor data quality costs organizations ~$13 million27 annually, on average—a significant opportunity for real-time measurement and optimization to improve decision-making and business performance. OPPORTUNITY ZBI leverages the Data Cloud to help customers answer their biggest strategic questions about measurement to drive revenue growth and profitability: ZBI SOLUTION “Which paid, owned, and online-vs-in-store pathways are driving brand performance?” “What segments, occasions, and external factors move the needle most?” “How do non-media media activities like new products impact performance?” Pizza Franchise Wireless Provider Specialty Bakery Franchise Apparel & Home Goods Brands See slide 57 for footnote definitions
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Zeta Overview
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More value with us than without us The Zeta Promise 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 12 $3.2 M
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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)
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Zeta was named a Leader in the Q1 2026 Forrester Wave13 Highest Possible Scores in: Q1 2026 Results “Zeta goes to market with a memorable vision: ‘Make sophisticated marketing simple.’” “Zeta’s approach to AI, data management, and data governance stand out.” “Customers praise Zeta’s accessibility, noting specifically that they can easily reach their account teams by cell phone. They also actively pilot new Zeta developments and rely on Zeta to help implement new innovations” Evaluation Findings Zeta was named as a leader, with the top score in the strategy category, and the highest possible scores in 11 of 26 criteria. • Identity Resolution • Data Management • Data Governance • AI Approach and Perspective • Vision • Innovation • Roadmap • Regulatory Compliance • Agency Services • Skills Improvement • Partner Ecosystem Referenced Report: The Forrester Wave : Email Marketing Service Providers, Q1 2026 See slide 57 for footnote definitions
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The intelligence powered era is breaking boundaries See slide 57 for footnote definitions Technology Data Media Intelligence Powered MarketingSIGNALS OMNICHANNEL ENGAGEMENT IDENTITY CAGR ’23 – ’25 14U.S. TAM 2023 14 $19B $64B 14% 12% MarTech IPM Intelligence Powered Media
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Comprehensive Look Into Zeta’s Data Cloud, Governance & Vision
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Zeta’s POV on how outsiders should value data assets, capabilities, compliance Finding signal through the noise Is Coverage Comprehensive and Resilient? Are Standards of Today and the Likely Future Met? Is Usability Easy, and Does it Create “Unfair Advantages”? Size, Scale, Durability Data Activation Model Active Compliance
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Zeta’s people-based data includes identities, identifiers, and signals Zeta’s types of data 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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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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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
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MTA, LiveIntent, Disqus contribute > 75%+ of identities Disqus LiveIntent Third Party MTA O&O
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DSP, LiveIntent, Disqus contribute > 95% of identifiers DSP LiveIntent Disqus SSP Third Party
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Disqus, DSP, LiveIntent contribute > 75%+ of signals DSP LiveIntent Third Party O&O Disqus
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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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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 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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Zeta’s people-based data includes identities, identifiers, and signals How hard is it to replicate Data Own identity-based assets that provide real value to Publishers, and generate identities, signals and identifiers at significant scale Convergence Platform capable of operating across the entire consumer lifecycle (acquire, grow, retain) AI Leading AI-capabilities to synthesize data into actionable intelligence across customers, competitors, prospects
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Appendix
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Non-GAAP measures In order to assist readers in understanding the core operating results that our management uses to evaluate the business, we 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 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 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 / (loss), non-GAAP Net Income / (loss) 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 / (loss), non-GAAP Net Income / (loss) 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), 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), 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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Footnotes 1 | 2Q’26 GAAP net income of $8.2M, or 1.8% of revenue, includes $52.1M 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 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 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 super-scaled customer average revenue per user (“ARPU”) as revenue for the corresponding period divided by the number of super-scaled customers as of the end of 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. 7 | Vertical revenue growth calculated on a Trailing Twelve Month (TTM) basis Y/Y 8 | GAAP Cost of Revenues excludes depreciation and amortization and consists primarily of media and marketing costs and cer tain employee-related costs. 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 | Source: Fortune.com 11 | 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. 12 | Source: The Total Economic Impact of Zeta–Cost Savings and Benefits Enabled by Zeta 13 | Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. This report is part of a broader collection of Forrester resources, including interactive models, frameworks, tools, data, and access to analyst guidance. For more informat ion, read about Forrester’s objectivity here. 14 | Source: Gartner, ISBA, Insider Intelligence, Statista. Compound Annual Growth Rate (“CAGR”) is for 2023 through 2025. 15 | We define the Rule of 64 as the combination of revenue growth percentage plus adjusted EBITDA margin percentage adding up to 64 or more. We define the Rule of 49 as the combination of revenue growth percentage plus adjusted EBITDA margin percentage adding up to 49 or more. 16 | We define scaled customers as customers from which we generate at least $100,000 of revenue on a trailing twelve-month (TTM) basis. 17 | We calculate the scaled customer average revenue per user (“ARPU”) as revenue for the corresponding period divided by the average number of scaled customers at the end of 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. 18 | 2Q’26 Revenue growth excluding M&A of 28%, reflecting the removal of Marigold’s Enterprise Business contribution to revenue of $48,161 from total GAAP revenue of $442,766. 19 | NRR as of FY2025: Free Cash Flow growth and revenue growth both reflect year-over-year growth for FY2025. 20 | FY2025 NRR of 120% excludes LiveIntent. 21 | For Zeta and Palantir, Rule of 40 is defined as revenue growth + Adj. EBITDA margin adding up to 40 or more. Datadog, CrowdStrike, Snowflake, and MongoDB Rule of 40 is defined as revenue growth + Non-GAAP operating income margin adding up to 40 or more.
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Footnotes 22 | Net ARR expansion rate. 23 | Free Cash Flow yield is defined as estimated Free Cash Flow for the current fiscal year divided by market cap. Estimated Free Cash Flow for the current fiscal year is based on guidance for Zeta, Palantir, and CrowdStrike as of 7/29/2026 and consensus estimates from FactSet financial data and analytics for MongoDB, Snowflake, and Dat adog given they do not provide guidance on estimated Free Cash Flow. Market capitalization as of 7/29/2026 as reported by FactSet financial data and analytics. This presentation does not include a reco nciliation of forward-looking free cash flow to forward-looking GAAP net cash provided by operating activities because Zeta is unable, without making unreasonable efforts, to provide a meaningful or reasonably ac curate calculation or estimation of certain reconciling items which could be significant to Zeta’s results. 24 | Source: Deloitte.com 25 | Source: Qualtrics.com 26 | Source: McKinsey.com 27 | Source: Gartner 28 | Source: Deloitte.WSJ.com 29 | EV/Revenue is on an NTM basis as of 7/29/26 by as reported by FactSet financial data and analytics
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Adj. EBITDA and Adj. EBITDA margin Reconciliation ` 2Q’25 2Q’26 1Q’26 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Net (loss) / income $ (12,814) $ 8,173 $ (13,247) $ (38,465) $ (53,225) $ (249,563) $ (279,239) $ (187,481) $ (69,771) $ (31,509) Net (loss) / income margin (4.2)% 1.8% (3.3)% (12.6)% (14.5)% (54.4)% (47.3)% (25.7)% (6.9)% (2.4%) Stock-based compensation 46,471 52,115 53,032 216 105 259,159 298,992 242,881 194,984 177,821 Depreciation and amortization 17,403 22,658 23,529 34,340 40,064 45,922 51,878 51,149 56,100 72,039 Acquisition-related expenses - - 1,666 5,916 5,402 1,953 344 203 8,229 20,281 Restructuring expenses - - 6,752 1,388 2,090 727 - 2,845 - 3,152 Capital raise related expenses* - - - - - 2,705 - - 1,624 - Interest expenses, net 166 898 761 15,491 16,257 7,033 7,303 10,939 7,147 371 Other expenses / (income) 6,351 8,226 (3,776) 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) 1,192 (373) (2,577) 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 $ 58,769 $ 91,697 $ 66,140 $ 24,334 $ 39,586 $ 63,255 $ 92,180 $ 129,393 $ 193,022 $278,665 Adjusted EBITDA margin 19.1% 20.7% 16.7% 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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Free Cash Flow reconciliation 2Q’25 2Q’26 1Q’26 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Cash Flows from Operating Activities $ 42,049 $ 69,180 $ 49,734 $ 30,599 $ 35,539 $ 44,292 $ 78,486 $ 90,523 $ 133,861 $ 198,902 Capital expenditures (2,349) (4,821) (3,012) (3,300) (2,249) (9,482) (22,232) (20,483) (25,727) (13,815) Website and software development costs (5,798) (6,730) (5,542) (19,374) (22,958) (17,274) (17,004) (15,487) (16,040) (20,093) Effect of exchange rate (344) 335 502 (75) (208) (41) (165) (34) 227 (265) Free Cash Flow $ 33,558 $ 57,964 $ 41,682 $ 7,850 $ 10,124 $ 17,495 $ 39,085 $ 54,519 $ 92,321 $ 164,729 Free Cash Flow Margin 10.9% 13.1% 10.5% 2.6% 2.8% 3.8% 6.6% 7.5% 9.2% 12.6% $ in ’000s, unless otherwise noted
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Non-GAAP Net Income per share Reconciliation 2Q’25 2Q’26 YTD’25 YTD’26 Net (loss) / income $ (12,814) $ 8,173 $ (34,414) $ (5,074) Restructuring expenses - - 3,152 6,752 Acquisition-related expenses - - - 1,666 Stock-based compensation 46,471 52,115 88,458 105,147 Other expenses, net 6,351 8,226 9,863 4,450 Income tax effects of non-GAAP adjustments* (5,414) (12,762) (9,112) (24,960) Non-GAAP net income $ 34,594 $ 55,752 $57,947 $87,981 $ in ’000s, except shares and per share amounts *Income tax effects of non-GAAP adjustments are calculated based on the projected effective tax rate 2Q’25 2Q’26 YTD’25 YTD’26 (Loss) / income per share $ (0.06) $ 0.03 $ (0.16) $ (0.02) Restructuring expenses - - 0.01 0.03 Acquisition-related expenses - - - 0.01 Stock-based compensation 0.18 0.19 0.34 0.39 Other expenses 0.02 0.03 0.04 0.02 Income tax effects of non-GAAP adjustments (0.02) (0.05) (0.04) (0.09) Other dilutive effect 0.02 0.01 0.04 (0.01) Non-GAAP Net Income per share $ 0.14 $ 0.21 $ 0.23 $ 0.33 2Q’25 2Q’26 YTD’25 YTD’26 Weighted average number of shares used to compute net (loss) / income per share 217,253,856 256,581,527 214,918,925 241,962,643 Dilutive effect of weighted-average common stock on: Options 593,713 - 986,571 2,383,944 Restricted Stock and Restricted Stock Units 27,504,591 8,353,555 29,716,414 16,821,739 Performance Stock Units 10,885,125 2,501,458 11,007,029 5,052,460 Weighted average number of shares used to compute non-GAAP income per share 256,237,285 267,436,540 256,628,939 266,220,786
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Revenue, Revenue ex. M&A and Political Candidate Reconciliation ` 3Q’25 4Q’25 1Q’26 2Q’26 Total Revenue $337 $395 $396 $443 LiveIntent Revenue ($20.6) ($22.5) - - Marigold’s Enterprise Business Revenue - ($18.6) ($55.6) ($48.1) Political Candidate Revenue *NM *NM *NM *NM Revenue ex. M&A and Political Candidate $317 $354 $341 $395 $ in millions, unless otherwise noted *NM: Not Material