Q4 2025 Nexxen International Ltd Earnings Call

March 4, 2026

To follow. At the end of the presentation, this call is being recorded and a replay of today's call will be made available on Nixon's, investor relations website. I will now hand the call over to Billy Eckert, vice president of investor relations for introductions and the reading of the Safe Harbor statement. Billy. Please go ahead.

Operator: Session to follow at the end of the presentation. This call is being recorded and a replay of today's call will be made available on Nexxen's Investor Relations website. I will now hand the call over to Billy Eckert, Vice President of Investor Relations, for introductions and the reading of the safe harbor statement. Billy, please go ahead.

Thank you, operator. Good morning, everyone, and welcome to Nexus fourth quarter earnings call.

During today's call, we will discuss our financial and operating results for the 3 and 12 months ended December 31st 2025 as well as our forward-looking guidance.

Billy Eckert: Thank you, operator. Good morning, everyone, and welcome to Nexxen's Q4 earnings call. During today's call, we will discuss our financial and operating results for the 3 and 12 months ended 31 December 2025, as well as our forward-looking guidance. With us on today's call are Ofer Druker, Nexxen's Chief Executive Officer, and Sagi Niri, the company's Chief Financial Officer. This morning, we issued a press release which you can access on our IR website at investors.nexxen.com. During today's conference call, we will make forward-looking statements. All statements other than statements of historical fact could be deemed as forward-looking. We advise caution and reliance on forward-looking statements. These statements include, without limitation, statements and projections regarding our anticipated future financial and operating performance, market opportunity, growth prospects, strategy, and financial outlook.

Billy Eckert: Thank you, operator. Good morning, everyone, and welcome to Nexxen's Q4 earnings call. During today's call, we will discuss our financial and operating results for the three and 12 months ended 31 December 2025, as well as our forward-looking guidance. With us on today's call are Ofer Druker, Nexxen's Chief Executive Officer, and Sagi Niri, the company's Chief Financial Officer. This morning, we issued a press release which you can access on our IR website at investors.nexxen.com. During today's conference call, we will make forward-looking statements. All statements other than statements of historical fact could be deemed as forward-looking. We advise caution and reliance on forward-looking statements. These statements include, without limitation, statements and projections regarding our anticipated future financial and operating performance, market opportunity, growth prospects, strategy, and financial outlook.

With us on today's call are over der. Next is chief executive officer and Senior the company's Chief Financial Officer.

This morning, we issued a press release which you can access on our IR website at investors.com nexton.com.

During today's conference call, we will make forward-looking statements all statements other than statements of historical facts. Could be deemed as forward-looking

Speaker #1: This call is being recorded and a replay of today's call will be made available on Nexxen's Investor Relations website. I will now hand the call over to Billy Eckert, Vice President of Investor Relations for introductions and the reading of the Safe Harbor statement.

We advise caution in Reliance on what we're looking statements.

These statements include without limitation statements and projections regarding our anticipated, future financial, and operating performance Market opportunity, growth, prospects, strategy, and financial Outlook.

Speaker #1: Billy, please go ahead.

Speaker #2: Thank you, Operator. Good morning, everyone, and welcome to Nexxen's fourth quarter earnings call. During today's call, we will discuss our financial and operating results for the three and twelve months ended December 31st, 2025, as well as our forward-looking guidance.

Billy Eckert: Thank you, operator. Good morning, everyone, and welcome to Nexxen's Q4 Earnings Call. During today's call, we will discuss our financial and operating results for the 3 and 12 months ended 31 December 2025, as well as our forward-looking guidance. With us on today's call are Ofer Druker, Nexxen's Chief Executive Officer, and Sagi Niri, the company's Chief Financial Officer. This morning, we issued a press release which you can access on our IR website at investors.nexxen.com. During today's conference call, we will make forward-looking statements. All statements other than statements of historical fact could be deemed as forward-looking. We advise caution and reliance on forward-looking statements. These statements include, without limitation, statements and projections regarding our anticipated future financial and operating performance, market opportunity, growth prospects, strategy, and financial outlook.

Be safe and also include without limitation statements regarding our partnership in anticipated, benefits related to those Partnerships, anticipated benefits related to the company's intended growth and platform Investments. So we're looking views on macroeconomic and Industry conditions as well as any other statements concerning the expected development performance and market share or competitive performance relating to our products or services.

Billy Eckert: These statements also include, without limitation, statements regarding our partnerships and anticipated benefits related to those partnerships, anticipated benefits related to the company's intended growth and platform investments, forward-looking views on macroeconomic and industry conditions, as well as any other statements concerning the expected development, performance and market share or competitive performance relating to our products or services. All forward-looking statements are based on information available to us as of the date of this call. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those implied by these forward-looking statements, including unexpected changes in our business or unexpected changes in macroeconomic or industry conditions.

Speaker #2: With us on today's call are Ofer Druker, Nexxen's Chief Executive Officer, and Sagi Niri, the company's Chief Financial Officer. This morning, we issued a press release which you can access on our IR website at investors.nexxen.com.

All forward-looking statements are based on information available to us as of the date of this call.

Speaker #2: During today's conference call, we will make forward-looking statements. All statements other than statements of historical fact could be deemed as forward-looking. We advise caution and reliance on forward-looking statements.

Speaker #2: These statements include without limitation statements and projections regarding our anticipated future financial and operating performance, market opportunity, growth prospects, strategy, and financial outlook. These statements also include without limitation statements regarding our partnerships and anticipated benefits related to those partnerships, anticipated benefits related to the company's intended growth and platform investments, forward-looking views on macroeconomic and industry conditions, as well as any other statements concerning the expected development, performance, and market share, or competitive performance relating to our products or services.

These statements involve known and unknown risks on certain fees and other factors that may cause our actual results to differ materially from those implied by these forward-looking statements including unexpected changes in our business or unexpected changes in macroeconomic or industry. Conditions, more detailed information about these risk factors and additional risk factors are set forth in our filings with the US Security and Exchange Commission, including but not limited to those risks and uncertainties listed in the section, entitled risk factors in our most recent annual report on form 20f.

Billy Eckert: These statements also include, without limitation, statements regarding our partnerships and anticipated benefits related to those partnerships, anticipated benefits related to the company's intended growth and platform investments, forward-looking views on macroeconomic and industry conditions as well as any other statements concerning the expected development, performance, and market share or competitive performance relating to our products or services. All forward-looking statements are based on information available to us as of the date of this call. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those implied by these forward-looking statements, including unexpected changes in our business or unexpected changes in macroeconomic or industry conditions.

Billy Eckert: More detailed information about these risk factors and additional risk factors are set forth in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled Risk Factors in our most recent annual report on Form 20-F. Nexxen does not intend to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in IFRS and non-IFRS terms. We refer you to the company's press release for additional details, including definitions of non-IFRS items and reconciliations of IFRS to non-IFRS results. At this time, it is my pleasure to introduce Ofer Druker, CEO of Nexxen. Ofer, please go ahead.

Next next does not intend to update. Our altar is forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Additionally, the company's press release and management statements. During this conference call will include discussions of certain measures and financial information in IFRS and non-ifrs terms

Speaker #2: All forward-looking statements are based on information available to us as of the date of this call. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those implied by these forward-looking statements, including unexpected changes in our business or unexpected changes in macroeconomic or industry conditions.

We refer you to the company's press release for additional details including definitions of Noni FRS items and reconciliations of IFRS to non IFRS results.

At this time, it is my pleasure to introduce over druker CEO of nexi over. Please go ahead.

Speaker #2: More detailed information about these risk factors and additional risk factors are set forth in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled 'Risk Factors' in our most recent annual report on Form 20-F.

Billy Eckert: More detailed information about these risk factors and additional risk factors are set forth in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Risk Factors" in our most recent annual report on Form 20-F. Nexxen does not intend to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in IFRS and non-IFRS terms. We refer you to the company's press release for additional details, including definitions of non-IFRS items and reconciliations of IFRS to non-IFRS results. At this time, it is my pleasure to introduce Ofer Druker, CEO of Nexxen. Ofer, please go ahead.

Thanks be, I'm pleased to report that we met our updated full year guidance, and I was seeing strong momentum in early 2026.

In q1 to date contribution. X Tech and programmatic revenue are stringing ahead of our initial expectation.

Ofer Druker: Thanks, Billy. I'm pleased to report that we met our updated full-year guidance and are seeing strong momentum in early 2026. In Q1 to date, contribution ad tech and programmatic revenue are trending ahead of our initial expectation following the strongest January and February in our history. This performance reflects the payoffs from infrastructure investments made in 2025 to support long-term programmatic trading growth, as well as our ability to form new and expanded partnerships with leading DSPs driven by our differentiated CTV media assets and data. These efforts, along with our strategic differentiation, continued innovation and a favorable advertising backdrop featuring incremental growth catalysts like the Winter Olympics, FIFA World Cup, and especially the U.S. midterm election, position Nexxen for a strong 2026. In the second half of 2025, we meaningfully upgraded our infrastructure and expanded platform scale, roughly doubling SSP capacity.

Following the strongest January and February in our Easter.

Speaker #2: Nexxen does not intend to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Speaker #2: Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in IFRS and non-IFRS terms.

this performance reflects the payoff from infrastructure investment made in 2025 to support long-term, programmatic trading growth, as well as our ability to form new and expanded Partnerships with leading dsps driven by our differentiated CTV media, assets and data,

Speaker #2: We refer you to the company's press release for additional details including definitions of non-IFRS items and reconciliations of IFRS to non-IFRS results. At this time, it is my pleasure to introduce Ofer Druker, CEO of Nexxen.

Speaker #2: Ofer, please go ahead.

Speaker #3: Thanks, Billy. I'm pleased to report that we met our updated full-year guidance and are seeing strong momentum in early 2026. In Q1 to date, contribution ex-tech and programmatic revenue are trending ahead of our initial expectations.

Ofer Druker: Thanks, Billy. I'm pleased to report that we met our updated full-year guidance and are seeing strong momentum in early 2026. In Q1 to date, contribution ad tech and programmatic revenue are trending ahead of our initial expectation, following the strongest January and February in our history. This performance reflects the payoffs from infrastructure investments made in 2025 to support long-term programmatic trading growth, as well as our ability to form new and expanded partnerships with leading DSPs driven by our differentiated CTV media assets and data. These efforts, along with our strategic differentiation, continued innovation, and a favorable advertising backdrop featuring incremental growth catalysts like the Winter Olympics, FIFA World Cup, and especially the US midterm election, position Nexxen for a strong 2026. In the second half of 2025, we meaningfully upgraded our infrastructure and expanded platform scale, roughly doubling SSP capacity.

This efforts along with our strategic, differentiation continued Innovation and a federal will advertising backdrop featuring incremental growth Catalyst, like the Winter Olympics people World Cup and especially the US midterm election position next time for a strong 2026.

In the second half of 2025, we will fully upgraded our infrastructure and expanded platform. Scale roughly doubling SSB capacity.

Speaker #3: Following the strongest January and February in our history, this performance reflects the payoff from infrastructure investment made in 2025 to support long-term programmatic trading growth, as well as our ability to form new and expanded partnerships with leading DSPs driven by our differentiated CTV media assets and data.

This position as to better monetize publisher relationship and support growth in 2026 and Beyond

we also increase Focus around our Enterprise Solutions and plan to continue doing so,

Ofer Druker: This position us to better monetize publisher relationship and support growth in 2026 and beyond. We also increased focus around our enterprise solutions and plan to continue doing so. Over the past several years, we have enhanced our combined DSP and data capabilities through innovative new solution and deeper AI integration to fuel enterprise adoption. In 2025, we saw early results and expanded on these efforts by adding experienced talent across our go-to market and product teams and shifting internal sales resources towards our enterprise offering. These combined initiatives led to us more than doubling our enterprise customer base in 2025. We plan to expand these efforts in 2026 to capitalize on the strength of our unique enterprise solutions built on proven technologies developed over the years. While enterprise growth is a long-term process, we believe now is the right time to invest to capture the vast opportunities ahead.

Speaker #3: This effort, along with our strategic differentiation, continued innovation, and a federal advertising backdrop featuring incremental growth catalysts like the Winter Olympics, FIFA World Cup, and especially the U.S.

over the past several years, we have enhanced our combined, DSP and data capabilities through Innovative new solution and deeper AI integration to fuel Enterprise adoption,

In 2025, we saw early results and expanded on this efforts by adding experience talents across our go-to market and product teams.

Speaker #3: Midterm Election, position Nexxen for a strong 2026. In the second half of 2025, we meaningfully upgraded our infrastructure and expanded platform scale, roughly doubling SSP capacity.

And shifting internal search resources towards our Enterprise offering.

This combined initiative led to us more than doubling our Enterprise customer base in 2025.

Speaker #3: This positioned us to better monetize publisher relationships and support growth in 2026 and beyond. We also increased focus around our enterprise solutions and plan to continue doing so.

Ofer Druker: This position us to better monetize publisher relationship and support growth in 2026 and beyond. We also increased focus around our enterprise solutions and plan to continue doing so. Over the past several years, we have enhanced our combined DSP and data capabilities through innovative new solution and deeper AI integration to fuel enterprise adoption. In 2025, we saw early results and expanded on these efforts by adding experienced talents across our go-to-market and product teams and shifting internal sales resources towards our enterprise offering. This combined initiative led to us more than doubling our enterprise customer base in 2025. We plan to expand these efforts in 2026 to capitalize on the strength of our unique enterprise solutions built on proven technologies developed over the years. While enterprise growth is a long-term process, we believe now is the right time to invest to capture the vast opportunities ahead.

We plan to expand these efforts in 2026 to capitalize on the strengths of our unique Enterprise Solutions.

Built on proven Technologies developed over the years.

Speaker #3: Over the past several years, we have enhanced our combined DSP and data capabilities through innovative new solutions and deeper AI integration to fuel enterprise adoption.

While Enterprise growth is a long-term process, We Believe now is the right time to invest to capture the faster opportunities ahead.

Speaker #3: In 2025, we saw early results and expanded on these efforts by adding experienced talents across our go-to-market and product teams and shifting internal search resources towards our enterprise offerings.

Additionally as AI reshapes our consumers engage across the open internet. We invested in expanding into less affected formats that offer, strong growth potential and revenues durability through exclusive, Smart TV, home screen, Partnerships and scaled Mobile in app relationships.

Ofer Druker: Additionally, as AI reshapes our consumers' engage across the open Internet, we invested in expanding into less affected formats that offer strong growth potential and revenue durability through exclusive Smart TV on-screen partnerships and scaled mobile in-app relationships. In the second half of 2025, we announced the launch of what we believe is the industry's first programmatic Smart TV on-screen advertising solution, providing scaled programmatic access to on-screen inventory on CTV OEMs. I would like to provide some background, as this type of CTV media has not historically been available for programmatic activation. When a user turns on their Smart TV, they land on the operating system home screen, which presents them with a menu of apps and content to consume. According to Nielsen, viewers spend an average of about 10 minutes per day on this screen deciding what to watch, making it a highly visible and valuable surface.

Speaker #3: This combined initiative led to us more than doubling our enterprise customer base in 2025. We plan to expand these efforts in 2026 to capitalize on the strength of our unique enterprise solutions built on proven technologies developed over the years.

In the second half of 2025, we announced the launch of what we believe is the industry's first programmatic. Smart TV home screen, advertising solution, providing scale programmatic access to home screen inventory on CTV or hands.

I would like to provide some background as this type of CTV, media is not historically been available for programmatic activation.

Speaker #3: While enterprise growth is a long-term process, we believe now it's the right time to invest to capture the vast opportunities ahead. Additionally, as AI reshapes our consumers' engagement across the open internet, we invested in expanding into less affected formats that offer strong growth potential and revenue durability through exclusive smart TV on-screen partnerships and scaled mobile in-app relationships.

When a user turns on their smart CV, they land on the operating system home screen which present them with the menu of F and content to consume.

Ofer Druker: Additionally, as AI reshapes our consumers engage across the open Internet, we invested in expanding into less affected formats that offer strong growth, potential, and revenue durability through exclusive Smart TV on-screen partnerships and scaled mobile in-app relationships. In the second half of 2025, we announced the launch of what we believe is the industry's first programmatic Smart TV on-screen advertising solution, providing scaled programmatic access to on-screen inventory on CTV OEMs. I would like to provide some background, as this type of CTV media has not historically been available for programmatic activation. When a user turns on their Smart TV, they land on the operating system on-screen, which presents them with a menu of apps and content to consume. According to Nielsen, viewers spend an average of about 10 minutes per day on this screen deciding what to watch, making it a highly visible and valuable surface.

According to Nissan viewer, spend an average of about 10 minutes per day on this screen deciding what to watch.

Making it a highly visible and valuable surface.

Until now advertising space. On this page has been sold and managed through direct deals and a service.

Speaker #3: In the second half of 2025, we announced the launch of what we believe is the industry's first programmatic smart TV on-screen advertising solution, providing scaled programmatic access to on-screen inventory on CTV OEMs.

Our Innovations, transformed, this surface into a fully programmatic advertising opportunity.

Ofer Druker: Until now, advertising space on this page has been sold and managed through direct deals and ad servers. Our innovations transform this surface into a fully programmatic advertising opportunity. It creates a significant new growth channel for advertisers using the same programmatic workflow they already rely on, while enabling OEMs to monetize their home screen inventory more efficiently and effectively. VIDAA, which rebranded as Vii, is a CTV operating system for Hisense and other OEM brands, and our first OS partner to adopt this technology, which is now integrated across Vii-powered devices globally. As announced by The Trade Desk last week, we are pleased to welcome them as our first strategic DSP partner to adopt the solution following an agreement between Vii, The Trade Desk, and Nexxen to bring Vii's inventory into The Trade Desk Ventura Ecosystem.

Speaker #3: I would like to provide some background, as this type of CTV media is not historically been available for programmatic activation. When a user turns on their smart TV, they land on the operating system on-screen which presents them with a menu of apps and content to consume.

It creates a significant New Growth channel for advertisers using the same programmatic workflow. They already rely on while enabling oems to monetize their home screen, inventory, more efficiently, and effectively.

Vida, which rebranded as V is a CTV operating system. For I and other OEM Brands. And our first OS, partner to adapt this technology, which is now integrated across V power devices globally.

Speaker #3: According to Nexxen, viewers spend an average of about 10 minutes per day on this screen, deciding what to watch, making it a highly visible and valuable surface.

Speaker #3: Until now, advertising space on this page has been sold and managed through direct deals and ad servers. Our innovation transformed this surface into a fully programmatic advertising opportunity.

Ofer Druker: Until now, advertising space on this page has been sold and managed through direct deals and ad servers. Our innovations transform this surface into a fully programmatic advertising opportunity. It creates a significant new growth channel for advertisers using the same programmatic workflow they already rely on while enabling OEMs to monetize their on-screen inventory more efficiently and effectively. VIDAA, which rebranded as V, is a CTV operating system for Hisense and other OEM brands and our first OS partner to adopt this technology, which is now integrated across V-powered devices globally. As announced by The Trade Desk last week, we are pleased to welcome them as our first strategic DSP partner to adopt the solution following an agreement between V, The Trade Desk, and Xandr to bring V's inventory into The Trade Desk's Ventura ecosystem. Together, we are collaborating to establish standards, adjust DSP capabilities, and drive industry awareness.

As announced by the Traders last week, we are pleased to welcome them as our first strategic DSP, partner to adapt the solution following an agreement between G, the Traders and accent to bring this inventory into the trade desk, Ventura ecosystem.

Speaker #3: It creates a significant new growth channel for advertisers using the same programmatic workflow they already rely on, while enabling OEMs to monetize their on-screen inventory more efficiently and effectively.

Together, we are collaborating to establish standard, adjust DSP capabilities and Drive Industry awareness.

Ofer Druker: Together, we are collaborating to establish standards, adjust DSP capabilities, and drive industry awareness. We have strong conviction in this partnership, believe it's fundamental to building a new ecosystem for programmatic smart TV home screen advertising, and are proud to work with The Trade Desk to bring this opportunity to their vast global customer and partners network. By working directly with the leading enabler of programmatic advertising on the open Internet, we believe we can accelerate awareness and adoption of our solution, support industry standardization, and enable training across both our customer bases. We view this as a pivotal milestone in expanding high-quality programmatic advertising on the open Internet through a new engaging channel that is more resistant to AI-driven disruption. VIDAA's footprint, combined with programmatic activation, creates a compelling opportunity for advertisers to drive brand impact and ROI.

We have strong conviction in this partnership. Believe it's fundamental to building a new ecosystem for programmatic multiv, home screen advertising and our crowd to work with the traders, to bring this opportunity to their vast Global customers and partners Network.

Speaker #3: Vida, which rebranded as V, is a CTV operating system for iSense and other OEM brands, and our first OS partner to adopt this technology.

Speaker #3: Which is now integrated across V-Power devices globally. As announced by the Trader's Class Week, we are pleased to welcome them as our first strategic DSP partner to adopt the solution following an agreement between V, the Traders, and Nexxen to bring V's inventory into the Trader's Ventura ecosystem.

By working directly with the leading enabler of programmatic advertising on the open internet, we believe we can accelerate awareness and Adoption of our solution. Support industry standardization and enable training across. Both our customer bases.

We view this as a pivotal milestone in expanding, high-quality, programmatic advertising on the open internet. Through a new engaging channel that is more resistant to AI driven disruption.

Speaker #3: Together, we are collaborating to establish standards, adjust DSP capabilities, and drive industry awareness. We have strong conviction in this partnership, believe it's fundamental to building a new ecosystem for programmatic smart TV on-screen advertising, and are proud to work with the Traders to bring this opportunity to their vast global customers and partners network.

Vince footprint combined with programmatic activation, create a compelling opportunity for advertisers to drive brand impact and Roi

Ofer Druker: We have strong conviction in this partnership, believe it's fundamental to building a new ecosystem for programmatic Smart TV on-screen advertising, and are proud to work with The Trade Desk to bring this opportunity to their vast global customer and partners network. By working directly with the leading enabler of programmatic advertising on the open Internet, we believe we can accelerate awareness and adoption of our solution, support industry standardization, and enable training across both our customer bases. We view this as a pivotal milestone in expanding high-quality programmatic advertising on the open Internet through a new engaging channel that is more resistant to AI-driven disruption. V's footprint, combined with programmatic activation, creates a compelling opportunity for advertisers to drive brand impact and ROI. Our V partnership also continue to drive data licensing momentum as we jointly market ACR data in North America and globally.

Our Z partnership, also continue to drive data licensing momentum. As we jointly Market, ACR data in North America and globally.

Speaker #3: By working directly with the leading enabler of programmatic advertising on the open internet, we believe we can accelerate awareness and adoption of our standardization, and enable training across both our customer bases.

Ofer Druker: Our VIDAA partnership also continue to drive data licensing momentum as we jointly market HDR data in North America and globally. In Q4, we entered a licensing agreement with Liao DSP, expanding our TV data partnership with major DSPs, which already included platforms like The Trade Desk and StackAdapt. Together, our smart TV media assets, proprietary data, and strategic partnership reinforce our ad tech leadership while strengthening our opportunities with brands, agencies, and leading DSPs. In 2025 and early 2026, we partnered with leading mobile in-app ecosystem players to support long-term growth, diversification, and revenue durability with strong early results. Mobile in-app remain a strategic focus as it's less exposed to AI-driven disruption than browser-based traffic.

In Q4 we entered a licensing agreement with laudi spending our TV data, partnership with major dsps which already included platforms, like the trade desk and stock adapt.

Speaker #3: We view this as a pivotal milestone in expanding high-quality programmatic advertising on the open internet through a new, engaging channel that is more resistant to AI-driven disruption.

Together our small TV media assets, proprietary data, and strategic partnership, reinforce our ad Tech leadership. While strengthening our opportunities with Brands agencies and leading dsps,

Speaker #3: V's footprint, combined with programmatic activation, creates a compelling opportunity for advertisers to drive brand impact and ROI. Our V partnership also continues to drive data licensing momentum as we jointly market HCR data in North America and globally.

Ification and revenues durability with strong early results.

Mobile internet remain, a strategic Focus as it less exposed to AI driven disruption than browser based traffic.

Speaker #3: In Q4, we entered a licensing agreement with Yahoo DSP, expanding our TV data partnership with major DSPs which already included platforms like the Trader's and StackAdapt.

Ofer Druker: In Q4, we entered a licensing agreement with Yahoo DSP, expanding our TV data partnership with major DSPs, which already included platforms like The Trade Desk and StackAdapt. Together, our Smart TV media assets, proprietary data, and strategic partnership reinforce our ad tech leadership while strengthening our opportunities with brands, agencies, and leading DSPs. In 2025 and early 2026, we partnered with leading mobile in-app ecosystem players to support long-term growth, diversification, and revenue durability with strong early results. Mobile in-app remain a strategic focus as it's less exposed to AI-driven disruption than browser-based traffic. According to eMarketer, over 80% of mobile ad spend occurred in apps in 2025, and mobile is expected to account for over 2/3 of total digital ad spend by 2027.

According to e-marketer over 80% of mobile ad, spend are called in apps in 2025 and mobile is expected to account for over 2 tails of total digital ad spend by 2027.

Speaker #3: Together, our smart TV media assets proprietary data and strategic partnership reinforce our edtech leadership while strengthening our opportunities with brands, agencies, and leading DSPs.

Ofer Druker: According to eMarketer, over 80% of mobile ad spend occurred in apps in 2025, and mobile is expected to account for over two-thirds of total digital ad spend by 2027. To capitalize on this shift, we built infrastructure to scale in-app media, enabling us to support growing supply and demand in a channel with strong tailwind. We will continue enhancing our mobile in-app capabilities and will pursue new and expanded partnership in 2026 to build on our progress. nexAI continues to evolve across our platform and is receiving strong client feedback. Customers are achieving better results with less effort while unlocking new capabilities. Our DSP assistant is delivering efficiency gains of up to 97% and satisfaction scores over 90%, helping users act on real-time insights faster while improving outcomes and usability.

To capitalize on this shift. We built infrastructure to scale in at media. Enabling us to support growing supply and demand in a Channel with strong Tailwind.

Speaker #3: In 2025 and early 2026, we partnered with leading mobile in-app ecosystem players to support long-term growth, diversification, and revenue durability, with strong early results.

We will continue enhancing our mobile in-app capabilities and will pursue new and expanded partnership in 2026 to build on our progress.

Next, AI continues to evolve across our platform and is receiving strong clients feedback.

Speaker #3: Mobile in-app remains a strategic focus, as it is less exposed to AI-driven disruption than browser-based traffic. According to eMarketer, over 80% of mobile ad spend occurred in apps in 2025, and mobile is expected to account for over two-thirds of total digital ad spend by 2027.

Customers are achieving better results with less effort while unlocking new capabilities.

Our DSP assistant is delivering efficiency gains of up to 97% and satisfaction scores over 90% helping users act on Real Time, insights faster while improving outcomes and usability.

Our Discovery assistant is also driving operational savings.

Speaker #3: To capitalize on this shift, we built infrastructure to scale in-app media, enabling us to support growing supply and demand in a channel with strong tailwind.

Ofer Druker: To capitalize on this shift, we built infrastructure to scale in-app media, enabling us to support growing supply and demand in a channel with strong tailwind. We will continue enhancing our mobile in-app capabilities and will pursue new and expanded partnership in 2026 to build on our progress. nexAI continues to evolve across our platform and is receiving strong client feedback. Customers are achieving better results with less effort while unlocking new capabilities. Our DSP assistant is delivering efficiency gains of up to 97% and satisfaction scores over 90%, helping users act on real-time insights faster while improving outcomes and usability. Our discovery assistant is also driving operational savings, with some clients reporting reduction of up to 45% in audience research time.

With sometimes reporting reduction of up to 45% in audience research time.

Speaker #3: We will continue enhancing our mobile in-app capabilities, and will pursue new and expanded partnerships in 2026 to build on our progress. Nexxen AI continues to evolve across our platform and is receiving strong client feedback.

Ofer Druker: Our Discovery assistant is also driving operational savings, with some clients reporting reduction of up to 45% in audience research time. Through nexAI, we are building a difficult-to-match AI advantage across our DSP, SSP, and data platform by streamlining workflows and enhancing supply chain-wide performance, positioning us to win larger enterprise budgets. In 2026, our AI investment and releases will focus on driving growth and generating scaling cost benefit. We are introducing nexAI to our SSP to optimize publisher performance and revenue. On the DSP side, we will continue integrating our insights and segmentation tool Discovery with our DSP, so audience data flows directly into our buying platform, supporting accelerated enterprise adoption. Finally, our DSP assistant will expand to include AI-driven QA and campaign troubleshooting, automatically flagging errors to reduce waste and maximize buyer budgets.

Through next AI, we are building a difficult to mesh AI Advantage across. Our DSP SSP and data platform by streamlining, workflows and enhancing supply chain wide performance positioning us to win larger Enterprise budgets.

Speaker #3: Customers are achieving better results with less effort while unlocking new capabilities. Our DSP assistant is delivering efficiency gains of up to 97% and satisfaction scores over 90%.

In 2026. Our AI Investments and releases will focus on driving growth and generating scaling cost benefits.

We are introducing next AI to our SSP to optimize publisher, performance and Revenue.

Speaker #3: Helping users act on real-time insights faster while improving outcomes and usability. Our discovery assistant is also driving operational savings. With some clients reporting reduction of up to 45% in audience research time.

On the DSP side, we will continue integrating our insights and segmentation tool Discovery with our DSP. So audience data flows directly into our buying platform supporting accelerated Enterprise adoption.

Speaker #3: Through Nexxen AI, we are building a difficult-to-match AI advantage across our DSP SSP and data platform by streamlining workflows and enhancing supply chain-wide performance.

Ofer Druker: Through nexAI, we are building a difficult-to-match AI advantage across our DSP, SSP, and data platform by streamlining workflows and enhancing supply chain-wide performance, positioning us to win larger enterprise budgets. In 2026, our AI investments and releases will focus on driving growth and generating scaling cost benefits. We are introducing nexAI to our SSP to optimize publisher performance and revenue. On the DSP side, we will continue integrating our insights and segmentation tool Nexxen Discovery with our DSP, so audience data flows directly into our buying platform, supporting accelerated enterprise adoption. Finally, our DSP assistant will expand to include AI-driven QA and campaign troubleshooting, automatically flagging errors to reduce waste and maximize buyer budgets. Internally, nexAI is becoming more embedded across our sales, operations, product, and data teams, driving efficiency and cost saving.

Finally, our DSP assistant will expand to include AI driven QA and campaign troubleshooting automatically flagging arrows to reduce waste and maximize buyer budgets.

Speaker #3: Positioning us to win larger enterprise budgets. In 2026, our AI investment and releases will focus on driving growth and generating scaling cost benefits. We are introducing Nexxen AI to our SSP to optimize publisher performance and revenue.

Internally. Next AI is becoming more embedded across our stairs operations, products, and data teams, driving efficiency, and cost savings.

Ofer Druker: Internally, nexAI is becoming more embedded across our sales, operations, product, and data teams, driving efficiency and cost saving. AI IOs. AI-assisted coding is accelerating development, enabling faster release of revenue-generating solutions while reducing prior investment needs, freeing up capital for specialized data and AI IOs. We are continually releasing solution design to capitalize on sector growth trends and major 2026 advertising events. The health vertical has emerged as a growth engine following the release of Nexxen Health, with new measurement and optimization capabilities introduced in Q4 2025, including the first-to-market Auto Allocate feature powered by PurpleLab. This allows advertisers to optimize spend in real-time using real-world health signals and verified outcome data, improving targeting and full-funnel performance and reinforcing Nexxen as a leading health DSP. We plan to continue investing in vertical-specific solutions to drive growth across additional sectors.

AI. Assisted coding is accelerating development. Enabling faster, release of Revenue, generating solution, while reducing prior investment needs.

Speaker #3: On the DSP side, we will continue integrating our insights and segmentation tool Discovery with our DSP so audience data flows directly into our buying platform, supporting accelerated enterprise adoption.

freeing up capital for specialized data, and AI is

We have continuing solution design to capitalize on sector growth Trends and measure 2026 advertising events.

Speaker #3: Finally, our DSP assistant will expand to include AI-driven QA and campaign troubleshooting automatically flagging errors to reduce waste and maximize buyer budgets. Internally, Nexxen AI is becoming more embedded across our sales, operations, product, and data teams.

The Earth vertical is emerged as a growth engine following the release of Nexon Health with new measurement and optimization capabilities. It reduced in Q4 2025 including the first 2 markets, Auto allocate feature, powered by paper lab.

Speaker #3: Driving efficiency and cost savings, AI-assisted coding is accelerating development, enabling faster release of revenue-generating solutions while reducing prior investment needs, freeing up capital for specialized data and AI I/Os.

Ofer Druker: AI-assisted coding is accelerating development, enabling faster release of revenue-generating solutions while reducing prior investment needs, freeing up capital for specialized data and AI IOs. We are continually releasing solution design to capitalize on sector growth trends and major 2026 advertising events. The health vertical has emerged as a growth engine following the release of Nexxen Health, with new measurement and optimization capabilities introduced in Q4 2025, including the first-to-market Auto Allocate feature powered by PurpleLab. This allow advertisers to optimize spend in real-time using real-world health signals and verified outcome data, improving targeting and full-funnel performance, and reinforcing Nexxen as a leading health DSP. We plan to continue investing in vertical-specific solution to drive growth across additional sectors. We also launched Nexxen Sports in Q4, combining live sport inventory with data-driven insights, targeting, retargeting, and dynamic creative.

This allow advertisers to optimize spend in real time. Using Real World, Health signals, and verified outcome, data improving targeting and full final performance and reinforcing next 10. As a leading Health DSP,

We plan to continue investing in vertical specific solution to drive growth across additional sectors.

Speaker #3: We are continuing releasing solution design to capitalize on sector growth trends and major 2026 advertising events. The health vertical has emerged as a growth engine following the release of Nexxen Health.

We also launched next and Sports in Q4 combining large sport, inventory, with data-driven, insights targeting retargeting, and dynamic creative.

Ofer Druker: We also launched Nexxen Sports in Q4, combining live sport inventory with data-driven insights, targeting, retargeting, and dynamic creative. This solution helps brands drive engagement during live events while enabling advertisers to reach consumers beyond the live window, positioning Nexxen for the biggest live sports advertising year on record, highlighted by events like the FIFA World Cup. Finally, our political advertising solutions position us to capture spend during the 2026 U.S. midterm elections, which we expect to be a major cycle, especially for CTV. While still early in the year, we are very encouraged by our strong start to 2026 and what it signals about the direction of the business. Our momentum validates the strategic decision made in 2025 and the quality of the product offerings we have built and acquired over the past several years.

Speaker #3: With new measurement and optimization capabilities, introduced in Q4 2025, including the first two markets, auto-allocate feature, powered by Pepper Lab. This allows advertisers to optimize spend in real-time using real-world health signals and verified outcome data improving targeting and full-funnel performance and reinforcing Nexxen as a leading health DSP.

This solution helps Branch driving engagement during Live Events while enabling advertisers to reach, consumers beyond the live window. Positioning an accent for the biggest life Sports advertising year on record, highlighted by events, like the CIFA World Cup.

Which we expect to be a major cycle, especially for CTV.

Speaker #3: We plan to continue investing in vertical-specific solutions to drive growth across additional sectors. We also launched Nexxen Sports in Q4, combining live sport inventory with data-driven insights targeting retargeting and dynamic creative.

While still earning the year. We are very encouraged by our strong, start to 2026 and what is signals about. The direction of the business, our momentum validates. The Strategic decision made in 2025 and the quality of the product offerings. We have built and acquired over the past several years.

Speaker #3: This solution helps brands drive engagement during live events, while enabling advertisers to reach consumers beyond the live window positioning Nexxen for the biggest live sports advertising year on record, highlighted by events like the FIFA World Cup.

Ofer Druker: This solution helps brands drive engagement during live events while enabling advertisers to reach consumers beyond the live window, positioning Nexxen for the biggest live sports advertising year on record, highlighted by events like the FIFA World Cup. Our political advertising solutions position us to capture spend during the 2026 US midterm elections, which we expect to be a major cycle, especially for CTV. While still early in the year, we are very encouraged by our strong start to 2026 and what it signals about the direction of the business. Our momentum validates the strategic decision made in 2025 and the quality of the product offerings we have built and acquired over the past several years. It also highlights our progress in building a more diversified and durable revenue base as the industry adapts to AI-driven disruption.

It also highlights our progress in building, a more Diversified and durable Revenue base as the industry adapts to AI driven disruption.

Ofer Druker: It also highlights our progress in building a more diversified and durable revenue base as the industry adapts to AI-driven disruption. Our differentiator, including our end-to-end model, VIDAA partnership, on-screen solution, and platform-wide data and AI integration, are creating growing competitive advantages. Our DSP is now deeply integrated with our exclusive data and media, positioning it to expand our end-to-end enterprise revenue opportunity. This combination is already helping us win larger budgets and deliver stronger outcomes for advertisers and publishers. We expect scaling benefits in 2026 and beyond. We remain focused on execution and innovation to drive sustainable growth and strengthen our leadership as we help define the future of programmatic advertising. With that, I will turn the call to Sagi.

Speaker #3: Finally, our political advertising solutions position us to capture spend during the 2026 US midterm elections. Which we expect to be a major cycle especially for CTV.

Our differentiator, including our end-to-end model, V partnership, home screen solution and platform wide data, and AI integration are creating growing competitive advantages.

Our DSP is now deeply integrated with our exclusive data and media.

Positioning it to expand our end-to-end Enterprise Revenue opportunities.

Speaker #3: While still early in the year, we are very encouraged by our strong start to 2026 and what is signaled about the direction of the business.

Speaker #3: Our momentum validates the strategic decision made in 2025 and the quality of the product offerings we have built and acquired over the past several years.

This combination is already helping us win, larger budgets, and deliver stronger outcomes, for advertisers and Publishers. And we expect scaling benefits in 2026 and Beyond.

Speaker #3: It also highlights our progress in building a more diversified and durable revenue base as the industry adapts to AI-driven disruption. Our differentiators, including our end-to-end model, vPartnership, on-screen solution, and platform-wide data and AI integration, are creating growing competitive advantages.

Read a man. Focus on execution and Innovation to drive sustainable growth and strengthen our leadership as we help Define the future of programmatic advertising.

With that, I will turn the call to Sagi.

Thank you, offer.

Ofer Druker: Our differentiator, including our end-to-end model, V partnership, on-screen solution, and platform-wide data and AI integration, are creating growing competitive advantages. Our DSP is now deeply integrated with our exclusive data and media, positioning it to expand our end-to-end enterprise revenue opportunities. This combination is already helping us win larger budgets and deliver stronger outcomes for advertisers and publishers, and we expect scaling benefits in 2026 and beyond. We remain focused on execution and innovation to drive sustainable growth and strengthen our leadership as we help define the future of programmatic advertising. With that, I will turn the call to Sagi.

Before I discuss Q4, I want to remind listeners as noted in our Q3 earning, call that results were impacted by several factors.

Speaker #3: Our DSP is now deeply integrated with our exclusive data and media. Positioning it to expand our end-to-end enterprise revenue opportunities. This combination is already helping us win larger budgets and deliver stronger outcomes for advertisers and publishers and we expect scaling benefits in 2026 and beyond.

Sagi Niri: Thank you, Ofer. Before I discuss Q4, I want to remind listeners, as noted in our Q3 earnings call, that results were impacted by several factors. These factors included reduced spending from one DSP customer amid their FPO initiative, softness in our non-programmatic business line, more competitive CPM, tariff-driven reductions from certain partners, and the absence of political advertising spend compared to Q4 2024. While non-programmatic weakness has persisted and some customers remain cautious due to tariffs and seasonality, I'm pleased to report that contribution ex-TAC in programmatic revenue to date in Q1 are trending ahead of our initial expectation, driven by broad-based trends across our programmatic business lines. The impact from the DSP customer also appears isolated to Q4.

These factors included reduced pending from 1, DSP customer amid, their SEO initiative softness in our non-programming business, line, more competitive ttn kit. Driven reductions from certain partner and the absence of political advertising spend compared to Q4 2024,

Speaker #3: We remain focused on execution and innovation to drive sustainable growth and strengthen our leadership as we help define the future of programmatic advertising. With that, I will turn the call to Sagi.

While non-programming weakness as persisted and some customers remain cautious due to the risk and seasonality and pleased to report that contribution X start and programmatic revenue to date in q1 are trending ahead of our initial expectation driven by broad day strength across our programmatic business line.

The impact from the DSP customer. Also appears isolated to Q4.

Speaker #2: Thank you, all. Before I discuss Q4, I want to remind listeners, as noted in our Q3 earnings call, that results were impacted by several factors.

Sagi Niri: Thank you, Ofer. Before I discuss Q4, I want to remind listeners, as noted in our Q3 earnings call, that results were impacted by several factors. These factors included reduced spending from one DSP customer amid their FPO initiative, softness in our non-programmatic business line, more competitive CPM, tariff-driven reductions from certain partners, and the absence of political advertising spend compared to Q4 2024. While non-programmatic weakness has persisted and some customers remain cautious due to tariffs and seasonality, I'm pleased to report that Contribution ex-TAC and programmatic revenue to date in Q1 are trending ahead of our initial expectation, driven by broad-based strength across our programmatic business line. The impact from the DSP customer also appears isolated to Q4.

The customer has increased its ill over-ear spend with us so far in q1 and based on this trend and our ongoing discussion we believe I will contribute positively to our expected growth in 2026.

Speaker #2: These factors included reduced spending from one DSP customer amid their FPO initiative, softness in our non-programmatic business line, more competitive CTM, tariff-driven reductions from certain partners, and the absence of political advertising spend compared to Q4 2024.

Sagi Niri: The customer has increased its year-over-year spend with us so far in Q1. Based on this trend and our ongoing discussions, we believe they will contribute positively to our expected growth in 2026. In Q4, we delivered Contribution ex-TAC of $97.8 million, reflecting a 7% year-over-year decrease or a 1% decrease ex political. Programmatic revenue was $94.3 million, down 4% year-over-year, up 2% ex political. Despite this decline, we saw strength in data products and desktop video, along with growth across our health, business, and finance vertical. In contrast, Contribution ex-TAC from our non-programmatic business line declined by approximately $3 million year-over-year.

In Q4 we delivered Constitution x t of 97.8 million reflecting a 7% year-over-year. Decrease over 1% decrease ex political

programmatic Revenue was 94.3 million down 4% year-over-year, but up 2% X political

Speaker #2: While non-programmatic weakness has persisted, and some customers remain cautious due to tariffs and seasonality, I'm pleased to report that contribution extract and programmatic revenue to date in Q1 are trending ahead of our initial expectation, driven by broad-based trends across our programmatic business line.

Despite this decline in strong strength in data products and desktop video along with growth across our health business and finance vertical.

In contrast contribution X from our non-program business line declined by approximately 3 million dollars euro per year.

Speaker #2: The impact from the DSP customer also appears isolated to Q4. The customer has increased its year-over-year spend with us so far in Q1, and based on this trend and our ongoing discussions, we believe they will contribute positively to our expected growth in 2026.

Sagi Niri: The customer has increased its year-over-year spend with us so far in Q1. Based on this trend and our ongoing discussions, we believe they will contribute positively to our expected growth in 2026. In Q4, we delivered Contribution ex-TAC of $97.8 million, reflecting a 7% year-over-year decrease or a 1% decrease ex-political. Programmatic revenue was $94.3 million, down 4% year-over-year, up 2% ex-political. Despite this decline, we saw strength in data products and desktop video, along with growth across our health, business, and finance vertical. In contrast, Contribution ex-TAC from our non-programmatic business line declined by approximately $3 million year-over-year. We also experienced year-over-year decreases in CTV, mobile video and display, alongside reduced spending within our retail and government vertical.

We also experienced year-over-year decreases in CCV mobile video and display alongside reduced spending within our retail and government vertical.

Speaker #2: In Q4, we delivered contribution ex-TAC of $97.8 million, reflecting a 7% year-over-year decrease, or a 1% decrease ex-political. Programmatic revenue was $94.3 million, down 4% year-over-year, but up 2% ex-political.

Sagi Niri: We also experienced year-over-year decreases in CTV, mobile video, and display, alongside reduced spending within our retail and government vertical. CTV revenue declined 19% year-over-year in Q4 or 12% ex political to $30.1 million as results were impacted by several of the factors I mentioned, particularly the DSP customer. Importantly, we are not seeing a negative CTV revenue impact from this customer to date in Q1, and we feel well positioned for CTV revenue growth in 2026 and beyond through the catalyst also discussed. We continue to believe CTV will represent a core long-term growth engine for Nexxen. Elsewhere in Q4, desktop video revenue increased 21% year-over-year, mobile video revenue declined 9%, and overall video revenue represented 72% of programmatic revenue.

PTV Revenue declined. 19% year-over-year in Q4 or 12%. Ex-political to 30.1 million as a result were impacted by several of the factors. I mentioned, particularly the DSP customers

Importantly, we are not seeing a negative ctz Revenue impact from this, customer to date in q1, and we feel well positioned for CTV, Revenue growth in 2026 and Beyond through the Catalyst of this car.

Speaker #2: Despite this decline, we saw strength in data products and desktop video, along with growth across our health, business, and finance verticals. In contrast, contribution extract from our non-programmatic business line declined by approximately $3 million year-over-year.

We continue to believe. CTV will represent a core long-term growth engine for Nexon.

Elsewhere in Q4 desktop video, Revenue, increased 21% year-over-year, mobile video, Revenue decline, 9% and overall video Revenue represented 72% of programmatic Revenue.

Speaker #2: We also experienced year-over-year decreases in CTV, mobile video, and display, alongside reduced spending within our retail and government verticals. CTV revenue declined 19% year-over-year in Q4, or 12% ex-political, to $30.1 million, as results were impacted by several of the factors I mentioned, particularly the DSP customer.

Sagi Niri: CTV revenue declined 19% year-over-year in Q4 or 12% ex political to $30 million, as results were impacted by several of the factors I mentioned, particularly the DSP customer. Importantly, we are not seeing a negative CTV revenue impact from this customer to date in Q1, and we feel well positioned for CTV revenue growth in 2026 and beyond through the catalyst also discussed. We continue to believe CTV will represent a core long-term growth engine for Nexxen. Elsewhere in Q4, desktop video revenue increased 21% year-over-year, mobile video revenue declined 9%, and overall video revenue represented 72% of programmatic revenue. Contribution ex-TAC from data products increased 51% year-over-year. Self-service Contribution ex-TAC declined 5%, and Contribution ex-TAC from DMPs and display each decreased 9%.

Contribution tax from data products, increased 51% year-over-year, self-service contribution extract declined 5% and contribution tax from tnp's and display, each decreased 9%.

Sagi Niri: Contribution ex-TAC from data products increased 51% year-over-year, self-service contribution ex-TAC declined 5%, and contribution ex-TAC from TNPs and display each decreased 9%. For full year 2025, our contribution ex-TAC retention rate declined to 92% from 102% in 2024. This primarily reflects our strategic decision to discontinue smaller customer relationships that were not generating meaningful contribution ex-TAC, allowing us to focus on larger customers with greater spend potential. Contribution ex-TAC per active customer, however, increased to approximately $563,000, reflecting a 7% year-over-year improvement. We believe we remain well positioned to grow both our retention rate and contribution ex-TAC per customer over time through continued focus on driving full stack enterprise adoption.

for full year 2025 our contribution extract retention rate, declined to 92% from 102% in 2024

Speaker #2: Importantly, we are not seeing a negative CTV revenue impact from this customer to date in Q1, and we feel well positioned for CTV revenue growth in 2026 and beyond, through the catalysts offered, discussed.

On a relationship that will not generating meaningful, contribution attack, allowing us to focus on larger customers with greater spend potential.

Speaker #2: We continue to believe CTV will represent a core long-term growth engine for Nexxen. Elsewhere in Q4, desktop video revenue increased 21% year-over-year, mobile video revenue declined 9%, and overall.

Contribution X tasks per active customer, however, increased to approximately 563,000 reflecting a 7% EO variable.

Speaker #2: Video revenue represented 72% of programmatic revenue. Contribution extract from data products increased 51% year-over-year, self-service contribution extract declined 5%, and contribution extract from TNPs and display each decreased 9%.

We believe We remain. Well positioned to grow. Both our retention rate and contribution X Tax per customer over time through continued. Focus on driving, full stack, Enterprise adoption,

adjusted Eda for Q forward 33.9%, a 35% margin as a percentage of contribution, extra

Sagi Niri: For full year 2025, our Contribution ex-TAC retention rate declined to 92% from 102% in 2024. This primarily reflects our strategic decision to discontinue smaller customer relationships that were not generating meaningful Contribution ex-TAC, allowing us to focus on larger customers with greater spend potential. Contribution ex-TAC per active customer, however, increased to approximately $563,000, reflecting a 7% year-over-year improvement. We believe we remain well positioned to grow both our retention rate and Contribution ex-TAC per customer over time through continued focus on driving full stack enterprise adoption. Adjusted EBITDA for Q4 was $33.9 million, representing a 35% margin as a percentage of Contribution ex-TAC.

Speaker #2: For full year 2025, our contribution extract retention rate declined to 92% from 102% in 2024. This primarily reflects our strategic decision to discontinue smaller customer relationships that were not generating meaningful contribution extract, allowing us to focus on larger customers with greater spend potential.

Sagi Niri: Adjusted EBITDA for Q4 was $33.9 million, representing a 35% margin as a percentage of Contribution ex-TAC. We remain confident in our ability to expand margins over time through Contribution ex-TAC growth, increased enterprise adoption and end-to-end spending, disciplined cost management, and anticipated benefits from our AI initiatives. In Q4, we generated $37.7 million in net cash from operating activities compared to $52.3 million in Q4 2024. As of 31 December, we had $133.3 million in cash and cash equivalent, no long-term debt, and $50 million available under our undrawn revolving credit facility. Non-IFRS diluted earnings per share was $0.33 in Q4 compared to $0.48 in Q4 2024. We repurchased 1.44 million shares in Q4, investing approximately $10.8 million.

We renamed confident in our ability to expand margins over time through contribution, xac role, increased Enterprise adoption and end-to-end spending discipline, cost management and anticipated benefits from our AI initiatives.

In Q4, we generated 37.7 million dollars in net cash from operating activities compared to 5, 2. 3, 2 4.

Speaker #2: Contribution extract per active customer; however, increased to approximately 563,000 dollars, reflecting a 7% year-over-year improvement. We believe we remain well positioned to grow both our retention rate and contribution extract per customer, over time through continued focus on driving full-stack enterprise adoption.

As of the center 31st we had 133.3 million in cash and cash equivalent, no long-term debt and 50 million dollars available under our undrawn revolving credit facility.

Non IFRS diluted earnings per. Share was 33% in Q4 compared to 48 cents in Q4 2024.

Speaker #2: Adjusted EBITDA for Q4 was 33.9 million dollars, representing a 35% margin as a percentage of contribution extract. We remain confident in our ability to expand margins over time through contribution extract growth, increased enterprise adoption, and end-to-end spending, disciplined cost management, and anticipated benefits from our AI initiatives.

We repurchased 1.44 million shares in Q4 investing approximately 10.8 million.

Sagi Niri: We remain confident in our ability to expand margins over time through Contribution ex-TAC growth, increased enterprise adoption and end-to-end spending, disciplined cost management, and anticipated benefits from our AI initiatives. In Q4, we generated $37.7 million in net cash from operating activities compared to $52.3 million in Q4 2024. As of 31 December, we had $133.3 million in cash and cash equivalents, no long-term debt and $50 million available under our undrawn revolving credit facility. Non-IFRS diluted earnings per share was $0.33 in Q4 compared to $0.48 in Q4 2024. We repurchased 1.44 million shares in Q4, investing approximately $10.8 million.

From March 2022, through the end of 2025, we repurchased approximately 38.5% of our outstanding shares investing roughly 2, 5 8. 2

Speaker #2: In Q4, we generated 37.7 million dollars in net cash from operating activities, compared to 52.3 million dollars in Q4 2024. As of December 31st, we had 133.3 million dollars in cash in cash equivalent, no long-term debt, and 50 million dollars of valuable under our un-drawn revolving credit facility.

Sagi Niri: From March 2022 through the end of 2025, we repurchased approximately 38.5% of our outstanding shares, investing roughly $258.2 million. As of 28 February, approximately $2 million remained under our current repurchase authorization and a new program of up to $40 million has been approved to begin after the current program concludes. Following our additional $20 million investment in V in Q3, we will invest another $50 million in Q3 2026. Once deployed, we expect to hold an approximately 6% or $60 million equity stake, making us V's largest shareholders outside of Iceland. Alongside the anticipated benefits from our commercial agreement with V, we continue to expect attractive long-term returns on our investment, which we view as an underappreciated component of our story.

as of February 28th at approximately 2 million, dollars remained under our current repurchase of authorization and a new program of up to $40 million has been approved to begin after the current program concludes,

Following our additional 20 million dollar investment in v in Q3, we will invest another 15 million dollars in Q3 2026.

Speaker #2: Non-IFRS diluted earnings per share was 33 cents in Q4, compared to 48 cents in Q4 2024. We repurchased 1.44 million shares in Q4, investing approximately 10.8 million dollars.

Once deployed, we expect to hold an approximately 6% for $60 million Equity State, making us these larger shareholders outside of Iceland.

Sagi Niri: From March 2022 through the end of 2025, we repurchased approximately 38.5% of our outstanding shares, investing roughly $258.2 million. As of 28 February, approximately $2 million remained under our current repurchase authorization and a new program of up to $40 million has been approved to begin after the current program concludes. Following our additional $20 million investment in ViiV in Q3, we will invest another $50 million in Q3 2026. Once deployed, we expect to hold an approximately 6% or $60 million equity stake, making us ViiV's largest shareholder outside of Eisem. Alongside the anticipated benefits from our commercial agreement with ViiV, we continue to expect attractive long-term returns on our investment, which we view as an underappreciated component of our story.

Alongside anticipated benefits from our commercial agreement. With the, we continue to expect a traffic long-term return on our investment, which review as an underappreciated component of our story.

Speaker #2: From March 2022 through the end of 2025, we repurchased approximately 38.5% of our outstanding shares, investing roughly $258.2 million. As of February 28th, approximately $2 million remained under our current repurchase authorization, and a new program of up to $40 million has been approved to begin after the current program concludes.

This year, the plan to leverage our investment to expand retailer relationship and grow. Its North American CTV footprint, which we believe will enhance the long-term value of both, our data and add monetization exclusivity as well as our Equity stake.

Sagi Niri: This year, VIDAA plans to leverage our investment to expand retailer relationships and grow its North American CTV footprint, which we believe will enhance the long-term value of both our data and ad monetization exclusivity, as well as our equity stake. We believe our investment in VIDAA provides multiple paths to future value creation for Nexxen and its shareholders. In addition to share repurchases and increasing our VIDAA investment, we will continue exploring strategic opportunities to accelerate programmatic revenue growth and strengthen our CTV data and mobile in-app capabilities. With that, I'll turn to our outlook.

We believe our investment in V, provide multiple tasks to future value creation for next 10 and shareholders.

Speaker #2: Following our additional 20 million dollar investment in V in Q3, we will invest another 15 million dollars in Q3 2026. Once deployed, we expect to hold an approximately 6% or 60 million dollar equity stake, making us V's largest shareholders outside of Icen.

In addition to share repurchases and increasing our review investment. We will continue exploring strategic opportunities, to accelerate, programmatic Revenue growth, and strengthen our CTV data and Mobile in our capability.

Speaker #2: Alongside the anticipated benefits from our commercial agreement with V, we continue to expect attractive long-term returns on our investment, which we view as an underappreciated component of our story.

Sagi Niri: This year, ViiV plans to leverage our investment to expand retailer relationships and grow its North American CTV footprint, which we believe will enhance the long-term value of both our data and ad monetization exclusivity as well as our equity stake. We believe our investment in ViiV provides multiple paths to future value creation for Nexxen and its shareholders. In addition to share repurchases and increasing our ViiV investment, we will continue exploring strategic opportunities to accelerate programmatic revenue growth and strengthen our CTV data and mobile in-app capabilities. With that, I'll turn to our outlook.

Sagi Niri: For full year 2026, we expect Contribution ex-TAC in the range of $375 to 390 million, representing over 8% year-over-year growth at the midpoint and programmatic revenue in the range of $367 to 381 million, representing approximately 10% year-over-year growth at the midpoint. Programmatic revenue is expected to continue extending as a percentage of total revenue as we actively evaluate strategic options for our non-programmatic business line and deliberately shift our mix towards higher growth, higher quality revenue. In 2026, we expect growth across enterprise self-service, data products, and CTV, driven by fossils sales execution, our expanded partnership with VIDAA, and growing adoption of our programmatic smart TV home screen solution.

Speaker #2: This year, V plans to leverage our investment to expand retailer relationships and grow its North American CTV footprint, which we believe will enhance the long-term value of both our data and ad monetization exclusivity, as well as our equity stake.

With that, I'll turn to our outlook for fully a 2026. We expect contribution at stack in the range of 375 to 390 million representing over 8% year-over-year growth at the midpoint and programmatic, revenue in the range of 367 to 381 million representing the approximately 10% year-over-year growth at the midpoint,

Programmatic revenue is expected to continue extending as a percentage of total revenue. As we actively evaluate strategic options for our non-programming business line and deliberately shift our unique towards higher growth, higher quality Revenue,

Speaker #2: We believe our investment in V provides multiple tasks to future value creation for Nexxen and its shareholders. In addition to share repurchases and increasing our V investment, we will continue exploring strategic opportunities to accelerate programmatic revenue growth and strengthen our CTV, data, and mobile in-app capabilities.

In 20126, we have set growth across Enterprise sales service data products, and CTV driven by forces sales execution. Our extended partnership with the and growing adoption of our programmatic Smart TV home screen solution.

Sagi Niri: For full year 2026, we expect Contribution ex-TAC in the range of $375 to 390 million, representing over 8% year-over-year growth at the midpoint, programmatic revenue in the range of $367 to 381 million, representing approximately 10% year-over-year growth at the midpoint. Programmatic revenue is expected to continue extending as a percentage of total revenue as we actively evaluate strategic options for our non-programmatic business lines and deliberately shift our mix towards higher growth, higher quality revenue. In 2026, we expect growth across enterprise self-service, data products, and CTV, driven by focused sales execution, our extended partnership with V, and growing adoption of our programmatic Smart TV home screen solution.

Speaker #2: With that, I'll turn to our outlook. For full year 2026, we expect contribution extract in the range of $375 to $390 million, representing over 8% year-over-year growth at the midpoint, and programmatic revenue in the range of $367 to $381 million, representing approximately 10% year-over-year growth at the midpoint.

We also expect adjusted editing in the range of 122 to 132 million dollars. Representing an approximately 33% margin at the midpoint of our contribution at that and adjusted every the guidance

Sagi Niri: We also expect Adjusted EBITDA in the range of $122 to $132 million, representing an approximately 33% margin at the midpoint of our Contribution ex-TAC and Adjusted EBITDA guidance. As I mentioned, Contribution ex-TAC and programmatic revenue have trended above our initial expectations to date in Q1, driven by broad strength within our programmatic business line. We believe this momentum is sustainable, supported by the anticipated tail from infrastructure investments made in 2025 to scale platform capacity, our expansion within mobile in-app, our V partnership, growing adoption of our smart TV home screen solution, and deeper expected penetration with enterprise customers. In 2026, we expect OpEx as a percentage of Contribution ex-TAC to decrease modestly from 2025. Research and development is expected to remain relatively consistent as a percentage of Contribution ex-TAC.

As I mentioned contribution, extract and programmatic revenue. At trended, the data initial expectations to date in q1 driven by broad strength within our programmatic business line.

Speaker #2: Programmatic revenue is expected to continue extending as a percentage of total revenue, as we actively evaluate strategic options for our non-programmatic business line and deliberately shift our mix towards higher growth, higher quality revenue.

Speaker #2: In 2026, we expect growth across enterprise self-service, data products, and CTV, driven by focused self-execution, our expanded partnership with V, and growing adoption of our programmatic Smart TV home screen solution.

Skate platform capacity, our extension within mobile Ina. Our V partnership growing adoption of our Smart TV, home screen solution, and deeper expected, penetration with Enterprise customers.

In 2026. We expect Opex as a free centers of contribution extract to decrease modestly from 2025

Sagi Niri: We also expect Adjusted EBITDA in the range of $122 to 132 million, representing an approximately 33% margin at the midpoint of our Contribution ex-TAC and Adjusted EBITDA guidance. As I mentioned, Contribution ex-TAC and programmatic revenue have trended above our initial expectations to date in Q1, driven by broad strength within our programmatic business line. We believe this momentum is sustainable, supported by the anticipated tail from infrastructure investments made in 2025 to scale platform capacity, our expansion within mobile in-app, our V partnership, growing adoption of our Smart TV home screen solution, and deeper expected penetration with enterprise customers. In 2026, we expect OpEx as a percentage of Contribution ex-TAC to decrease modestly from 2025. Research and development is expected to remain relatively consistent as a percentage of Contribution ex-TAC.

Speaker #2: We also expect adjusted EBITDA in the range of 122 to 132 million dollars, representing an approximately 33% margin at the midpoint of our contribution extract and adjusted EBITDA guidance.

Research and development is expected to remain relatively consistent as a percentage of contribution Act, tax depreciation, and a motivation and fairs. And marketing are expected to decrease slightly as percentages of contribution tax and GNA, is expected to increase the percentage of contribution. ETA

Speaker #2: As I mentioned, contribution extract and programmatic revenue have trended above our initial expectations to date in Q1, driven by broad strength within our programmatic business line.

We also anticipate stock based compensation will rise modestly.

Sagi Niri: Depreciation and amortization and sales and marketing are expected to decrease slightly as percentages of contribution ex-TAC, and G&A is expected to increase as a percentage of contribution ex-TAC. We also anticipate stock-based compensation will rise modestly. We will continue investing in data, technology, infrastructure, and AI, including further integrating Next.AI across our platform to improve performance and usability for customers. We believe these investments and our upcoming Next.AI releases will support both long-term revenue expansion and operating leverage. 2026 is shaping up to be an exciting year for Nexxen. The mix is improving, the model is scaling, our recognition is growing, and we are entering the year with momentum, operating leverage, and multiple growth catalysts already working in our favor.

Speaker #2: We believe this momentum is sustainable, supported by the anticipated payoff from infrastructure investment made in 2025 to scale platform capacity, our extension within mobile in-app, our V partnership, growing adoption of our Smart TV home screen solution, and deeper expected penetration with enterprise customers.

We will continue investing in data technology infrastructure and AI including further integrating. Next AI across our platform to improve performance and usability for customers.

we believe these Investments and our upcoming next, AI releases will support both long-term Revenue expansion and operating Leverage

2026 is shaping up to be an exciting year for next time.

Speaker #2: In 2026, we expect OPEX as a percentage of contribution extract to decrease modestly from 2025. Research and development is expected to remain relatively consistent as a percentage of contribution extract, depreciation and amortization, and pairs and marketing are expected to decrease slightly as percentages of contribution extract and GNA is expected to increase as a percentage of contribution extract.

The mix is improving. The model is scaling. Our recognition is growing and we are entering the year with momentum operating leverage and multiple growth Catalyst already working in our favor.

Sagi Niri: Depreciation and amortization, and sales and marketing are expected to decrease slightly as percentages of Contribution ex-TAC, and G&A is expected to increase as a percentage of Contribution ex-TAC. We also anticipate stock-based compensation will rise modestly. We will continue investing in data, technology, infrastructure, and AI, including further integrating nexAI across our platform to improve performance and usability for customers. We believe these investments and our upcoming nexAI releases will support both long-term revenue expansion and operating leverage. 2026 is shaping up to be an exciting year for Nexxen. The mix is improving, the model is scaling, our recognition is growing, and we are entering the year with momentum, operating leverage, and multiple growth catalysts already working in our favor.

Our extended partnership with E, and our programmatic Smart TV home screen solution are expected to drive meaningful contribution, X Tax that we believe May scale throughout 2026 and Beyond.

Speaker #2: We also anticipate stock-based compensation will rise modestly. We will continue investing in data, technology, infrastructure, and AI, including further integrating NexxAI across our platform to improve performance and usability for customers.

Sagi Niri: Our expanded partnership with VIDAA and our programmatic smart TV home screen solution are expected to drive meaningful Contribution ex-TAC that we believe will scale throughout 2026 and beyond. We believe both strengthen our differentiation while positioning us for accelerated long-term growth across enterprise, CTV, and data products. These initiatives have already attracted strategic partners from across the ecosystem, and based on strong inbound interest and active discussion, we expect additional partners to follow. At the same time, we are also well-positioned to capitalize on major advertising events in 2026, including the FIFA World Cup and U.S. midterm election, building on the strength we saw during the Winter Olympics. After several years of building our platform, business, and brand, and securing important partnerships, we see multiple opportunities for long-term customer and shareholder value creation.

We believe both strength and our depreciation, while positioning us for Accelerated, long-term growth of Enterprise, TTV, and data product.

This initiative has already attracted strategic Partners from across the ecosystem and based on strong inbound, interest and active discussion. We expect additional Partners to follow.

Speaker #2: We believe these investments and our upcoming NexxAI releases will support both long-term revenue expansion and operating leverage. 2026 is shaping up to be an exciting year for Nexxen.

At the same time, we are also well positioned to capitalize on major advertising events in 2026, including the FIFA World Cup, and US midterm election.

Building on the strengths, we saw during the winter Olympics.

Speaker #2: The mix is improving; the model is scaling. Our recognition is growing, and we are entering the year with momentum, operating leverage, and multiple growth catalysts already working in our favor.

After several years of building our classroom business, and brand and securing important Partnerships, we see multiple opportunities for long-term, customers and share all their value creation.

Sagi Niri: Our expanded partnership with V and our programmatic Smart TV home screen solution are expected to drive meaningful Contribution ex-TAC that we believe will scale throughout 2026 and beyond. We believe both strengthen our differentiation while positioning us for accelerated long-term growth across enterprise, CTV, and data products. These initiatives have already attracted strategic partners from across the ecosystem, and based on strong inbound interest and active discussion, we expect additional partners to follow. At the same time, we are also well-positioned to capitalize on major advertising events in 2026, including the FIFA World Cup and US midterm election, building on the strength we saw during the Winter Olympics. After several years of building our platform, business, and brand, and securing important partnerships, we see multiple opportunities for long-term customer and shareholder value creation.

Speaker #2: Our expanded partnership with V, and our programmatic Smart TV home screen solution, are expected to drive meaningful contribution, extract that we believe will scale throughout 2026 and beyond.

As always, we thank our shareholders employees and partners for their support and operator. Will now take questions.

Speaker #2: We believe both strengthen our depreciation while positioning us for accelerated long-term growth across enterprise, TTV, and data products. These initiatives have already attracted strategic partners from across the ecosystem and, based on strong inbound interest and active discussion, we expect additional partners to follow.

Sagi Niri: As always, we thank our shareholders, employees, and partners for their support. Operator will now take questions.

I would like to remind everyone in order to ask a question. Press star, then the number 1 on your telephone keypad. We do request for today's session that you please limit to 1 question only and 1 follow-up. We will pause for just a moment to compile the Q&A roster.

Operator: At this time, I would like to remind everyone that in order to ask a question, press Star, then the number one on your telephone keypad. We do request for today's session that you please limit to one question only and one follow-up. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Matthew Swanson with RBC Capital Markets. Your line is now open. Please go ahead.

Speaker #2: At the same time, we are also well positioned to capitalize on major advertising events in 2026, including the FIFA World Cup and US Midterm Elections, building on the strength we saw during the Winter Olympics.

Your first question comes from the line of Matt Swanson with RBC Capital markets. Your line is now open. Please go ahead.

Speaker #2: After several years of building our platform, business, and brand, and securing important partnerships, we see multiple opportunities for long-term customer and shareholder value creation.

Sagi Niri: As always, we thank our shareholders, employees, and partners for their support, and operator will now take questions.

Matthew Swanson: Great. Thank you so much. Ofer, I'd like to follow up on a couple of comments you made about specific formats. The first is, I think we talked a little bit more than usual about having some more defensive strategies to how AI is reshaping the open internet. If you could just give us some more color maybe on how that AI reshaping has maybe impacted the 2025 results or kind of what you're seeing out there. And then just a little bit more too on CTV growth within 2026, if it's more about, you know, some of these headwinds diminishing or if it's more about kind of the company's specific tailwinds that you've built up for this to be more of a secular driver. Thank you.

Matt Swanson: Great. Thank you so much. Ofer, I'd like to follow up on a couple of comments you made about specific formats. The first is, I think we talked a little bit more than usual about having some more defensive strategies to how AI is reshaping the open internet. If you could just give us some more color maybe on how that AI reshaping has maybe impacted the 2025 results or kind of what you're seeing out there. And then just a little bit more too on CTV growth within 2026, if it's more about, you know, some of these headwinds diminishing or if it's more about kind of the company's specific tailwinds that you've built up for this to be more of a secular driver. Thank you.

Speaker #2: As always, we thank our shareholders, employees, and partners for their support and operator. We'll now take questions.

Billy Eckert: At this time, I would like to remind everyone in order to ask a question, press star then 1 on your telephone keypad. We do request for today's session that you please limit to 1 question only and 1 follow-up. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Matthew Swensson with RBC Capital Markets. Your line is now open. Please go ahead.

Operator: At this time, I would like to remind everyone in order to ask a question, press star then 1 on your telephone keypad. We do request for today's session that you please limit to 1 question only and 1 follow-up. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Matthew Swensson with RBC Capital Markets. Your line is now open. Please go ahead.

Speaker #1: At this time, I would like to remind everyone that in order to ask a question, please press star, then the number one on your telephone keypad. We do request for today's session that you please limit yourself to one question only and one follow-up.

Great. Thank you so much. Um Oprah, I'd like to follow up on a couple of comments. You made about specific formats. The first is, I think we talked a little bit more than usual about having some more defensive strategies to how AI is reshaping the open internet. So, I I, if you could just give us some more color, maybe on how that AI reshaping as, uh, maybe impacted the 2020, uh, 5 results or kind of what you're seeing out there. Um, and then just a little bit more to on, on CTV growth within 2026. If it's more about, you know, some of these, headwinds diminishing, or if it's more about kind of the company's specific Tailwind that you've built up um, for this to be more of a secular driver. Thank you.

Speaker #1: We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Matt Swanson with RBC Capital Markets.

thank you very much for the question and of course I will explain

Speaker #1: Your line is now open. Please go ahead.

Matthew Swensson: Great. Thank you so much. Ofer, I'd like to follow up on a couple of comments you made about specific formats. The first is I think we talked a little bit more than usual about having some more defensive strategies to how AI is reshaping the open internet. If you could just give us some more color maybe on how that AI reshaping has impacted the 2025 results or kind of what you're seeing out there. And then just a little bit more too on CTV growth within 2026, if it's more about, you know, some of these headwinds diminishing or if it's more about kind of the company's specific tailwinds that you've built up for this to be more of a secular driver. Thank you.

Matthew Swanson: Great. Thank you so much. Ofer, I'd like to follow up on a couple of comments you made about specific formats. The first is I think we talked a little bit more than usual about having some more defensive strategies to how AI is reshaping the open internet. If you could just give us some more color maybe on how that AI reshaping has impacted the 2025 results or kind of what you're seeing out there. And then just a little bit more too on CTV growth within 2026, if it's more about, you know, some of these headwinds diminishing or if it's more about kind of the company's specific tailwinds that you've built up for this to be more of a secular driver. Thank you.

Speaker #3: Great. Thank you so much. Oprah, I'd like to follow up on a couple of comments you made about specific formats. The first is I think we talked a little bit more than usual about having some more defensive strategies to how AI is reshaping the open internet.

Sagi Niri: Thank you very much for the question. Of course, I will explain. When we are looking at AI in general, we feel that some of these effects already happen in the market. Some of them will grow over the next 12 months or so. We see that the touch point between the content and the user, and of course, also the advertisers with the users, is changing. Meaning, people are less surfing on the web. They are looking for answers through the ChatGPT. Basically, the traffic on what we call desktop is going down, and also mobile desktop is going down. Meaning browsing in general is going down, and I think that most of the companies are talking about it and feeling it.

Ofer Druker: Thank you very much for the question. Of course, I will explain. When we are looking at AI in general, we feel that some of these effects already happen in the market. Some of them will grow over the next 12 months or so. We see that the touch point between the content and the user, and of course, also the advertisers with the users, is changing. Meaning, people are less surfing on the web. They are looking for answers through the ChatGPT. Basically, the traffic on what we call desktop is going down, and also mobile desktop is going down. Meaning browsing in general is going down, and I think that most of the companies are talking about it and feeling it.

Speaker #3: So if you could just give us some more color, maybe on how that AI reshaping has maybe impacted the 2020 five results or kind of what you're seeing out there.

So when we are looking at AI in general, we feel that some of these effects already happen in the market, some of them will will grow over the next 12 months or so. But we see that the touch point between the content and the user. And of course, also, the advertisers is, the users is changing. Meaning people are less surfing on the web. They are looking for answers through the church GPT and basically the the the traffic on, on what we call, desktop is going down. And also mobile desktop is going down.

Speaker #3: And then just a little bit more too on CTV growth within 2026. If it's more about some of these headwinds diminishing, or if it's more about kind of the company-specific tailwinds that you've built up for this to be more of a secular driver.

So, meaning browsing in general is going down, and I think that most of the companies are talking about it and feeling it. So what we did, basically, in order to encounter this issue, we are

We are increasing our efforts on CTV.

Sagi Niri: Thank you very much for the question, and of course, I will explain. When we are looking at AI in general, we feel that some of these effects already happen in the market. Some of them will grow over the next 12 months or so. We see that the touch point between the content and the user and of course, also the advertisers with the users is changing. Meaning people are less surfing on the web. They are looking for answers through the ChatGPT and basically the traffic on what we call desktop is going down and also mobile desktop is going down.

Speaker #3: Thank you.

Which is less affected by I and we opened last year, the first programmatic Marketplace, but what we call home screen native

Speaker #4: Thank you very much for the question. And of course, I will explain. So when we are looking at AI, in general, we feel that some of these effects already happen in the market.

Sagi Niri: What we did basically in order to encounter this issue, we are increasing our efforts on CTV, which is less affected by AI. We opened last year the first programmatic marketplace for what we call on-screen native. Meaning when people are launching their TV, there is a screen that on this screen you see all the apps that you can basically consume content from. On this screen, basically, already the OEMs are showing ads. What we did, we turned this surface into a programmatic surface that we can basically manage through our DSP and connect this surface to other DSPs, like the partnership that we did with The Trade Desk, which is very meaningful, of course.

Ofer Druker: What we did basically in order to encounter this issue, we are increasing our efforts on CTV, which is less affected by AI. We opened last year the first programmatic marketplace for what we call on-screen native. Meaning when people are launching their TV, there is a screen that on this screen you see all the apps that you can basically consume content from. On this screen, basically, already the OEMs are showing ads. What we did, we turned this surface into a programmatic surface that we can basically manage through our DSP and connect this surface to other DSPs, like the partnership that we did with The Trade Desk, which is very meaningful, of course.

Speaker #4: Some of them will grow over the next 12 months or so. But we see that the touchpoint between the content and the user, and of course also the advertisers and the users, is changing—meaning people are less surfing on the web.

Speaker #4: They are looking for answers through ChatGPT. And basically, the traffic on what we call desktop is going down. And also, mobile desktop is going down.

Ofer Druker: Meaning browsing in general is going down, and I think that most of the companies are talking about it and feeling it. What we did, basically, in order to encounter this issue, we are increasing our efforts on CTV, which is less affected by AI. We opened last year the first programmatic marketplace, with what we call on-screen native. Meaning when people are launching their TV, there is a screen that on this screen you see all the apps that you can basically consume content from.

Speaker #4: So, meaning browsing in general is going down. And I think that most of the companies are talking about it and feeling it. So what we did, basically, in order to encounter this issue, is we are increasing our efforts on CTV, which is less affected by AI.

Sagi Niri: Just to give you some indication, Nielsen, according to their studies and research, users are facing this surface for about 10 minutes a day. The number of impressions that we see that is coming from, we already connected to VIDAA, which rebranded to V, and we see the numbers of impressions that people are generating through these platforms, it's immense. Of course, this is something that will less be affected by AI.

There is a screen that on this screen, you see all the apps that you can basically consume content from on this screen. Basically, we already the oems are showing ads but what we did we turn this this surface into a programmatic surface that we can basically manage through our USB and connect this surface to other dsps like the partnership that we did with the trades which is very meaningful of course and just to give you some indication near send according to their studies and research users are facing this surface for about 10 minutes a day. So the number of impression that we see that is coming from, we already connected to Vida which rebranded to V and we see the numbers of Impressions that people are generating through these platforms.

Ofer Druker: Just to give you some indication, Nielsen, according to their studies and research, users are facing this surface for about 10 minutes a day. The number of impressions that we see that is coming from, we already connected to VIDAA, which rebranded to V, and we see the numbers of impressions that people are generating through these platforms, it's immense. Of course, this is something that will less be affected by AI.

Speaker #4: And we opened last year the first programmatic marketplace for what we call home screen native. Meaning when people launching their TV, there is a screen that on this screen you see all the apps that you can basically consume content from.

Its immense. So of course, this is something that we less less be affected by by Ai and we are,

Ofer Druker: On this screen, basically, already the OEMs are showing ads, but what we did, we turned this surface into a programmatic surface that we can basically manage through our DSP and connect this surface to other DSPs, like the partnership that we did with The Trade Desk, which is very meaningful, of course. Just to give you some indication, Nielsen, according to their studies and research, users are facing this surface for about 10 minutes a day. The number of impressions that we see that is coming from we already connected to VIDAA, which we branded to V, and we see the numbers of impressions that people are generating through these platforms, it's immense.

Speaker #4: On this screen, basically, we already the OEMs are showing ads, but what we did, we turned this surface into a programmatic surface that we can basically manage through our DSP and connect this surface to other DSPs like the partnership that we did with the Trade Desk, which is very meaningful, of course.

Take, we took a step last last year, to be the first company. As we understand it, to be to offering that on programmatic level and we believe that this will help us first with AI, but also will help us to grow CTV, which is your different, your other touch Point uh, points that you asked about and I will elaborate even more on that.

Ofer Druker: We took a step like last year to be the first company, as we understand it, to offering that on programmatic level. We believe that this will help us first with AI, but also will help us to grow CTV, which is your other touch point that you ask about, and I will elaborate even more on that. Apart from that, when we analyze what other channels or what other type of media will be less affected by AI, we understood that in-app mobile is less affected by AI.

Apart from that when we analyze where what other channels or what other type of media will be less affected by. I we understood that inapp mobile is less affected by I

Speaker #4: And just to give you some indication, Nielsen, according to their studies and research, users are facing this surface for about 10 minutes a day.

so early. Last year, we started basically partnering with in-app mobile companies.

Speaker #4: So the number of impressions that we see that is coming from—we already connected to Vida, which rebranded to V—and we see the numbers of impressions that people are generating through this platform is immense.

Ofer Druker: Of course, this is something that will less be affected by AI, and we took a step last year to be the first company, as we understand it, to offering that on programmatic level. We believe that this will help us first with AI, but also will help us to grow CTV, which is your other touch points that you asked about, and I will elaborate even more on that. Apart from that, when we analyze what other channels or what other type of media will be less affected by AI, we understood that in-app mobile is less affected by AI.

Ofer Druker: Early last year, we started basically partnering with in-app mobile companies to work with them in order to place their media and to work with their publishers and our publishers now, because we're basically creating direct relationship with their publishers, in order to place them in our programmatic ecosystem. We see very good initial results that we believe that can drive immense growth in the years to come. This area, from what we understand and see and analyze, is less affected by AI. I think that these two channels, apart from the in-stream CTV that we're already running, is apart from other things that we're already running and less affected, when we're looking at native CTV and in-app mobile, it's increasing our resilience basically to AI disruption and giving us a room to grow our business in the coming years.

Speaker #4: So, of course, this is something that will be less affected by AI, and we took a step last year to be the first company, as we understand it, to be offering that on a programmatic level.

To work with them in order to uh, Place their media and to work with their part Publishers and our Publishers now, because we basically creating direct relationship with their Publishers in order to place them in our programmatic ecosystem and we see very good initial results that we believe that can drive immense growth in the years to come.

Speaker #4: And we believe that this will help us first with AI, but also will help us to grow CTV, which is your different your other touchpoint points that you asked about, and I will elaborate even more on that.

And this area from what we understand and see and analyze is less affected by AI. So, I think that these 2 channels apart from the in stream, CTV that we are already running, is in apart from other things that we already running and less affected.

Speaker #4: Apart from that, when we analyze what other channels or what other type of media will be less affected by AI, we understood that in-app mobile is less affected by AI.

We, when we are looking at Native CTV and in-app mobile, it's increasing our resilience basically to AI disruption and giving us a room to grow our business in the coming years.

Ofer Druker: Early last year, we started basically partnering with in-app mobile companies to work with them in order to place their media and to work with their part publishers and our publishers now, because we're basically creating direct relationship with their publishers in order to place them in our programmatic ecosystem. We see very good initial results that we believe that can drive immense growth in the years to come. This area, from what we understand and see and analyze, is less affected by AI.

Regarding growth of CTV.

Speaker #4: So early last year, we started basically partnering with in-app mobile companies to work with them in order to place their media and to work with their publishers and our publishers now because we basically creating direct relationship with their publishers.

this Marketplace that we spoke about this programmatic home screens Marketplace that we spoke about

is helping us to build relationship with a lot of Partners in the ecosystem.

That are interesting interested in order to monetize this type of media.

Ofer Druker: Regarding growth of CTV, this marketplace that we spoke about, this programmatic on-screens marketplace that we spoke about, is helping us to build relationship with a lot of partners in the ecosystem that are interested in order to monetize this type of media. As part of that, they will increase their work with us, not just on this specific media, but also on in-stream and everything else, which will grow our presence in the CTV. The fact that we are unique in our offering, and it's also complementary to what we call in-stream because this media, which is native ads on CTV, is very good for performance advertising. Basically people can buy complementary media position on the in-stream, on the on-screen in order to deliver their results.

Speaker #4: In order to place them in our programmatic ecosystem and we see very good initial results that we believe that can drive immense growth in the years to come.

Speaker #4: And this area, from what we understand and see and analyze, is less affected by AI. So I think that these two channels, apart from the in-stream CTV that we are already running, apart from other things that we are already running and less affected, when we are looking at native CTV and in-app mobile, it's increasing our resilience, basically, to AI disruption and giving us room to grow our business in the coming years.

Ofer Druker: I think that these two channels, apart from the in-stream CTV that we are already running, is apart from other things that we're already running and less affected. When we are looking at native CTV and in-app mobile, it's increasing our resilience basically to AI disruption and giving us a room to grow our business in the coming years. Regarding growth of CTV, this programmatic on-screens marketplace that we spoke about, is helping us to build relationship with a lot of partners in the ecosystem that are interested in order to monetize this type of media. As part of that, they will increase their work with us, not just on this specific media, but also on in-stream and everything else, which will grow our presence in the CTV.

And as part of that, they will increase their work with us, not just on this specific media but also on stream and everything else which will grow our presence in the CTV, the fact that we are unique in our offering. And it's also complementary to what we call instream because

Speaker #4: Regarding growth of CTV, this marketplace that we spoke about, this programmatic home screens marketplace that we spoke about, is helping us to build relationship with a lot of partners in the ecosystem.

Ofer Druker: Our DSP also is very impressive in its results on performance, so it's helping clients to basically grow their presence and of course, to other DSPs to start and increasing the spend on CTV with us. I think that in general, we are in good spot and this marketplace will help us and is already helping us to grow our presence in CTV and overall. Apart from that, our teams are working very hard to close the gap on some publishers that are still in a process to be integrating with us in order to grow our reach.

Speaker #4: That are interested in order to monetize this type of media. And as part of that, there will increase their work with us not just on this specific media, but also on in-stream and everything else, which will grow our presence in the CTV.

This same media which is native and on, CTV is very good for performance advertising. So basically, people can buy complimentary media position on the instream on the home screen in order to deliver the results. And our DSP also is is very impressive in his results on performance, so it's helping clients to basically grow their presence and of course, to other dsps to start and increase the spend on CTV with us. So I think that in general, we we are in good spot and this Marketplace is will help us in is already helping us to grow our presence in CTV and overall

Ofer Druker: The fact that we are unique in our offering, and it's also complementary to what we call in-stream, because this media, which is native ads on CTV, is very good for performance advertising. Basically, people can buy complementary media position on the in-stream, on the on-screen in order to deliver their results. Our DSP also is very impressive in its results on performance, so it's helping clients to basically grow their presence and of course, to other DSPs to start and increasing the spend on CTV with us. I think that in general, we are in good spot and this marketplace will help us and is already helping us to grow our presence in CTV and overall.

Speaker #4: The fact that we are unique in our offering and it's also complementary to what we call in-stream because this media, which is native ads on CTV, is very good for performance advertising.

Speaker #4: So basically, people can buy complementary media position on the in-stream on the home screen in order to deliver their results. And our DSP also is very impressive in his results on performance.

Ofer Druker: If you check, our reach is also already very massive on CTV, and we believe that this development, this technology, this product that we are basically issuing is getting the attention of the big DSPs, the big brands that want to participate in that, and they will grow their spend on CTV with us in the future.

And apart from that, our teams are working, very hard to close the gap. On some Publishers that are still in the process to be integrating with us in order to grow our reach. But if you check, our reach is also already very massive on CTV and and we believe that this this development, this technology, this product that we are basically, issuing is getting that attention of the big big dsps, the big brands that wants to participate in that and they will grow or spend, they will grow their spend on CTV with us in the future.

Thank you. Answer your question.

Speaker #4: So it's helping clients to basically grow their presence. And of course, to other DSPs to start an increasing the spend on CTV with us.

Your next question comes from the line of Laura Martin with nidam and Company. Please go ahead.

Speaker #4: So I think that, in general, we are in a good spot, and this marketplace will help us and is already helping us to grow our presence in CTV and overall.

Laura Martin: Thank you.

Ofer Druker: I hope I answered your question. Bye.

Ofer Druker: Apart from that, our teams are working very hard to close the gap on some publishers that are still in a process to be integrating with us in order to grow our reach. If you check, our reach is also already very massive on CTV, and we believe that this development, this technology, this product that we are basically issuing, is getting the attention of the big DSPs, the big brands that want to participate in that, and they will grow their spend on CTV with us in the future. Thank you. I think I answered your question. Bye.

Operator: Your next question comes from the line of Laura Martin with Needham & Company. Please go ahead.

Speaker #4: And apart from that, our teams are working very hard to close the gap on some publishers that are still in a process to be integrating with us in order to grow our reach.

Laura Martin: Okay. Could we get an update on data? I know you took the data and you put it onto the, or the Hisense data and put it onto The Trade Desk platform. Can you tell us what the revenue stream for data is running at these days? For Tzviki, could you tell us, IFRS revenue was 0% for growth for 2025 and down 10% in Q4. Could you tell us what it requires for your guidance to hit the sort of up 8%, 7%, 8% growth rate for 2026? Thank you.

Speaker #4: But if you check our reach is also already very massive on CTV. And we believe that this development, this technology, this product that we are basically issuing is getting that attention of the big DSPs, the big brands that wants to participate in that, and they will grow our spend.

Was um, the IFRS Revenue was 0% for uh growth for 2025 and down. 10% in the fourth quarter, could you tell us what it requires for your guidance to hit the sort of up? 8% 7 8% uh growth rate for 2026. Thank you.

No problem. I

so basically AC that

Speaker #4: They will grow their spend on CTV with us in the future.

Speaker #3: Thank you. I'll answer your question.

Operator: Your next question comes from the line of Laura Martin with Needham and Company. Please go ahead.

We are in Israel. So we are sorry that we are not in New York but we couldn't basically fly to the New York this time. We stayed with some of our families of course.

Speaker #4: Your next question comes from the line of Laura Martin with Needham and Company. Please go ahead.

Anyway, when I'm touching the, the data issues, the data point that you are.

Ofer Druker: No problem. Hi, Laura.

Laura Martin: Okay. Could we get an update on data? I know you took the V data and you put it onto or the Hisense data and put it onto The Trade Desk platform. Can you tell us what the revenue stream for data is running at these days? For Sagi, could you tell us, the IFRS revenue was 0% for growth for 2025 and down 10% in Q4. Could you tell us what it requires for your guidance to hit the sort of up 8%, 7%, 8% growth rate for 2026? Thank you.

Laura Martin: Hi.

Ofer Druker: Basically, ACR data. Hi. We are in Israel, so we are sorry that we are not in New York, but we couldn't basically fly to New York this time. We stay with some of our families, of course.

Speaker #5: Okay. Could we get an update on data? I know you took the data and you put it onto the or the Hisense data and put it onto the Trade Desk platform.

when we are looking at that ACR is becoming, is, is something that

Speaker #5: Can you tell us what the revenue stream for data is running at these days? And then for Segi, could you tell us the IFRS revenue was 0% for growth for 2025 and down 10% in the fourth quarter.

Laura Martin: Okay.

Ofer Druker: Anyway, when I'm touching the data issues, the data point that you are looking at, ACR is becoming something that DSP wants to utilize in their platform, and there are a few levels of data that we can offer to partners. As we indicated also in my speech or my script, we basically already working with three top DSPs, which is The Trade Desk, StackAdapt, and now Yahoo DSP that joined the project. We believe that we'll be able to add more DSPs and more partners. We see this coming also not just in the US, but also internationally. Of course, we will announce this partnership in the future. It's helping us in two elements.

Speaker #5: Could you tell us what it requires for your guidance to hit the sort of up 7% to 8% growth rate for 2026? Thank you.

DSP wants to utilize in their platform and we are off. There are a few levels of data that we can offer to to Partners. And as we indicated also in my in my speech or my script, we basically already working with 3 top dsps, which is the trade desk stock adapter. And now we have this, they joined the the the the project. And we believe that we'll be able to add more dsps and more partners. And we we see this coming also not just in the US but also in internationally.

Ofer Druker: No problem. Hi, Laura.

And of course we will announce this partnership in the future.

Laura Martin: Hi.

Ofer Druker: Basically, ACR. Hi. We are in Israel, so we are sorry that we are not in New York, but we couldn't basically fly to New York this time. We stay with some of our families, of course.

Speaker #3: No problem. Hi, Laura. So basically, ACL data hi, we are in Israel. So we are sorry that we are not in New York, but we couldn't basically fly to the New York this time.

It's helping us in 2 elements. First of all, direct revenues that is coming from the from the ACR.

And the data itself that we are basically reselling or doing

Speaker #3: We stay with some of our families, of course. Anyway, when I'm touching the data issues, the data point that you. When we are looking at that, ACR is becoming is something that DSP wants to utilize in their platform.

Laura Martin: Okay.

Ofer Druker: Anyway, when I'm touching the data issues, when we are looking at that, ACR is becoming something that DSP wants to utilize in their platform, and there are a few levels of data that we can offer to partners. As we indicated also in my speech or my script, we basically already working with three top DSPs, which is The Trade Desk, StackAdapt, and now Yahoo DSP that joined the project. We believe that we'll be able to add more DSPs and more partners. We see this coming also not just in the US, but also internationally. Of course, we will announce this partnership in the future. It's helping us in two elements.

Speaker #3: And we are there are a few levels of data that we can offer to partners. And as we indicated also in my speech or my script, we basically already working with three top DSPs.

Speaker #3: Which is the Trade Desk, StackAdapt, and now Yahoo DSP that joined the project. And we believe that we will be able to add more DSPs and more partners.

Activity with that with the, with the partner. The second is basically, this type of cooperation, is increasing the spend, the media spend of these companies on our, on our media position, which of course, is is a, the first priority for us. And in general, we believe that this type of unique data that there is not a lot of data like that, in the open, web is helping us to get the attention of Brands, the attention of dsps, and ssps, and also agencies that are increasing their spend with us in general.

Ofer Druker: In general, we believe that this type of unique data, that there is not a lot of data like that in the open web, is helping us to get the attention of brands, the attention of DSPs and SSPs, and also agencies that are increasing their spend with us in general. Yeah, it's very hard to say to give you like a number, but the net revenues of the data, of course, is high margin because we are basically selling data here, but we are looking at that as an all and it's very meaningful. As I indicated several times, today, data is in more than 80% of our campaigns we are integrating data, which is one of our advantages.

Speaker #3: And we see that coming also not just in the US, but also internationally. And of course, we will announce this partnership in the future.

it's very hard to say to give you like a number but the the next revenues of of the data, of course is I imagine because we are basically selling data here but we are looking at that as an all and it's very meaningful and as I indicated several times,

Ofer Druker: First of all, direct revenues that is coming from the ACR and the data itself that we are basically reselling or doing activity with that, with a partner. The second thing is basically this type of cooperation is increasing the spend, the media spend of these companies on our on our media position, which of course is a, the first priority for us. In general, we believe that this type of unique data, that there is not a lot of data like that in the open web, is helping us to get the attention of brands, the attention of DSPs, SSPs, and also agencies that are increasing their spend with us in general.

Speaker #3: It's helping us in two elements. First of all, direct revenues that is coming from the ACR and the data itself that we are basically reselling or doing activity with that with a partner.

Speaker #3: The second thing is basically this type of cooperation is increasing the spend, the media spend of these companies on our media position, which of course is the first priority for us.

Today, data is more than in more than 80% of our campaigns. We are integrating data, which is 1 of our advantages. Because when you are running an end-to-end solution and you have a strong DMP, you basically can move the data between and wrap also, the DSP and SSP with data and enhance the results of of clients and Brands and generate more revenues for for Publishers. So it's a

Ofer Druker: When you are running an end-to-end solution and you have a strong DMP, you basically can move the data between and wrap also the DSP and SSP with data and enhance the results of clients and brands and generate more revenues for publishers. It's not fair to look at it just as the money that we are selling and licensing the data itself. It's connected also to enhance spend in general on media that all these DSPs, brands and agencies are basically working with us in order to increase their reach on our base together with the unique data that we are enabled them for targeting and measurements.

Speaker #3: And in general, we believe that this type of unique data—that there is not a lot of data like that on the open web—is helping us to get the attention of brands, the attention of DSPs and SSPs, and also agencies that are increasing their spend with us in general.

Ofer Druker: It's very hard to say, to give you like a number, but the Nexxen revenues of the data, of course, is high margin because we are basically selling data here. We are looking at that as an all, and it's very meaningful. As I indicated several times, today data is in more than 80% of our campaigns. We are integrating data, which is one of our advantages. When you are running an end-to-end solution and you have a strong DMP, you basically can move the data between and wrap also the DSP and SSP with data, and enhance the results of clients and brands, and generate more revenues for publishers. It's not a fair to look at it just as the money that we are selling and licensing the data itself.

Speaker #3: It's very hard to say, to give you a number, but the net revenues of the data, of course, is high margin because we are basically selling data here.

It's not, it's not a a, a fair to look at the Justice. The money that we are selling and Licensing. The data itself, it's connected, it's connected. Also for to enhancement in General on media that all these dsps Brands and agencies are basically working with us, in order to increase their reach on our client, on our base in in in together with unique data, that we are enabled them for targeting and measurement.

Speaker #3: But we are looking at that as an all, and it's very meaningful. And as I indicated several times, today data is more than in more than 80% of our campaigns, we are integrating data.

Speaker #3: Which is one of our advantages because when you are running an end-to-end solution and you have a strong DMP, you basically can move the data between and wrap also the DSP and SSP with data.

Sagi Niri: Thank you, Ofer. I will take the second question. Regarding your question on numbers. IFRS, you know, it's a different way of reporting things. We are looking or I want to explain what we are doing on the contribution ex-TAC because it's making more sense, and it apples to apples with our peers. We grew only 3% contribution ex-TAC in 2025. We are not saying otherwise. I think that what you saw on the IFRS side is mainly because we are reporting some of our revenues on a growth basis, and our sum of data that we got in 2025, I'm reminding you from the previous earnings was the performance activity, which we did. It's not, you know, it's a non-core activity, which we are not too much focused on.

Um, thank you offer. I will take the second question, so, regarding your question, uh, on number so IFRS, you know, it's a different way of reporting things. We are looking or I want to explain what we are doing on the contribution next time because it's making more sense and it's Apple to apples with our peers. So we grew only 3%, uh, contribution next stack in 2025, we are not

Speaker #3: And enhance the results of clients and brands, and generate more revenues for publishers. So, it's not fair to look at it just as the money that we are selling and licensing the data itself.

Ofer Druker: It's connected, it's connected also to enhance spend in general on media that all these DSPs, brands, and agencies are basically working with us in order to increase their reach on our base in together with the unique data that we are enabled them for targeting and measurements.

Speaker #3: It's connected also to enhance spend in general on media. That all these DSPs, brands, and agencies are basically working with us in order to increase their reach on our base.

Uh, we are not saying otherwise, I think that uh, what you saw on the IFRS side is mainly because we are reporting some of our revenues on a growth basis and our some of the that we got in 2025 and I'm reminding you, uh, from the previous earnings was the performance activity.

Speaker #3: In together with unique data that we are enabling them for targeting and measurement.

Which uh, which we did it's not, you know, it's a non-core activity, which we are not, uh, too much focused on and we got a big hit on in 2025, on on those activities.

Sagi Niri: Thank you, Ofer. I will take the second question. Regarding your question on numbers. IFRS, you know, it's a different way of reporting things. We are looking or I want to explain what we are doing on the Contribution ex-TAC because it's making more sense, and it apples to apples with our peers. We grew only 3% Contribution ex-TAC in 2025. We are not saying otherwise. I think that what you saw on the IFRS side is mainly because we are reporting some of our revenues on a growth basis, and some of the data we got in 2025, I'm reminding you, from the previous earnings was the performance activity, which we did.

Speaker #6: Thank you both. I will take the second question. So regarding your question on numbers, so IFRS, it's a different way of reporting things. We are looking or I want to explain what we are doing on the contribution X tag because it's making more sense and it's apples to apples with our peers.

Sagi Niri: We got a big hit in 2025 on those activities. Some of them, of course, we are looking to understand what we are doing with them, and some of them probably we will leave very soon, unfortunately. Having said that, I think that what Ofer just laid out with the growth engines into 2026, which are the in-app mobile partnership that we signed already in 2025, and we are signing much more in 2026. The V investment and for first time exclusive monetization of our North American or their North American inventory.

Speaker #6: So we grew only 3% contribution X tag in 2025. We are not saying otherwise. I think that what you saw on the IFRS side is mainly because we are reporting some of our revenues on a gross basis.

Speaker #6: And some of the aid that we got in 2025—and reminding you from the previous earnings—was the performance activity, which we did.

Sagi Niri: It's not, you know, it's a non-core activity, which we are not too much focused on, and we got a big hit in 2025 on those activities. Some of them of course we are looking to understand what we are doing with them, and some of them probably we will leave very soon, unfortunately. Having said that, I think that what Ofer just laid out with the growth engines into 2026, which are the in-app mobile partnership that we signed already in 2025, and we are signing much more in 2026. The V investment and for first time exclusive monetization of our North American or their North American inventory.

Speaker #6: It's not it's a non-core activity which we are not too much focused on. And we got a big hit in 2025 on those activities.

Sagi Niri: on-screen ecosystem, which we build, is unique and nobody else has this solution because of our end-to-end ecosystem and service. It brought The Trade Desk in, and probably it will bring more demand partners and more supply partners into this ecosystem, which can be huge. I think that, you know, having these growth engines in place and on top a big focus and restructure our enterprise business and putting a lot of emphasis on the product over there. We just announced a new UI and a new UI. I think all of that will take us to a very good 2026.

Speaker #6: Some of them, of course, we are looking to understand what we are doing with them. And some of them probably we will leave very soon, unfortunately.

Speaker #6: Having said that, I think that what offered just laid out with the growth engines into 2026, which are the in-app mobile partnership that we signed already in 2025.

Speaker #6: And we are signing much more in 2026. The V investment and for first time exclusive monetization of our North American or their North American inventory.

Or their North American inventory. Uh, the um, Native display home screen ecosystem, which we build, which is unique. And nobody else, uh, has this, uh, as this solution because of our end-to-end ecosystem and and Service, uh, brought already to trade desks in, and probably it will bring, uh, more demand partners and more. Um, Supply Partners into this ecosystem, which can be huge. So, I think that, you know, having this growth engines, uh, in place and on top, a big focus, and, uh, and restructure our Enterprise, uh, business and putting a lot of emphasize on the product over there. We just announced a, a new UI and, and a new, uh, uh, UI. So, I think all of that will take us to a very good 2026. We already seeing the, the first fruits in January, which was the best January we ever had and February, which was the best February we've ever had.

Sagi Niri: The native display on-screen ecosystem which we build, which is unique and nobody else has this solution because of our end-to-end ecosystem and service brought already The Trade Desk in. Probably it will bring more demand partners and more supply partners into this ecosystem, which can be huge. I think that, you know, having these growth engines in place and on top a big focus and restructure our enterprise business and putting a lot of emphasis on the product over there, we just announced a new UI. I think all of that will take us to a very good 2026.

Speaker #6: The native display home screen ecosystem, which we build, is unique and nobody else has this solution because of our end-to-end ecosystem and service.

Sagi Niri: We're already seeing the first fruit in January, which was the best January we ever had, and February, which was the best February we ever had. Probably we are seeing the first signs to a really pivotal 2026. We are quite confident that we can reach this 8% of general growth and almost 10% in our programmatic growth.

And probably we are seeing, uh, the first signs to, uh, really pivotal, uh, 2026. So we are quite confident that we can reach this 8% off, uh, General growth and almost 10% in our programmatic growth.

Thank you. Thank you.

Speaker #6: Brought already to Trade Desk in, and probably it will bring more demand partners and more supply partners into this ecosystem, which can be huge.

Your next question comes from the line of Andrew mruk with Raymond James. Please go ahead.

Speaker #6: So I think that having this growth engines in place and on top a big focus and restructure our enterprise business and putting a lot of emphasis on the product over there.

Ofer Druker: Thank you. Thank you.

Laura Martin: Thank you. Thank you.

Sagi Niri: You're welcome.

Ofer Druker: You're welcome.

Operator: Your next question comes from the line of Andrew Marok with Raymond James. Please go ahead.

Speaker #6: We just announced a new UI and a new UI. So I think all of that will take us to a very good 2026. We already seeing the first fruits in January, which was the best January we ever had.

Andrew Marok: Hi. Thanks for taking my questions. Maybe one more on the CTV topic, if we could, just to kind of get a sense of the various moving pieces that are in the 2026 outlook between the macro, the 2026 events, the Ventura integration. I guess, is there any sense of maybe rank ordering those in order of their importance or their upside potential to the 2026 guide? Maybe separately, you called out the desktop video growing over 20% year-over-year in Q4. I guess the question I would have there is how sustainable is that? We've seen that format be pretty volatile in the past. How well does that need to do in order for you to hit your 2026 assumptions? Thank you.

Sagi Niri: We're already seeing the first fruits in January, which was the best January we ever had, and February, which was the best February we ever had. Probably we are seeing the first signs to a really pivotal 2026. We are quite confident that we can reach this 8% of general growth and almost 10% in our programmatic growth.

Speaker #6: And February, which was the best February we ever had. And probably we are seeing the first signs to a really pivotal 2026. So we are quite confident that we can reach this 8% of general growth and almost 10% in our programmatic growth.

Hi. Thanks for taking my questions. Maybe 1 more on the, on the CTV topic. If we could just to kind of get a sense of the various moving pieces that are in the 2026 Outlook between the macro the 2026 events. The Ventura integration, I guess. Is there any sense of maybe rank ordering those in order of their importance or their upside potential to the 2026 guide? And then maybe separately? Um, you called out the desktop video growing over 20% year-over-year in 4q. I guess the question I would have there is how sustainable is that we've seen that format. Be pretty volatile in the past how well does that need to do in order for you to hit your 2026 assumptions? Thank you.

Ofer Druker: Thank you. Thank you.

Laura Martin: Thank you. Thank you.

Sagi Niri: You're welcome.

Speaker #1: Thank you. Thank you.

Billy Eckert: Your next question comes from the line of Andrew Marok with Raymond James. Please go ahead.

Operator: Your next question comes from the line of Andrew Marok with Raymond James. Please go ahead.

What what you sell? That's just first of all, thank you for the question, but I didn't understand the point of what you felt. That is volatile in the past.

Speaker #3: Your next question comes from the line of Andrew Merrick with Raymond James. Please go ahead.

Well, then the desktop.

The desktop video component.

Ofer Druker: All right. Thanks for taking my questions. Maybe one more on the CTV topic, if we could, just to kind of get a sense of the various moving pieces that are in the 2026 outlook between the macro, the 2026 events, the Ventura integration. I guess, is there any sense of maybe rank ordering those in order of their importance or their upside potential to the 2026 guide? Maybe separately, you called out the desktop video growing over 20% year-over-year in Q4. I guess the question I would have there is how sustainable is that? We've seen that format be pretty volatile in the past. How well does that need to do in order for you to hit your 2026 assumptions?

Andrew Marok: All right. Thanks for taking my questions. Maybe one more on the CTV topic, if we could, just to kind of get a sense of the various moving pieces that are in the 2026 outlook between the macro, the 2026 events, the Ventura integration. I guess, is there any sense of maybe rank ordering those in order of their importance or their upside potential to the 2026 guide? Maybe separately, you called out the desktop video growing over 20% year-over-year in Q4. I guess the question I would have there is how sustainable is that? We've seen that format be pretty volatile in the past. How well does that need to do in order for you to hit your 2026 assumptions?

Speaker #4: Hi, thanks for taking my questions. Maybe one more on the CTV topic, if we could. Just to get a sense of the various moving pieces that are in the 2026 outlook between the macro, the 2026 events, and the Ventura integration.

Which 1?

Desktop video.

Ofer Druker: What you saw. First of all, thank you for the question, but I didn't understand the point of what you felt that is volatile in the past?

Andrew Marok: The desktop video component.

Speaker #4: I guess, is there any sense of maybe rank ordering those in order of their importance or their upside potential to the 2026 guide? And then maybe separately, you called out the desktop video growing over 20% year over year in Q4.

I don't say maybe we are not looking at the same thing, but I will explain. And then tell me if I touch your concern or not, in,

Andrew Marok: The desktop video component.

Ofer Druker: Which one?

Andrew Marok: Desktop video.

Ofer Druker: What do you mean by that? What do you mean by the desktop? I don't, maybe we are not looking at the same thing, but I will explain and then tell me if I touch your concern or not. In general, our main revenue source and grow and revenues generation also in 2026 will be in-stream that we are managing and selling by our own sales teams and of course, getting a lot of demand from direct brands that are using our enterprise solution from DSPs that are basically buying media from us. Overall, this is the majority of our revenues. We feel as Sagi just mentioned now, a very strong January and February from when you are looking at programmatic level on all fronts and all type of media that we are running, including CTV.

Speaker #4: I guess the question I would have there is how sustainable is that? We've seen that format be pretty volatile in the past. How well does that need to do in order for you to hit your 2026 assumptions?

Ofer Druker: Thank you. First of all, thank you for the question, but I didn't understand the point of what you felt that is volatile in the past. Which model? Which?

Speaker #4: Thank you.

Speaker #5: What you saw, that's—first of all, thank you for the question. But I didn't understand the point of what you felt that is volatile in the past.

Operator: The desktop video component.

Speaker #5: Which model?

Speaker #4: The desktop video component.

Our main Revenue source and and grow and and revenues generation also in 2026 will be in stream that we are managing and and selling by our own sales teams. And of course, getting a lot of demand from direct brands that are using our Enterprise solution from dsps that are basically buying media from us. Overall, this is the majority of our revenues, uh, we feel as, as soggy just mentioned, now, a very strong January in February, from from when you are, looking at programmatic level on all fronts, and all all type of media that we are running, including CTV.

when you're looking at,

Ofer Druker: Which one?

Operator: Desktop video.

Speaker #5: Which one? What do you mean by that? What do you mean by the desktop? I don't—maybe we are not looking at the same thing, but I will explain and then tell me if I touch your concern or not.

Ofer Druker: What do you mean by that? What do you mean by the desktop? I don't. Maybe we are not looking at the same thing, but I will explain, and then tell me if I touch your concern or not. In general, our main revenue source and revenues generation also in 2026 will be in-stream that we are managing and selling by our own sales teams and, of course, getting a lot of demand from direct brands that are using our enterprise solution, from DSPs that are basically buying media from us. Overall, this is the majority of our revenues. We feel, as Sagi just mentioned now, a very strong January and February from when you are looking at programmatic level on all fronts and all type of media that we are running, including CTV.

The growth that we are now going to bring into them into the system. Is coming from the

Nathy vets and the amount of media that is associated with that is huge.

Speaker #5: In general, our main revenue source and revenue generation also in 2026 will be in-stream, that we are managing and selling by our own sales teams and, of course, getting a lot of demand from direct brands that are using our enterprise solution.

Ofer Druker: When you're looking at the growth that we are now going to bring into them, into the system, is coming from the native ads, and the amount of media that is associated with that is huge. On this ground, we basically build a partnership with Ventura, with The Trade Desk, which we are very proud of to be their first partner, because we believe that the traders can make a very big difference for us because they are the major enabler of the agencies in the world to use to buy media from companies like us also. I think that the type of discussions and relationship that we are building with them around this unique media will bring us a lot of value in the years to come.

On this ground, we basically build the partnership with Ventura with the trade desk, which we are very proud of to be the first partner.

Speaker #5: From DSPs that are basically buying media from us overall. This is the majority of our revenues. We feel, as Sagi just mentioned now, a very strong January and February from when you are looking at the programmatic level on all fronts and all types of media that we are running, including CTV.

Because we believe that the Traders can make a very big difference for us because they are the major enabler of the agencies in the world, to use to, to buy media from, from companies, like us also. And I think that the type of discussion and relationship that we are building with them around this unique, media will bring us a lot of value in the years to come now

This type of media, we started with Vida. And with vs we, as they rebranded their name. Now

Ofer Druker: When you're looking at the growth that we are now going to bring into them, into the system, it's coming from the native ads, and the amount of media that is associated with that is huge. On this ground, we basically build a partnership with Ventura, with The Trade Desk, which we are very proud of to be their first partner, because we believe that the traders can make a very big difference for us because they are the major enabler of the agencies in the world to buy media from companies like us also. I think that the type of discussions and relationship that we are building with them around this unique media will bring us a lot of value in the years to come.

Speaker #5: When you're looking at the growth that we are now going to bring into the system is coming from the native ads. And the amount of media that is associated with that is huge.

Ofer Druker: This type of media we started with VIDAA and with VS, as they rebranded their name now. We see already a lot of growth that will come from more OEMs and publishers that are interested in using this technology, which is making it more efficient, more... When you are more programmatic and you are turning your media into commodity, you are able to basically monetize much more of your space than when you are doing it manually. In the past year, most of the people did it in a way with ad servers or manually selling deals on that type of media. They can basically integrate programmatically to their sources or our sources and generate more revenue. The second thing is also from big DSPs, other DSPs that wants to join this.

Speaker #5: On this ground, we basically build a partnership with Ventura, with the Trade Desk, which we are very proud of to be the first partner, because we believe that the Trade Desk can make a very big difference for us, because they are the major enabler of the agencies in the world to use to buy media from companies like us also.

Speaker #5: And I think that the type of discussions and relationship that we are building with them around this unique media will bring us a lot of value in the years to come.

Ofer Druker: Now, this type of media we started with VIDAA and with V as they rebranded their name now, but we see already a lot of growth that will come from more OEMs and publishers that are interested in using this technology, which is making it more efficient. When you are more programmatic and you are turning your media into commodity, you are able to basically monetize much more of your space than when you're doing it manually. In the past year, most of the people did it in a way with ad servers or manually selling deals on that type of media. Now they can basically integrate programmatically to their sources or our sources and generate more revenue. The second thing is also from big DSPs, other DSPs that wants to join this. The first is, of course, The Trade Desk. More will come.

Speaker #5: Now, this type of media, we started with Vida. And with V as the rebranded their name now. But we see already a lot of growth that will come from more OEMs and publishers that are interested in using this technology, which is making it more efficient, more when you are more programmatic and you are turning your media into commodity.

Ofer Druker: The first is, of course, The Trade Desk, more will come. The others that will come basically in, will basically increase the liquidity of the platform and will generate more demand into the platform. We believe that it's a win-win situation, meaning the OEMs that have so much media that they never monetize fully, and now they can do that in a very effective and efficient manner. The advertisers, the agencies that are basically looking at this media, looking a new channel that they can basically trust. We are working with Ventura in order to create also standardization of this type of media, which is super important, and education and getting the attention of the agencies and brands into that.

And the second thing is also from Big dsps. Other dsps that wants to to join this. The first is, of course, the trade desk and we more will come and the others that will come basically, in will basically increase the, the, the liquidity of the platform and will generate more demand into the platform. And I we believe that it's a win-win situation. Meaning the oems that have so much media that they never monetize fully

Speaker #5: You are able to basically monetize much more of your space than when you're doing it manually. In the past year, most of the people did it in a way with ad servers or manually selling deals on that type of media.

Speaker #5: Now they can basically integrate programmatically to their sources or our sources and generate more revenue. And the second thing is also from big DSPs, other DSPs that want to join this. The first is, of course, The Trade Desk.

Ofer Druker: The others that will come basically in will basically increase the liquidity of the platform and will generate more demand into the platform. We believe that it's a win-win situation, meaning the OEMs that have so much media that they never monetize fully, and now they can do that in a very effective and efficient manner. The advertisers, the agencies that are basically looking at this media, looking a new channel that they can basically trust. We are working with Ventura in order to create also standardization of this type of media, which is super important, and education and getting the attention of the agencies and brands into that. It will increase the usage of the big advertisers and brands and agencies in this type of media and will grow our CTV revenue.

Speaker #5: And more will come. And the others that will come basically in will basically increase the liquidity of the platform and will generate more demand into the platform.

Ofer Druker: It will increase the usage of the big advertisers and brands and agencies in this type of media and will grow our CTV revenue. Again, not to confuse, the main revenues in this year, in 2026, will come from the things that we've done in 2025, meaning in-stream, growing it, building it more, building more relationship. As I mentioned, when people will buy from us native ads, they will increase also their exposure on our in-stream media because it makes sense to run on the same systems and the same reporting.

Speaker #5: And we believe that it's a win-win situation, meaning the OEMs that have so much media that they never monetize fully. And now they can do that in a very effective and efficient manner.

and now they can do that in a very effective and efficient manner. And the advertisers the agencies that are basically looking at this media looking a new channel that they can basically trust. We are working with Ventura in order to create also standardization of this type of media, which is super important and education and getting the attention of the agencies and Brands into that. And it will increase the usage of the big advertisers and brand Brands and agencies in in this type of media and will grow our city Revenue. So again, not to confuse the main revenues in in this year, in 2026 will come from the things that we done in 2025, meaning instream, growing it, building it, more building, more relationship. Also, as I mentioned when people will buy from us, native, as they will increase also their exposure on our instream media because it makes sense to run on the same on the same systems and the same

Speaker #5: And the advertisers, the agencies, that are basically looking at this media, looking at new channel that they can basically trust. We are working with Ventura in order to create also standardization of this type of media, which is super important.

Reporting and what will start growing now, our revenues and support our growth in 2026 is used to come will be the native ads that we are running basically, on the operating system, screens around the globe, and mainly in the US and and North America and Canada meaning.

I hope that answer your

Ofer Druker: What will start growing now, our revenues and support our growth in 2026 and years to come, will be the native ads that we are running basically on the operating system screens around the globe and mainly in the US and North America and Canada. I hope that I answer your question.

Speaker #5: And education and getting the attention of the agencies and brands into that. And it will increase the usage of the big advertisers and brands and agencies in this type of media, and will grow our CTV revenue.

thank you.

Thank you. Your next question.

Your next question comes from the line of Jason crayer with Craig Helen. Please go ahead.

Ofer Druker: Again, not to confuse, the main revenues in this year, in 2026, will come from the things that we've done in 2025, meaning in-stream, growing it, building it more, building more relationship. Also, as I mentioned, when people will buy from us native ads, they will increase also their exposure on our in-stream media because it makes sense to run on the same, on the same systems and the same reporting. What will start growing now our revenues and support our growth in 2026 and years to come will be the native ads that we are running basically on the operating system screens around the globe and mainly in the US and North America and Canada, meaning. I hope that I answered your question.

Speaker #5: So again, not to confuse, the main revenues in this year, in 2026, will come from the things that we've done in 2025, meaning in-stream growing it, building it more, building more relationship, also as I mentioned, when people will buy from us native ads, they will increase also their exposure on our in-stream media because it makes sense to run on the same systems and the same reporting.

Jason Kreyer: Thank you.

Andrew Marok: Thank you.

Ofer Druker: Thank you.

Operator: Your next question comes from the line of Jason Kreyer with Craig-Hallum. Please go ahead.

Jason Kreyer: Thank you, guys. You've talked about the strengths that you've seen early in Q1, and you talked about the record January and February. Just wondering if you can give more details on kind of what channels are driving that strength? With that, I know you're not giving a quarterly guide, I just wanted to try to square things between, you know, the contribution decline that we saw in Q4 relative to the high single-digit growth that you're guiding to for the year, kind of where Q1 is shaping up within that continuum. Thanks.

Speaker #5: And what will start growing now, our revenues and support our growth in 2026 and years to come, will be the native ads that we are running basically on the operating system screens around the globe, and mainly in the US and North America and Canada, meaning.

And thank you guys. Um, so you've talked about the strains that you've seen early in q1, you talked about the record January and February, just wondering if you can give more details on on, kind of what channels are driving that strength. Um, with that, I know you're not giving a quarterly guide but I just wanted to try to square things between, you know, the the contribution decline that we saw on Q4 relative to the high single digit growth that you're guiding to for the year, kind of where q1 is shaping up within that Continuum thanks.

Thank you.

So, we see the growth coming from.

Speaker #5: I hope that I answered your question.

Operator: Thank you.

Ofer Druker: Thank you.

Andrew Marok: Thank you.

Billy Eckert: Your next question comes from the line of Jason Kreyer with Craig-Hallum. Please go ahead.

Speaker #4: Thank you.

Operator: Your next question comes from the line of Jason Kreyer with Craig-Hallum. Please go ahead.

Speaker #5: Thank you.

Ofer Druker: Thank you. We see the growth coming from everywhere on basically saying, meaning not specific vertical, not a specific format. It's coming from across the board from all the major partners that we are working with. They are increasing the level of work with us. They are increasing their level of investment in media with us, which is of course great. Our salespeople are able to deliver very good results until now in Q1, bringing in the advertisers that we work with and others into the system. We feel that it's a combination of two things that happen or three things that happen. One is that I think that the fact that we increased our infrastructure last year, almost doubled that.

Speaker #3: Your next question? Your next question comes from the line of Jason Cryer with Craig Hallam. Please go ahead.

Jason Kreyer: Thank you, guys. You've talked about the strengths that you've seen early in Q1, and you talked about the record January and February. Just wondering if you can give more details on kind of what channels are driving that strength. With that, I know you're not giving a quarterly guide, but I just wanted to try to square things between, you know, the contribution decline that we saw in Q4 relative to the high single-digit growth that you're guiding to for the year, kind of where Q1 is shaping up within that continuum. Thanks.

Speaker #4: And thank you, guys. So, you've talked about the strengths that you've seen early in Q1. You talked about the record January and February. Just wondering if you can give more details on kind of what channels are driving that strength.

Speaker #4: With that, I know you're not giving a quarterly guide, but I just wanted to try to square things between the contribution decline that we saw in Q4 relative to the high single-digit growth that you're guiding to for the year, kind of where Q1 is shaping up within that continuum.

Everywhere. All basically saying meaning not specific vertical, not a specific format, it's coming from across the board from all the major partners that we are working with, they are increasing the level of work with us. They are increasing their level of investment in media with us, which is, of course, great, our sales people are able to deliver very good results in the until now, in q1, bringing bringing in the advertisers that, that we we work with, and others into the, into the system. And we feel that it's a, it's a

Ofer Druker: Thank you. We see the growth coming from everywhere on basically saying, meaning not specific vertical, not a specific format. It's coming from across the board from all the major partners that we are working with. They are increasing the level of work with us. They are increasing their level of investment in media with us, which is of course, great. Our salespeople are able to deliver very good results until now in Q1, bringing in the advertisers that we work with and others into the system. We feel that It's a combination of two things that happened or three things that happened. One is that I think that the fact that we increased our infrastructure last year, almost doubled that.

Speaker #4: Thanks.

Speaker #5: Thank you. So, we see the growth coming from everywhere, basically—not from a specific vertical, not a specific format. It's coming from across the board, from all the major partners that we are working with.

It's a combination of 2 things that happen or 3 things that happen 1 is that I think that the fact that we increased our infrastructure last year, almost double that. I think it's helping us on the programmatic level. Because now people can see the real size of our media and they can buy more media from us. It's a process that is taking time. It's not you are not lighting it in 1 day. It's taking a process of several months and a lot of investment in the, in the data centers and so on. But we see that it's already generating results.

Ofer Druker: I think it's helping us on the programmatic level because now people can see the real size of our media, and they can buy more media from us. It's a process that is taking time. You are not lighting it in one day. It's taking a process of several months and a lot of investment in the data centers and so on. We see that it's already generating results very quickly, which is great. The second thing is we need to remember that we are now putting much more effort also on the enterprise solution of us, meaning our DSP, our discovery tool, which is basically segmentation and data platform.

Generating results very quickly, which is great. The second thing is we need to remember that.

Speaker #5: They are increasing the level of work with us. They are increasing their level of investment in media with us, which is, of course, great.

Speaker #5: Our salespeople are able to deliver very good results until now in Q1, bringing in the advertisers that we work with and others into the system.

Speaker #5: And we feel that it's a combination of two things that happened or three things that happened. One, is that I think that the fact that we increased our infrastructure last year almost doubled that.

Ofer Druker: When you look at that, we feel that when we are doing that now and all the sessions that we've done with our salespeople and leaders in the sales and so on, Our message to the market is resonating much better, and we deliver better results by our salespeople, which is, of course, very important, and we feel encouraged by that. The third element, I think, is the market itself, which seems to be better than we saw last year, meaning it's more positive. People. The sentiment is better for advertisement until now. I think that it's basically pushing all the numbers up. We see that, as we mentioned, January was the best ever, February was the best ever.

Ofer Druker: I think it's helping us on the programmatic level because now people can see the real size of our media, and they can buy more media from us. It's a process that is taking time. You are not lighting it in one day. It's taking a process of several months and a lot of investment in the data centers and so on. We see that it's already generating results very quickly, which is great. The second thing is we need to remember that we are now putting much more effort also on the enterprise solution of us. Meaning our DSP, our discovery tool, which is basically segmentation and data platform.

Speaker #5: I think it's helping us on the programmatic level, because now people can see the real size of our media, and they can buy more media from us.

Speaker #5: It's a process that is taking time. It's not like you are lighting it in one day. It's taking a process of several months and a lot of investment in the data centers and so on.

We may, we are now putting much more effort also on the Enterprise solution of us, meaning our DSP, our Discovery tool, which is basically segmentation and data platform. And when you look at that, we feel that when we are doing that now and all the sessions that we've done with our sales people and, and leaders in the sales. And so on, we are our message to the market is resonating much better and we deliver better results by our sales people, which is, of course, very important. And we feel encouraged by that the third element. I think it's the market itself, which seems to be better than we saw last year. Meaning it's more positive people. Uh, the sentiment is better for advertisements until now and, and I think that it's basically pushing all the numbers up and we are

Speaker #5: But we see that it's already generating results very quickly, which is great. The second thing is we need to remember that we are now putting much more effort also on the enterprise solution of us, meaning our DSP, our discovery tool, which is basically segmentation and data platform.

Ofer Druker: When you look at that, we feel that when we are doing that now in all the sessions that we've done with our salespeople and leaders in the sales and so on, our message to the market is resonating much better, and we deliver better results by our salespeople, which is, of course, very important, and we feel encouraged by that. The third element, I think, is the market itself, which seems to be better than we saw last year, meaning it's more positive. People, the sentiment is better for advertisement until now. I think that it's basically pushing all the numbers up. We see that, as we mentioned, January was the best ever. February was the best ever.

Speaker #5: And when you look at that, we feel that when we are doing that now, and all the sessions that we've done with our salespeople and leaders in sales and so on, our message to the market is resonating much better.

Ofer Druker: The reason that we are keeping our basically forecast for the year and so on and thinking about this number is that it's only two months, we want to be conservative. We look at that, and we say, Okay, if it will continue like that, then we'll generate amazing results in Q1. We see the trend going through also the beginning of Q2, we will look at the numbers of the years and of course adjust them accordingly.

Whatever the reason that we are keeping our basically forecast for the year and so on and and and thinking about this number is that it's only 2 months. We want to be conservative and we look at that and we say, okay, if it will continue like that and we'll generate amazing results in q1 and we see the trend going through. Also the beginning of Q2 we will look at the at the numbers of the years and of course, adjust them accordingly.

Great. Thank you.

Speaker #5: And we deliver better results by our salespeople, which is, of course, very important. And we feel encouraged by that. The third element, I think, is the market itself, which seems to be better than we saw last year, meaning it's more positive.

You're next question comes from the line of Maria reps with can oford. Please go ahead.

Speaker #5: People are the sentiment is better for advertisement until now. And I think that it's basically pushing all the numbers up. And we are and we see that as we mentioned, January was the best ever.

Laura Martin: Great. Thank you.

Jason Kreyer: Great. Thank you.

Operator: Your next question comes from the line of Maria Ripps with Canaccord. Please go ahead.

Ofer Druker: The reason that we are keeping our basically, forecast for the year and so on and thinking about this number is that it's only two months. We want to be conservative. We look at that and we say, Okay, if it will continue like that, then we'll generate amazing results in Q1. We see the trend going through also the beginning of Q2. We will look at the numbers of the years and of course adjust them accordingly.

Maria Ripps: Great. Thanks so much for taking my questions. I just wanted to follow up on Jason's question regarding Q1. How should we think about sort of incremental demand from the Olympics versus the broader underlying trends? Any color on that would be helpful. Can you maybe share a little bit more color on your enterprise offering? sort of, you mentioned that you more than doubled the number of customers sort of last year. we know sort of the sales cycle here can be a little bit longer, but how should we think about sort of enterprise becoming a larger contributor to growth over the next year or two?

Speaker #5: February was the best ever. The reason that we are keeping our basically focus for the year and so on and thinking about these numbers is that it's only two months.

Speaker #5: We want to be conservative. And we look at that and we say, "Okay, if it will continue like that and we'll generate amazing results in Q1 and we see the trend going through also the beginning of Q2, we will look at the numbers of the years and, of course, adjust them accordingly."

Uh great thanks to thanks so much for taking my questions. Uh I just wanted to follow up on Jason's question. Uh regarding q1, how should we think about sort of incremental demand from the Olympics versus the border on the line Trends? Any call on? That would be would be helpful. And then can you maybe share a little bit more color on your Enterprise offering? Uh, sort of, um, you mentioned that you more than doubled. The number of customers sort of last year, we know. So the sales cycle here, I can be a little bit longer, but how should we think about sort of Enterprise becoming a larger contributor to growth over the next year or 2

Laura Martin: Great. Thank you.

Jason Kreyer: Great. Thank you.

Billy Eckert: Your next question comes from the line of Maria Ripps with Canaccord. Please go ahead.

Operator: Your next question comes from the line of Maria Ripps with Canaccord. Please go ahead.

Speaker #4: Great. Thank you.

So, thank you for your questions. I think that uh, will help us, we help the the, the people to understand better what we are doing, which is great. Again, I think that when we are looking at everything that is happening in the markets and how we prefer ourselves, we always thinking ahead in our strategy. So,

Speaker #3: Your next question comes from the line of Maria Rips with Canaccord. Please go ahead.

Ofer Druker: Thank you for your questions. I think that will help us and help the people to understand better what we are doing, which is great. Again, I think that when we are looking at everything that is happening in the market and how we prepare ourselves, we're always thinking ahead in our strategy. Almost 3 and a half years ago, when we acquired Amobee then, and we turn it into our basically DSP, enterprise DSP, we had the idea that basically we need to be closer to the brands that are buying media. We need to provide them the best solution in order for them to invest in media, to generate results, to get the performance that they are looking for from their investment. We saw a very big progress over the last few years.

Maria Ripps: Great. Thanks so much for taking my questions. I just wanted to follow up on Jason's question regarding Q1. How should we think about sort of incremental demand from the Olympics versus the broader underlying trends? Any color on that would be helpful. Can you maybe share a little bit more color on your enterprise offering? Sort of, you mentioned that you more than doubled the number of customers sort of last year. We know sort of the sales cycle here can be a little bit longer, but how should we think about sort of enterprise becoming a larger contributor to growth over the next year or two?

Speaker #6: Great, thanks so much for taking my questions. I just wanted to follow up on Jason's question regarding Q1. How should we think about sort of incremental demand from the Olympics versus the broader underlying trends?

Speaker #6: Any color on that would be helpful. And then, can you maybe share a little bit more color on your enterprise offering? You sort of mentioned that you more than doubled the number of customers year over year.

Almost 3 and a half years ago when we acquired a Mobi then and we turn it into our basically DSP and Enterprise. This is, we had the idea that basically, we need to be closer to the brands that are buying media. We need to provide them the best solution in order for them to invest in media to generate results to get the, the the performance that they are looking for from their investment. And we saw a very big progress over the last few years.

Speaker #6: We know sort of the sales cycle here can be a little bit longer, but how should we think about sort of enterprise becoming a larger contributor to growth over the next year or two?

Ofer Druker: Thank you for your questions. I think that will help us and help the people to understand better what we are doing, which is great. I think that when we are looking at everything that is happening in the market and how we prepare ourselves, we're always thinking ahead in our strategy. Almost three and a half years ago, when we acquired Amobee then, and we turn it into our basically DSP, enterprise DSP, we had the idea that basically we need to be closer to the brands that are buying media. We need to provide them the best solution in order for them to invest in media, to generate results, to get the performance that they are looking for from their investment. We saw a very big progress over the last few years.

Speaker #5: So thank you for your questions. I think that will help us and help the people to understand better what we are doing, which is great.

Ofer Druker: In the end, last year and mostly in the end of last year, we basically also shifted more resources from other sales channels to this sales channel. We brought more additional talent into the main points of engagement with the market. We feel a very big response to that because I think that what we are talking about for many years, about integrating data into the mix of buying media and smart data into that is starting to resonate and people looking for that. Apart from that, the nexAI tools that we developed that integrated are very practical, generating amazing feedback and results, and helping the buyers to buy better the media as we see that.

In the end in the, in the end last year and mostly in the end of last year, we basically also shifted more is shifted more resources from other sales channels. So this sales Channel, we brought more additional Talent into the into the main points of Engagement with the with the market. And we feel a very big response to that because I think that

Speaker #5: Again, I think that when we are looking at everything that's happening in the market and how we prepare ourselves we're always thinking ahead in our strategy.

Speaker #5: So, almost three and a half years ago, when we acquired Amobee then, and we turned it into our, basically, DSP—enterprise DSP—we had the idea that, basically, we need to be closer to the brands that are buying media.

Speaker #5: We need to provide them the best solution in order for them to invest in media, to generate results, to get the performance that they are looking for from their investment.

Ofer Druker: Last year and mostly in the end of last year, we basically also shifted more resources from other sales channels to this sales channel. We brought more additional talent into the main points of engagement with the market. We feel a very big response to that because I think that what we are talking about for many years, about integrating data into the mix of buying media and smart data into that, is starting to resonate. People looking for that. Apart from that, the nexAI tools that we developed that integrated are very practical, generating amazing feedback and results and helping the buyers to buy better the media as we see that.

Speaker #5: And we saw very big progress over the last few years. In the end, in the last year, and mostly at the end of last year, we basically also shifted more resources from other sales channels to these sales channels.

Ofer Druker: When you're looking at that, we believe that we already, as you indicated, it's true, the growth cycle of these partners and this and these partners of us will take a little bit longer than when you are launching programmatic activity with someone because they need to learn about the system. They need to train, they need to get to gain confidence and start moving budget into that. It's a good indication when we are able to get much more clients to test, to run on this platform, and we believe that this is the growth, the main growth engines, growth engine for us in the years to come.

Speaker #5: We brought more additional talent into the main points of engagement with the market. And we feel a very big response to that because I think that what we are talking about for many years about integrating data into the mix of buying media and smart data into that is starting to resonate and people looking for that.

What we are talking about how many years about integrating data into the mix of of buying media and smart data into, that is starting to resonate and people looking for that apart from that, the next AI tools that we developed it in in in integrated are very practical generating amazing feedback and results and helping the buyers to buy better the immediate as as we see that. So, when you're looking at that, we believe that we already as you indicated, it's true. The the growth cycle of these Partners on this and this Partners so fast will take a little bit longer than when you are launching programmatic activity with someone. Because they need to learn about the system, they need to train. They need to get confident to gain confidence and stuff, moving their budget into that. But it's a good indication when we were, when we are able to get much more clients to test to, to run on this platform. And we believe that this is the growth, the main growth

Speaker #5: Apart from that, the next AI tools that we developed and integrated are very practical, generating amazing feedback and results, and helping the buyers to buy better media as we see that.

Ofer Druker: Meaning we will go and work with more and more agencies and brands in order for them to adopt our technology, to generate great results, but to run also and to incentivize them in order to run on our media, consume our data, and work together with us in order to achieve that. All of that together basically is driving great results. Regarding your question about CTV, if I'm not wrong. When we are looking at CTV and the quarter again, and we are looking at what's going on, we believe that it's the beginning of the year, so it's like two months. This year we are reporting earlier than we used to.

Ofer Druker: When you're looking at that, we believe that we already, as you indicated, it's true, the growth cycle of these partners and these partners of us will take a little bit longer than when you are launching programmatic activity with someone because they need to learn about the system, they need to train, they need to gain confidence and start moving budget into that. It's a good indication when we are able to get much more clients to test, to run on this platform. We believe that this is the main growth engine for us in the years to come.

Engines growth engine for us in the years to come. Meaning we will go. We will go and work with more and more agencies and brands, in order for them to adapt, our technology to generate great results. But to run also, and to incentivize them in order to run on our media consumer our data and work together with us in order to achieve that. So all of that together basically is a is a driving

Speaker #5: So when you're looking at that, we believe that we already as you indicated, it's true, the growth cycle of this partners on this partner of us will take a little bit longer than when you are launching programmatic activity with someone because they need to learn about the system.

Great results. Regarding your question about CTV. If I'm not wrong.

so,

Speaker #5: They need to train. They need to get confident to gain confidence and start moving budget into that. But it's a good indication when we are able to get much more clients to test to run on this platform.

Speaker #5: And we believe that this is the growth, the main growth engines for us in the years to come, meaning we will go and work with more and more agencies and brands in order for them to adapt our technology, to generate great results, but to run also and to incentivize them in order to run on our media, consume our data, and work together with us in order to achieve that.

Ofer Druker: When you look at that, we see that this fundamental change that we've done with our sales, with our platform, with our programmatic, with interesting products that are able to gain the attention of the big DSPs and brands to work with us is super important and is driving results for us across the board, and we believe that it's something that will continue during the year and the years to come. I hope that I answered your question.

When we are looking at CTV and the quarter again and we are looking at what's going on. We believe that it's the beginning of the year. So it's like 2 months. We are this year, we are reporting earlier than we used to, but when you look at that, we see that this fundamental change that we done with ourselves with our platform, with our programmatic, with, with inter interesting products that are able to, to gain the attention of the big dsps and Brands to work with us, is super important and is driving results for us, across the board. And we believe that it's something that will continue during the year. And the years to come. I hope that I answer your question.

Great. Thank you.

Thank you.

Frozen Blood. Please go ahead.

Speaker #5: So all of that together basically is driving great results. Regarding your question about CTV, if I'm not wrong. So when we are looking at CTV and the quarter again and we are looking at what's going on, we believe that it's like two months we are this year we are reporting earlier than we used to.

Okay. Uh, thanks for taking the question. Um,

Maria Ripps: Great. Thank you.

Ofer Druker: Thank you.

Operator: Your last question comes from the line of Barton Crockett with Rosenblatt. Please go ahead.

Ofer Druker: When you look at that, we see that this fundamental change that we've done with our sales, with our platform, with our programmatic, with interest, interesting products that are able to gain the attention of the big DSPs and brands to work with us is super important and is driving results for us across the board, and we believe that it's something that will continue during the year and the years to come. I hope that I answered your question.

Barton Crockett: Okay. Thanks for taking the question. You know, since this is the end, maybe, you know, one and a half or so. I was curious about your guidance. I was wondering if you could parse out a little bit what portion of the growth you're seeing, you know, is political. In general, you know, is the political that you're seeing for this year, how that would compare to what you've seen in the past? Whether you've got any kind of early indications given that there's been some, you know, meaningful activity in some of the early primaries in Texas, whether that gives you any learnings in terms of how to think about the political contribution to your growth this year.

Speaker #5: But when you look at that, we see that this fundamental change that we've done with our sales, with our platform, with our programmatic, with interesting products that are able to gain the attention of the big DSPs and brands to work with us, is super important.

you know, since this is the end, maybe, you know, 1 and a half or so. But um, I was curious about your, um, guidance. Um, I was wondering if you could parse out a little bit, um, what portion of the growth you're seeing you know is political and in general, you know, is the political that you're seeing uh, for this year, how that would compare to what you've seen in the past and whether you've got any kind of early indications, given that there's been some, you know, meaningful activity in some of the early primaries in Texas. Whether that gives you any learnings, in terms of how to think about the political contributions to your growth this year. And

Speaker #5: And it's driving results for us across the board, and we believe that it's something that will continue during the year and the years to come.

also your growth I mean is that you guys have spoken in the past about our desire for Acquisitions potentially

Operator: Great. Thank you.

Maria Ripps: Great. Thank you.

Speaker #5: I hope that I answered your question.

Ofer Druker: Thank you.

Speaker #6: Great. Thank you.

Billy Eckert: Your last question comes from the line of Barton Crockett with Rosenblatt. Please go ahead.

Operator: Your last question comes from the line of Barton Crockett with Rosenblatt. Please go ahead.

Speaker #5: Thank you.

Speaker #3: Your last question comes from the line of Barton Crockett with Rosenblatt. Please go ahead.

Barton Crockett: Your growth, I mean, is that you guys have spoken in the past about a desire for acquisitions potentially. I assume that guide is excluding any acquisitions that you might do, but if you could confirm that and maybe just update us on where your current stance is about interest in acquisitions, just given there's been a lot of kind of reset and valuations of late and maybe rethink as to Omnicom's ramp, and you know, but just where you stand on that would be interesting? Thank you.

Barton Crockett: Okay. Thanks for taking the question. You know, since this is the end, maybe, you know, 1.5 or so, I was curious about your guidance. I was wondering if you could parse out a little bit what portion of the growth you're seeing, you know, is political and in general, you know, is the political that you're seeing for this year, how that would compare to what you've seen in the past and whether you've got any kind of early indications given that there's been some, you know, meaningful activity in some of the early primaries in Texas, whether that gives any learnings in terms of how to think about the political contribution to your growth this year.

Uh, I assume that guide is excluding any Acquisitions that you might do, but if you could confirm that and maybe just update us on where your current stance is about, uh, interest in Acquisitions, just giving there's been a lot of kind of reset evaluations of late and maybe rethink is Ohm's ramp. And

Speaker #4: Okay. Thanks for taking the question. Since this is the end, maybe one and a half or so. But I was curious about your guidance.

Uh, you know, but just where you stand on, that would be interesting. Thank you.

Cool. So regarding political in general. When we looking at, what we learn to do in the last couple of years and in the last round of the last election,

Speaker #4: I was wondering if you could parse out a little bit what portion of the growth you're seeing is political. And in general, is the political that you're seeing for this year how that would compare to what you've seen in the past and whether you've got any kind of early indications given that there's been some meaningful activity in some of the early primaries in Texas, whether that gives any learnings in terms of how to think about the political contribution to your growth this year and also your growth.

Ofer Druker: Of course. Regarding political, in general, when we're looking at what we learned to do in the last couple of years and in the last round of the last election, we saw that basically our setting, that we have strong segmentation tools and data that is related that enable the partners to onboard their data in order to target the audience to, in general, channels and so on, is very useful for political use. We build the dedicated teams for that. Already last election, they generated the best ever results that we saw from political cycle. Our focus right now is not taking it into account in a very, in a big manner, because when we are looking at that, we spoke about the first two months.

We saw that basically our setting that we have a strong segmentation tool and data that is related that enable the the partners to onboard their data in order to Target the audience to in in general channels. And so on is very useful for political use

Barton Crockett: Also your growth, I mean, is that you guys have spoken in the past about a desire for acquisitions potentially. I assume that guide is excluding any acquisitions that you might do, but if you could confirm that and maybe just update us on where your current stance is about interest in acquisitions, just given there's been a lot of kind of reset evaluations of late and maybe rethink as LMS ramp and, you know, but just where you stand on that would be interesting. Thank you.

Speaker #4: I mean, is that you guys have spoken in the past about a desire for acquisitions potentially? I assume that guide is excluding any acquisitions that you might do, but if you could confirm that and maybe just update us on where your current stance is about interest in acquisitions, just given there's been a lot of kind of reset and valuations of late and maybe rethink is LLMs ramp and but just where you stand on that would be interesting.

Ofer Druker: Of course. Regarding political, in general, when we're looking at what we learned to do in the last couple of years and in the last round of the last election, we saw that basically our setting that we have a strong segmentation tool, and data that is related that enable the partners to onboard their data in order to target the audience to, in general, channels and so on, is very useful for political use. We build the dedicated teams for that. Already last election, they generated the best ever results that we saw from political cycle. Our focus right now is not taking it into account in a very big manner because when we are looking at that, we spoke about the first two months.

Speaker #4: Thank you.

Speaker #5: Of course. So regarding political, in general, when we're looking at what we learn to do in the last couple of years and in the last round of the last election, we saw that basically our setting that we have a strong segmentation tool and data that is related that enabled the partners to onboard their data in order to target their audience to in general, channels and so on is very useful for political use.

Ofer Druker: It's not like strong in political yet, we feel that there is a lot of interest, there is a lot of partners that are joining our platform now in order to use our technology, as I mentioned, which is a great solution for DSP, which enable you to target audiences in a very smart manner, segmentation tool that enable you to launch also your data in order to reach the users that you want to reach in this campaigns that you are running, and of course, the media reach that we can offer to these clients. We believe that this political season will be strong and assist us.

We build the dedicated teams for that already. Last election, they generated the, the best ever results that we saw from political cycle, our Focus right now, is not taking it into account in a very, in a, in a, in a big manner. Because when we are looking at that we are, we are we spoke about the first 2 months? It's not like a strong in political yet, but we feel that there is a lot of interest, there is a lot of partners that are joining our platform. Now in order to use our technology as I mentioned, which is a great solution for DSP, which is enable you to to Target audiences in a very smart manner. Segmentation tool that enable you to launch, also your data in order to reach the the users that you want to reach in this campaigns, that you are running. And of course, the media reach that we can offer to this clients. And we believe that this political season will be strong and assist us H. It's you know, it's always depended on what will happen for political level.

Speaker #5: We built a dedicated team for that already last election. They generated the best ever results that we saw from political cycle. Our focus right now is not taking it into account in a very in a big manner because when we are looking at that, we spoke about the first two months.

Able to see how much money really. The parties will will engage in this in this in this campaign in this campaigns.

Ofer Druker: It's, you know, it's always dependent on what will happen from political level to see how much money really the parties will engage in these campaigns. We have a sense that it will be a fairly good and rewarding for everyone season that will enhance our revenues in 2026. Regarding your other question about acquisitions, we are always open to look around and see. We don't have any targets in our mind. Of course, if we didn't spoke about it, we'll not share it as a passive question. We are looking at always about how we can grow organically but also non-organically. There is many, many ways to do that.

Ofer Druker: It's not like strong in political yet, but we feel that there is a lot of interest, there is a lot of partners that are joining our platform now in order to use our technology, as I mentioned, which is a great solution for DSP, which enable you to target audiences in a very smart manner, segmentation tool that enable you to launch also your data in order to reach the users that you want to reach in these campaigns that you are running, and of course, the media reach that we can offer to these clients. We believe that this political season will be strong and assist us.

But we have a sense that it will be a a fairly good and and and rewarding for everyone Camp season that will enhance our revenues in the in in 2026.

Regarding the your other question about acquisitions.

Speaker #5: It's not like it's strong in political yet, but we feel that there is a lot of interest. There are a lot of partners that are joining our platform now in order to use our technology.

Speaker #5: As I mentioned, which is a great solution for DSP, which enabled you to target audiences in a very smart manner. Segmentation tool that enabled you to launch also your data in order to reach the users that you want to reach in this campaigns that you are running.

Speaker #5: And of course, the media reach that we can offer to these clients. And we believe that this political season will be strong and assist us.

Ofer Druker: It's, you know, it's always dependent on what will happen from political level to see how much money really the parties will engage in this campaign, in these campaigns. We have a sense that it will be a fairly good and rewarding for everyone season that will enhance our revenues in 2026. Regarding your other question about acquisitions, we are always open to look around and see. We don't have any targets in our minds. Of course, if we didn't spoke about it, we'll not share it as a passing question. We are looking at always about how we can grow organically but also non-organically. There is many ways to do that.

Speaker #5: It's always dependent on what will happen from political level to see how much money really the parties will engage in this campaign, in this campaigns.

We are always open to look around and see, we don't have any Targets in in our minds, and of course, if we didn't spoke about that, we will not share it in a as a passive question. But we are looking at always about how we can grow organically, but also non-organically. And there is many, many ways to do that. And our eyes are open in order to see what can be done. Because we believe that in this market, of course, you need to evolve all the time and to be to add mostly size, in this case, because we feel that we have the technology that we need in order to to compete and win in the market.

Ofer Druker: Our eyes are open in order to see what can be done because we believe that in this market, of course, you need to evolve all the time and to be, to add mostly size in this case, because we feel that we have the technology that we need in order to compete and win in the market.

okay, if if I could just follow up um,

Speaker #5: But we have a sense that it will be a fairly good and rewarding for everyone season. That will enhance our revenues in 2026. Regarding your other question about acquisitions, we are always open to look around and see.

you know, just on the on the commentary you guys had about the DSP pacing up here as we start the year.

Um my recollection is that the DSP uh, issues, really started to hit you in the middle of last year?

So, the fact that it's pacing up even before you comp, that is interesting.

Barton Crockett: Okay. If I could just follow up, you know, just on the commentary you guys had about the DSP pacing up here as we start the year. My recollection is that the DSP issues really started to hit you in the middle of last year. The fact that it's pacing up even before you comp that is interesting. Does that imply that you're on pace to kind of recoup everything that you lost from the DSPs as you go into the back half, given that you're pacing up here to start the year? If you could elaborate on that, would be interesting.

Speaker #5: We don't have any target in our mind. And of course, if we didn't spoke about that, we're not sharing it in a passive question.

Does that imply that you're on Pace to kind of recoup everything that you lost from the dsps as you go into the back half, given that you're pacing up here to start the year.

If you could elaborate on, that would be interesting.

Speaker #5: But we are looking at always about how we can grow organically, but also non-organically. And there are many ways to do that. And our eyes are open in order to see what can be done, because we believe that in this market, of course, you need to evolve all the time.

Um maybe about done. Um yes first of all, you know this uh

1 DP. The third person in 2025 million in Q4 was, uh, isolated. And yes, this DSP is now going into back into the

Speaker #5: And to be to add mostly size in this case because we feel that we have the technology that we need in order to compete and win in the market.

You know, the level of spend that we are used to, it's not there yet, but it's on the, on the, on the right trend.

Ofer Druker: Hey, Barton. Yes, first of all, you know, this one DSP that hurt us in 2025, mainly in Q4, was isolated. Yes, this DSP is now going back into the, you know, the level of spend that we are used to. It's not there yet, but it's on the right trend. Hopefully, yes, if they will continue as it started with this DSP and of course, all the other programmatic lines of businesses that also were discussed and shared, we can recoup, you know, most of the money that hopefully, you know, until Q4, it will be the same. Hopefully, we can recoup most of the money that we, like, got hit in 2025 for sure.

Sagi Niri: Hey, Barton. Yes, first of all, you know, this one DSP that hurt us in 2025, mainly in Q4, was isolated. Yes, this DSP is now going back into the, you know, the level of spend that we are used to. It's not there yet, but it's on the right trend. Hopefully, yes, if they will continue as it started with this DSP and of course, all the other programmatic lines of businesses that also were discussed and shared, we can recoup, you know, most of the money that hopefully, you know, until Q4, it will be the same. Hopefully, we can recoup most of the money that we, like, got hit in 2025 for sure.

Barton Crockett: Okay. If, if I could just follow up, you know, just on the commentary you guys had about the DSP pacing up here as we start the year, my recollection is that the DSP issues really started to hit you in the middle of last year. The fact that it's pacing up even before you comp that is interesting. Does that imply that you're on pace to kind of recoup everything that you lost from the DSPs as you go into the back half, given that you're pacing up here to start the year? If you could elaborate on that, it would be interesting.

And hopefully, yes, if they will continue as it started with this DSP. And, of course, all the other programmatic, uh, lines of businesses that offer discussed and, and shared

Speaker #4: Okay, if I could just follow up—just on the commentary you guys had about the DSP pacing up here as we start the year. My recollection is that the DSP issues really started to hit you in the middle of last year.

Would be the same. But hopefully we can recoup most of the money that we like, got hit in 2025, for sure.

That includes our Q&A session.

Speaker #4: So the fact that it's pacing up even before you comp that is interesting. Does that imply that you're on pace to kind of recoup everything that you lost from the DSPs as you go into the back half, given that you're pacing up here to start the year?

I will now turn the call back over over to offer duker for closing remarks.

Ofer Druker: Hey, Barton. Yes, first of all, you know, this one DSP that hurt us in 2025 and in Q4 was isolated. Yes, this DSP is now going into, back into the, you know, the level of spend that we are used to. It's not there yet, but it's on the right trend. Hopefully, yes, if they will continue as it started with this DSP and of course, all the other programmatic lines of businesses that also discussed and shared, we can recoup, you know, most of the money that hopefully, you know, until Q4, it will be the same. Hopefully, we can recoup most of the money that we, like, got hit in 2025, for sure.

Speaker #4: If you could elaborate on that, it would be interesting.

Speaker #5: Hey, Barton. Yes. First of all, this one DSP that helped us in 2025, mainly in Q4, was isolated. And yes, this DSP is now going into back into the level of spend that we are used to.

Operator: That.

Ofer Druker: Barton?

Sagi Niri: Barton?

Operator: our Q&A session. I will now turn the call back over to Ofer Druker for closing remarks.

Ofer Druker: Thank you, everyone. Again, sorry for some of the missed, you know, sometimes maybe bad deadline or something like that. In general, we feel that 2026 started very strong for us. We had record months. We feel that it's across the board. It's not coming from certain partner or certain client or certain vertical. It's across the board, which is great. I feel that it's coming from our technology that is being adapted more in the market, our people that are trained, the people that we added are adding the value that we expected them to add. We feel that also the messaging and the brand is starting to take off, which is great news for us, and we feel positive about 2026 right now. Thank you very much.

Speaker #5: It's not there yet, but it's on the right trend. And hopefully, yes, if they will continue as it started with this DSP and of course, all the other programmatic lines of businesses that offer this cast and shared.

Speaker #5: We can recoup most of the money that hopefully until Q4, it will be the same. But hopefully, we can recoup most of the money that we got hit in 2025 for sure.

Thank you, everyone again. Sorry. For some of the miss, you know, sometimes maybe bit deadline or something like that, but in general, we feel that 2026 started very strong for us with the record months, we feel that it's across the board. It's not coming from certain partner or certain client or certain vertical. It's across the board which is great. I feel that it's coming from our technology that is being adapted, more in the market, our people that are trained. The people that we added are are adding the value that we expected them to add. And we feel that also the messaging and the brand is starting to take off, which is great news for us and we feel positive about 2026 right now.

So, thank you very much.

Billy Eckert: That concludes our Q&A session. I will now turn the call back over to Ofer Druker for closing remarks.

Operator: That concludes our Q&A session. I will now turn the call back over to Ofer Druker for closing remarks.

Speaker #3: That concludes our Q&A session. I will now turn the call back over to offer Drucker for closing remarks.

Ladies and gentlemen, the dust conclude our conference call for today. Thank you all for joining and you may now disconnect everyone have a great day.

Ofer Druker: Thank you, everyone. again, sorry for some of the you know, sometimes maybe bad deadline or something like that. in general, we feel that

Operator: Ladies and gentlemen, that does conclude our conference call for today. Thank you all for joining. You may now disconnect. Everyone, have a great day.

Ofer Druker: Thank you.

Q4 2025 Nexxen International Ltd Earnings Call

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