TechTarget, Inc. — Call Transcript 2026

Good afternoon. Thank you for attending today's Informa TechTarget fourth quarter 2025 financial results conference call and webcast. My name is Tamia, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I would now pass the conference over to your host, Charles Rennick, General Counsel. You may proceed. Thank you, Tamia, and good afternoon, everyone. The speakers joining us here today are Gary Nugent, Our Chief Executive Officer, and Dan Noreck, Our Chief Financial Officer. Before turning the call over to Gary, we would like to remind you that in advance of this call, we posted a press release to the investor relations section of our website and furnished it on an 8-K. You can also find these materials on the SEC's website at www.sec.gov. A replay of today's conference call will be made available on the investor relations section of our website. Following opening remarks from Gary and Dan, they'll be available to answer questions. Any statements made today by Informa TechTarget that are not historical, including during the Q&A, may be considered forward-looking statements. These forward-looking statements, which are subject to risks and uncertainties, are based on assumptions and are not guarantees of future performance. Actual results may differ materially from our forecast and from these forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our most recent periodic report filed on Form 10-K and the forward-looking statements disclaimer in our earnings release filed earlier today. These statements speak only as of the date of this call, and Informa TechTarget undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. Finally, we may also refer to certain financial measures not prepared in accordance with GAAP. A reconciliation of certain of these non-GAAP financial measures to the most directly comparable GAAP measures to the extent available without unreasonable efforts accompanies our press release. With that, I'll turn the call over to Gary. Thank you, Charlie, and good afternoon, everyone. As always, we appreciate you taking the time to join us today, and your interest and engagement means a great deal to us. I am pleased to report that Q4 2025 marked another step forward in our journey to establish Informa TechTarget as the indispensable partner to the B2B technology industry. During 2025, we laid the groundwork to return the business to top-line revenue growth in 2026 and accelerate that growth in the years ahead. Today's agenda is slightly different from previous calls. I will begin with an overview of our strategic progress and some market positioning. Following that, our Chief Financial Officer, Dan Noreck, will provide an overview of our financial performance. Afterwards, we'll open the floor for your questions. Let me start by highlighting the significant strides we've made in combining and transforming our business to become a market leader in what is a large and dynamic addressable market, a $20 billion addressable market. Therefore, we currently only hold a 2.5% market share, and the opportunities for expansion and growth remain substantial. In 2025, we achieved full-year revenue of $486.8 million on a combined company basis. In line with our guidance of being broadly flat year-over-year. Importantly, we delivered a strong 10% growth in adjusted EBITDA to $87.3 million, exceeding our guidance of $85 million. I think this demonstrates our ability to drive meaningful margin expansion through strategic focus and operational excellence. Our combination plan has been the key driver of this progress as we seek to leverage the breadth and the scale that the combination affords us. We made significant progress in consolidating, integrating, automating, and leveraging AI technology to improve our processes and systems that underpin the business, making ourselves easier to do business with and easier to work for, improving quality and productivity. On our products, by unifying our intelligence and advisory operations under the Omdia brand, we have created a comprehensive market intelligence platform. Bringing together the expertise of Canalys, Wards, and ESG under the Omdia banner simplifies our market positioning while enhances the cross-selling opportunities. I think that Omdia's award in November as the Analyst Firm of the Year by the Institute of Industry Analyst Relations, the IIAR, is true recognition of the strength of this approach. We also streamlined and integrated our portfolio of brand demand products, launching the Informa TechTarget Portal in September. The ITT platform was the first offering to leverage our combined audience data set, providing our clients with expanded reach and enhanced intent signals over a 40% increase year-over-year. It also offered seamless integration with industry-leading marketing automation, client relationship, and sales enablement platforms, and a unified customer experience. Additionally, we repositioned NetLine to address the cost-conscious demand generation market. This move, in particular, delivered exceptional results in terms of revenue and bookings growth while expanding our addressable market coverage. The product roadmap for 2026 is compelling as we leverage AI technology to enhance existing and launch new capabilities, and I'll talk a little bit more about this slightly later on. On the subject of our go-to-market strategy, we focused on the largest customers and the most dynamic, highest growth markets. Thus, we've increased our investment in coverage, establishing dedicated sales and service teams to deepen our relationships and strengthen our position in the most influential technology companies in the industry. This approach resulted in revenues growing double-digit year-on-year from this cohort. On audience and audience membership, a key differentiation of our company is the role that we play in informing, educating, and shaping the buy side and the buying journey. Our expert original trusted editorial content remains a vital investment, and I'm proud to share that in addition to the Omdia award I've just mentioned, we received 48 prestigious awards for the strength and the quality of our journalism in 2025. Despite the changing patterns in search traffic due to AI answer engines, we leveraged the breadth of our network and reoriented our editorial and our audience membership development focus. Today, less than 45% of our traffic is sourced from search. Crucially, in 2025, our audience membership grew and our members became more active on our network. We learned that our prowess in search domain authority is a transferable asset and skill in this new AI answer engine world. Notably, our citations from AI answer engines increased in volume over 235% year-over-year. As we've discussed before, we see that the conversion rates to permissioned audience members are 2x-3x that of traditional search. On the subject of AI, as I've said before, we firmly believe that generative and agentic AI will be a huge positive for our business, and we've made significant progress in adopting and embedding AI across four strategic areas of the business. The first one we call conversational AI interfaces, making our proprietary market data and our permissioned audience data more easily accessible and actionable by our clients. In the first half of this year, we will launch the AI research assistant, a multilingual conversational AI interface that will unleash value from the wealth of our proprietary intelligence in our market data. Starting in Q3 of 2026, we will debut a suite of AI-powered go-to-market intelligence solutions. This suite introduces advanced AI skills, sort of the equivalent of apps, that allow marketers to generate actionable insights by synthesizing Informa TechTarget's permissioned audience data and coupling that with their own internal and external web assets. The key capabilities will be AI-driven problem identification. By analyzing the specific content being consumed across our network, our AI will identify the actual business problems that buyers are researching, allowing go-to-market teams to move beyond broad targeting and engage prospects with differentiated messaging tailored to their immediate and specific needs. AI-driven content insights. Performance-based recommendations that will pinpoint which content topics and brand investments are successfully addressing buyer pain points, ensuring the strongest ROI on their marketing spend. Whether utilizing our pre-built AI skills or deploying their own, our customers will be fueled by our AI-powered go-to-market intelligence, making Informa TechTarget an indispensable fixture of the modern MarTech stack. The second area that we're focusing on is personalized audience experiences, bringing the wealth of expert, original, and trusted content from across our network to our audiences, rather than us taking them to the content. Creating personalized content experiences based upon a deep understanding of their company, their role, their business problem, and where they are in their buying journey. The third area is enhancing the efficacy of our go-to-market programs, both for ourselves and our clients, as we improve the precision of our targeting and content and campaign effectiveness. Finally, the fourth area is in automating our operations. Enabling our experts to deliver deeper insights more efficiently and enabling our operations and customer success teams to deliver our products and services to our customers with increased quality and effectiveness. Talking with our customers, particularly with our larger customers, a key takeaway is an increasing desire on their part for integrated solutions rather than point products. Our customers are looking for partners who can provide scaled solutions to their scale problems. Precisely what the new Informa TechTarget was built to deliver. Taking just one prime example in 2025, a key customer of ours lamented that they had to engage with over 30 supplier companies of our ilk in order to service their scale needs. Following a strategic review and a decision to focus on fewer larger relationships, they have consolidated those relationships down, and I'm delighted to say that we were a natural partner to partner with. Further, those same technology companies are keenly aware that they must deliver a clear ROI from the substantial investment that they have made in R&D and AI, and that we are very well positioned to be an essential partner in providing a range of products and services to help them achieve that. Our ambition is to become the indispensable partner to the B2B technology industry, informing, educating, shaping, connecting buyers to sellers. In 2026, our objective is to return the business to top-line revenue growth for the full year, with an adjusted EBITDA expanding to $95 million-$100 million. Our strategy is to continue to build our house on the land that we own, by which I mean producing original, trusted, authoritative content that informs, educates, and shapes the industry through our expert analyst and editorial capabilities. In doing so, nurturing that proprietary market and our permissioned audience membership data asset. We're going to continue to leverage the breadth and scale of the product portfolio and deliver unified and integrated customer experience. We're going to continue to focus our go-to-market efforts on the largest customers and the hottest markets where our scale solutions solve scale problems. We're going to continue to make ourselves easier to do business with and easier to work for, adopting AI across all disciplines to improve quality, enhance productivity, and in particular, to amplify the expertise of the 1,900 colleagues that ply their trade at Informa TechTarget. On that point, I'm incredibly proud of the progress that we have made, and I want to express my gratitude to our dedicated colleagues and their teams for their hard work and commitment. It is their efforts that have positioned us to seize the opportunity that lies ahead. Thank you for your time. I look forward to updating you on continued progress in the quarters ahead. Now I'm gonna turn the call over to Dan to talk a little bit more about our financial results in detail, and then we'll be happy to take your questions. Thanks, Gary, and good afternoon, everyone. I am pleased to be able to report on 2025 results that I think delivered in line with or ahead of our guidance and market expectations, and which demonstrated both our operational discipline and strategic execution capabilities. We delivered full-year revenue of $486.8 million, which, as Gary mentioned earlier, was right in line with our guidance of being broadly flat compared to the $490.4 million we achieved in 2024 on a combined company basis. While revenues remain stable, our focus on operational excellence and strategic reorganization with accelerated delivery of cost synergies drove strong margin expansion. Our adjusted EBITDA reached $87.3 million, comfortably exceeding our guidance of $85 million, representing a healthy 10% increase from 2024's $78.8 million on a combined company basis. This translated to an adjusted EBITDA margin of 17.9% in 2025, a meaningful improvement of 180 basis points from the prior year. Our fourth quarter performance was particularly strong, with revenues of $140.7 million, representing a solid 3% year-over-year increase on a combined company basis. Q4 adjusted EBITDA of $41.6 million represented a 56% year-over-year increase, with our adjusted EBITDA margin expanding to around 30% compared to approximately 20% in the corresponding quarter of the prior year on a combined company basis. Our Q4 performance reflected some seasonal upswing in the business, but also benefited from our strategic initiatives that are gaining traction, which allowed us to accelerate the realization of some cost savings along with some favorable phasing impacts. Our quarterly progression throughout 2025 tells a story of building momentum. Following the seasonally slower first quarter, each of the remaining quarters of the year showed positive sequential revenue progression, a trend we expect to continue in 2026. From a year-over-year perspective, revenue performance consistently improved from -6% in Q1, narrowing to -2% in Q2, getting back to growth in Q3 at +1% and +3% in Q4 over the comparative combined company measure. Our balance sheet also reflects a strong financial foundation that supports our strategic initiatives while maintaining the flexibility to capitalize on growth opportunities that may arise. At the end of 2025, we had cash and cash equivalents on the balance sheet of around $41 million and had utilized around $107 million of our $250 million unsecured five-year revolving credit facility, resulting in a net debt of approximately $66 million, not vastly different to the approximately $62 million at the end of 2024, despite significant cash expenditures in the year on acquisition, integration, and restructuring costs. Our free cash flow reflects the impact of our integration and restructuring investments in 2025. On an adjusted basis, we delivered meaningful cash flow, demonstrating the strong underlying cash generation characteristics of our business model. Net debt at year-end relative to adjusted EBITDA for the year was just 0.8x and slightly lower than at the end of 2024, illustrating the strong cash-generating characteristics of our business. Now, quickly turning to our guidance for 2026. Following the substantial progress made with our combination program in 2025, the priority for 2026 is to build on the foundations laid and to return to growth in 2026. Our assumption is that the market environment will remain similar to that in 2025. Nevertheless, we expect to grow our revenues in 2026. That, coupled with our continued cost discipline, annualization of synergies, and operational leverage, we expect our adjusted EBITDA to grow further to a range of $95 million-$100 million, marking a further meaningful improvement on our adjusted EBITDA margin. Q1 2026 will reflect this trend. This guidance reflects our confidence in the progress we've made through our strategic initiatives and the strong foundation we've established for sustainable growth. In conclusion, our financial model is built to scale efficiently. Every additional dollar of revenue delivers substantial incremental margin, highlighting the strength of our unit economics. This structure enables us to grow profitability and free cash flow over time. With that, we're now happy to answer your questions. Operator, will you please open up the line for Q&A? Absolutely. We will now begin the question and answer session. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason at all you would like to remove that question, please press star followed by two. Again, to ask a question, please press star one. The first question comes from Eric Martinuzzi with Lake Street. You may proceed. I wanted to first of all congratulate you on the fourth quarter results and overachieving versus the adjusted EBITDA for the year. I was particularly impressed with the go-to-market strategy results. Your comment in the press release talks about an approximate 10% growth in revenue from your largest customers. Was that a full year basis, or was that a Q4 metric, Gary? Hi, Eric, and good to hear from you. That's a full year basis, and on a combined company basis. Okay. You know, there was a time when the different tiers of customers. If I go back to, like, the end of 2024, you talked about the 7,500 customers that the combined entity had, and that there were 70 customers that were over $1 million a year in billing. Is that the tier of customers that we're talking about here, or are you stratifying the customer base differently? No. We are stratifying the customer base differently. It's not, it's not the same. I mean, if you recall, if I actually go back, we have identified about $10 billion of our $20 billion addressable market sits with about 150-200 clients in the marketplace. We've then further prioritized that down to a cohort of 30 portfolio customers and then a further 120 or so kind of customers that are what we would call majors. The number that I'm quoting for you is for that cohort of 30. Okay. You know, you've got so many different products that you're offering customers now. What was resonating with that largest cohort? You know, first of all, did they contract in their use of any of the products? What was it that they expanded their use of? Well, you appreciate it's a bit of a, you know, a mixed picture if you go down to the kind of individual customer level. I would say if there was a trend there, we saw really strong demand for demand. So there was strong demand for our demand products. And that was encouraging to see, in particular as we consolidated and rationalized the demand portfolio and did a better job of the market positioning of that. Then secondly, I would say content. Content was generally a strong theme last year as customers were looking to really establish a distinctive voice in the marketplace, to stand out from the noise, and to leverage the expertise we have, our analyst expertise and our editorial expertise, to really give them a bit of brand association. All right. Given the total revenue on the pro forma combined basis actually declined 1%, obviously the smaller customers contracted to sort of offset the success that you had with the higher tier, as you put it, the 30 portfolio customers. Was there any themes to recognize across the smaller customer base, either, you know, smaller enterprise or SMB themes? I suppose the theme I would talk to is much more of an international market for us. I think what we saw in particular was in the Asia Pacific region in the triangle between sort of Singapore and China and Korea. Well, it's not a triangle if I add a fourth point. It's a square, isn't it, if I add Tokyo to that. That was definitely a market that was challenged last year. I think in particular, some of the macroeconomic situation with, you know, Asian technology companies looking to export their businesses internationally. That was probably the area where I would say the trend really was. I think we just also saw in that sort of small to medium end of the IT marketplace that was a market where I don't think that was odd, but there was, you know, customer churn in that market in the small to medium end. Got it. All right. Dan, as we're doing our modeling here for 2026, obviously the top line, you didn't want to put too fine a point on it, but as I'm looking at the growth that you had in the back half of 2025 on the pro forma combined, you know, you were up 1% in Q3, you were up 3% in Q4. You know, is it a prudent starting point to kind of take the blend there and say, "Hey, if we are gonna grow, let's put it in maybe start with a 2%, and just use that as a baseline," or is that too aggressive? No, Eric, I think that the way you're laying it out makes sense. You know, I think you could go maybe a little higher than that 2%, but I think the way you're thinking about modeling makes sense to me. Okay. Last question is around the source of the incremental adjusted EBITDA. Obviously, you know, revenue is not gonna be. Revenue, we're planning on it to be a little bit higher in 2026. You know, let's just for discussion say we're talking about a flat revenue in 2026 versus 2025. In 2025, you know, that adjusted EBITDA number was around what was it? 87, yeah, $87.3 million. Yet you're guiding to kind of a midpoint of $97.5 million. So just to keep it simple, call it $10 million of incremental adjusted EBITDA. What is it that's getting you there? Is this primarily gonna be driven by further synergies on the bringing of the two entities together, or what's driving that? Yeah. No, Eric, so if you think about where the synergies sort of landed in 2025, they were really back half loaded. You're really going to start to see the impact of that throughout the full year, as opposed just to being combined or contained to the second half of the year. Got it. Okay. Thanks for taking my question. Thank you, Eric. Thanks, Eric. Thank you. As a quick reminder, if you'd like to ask a question, please press star one on your telephone keypad.

Speaker 5: Good afternoon. Thank you for attending today's Informa TechTarget fourth quarter 2025 financial results conference call and webcast. My name is Tamia, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I would now pass the conference over to your host, Charles Rennick, General Counsel. You may proceed. Good afternoon. good afternoon Thank you for attending today's Informa TechTarget fourth quarter 2025 financial results conference call and webcast. thank you for attending today's informa techtarget fourth quarter 2025 financial results conference call and webcast My name is Tamia, and I will be your moderator for today's call. my name is tamia and i will be your moderator for today's call All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. all lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end If you would like to ask a question, please press star one on your telephone keypad. if you would like to ask a question please press star one on your telephone keypad I would now pass the conference over to your host, Charles Rennick, General Counsel. i would now pass the conference over to your host charles rennick general counsel You may proceed. you may proceed

Speaker 1: Thank you, Tamia, and good afternoon, everyone. The speakers joining us here today are Gary Nugent, Our Chief Executive Officer, and Dan Noreck, Our Chief Financial Officer. Before turning the call over to Gary, we would like to remind you that in advance of this call, we posted a press release to the investor relations section of our website and furnished it on an 8-K. You can also find these materials on the SEC's website at www.sec.gov. A replay of today's conference call will be made available on the investor relations section of our website. Following opening remarks from Gary and Dan, they'll be available to answer questions. Any statements made today by Informa TechTarget that are not historical, including during the Q&A, may be considered forward-looking statements. These forward-looking statements, which are subject to risks and uncertainties, are based on assumptions and are not guarantees of future performance. Thank you, Tamia, and good afternoon, everyone. thank you tamia and good afternoon everyone The speakers joining us here today are Gary Nugent, Our Chief Executive Officer, and Dan Noreck, Our Chief Financial Officer. the speakers joining us here today are gary nugent our chief executive officer and dan noreck our chief financial officer Before turning the call over to Gary, we would like to remind you that in advance of this call, we posted a press release to the investor relations section of our website and furnished it on an 8-K. before turning the call over to gary we would like to remind you that in advance of this call we posted a press release to the investor relations section of our website and furnished it on an 8-k You can also find these materials on the SEC's website at www.sec.gov. you can also find these materials on the sec's website at www.sec.gov A replay of today's conference call will be made available on the investor relations section of our website. a replay of today's conference call will be made available on the investor relations section of our website Following opening remarks from Gary and Dan, they'll be available to answer questions. following opening remarks from gary and dan they'll be available to answer questions Any statements made today by Informa TechTarget that are not historical, including during the Q&A, may be considered forward-looking statements. any statements made today by informa techtarget that are not historical including during the q&a may be considered forward-looking statements These forward-looking statements, which are subject to risks and uncertainties, are based on assumptions and are not guarantees of future performance. these forward-looking statements which are subject to risks and uncertainties are based on assumptions and are not guarantees of future performance Actual results may differ materially from our forecast and from these forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our most recent periodic report filed on Form 10-K and the forward-looking statements disclaimer in our earnings release filed earlier today. These statements speak only as of the date of this call, and Informa TechTarget undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. Finally, we may also refer to certain financial measures not prepared in accordance with GAAP. A reconciliation of certain of these non-GAAP financial measures to the most directly comparable GAAP measures to the extent available without unreasonable efforts accompanies our press release. With that, I'll turn the call over to Gary. Actual results may differ materially from our forecast and from these forward-looking statements. actual results may differ materially from our forecast and from these forward-looking statements Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our most recent periodic report filed on Form 10-K and the forward-looking statements disclaimer in our earnings release filed earlier today. forward-looking statements involve a number of risks and uncertainties including those discussed in the risk factors section of our most recent periodic report filed on form 10-k and the forward-looking statements disclaimer in our earnings release filed earlier today These statements speak only as of the date of this call, and Informa TechTarget undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. these statements speak only as of the date of this call and informa techtarget undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call except as required by law Finally, we may also refer to certain financial measures not prepared in accordance with GAAP. finally we may also refer to certain financial measures not prepared in accordance with gaap A reconciliation of certain of these non-GAAP financial measures to the most directly comparable GAAP measures to the extent available without unreasonable efforts accompanies our press release. a reconciliation of certain of these non-gaap financial measures to the most directly comparable gaap measures to the extent available without unreasonable efforts accompanies our press release With that, I'll turn the call over to Gary. with that i'll turn the call over to gary

Speaker 4: Thank you, Charlie, and good afternoon, everyone. As always, we appreciate you taking the time to join us today, and your interest and engagement means a great deal to us. I am pleased to report that Q4 2025 marked another step forward in our journey to establish Informa TechTarget as the indispensable partner to the B2B technology industry. During 2025, we laid the groundwork to return the business to top-line revenue growth in 2026 and accelerate that growth in the years ahead. Today's agenda is slightly different from previous calls. I will begin with an overview of our strategic progress and some market positioning. Following that, our Chief Financial Officer, Dan Noreck, will provide an overview of our financial performance. Afterwards, we'll open the floor for your questions. Thank you, Charlie, and good afternoon, everyone. thank you charlie and good afternoon everyone As always, we appreciate you taking the time to join us today, and your interest and engagement means a great deal to us. as always we appreciate you taking the time to join us today and your interest and engagement means a great deal to us I am pleased to report that Q4 2025 marked another step forward in our journey to establish Informa TechTarget as the indispensable partner to the B2B technology industry. i am pleased to report that q4 2025 marked another step forward in our journey to establish informa techtarget as the indispensable partner to the b2b technology industry During 2025, we laid the groundwork to return the business to top-line revenue growth in 2026 and accelerate that growth in the years ahead. during 2025 we laid the groundwork to return the business to top-line revenue growth in 2026 and accelerate that growth in the years ahead Today's agenda is slightly different from previous calls. today's agenda is slightly different from previous calls I will begin with an overview of our strategic progress and some market positioning. i will begin with an overview of our strategic progress and some market positioning Following that, our Chief Financial Officer, Dan Noreck, will provide an overview of our financial performance. following that our chief financial officer dan noreck will provide an overview of our financial performance Afterwards, we'll open the floor for your questions. afterwards we'll open the floor for your questions Let me start by highlighting the significant strides we've made in combining and transforming our business to become a market leader in what is a large and dynamic addressable market, a $20 billion addressable market. Therefore, we currently only hold a 2.5% market share, and the opportunities for expansion and growth remain substantial. In 2025, we achieved full-year revenue of $486.8 million on a combined company basis. In line with our guidance of being broadly flat year-over-year. Importantly, we delivered a strong 10% growth in adjusted EBITDA to $87.3 million, exceeding our guidance of $85 million. I think this demonstrates our ability to drive meaningful margin expansion through strategic focus and operational excellence. Let me start by highlighting the significant strides we've made in combining and transforming our business to become a market leader in what is a large and dynamic addressable market, a $20 billion addressable market. let me start by highlighting the significant strides we've made in combining and transforming our business to become a market leader in what is a large and dynamic addressable market a $20 billion addressable market Therefore, we currently only hold a 2.5% market share, and the opportunities for expansion and growth remain substantial. therefore we currently only hold a 2.5% market share and the opportunities for expansion and growth remain substantial In 2025, we achieved full-year revenue of $486.8 million on a combined company basis. in 2025 we achieved full-year revenue of $486.8 million on a combined company basis In line with our guidance of being broadly flat year-over-year. in line with our guidance of being broadly flat year-over-year Importantly, we delivered a strong 10% growth in adjusted EBITDA to $87.3 million, exceeding our guidance of $85 million. importantly we delivered a strong 10% growth in adjusted ebitda to $87.3 million exceeding our guidance of $85 million I think this demonstrates our ability to drive meaningful margin expansion through strategic focus and operational excellence. i think this demonstrates our ability to drive meaningful margin expansion through strategic focus and operational excellence Our combination plan has been the key driver of this progress as we seek to leverage the breadth and the scale that the combination affords us. We made significant progress in consolidating, integrating, automating, and leveraging AI technology to improve our processes and systems that underpin the business, making ourselves easier to do business with and easier to work for, improving quality and productivity. On our products, by unifying our intelligence and advisory operations under the Omdia brand, we have created a comprehensive market intelligence platform. Bringing together the expertise of Canalys, Wards, and ESG under the Omdia banner simplifies our market positioning while enhances the cross-selling opportunities. I think that Omdia's award in November as the Analyst Firm of the Year by the Institute of Industry Analyst Relations, the IIAR, is true recognition of the strength of this approach. Our combination plan has been the key driver of this progress as we seek to leverage the breadth and the scale that the combination affords us. our combination plan has been the key driver of this progress as we seek to leverage the breadth and the scale that the combination affords us We made significant progress in consolidating, integrating, automating, and leveraging AI technology to improve our processes and systems that underpin the business, making ourselves easier to do business with and easier to work for, improving quality and productivity. we made significant progress in consolidating integrating automating and leveraging ai technology to improve our processes and systems that underpin the business making ourselves easier to do business with and easier to work for improving quality and productivity On our products, by unifying our intelligence and advisory operations under the Omdia brand, we have created a comprehensive market intelligence platform. on our products by unifying our intelligence and advisory operations under the omdia brand we have created a comprehensive market intelligence platform Bringing together the expertise of Canalys, Wards, and ESG under the Omdia banner simplifies our market positioning while enhances the cross-selling opportunities. bringing together the expertise of canalys wards and esg under the omdia banner simplifies our market positioning while enhances the cross-selling opportunities I think that Omdia's award in November as the Analyst Firm of the Year by the Institute of Industry Analyst Relations, the IIAR, is true recognition of the strength of this approach. i think that omdia's award in november as the analyst firm of the year by the institute of industry analyst relations the iiar is true recognition of the strength of this approach We also streamlined and integrated our portfolio of brand demand products, launching the Informa TechTarget Portal in September. The ITT platform was the first offering to leverage our combined audience data set, providing our clients with expanded reach and enhanced intent signals over a 40% increase year-over-year. It also offered seamless integration with industry-leading marketing automation, client relationship, and sales enablement platforms, and a unified customer experience. Additionally, we repositioned NetLine to address the cost-conscious demand generation market. This move, in particular, delivered exceptional results in terms of revenue and bookings growth while expanding our addressable market coverage. The product roadmap for 2026 is compelling as we leverage AI technology to enhance existing and launch new capabilities, and I'll talk a little bit more about this slightly later on. We also streamlined and integrated our portfolio of brand demand products, launching the Informa TechTarget Portal in September. we also streamlined and integrated our portfolio of brand demand products launching the informa techtarget portal in september The ITT platform was the first offering to leverage our combined audience data set, providing our clients with expanded reach and enhanced intent signals over a 40% increase year-over-year. the itt platform was the first offering to leverage our combined audience data set providing our clients with expanded reach and enhanced intent signals over a 40% increase year-over-year It also offered seamless integration with industry-leading marketing automation, client relationship, and sales enablement platforms, and a unified customer experience. it also offered seamless integration with industry-leading marketing automation client relationship and sales enablement platforms and a unified customer experience Additionally, we repositioned NetLine to address the cost-conscious demand generation market. additionally we repositioned netline to address the cost-conscious demand generation market This move, in particular, delivered exceptional results in terms of revenue and bookings growth while expanding our addressable market coverage. this move in particular delivered exceptional results in terms of revenue and bookings growth while expanding our addressable market coverage The product roadmap for 2026 is compelling as we leverage AI technology to enhance existing and launch new capabilities, and I'll talk a little bit more about this slightly later on. the product roadmap for 2026 is compelling as we leverage ai technology to enhance existing and launch new capabilities and i'll talk a little bit more about this slightly later on On the subject of our go-to-market strategy, we focused on the largest customers and the most dynamic, highest growth markets. Thus, we've increased our investment in coverage, establishing dedicated sales and service teams to deepen our relationships and strengthen our position in the most influential technology companies in the industry. This approach resulted in revenues growing double-digit year-on-year from this cohort. On audience and audience membership, a key differentiation of our company is the role that we play in informing, educating, and shaping the buy side and the buying journey. Our expert original trusted editorial content remains a vital investment, and I'm proud to share that in addition to the Omdia award I've just mentioned, we received 48 prestigious awards for the strength and the quality of our journalism in 2025. On the subject of our go-to-market strategy, we focused on the largest customers and the most dynamic, highest growth markets. on the subject of our go-to-market strategy we focused on the largest customers and the most dynamic highest growth markets Thus, we've increased our investment in coverage, establishing dedicated sales and service teams to deepen our relationships and strengthen our position in the most influential technology companies in the industry. thus we've increased our investment in coverage establishing dedicated sales and service teams to deepen our relationships and strengthen our position in the most influential technology companies in the industry This approach resulted in revenues growing double-digit year-on-year from this cohort. this approach resulted in revenues growing double-digit year-on-year from this cohort On audience and audience membership, a key differentiation of our company is the role that we play in informing, educating, and shaping the buy side and the buying journey. on audience and audience membership a key differentiation of our company is the role that we play in informing educating and shaping the buy side and the buying journey Our expert original trusted editorial content remains a vital investment, and I'm proud to share that in addition to the Omdia award I've just mentioned, we received 48 prestigious awards for the strength and the quality of our journalism in 2025. our expert original trusted editorial content remains a vital investment and i'm proud to share that in addition to the omdia award i've just mentioned we received 48 prestigious awards for the strength and the quality of our journalism in 2025 Despite the changing patterns in search traffic due to AI answer engines, we leveraged the breadth of our network and reoriented our editorial and our audience membership development focus. Today, less than 45% of our traffic is sourced from search. Crucially, in 2025, our audience membership grew and our members became more active on our network. We learned that our prowess in search domain authority is a transferable asset and skill in this new AI answer engine world. Notably, our citations from AI answer engines increased in volume over 235% year-over-year. As we've discussed before, we see that the conversion rates to permissioned audience members are 2x-3x that of traditional search. Despite the changing patterns in search traffic due to AI answer engines, we leveraged the breadth of our network and reoriented our editorial and our audience membership development focus. despite the changing patterns in search traffic due to ai answer engines we leveraged the breadth of our network and reoriented our editorial and our audience membership development focus Today, less than 45% of our traffic is sourced from search. today less than 45% of our traffic is sourced from search Crucially, in 2025, our audience membership grew and our members became more active on our network. crucially in 2025 our audience membership grew and our members became more active on our network We learned that our prowess in search domain authority is a transferable asset and skill in this new AI answer engine world. we learned that our prowess in search domain authority is a transferable asset and skill in this new ai answer engine world Notably, our citations from AI answer engines increased in volume over 235% year-over-year. notably our citations from ai answer engines increased in volume over 235% year-over-year As we've discussed before, we see that the conversion rates to permissioned audience members are 2x-3x that of traditional search. as we've discussed before we see that the conversion rates to permissioned audience members are 2x-3x that of traditional search On the subject of AI, as I've said before, we firmly believe that generative and agentic AI will be a huge positive for our business, and we've made significant progress in adopting and embedding AI across four strategic areas of the business. The first one we call conversational AI interfaces, making our proprietary market data and our permissioned audience data more easily accessible and actionable by our clients. In the first half of this year, we will launch the AI research assistant, a multilingual conversational AI interface that will unleash value from the wealth of our proprietary intelligence in our market data. Starting in Q3 of 2026, we will debut a suite of AI-powered go-to-market intelligence solutions. On the subject of AI, as I've said before, we firmly believe that generative and agentic AI will be a huge positive for our business, and we've made significant progress in adopting and embedding AI across four strategic areas of the business. on the subject of ai as i've said before we firmly believe that generative and agentic ai will be a huge positive for our business and we've made significant progress in adopting and embedding ai across four strategic areas of the business The first one we call conversational AI interfaces, making our proprietary market data and our permissioned audience data more easily accessible and actionable by our clients. the first one we call conversational ai interfaces making our proprietary market data and our permissioned audience data more easily accessible and actionable by our clients In the first half of this year, we will launch the AI research assistant, a multilingual conversational AI interface that will unleash value from the wealth of our proprietary intelligence in our market data. in the first half of this year we will launch the ai research assistant a multilingual conversational ai interface that will unleash value from the wealth of our proprietary intelligence in our market data Starting in Q3 of 2026, we will debut a suite of AI-powered go-to-market intelligence solutions. starting in q3 of 2026 we will debut a suite of ai-powered go-to-market intelligence solutions This suite introduces advanced AI skills, sort of the equivalent of apps, that allow marketers to generate actionable insights by synthesizing Informa TechTarget's permissioned audience data and coupling that with their own internal and external web assets. The key capabilities will be AI-driven problem identification. By analyzing the specific content being consumed across our network, our AI will identify the actual business problems that buyers are researching, allowing go-to-market teams to move beyond broad targeting and engage prospects with differentiated messaging tailored to their immediate and specific needs. AI-driven content insights. Performance-based recommendations that will pinpoint which content topics and brand investments are successfully addressing buyer pain points, ensuring the strongest ROI on their marketing spend. This suite introduces advanced AI skills, sort of the equivalent of apps, that allow marketers to generate actionable insights by synthesizing Informa TechTarget's permissioned audience data and coupling that with their own internal and external web assets. this suite introduces advanced ai skills sort of the equivalent of apps that allow marketers to generate actionable insights by synthesizing informa techtarget's permissioned audience data and coupling that with their own internal and external web assets The key capabilities will be AI-driven problem identification. the key capabilities will be ai-driven problem identification By analyzing the specific content being consumed across our network, our AI will identify the actual business problems that buyers are researching, allowing go-to-market teams to move beyond broad targeting and engage prospects with differentiated messaging tailored to their immediate and specific needs. by analyzing the specific content being consumed across our network our ai will identify the actual business problems that buyers are researching allowing go-to-market teams to move beyond broad targeting and engage prospects with differentiated messaging tailored to their immediate and specific needs AI-driven content insights. ai-driven content insights Performance-based recommendations that will pinpoint which content topics and brand investments are successfully addressing buyer pain points, ensuring the strongest ROI on their marketing spend. performance-based recommendations that will pinpoint which content topics and brand investments are successfully addressing buyer pain points ensuring the strongest roi on their marketing spend Whether utilizing our pre-built AI skills or deploying their own, our customers will be fueled by our AI-powered go-to-market intelligence, making Informa TechTarget an indispensable fixture of the modern MarTech stack. The second area that we're focusing on is personalized audience experiences, bringing the wealth of expert, original, and trusted content from across our network to our audiences, rather than us taking them to the content. Creating personalized content experiences based upon a deep understanding of their company, their role, their business problem, and where they are in their buying journey. The third area is enhancing the efficacy of our go-to-market programs, both for ourselves and our clients, as we improve the precision of our targeting and content and campaign effectiveness. Finally, the fourth area is in automating our operations. Whether utilizing our pre-built AI skills or deploying their own, our customers will be fueled by our AI-powered go-to-market intelligence, making Informa TechTarget an indispensable fixture of the modern MarTech stack. whether utilizing our pre-built ai skills or deploying their own our customers will be fueled by our ai-powered go-to-market intelligence making informa techtarget an indispensable fixture of the modern martech stack The second area that we're focusing on is personalized audience experiences, bringing the wealth of expert, original, and trusted content from across our network to our audiences, rather than us taking them to the content. the second area that we're focusing on is personalized audience experiences bringing the wealth of expert original and trusted content from across our network to our audiences rather than us taking them to the content Creating personalized content experiences based upon a deep understanding of their company, their role, their business problem, and where they are in their buying journey. creating personalized content experiences based upon a deep understanding of their company their role their business problem and where they are in their buying journey The third area is enhancing the efficacy of our go-to-market programs, both for ourselves and our clients, as we improve the precision of our targeting and content and campaign effectiveness. the third area is enhancing the efficacy of our go-to-market programs both for ourselves and our clients as we improve the precision of our targeting and content and campaign effectiveness Finally, the fourth area is in automating our operations. finally the fourth area is in automating our operations Enabling our experts to deliver deeper insights more efficiently and enabling our operations and customer success teams to deliver our products and services to our customers with increased quality and effectiveness. Talking with our customers, particularly with our larger customers, a key takeaway is an increasing desire on their part for integrated solutions rather than point products. Our customers are looking for partners who can provide scaled solutions to their scale problems. Precisely what the new Informa TechTarget was built to deliver. Taking just one prime example in 2025, a key customer of ours lamented that they had to engage with over 30 supplier companies of our ilk in order to service their scale needs. Enabling our experts to deliver deeper insights more efficiently and enabling our operations and customer success teams to deliver our products and services to our customers with increased quality and effectiveness. enabling our experts to deliver deeper insights more efficiently and enabling our operations and customer success teams to deliver our products and services to our customers with increased quality and effectiveness Talking with our customers, particularly with our larger customers, a key takeaway is an increasing desire on their part for integrated solutions rather than point products. talking with our customers particularly with our larger customers a key takeaway is an increasing desire on their part for integrated solutions rather than point products Our customers are looking for partners who can provide scaled solutions to their scale problems. our customers are looking for partners who can provide scaled solutions to their scale problems Precisely what the new Informa TechTarget was built to deliver. precisely what the new informa techtarget was built to deliver Taking just one prime example in 2025, a key customer of ours lamented that they had to engage with over 30 supplier companies of our ilk in order to service their scale needs. taking just one prime example in 2025 a key customer of ours lamented that they had to engage with over 30 supplier companies of our ilk in order to service their scale needs Following a strategic review and a decision to focus on fewer larger relationships, they have consolidated those relationships down, and I'm delighted to say that we were a natural partner to partner with. Further, those same technology companies are keenly aware that they must deliver a clear ROI from the substantial investment that they have made in R&D and AI, and that we are very well positioned to be an essential partner in providing a range of products and services to help them achieve that. Our ambition is to become the indispensable partner to the B2B technology industry, informing, educating, shaping, connecting buyers to sellers. In 2026, our objective is to return the business to top-line revenue growth for the full year, with an adjusted EBITDA expanding to $95 million-$100 million. Following a strategic review and a decision to focus on fewer larger relationships, they have consolidated those relationships down, and I'm delighted to say that we were a natural partner to partner with. following a strategic review and a decision to focus on fewer larger relationships they have consolidated those relationships down and i'm delighted to say that we were a natural partner to partner with Further, those same technology companies are keenly aware that they must deliver a clear ROI from the substantial investment that they have made in R&D and AI, and that we are very well positioned to be an essential partner in providing a range of products and services to help them achieve that. further those same technology companies are keenly aware that they must deliver a clear roi from the substantial investment that they have made in r&d and ai and that we are very well positioned to be an essential partner in providing a range of products and services to help them achieve that Our ambition is to become the indispensable partner to the B2B technology industry, informing, educating, shaping, connecting buyers to sellers. our ambition is to become the indispensable partner to the b2b technology industry informing educating shaping connecting buyers to sellers In 2026, our objective is to return the business to top-line revenue growth for the full year, with an adjusted EBITDA expanding to $95 million-$100 million. in 2026 our objective is to return the business to top-line revenue growth for the full year with an adjusted ebitda expanding to $95 million-$100 million Our strategy is to continue to build our house on the land that we own, by which I mean producing original, trusted, authoritative content that informs, educates, and shapes the industry through our expert analyst and editorial capabilities. In doing so, nurturing that proprietary market and our permissioned audience membership data asset. We're going to continue to leverage the breadth and scale of the product portfolio and deliver unified and integrated customer experience. We're going to continue to focus our go-to-market efforts on the largest customers and the hottest markets where our scale solutions solve scale problems. We're going to continue to make ourselves easier to do business with and easier to work for, adopting AI across all disciplines to improve quality, enhance productivity, and in particular, to amplify the expertise of the 1,900 colleagues that ply their trade at Informa TechTarget. Our strategy is to continue to build our house on the land that we own, by which I mean producing original, trusted, authoritative content that informs, educates, and shapes the industry through our expert analyst and editorial capabilities. our strategy is to continue to build our house on the land that we own by which i mean producing original trusted authoritative content that informs educates and shapes the industry through our expert analyst and editorial capabilities In doing so, nurturing that proprietary market and our permissioned audience membership data asset. in doing so nurturing that proprietary market and our permissioned audience membership data asset We're going to continue to leverage the breadth and scale of the product portfolio and deliver unified and integrated customer experience. we're going to continue to leverage the breadth and scale of the product portfolio and deliver unified and integrated customer experience We're going to continue to focus our go-to-market efforts on the largest customers and the hottest markets where our scale solutions solve scale problems. we're going to continue to focus our go-to-market efforts on the largest customers and the hottest markets where our scale solutions solve scale problems We're going to continue to make ourselves easier to do business with and easier to work for, adopting AI across all disciplines to improve quality, enhance productivity, and in particular, to amplify the expertise of the 1,900 colleagues that ply their trade at Informa TechTarget. we're going to continue to make ourselves easier to do business with and easier to work for adopting ai across all disciplines to improve quality enhance productivity and in particular to amplify the expertise of the 1,900 colleagues that ply their trade at informa techtarget On that point, I'm incredibly proud of the progress that we have made, and I want to express my gratitude to our dedicated colleagues and their teams for their hard work and commitment. It is their efforts that have positioned us to seize the opportunity that lies ahead. Thank you for your time. I look forward to updating you on continued progress in the quarters ahead. Now I'm gonna turn the call over to Dan to talk a little bit more about our financial results in detail, and then we'll be happy to take your questions. On that point, I'm incredibly proud of the progress that we have made, and I want to express my gratitude to our dedicated colleagues and their teams for their hard work and commitment. on that point i'm incredibly proud of the progress that we have made and i want to express my gratitude to our dedicated colleagues and their teams for their hard work and commitment It is their efforts that have positioned us to seize the opportunity that lies ahead. it is their efforts that have positioned us to seize the opportunity that lies ahead Thank you for your time. thank you for your time I look forward to updating you on continued progress in the quarters ahead. i look forward to updating you on continued progress in the quarters ahead Now I'm gonna turn the call over to Dan to talk a little bit more about our financial results in detail, and then we'll be happy to take your questions. now i'm gonna turn the call over to dan to talk a little bit more about our financial results in detail and then we'll be happy to take your questions

Speaker 2: Thanks, Gary, and good afternoon, everyone. I am pleased to be able to report on 2025 results that I think delivered in line with or ahead of our guidance and market expectations, and which demonstrated both our operational discipline and strategic execution capabilities. We delivered full-year revenue of $486.8 million, which, as Gary mentioned earlier, was right in line with our guidance of being broadly flat compared to the $490.4 million we achieved in 2024 on a combined company basis. While revenues remain stable, our focus on operational excellence and strategic reorganization with accelerated delivery of cost synergies drove strong margin expansion. Thanks, Gary, and good afternoon, everyone. thanks gary and good afternoon everyone I am pleased to be able to report on 2025 results that I think delivered in line with or ahead of our guidance and market expectations, and which demonstrated both our operational discipline and strategic execution capabilities. i am pleased to be able to report on 2025 results that i think delivered in line with or ahead of our guidance and market expectations and which demonstrated both our operational discipline and strategic execution capabilities We delivered full-year revenue of $486.8 million, which, as Gary mentioned earlier, was right in line with our guidance of being broadly flat compared to the $490.4 million we achieved in 2024 on a combined company basis. we delivered full-year revenue of $486.8 million which as gary mentioned earlier was right in line with our guidance of being broadly flat compared to the $490.4 million we achieved in 2024 on a combined company basis While revenues remain stable, our focus on operational excellence and strategic reorganization with accelerated delivery of cost synergies drove strong margin expansion. while revenues remain stable our focus on operational excellence and strategic reorganization with accelerated delivery of cost synergies drove strong margin expansion Our adjusted EBITDA reached $87.3 million, comfortably exceeding our guidance of $85 million, representing a healthy 10% increase from 2024's $78.8 million on a combined company basis. This translated to an adjusted EBITDA margin of 17.9% in 2025, a meaningful improvement of 180 basis points from the prior year. Our fourth quarter performance was particularly strong, with revenues of $140.7 million, representing a solid 3% year-over-year increase on a combined company basis. Q4 adjusted EBITDA of $41.6 million represented a 56% year-over-year increase, with our adjusted EBITDA margin expanding to around 30% compared to approximately 20% in the corresponding quarter of the prior year on a combined company basis. Our adjusted EBITDA reached $87.3 million, comfortably exceeding our guidance of $85 million, representing a healthy 10% increase from 2024's $78.8 million on a combined company basis. our adjusted ebitda reached $87.3 million comfortably exceeding our guidance of $85 million representing a healthy 10% increase from 2024's $78.8 million on a combined company basis This translated to an adjusted EBITDA margin of 17.9% in 2025, a meaningful improvement of 180 basis points from the prior year. this translated to an adjusted ebitda margin of 17.9% in 2025 a meaningful improvement of 180 basis points from the prior year Our fourth quarter performance was particularly strong, with revenues of $140.7 million, representing a solid 3% year-over-year increase on a combined company basis. our fourth quarter performance was particularly strong with revenues of $140.7 million representing a solid 3% year-over-year increase on a combined company basis Q4 adjusted EBITDA of $41.6 million represented a 56% year-over-year increase, with our adjusted EBITDA margin expanding to around 30% compared to approximately 20% in the corresponding quarter of the prior year on a combined company basis. q4 adjusted ebitda of $41.6 million represented a 56% year-over-year increase with our adjusted ebitda margin expanding to around 30% compared to approximately 20% in the corresponding quarter of the prior year on a combined company basis Our Q4 performance reflected some seasonal upswing in the business, but also benefited from our strategic initiatives that are gaining traction, which allowed us to accelerate the realization of some cost savings along with some favorable phasing impacts. Our quarterly progression throughout 2025 tells a story of building momentum. Following the seasonally slower first quarter, each of the remaining quarters of the year showed positive sequential revenue progression, a trend we expect to continue in 2026. From a year-over-year perspective, revenue performance consistently improved from -6% in Q1, narrowing to -2% in Q2, getting back to growth in Q3 at +1% and +3% in Q4 over the comparative combined company measure. Our balance sheet also reflects a strong financial foundation that supports our strategic initiatives while maintaining the flexibility to capitalize on growth opportunities that may arise. Our Q4 performance reflected some seasonal upswing in the business, but also benefited from our strategic initiatives that are gaining traction, which allowed us to accelerate the realization of some cost savings along with some favorable phasing impacts. our q4 performance reflected some seasonal upswing in the business but also benefited from our strategic initiatives that are gaining traction which allowed us to accelerate the realization of some cost savings along with some favorable phasing impacts Our quarterly progression throughout 2025 tells a story of building momentum. our quarterly progression throughout 2025 tells a story of building momentum Following the seasonally slower first quarter, each of the remaining quarters of the year showed positive sequential revenue progression, a trend we expect to continue in 2026. following the seasonally slower first quarter each of the remaining quarters of the year showed positive sequential revenue progression a trend we expect to continue in 2026 From a year-over-year perspective, revenue performance consistently improved from -6% in Q1, narrowing to -2% in Q2, getting back to growth in Q3 at +1% and +3% in Q4 over the comparative combined company measure. from a year-over-year perspective revenue performance consistently improved from -6% in q1 narrowing to -2% in q2 getting back to growth in q3 at +1% and +3% in q4 over the comparative combined company measure Our balance sheet also reflects a strong financial foundation that supports our strategic initiatives while maintaining the flexibility to capitalize on growth opportunities that may arise. our balance sheet also reflects a strong financial foundation that supports our strategic initiatives while maintaining the flexibility to capitalize on growth opportunities that may arise At the end of 2025, we had cash and cash equivalents on the balance sheet of around $41 million and had utilized around $107 million of our $250 million unsecured five-year revolving credit facility, resulting in a net debt of approximately $66 million, not vastly different to the approximately $62 million at the end of 2024, despite significant cash expenditures in the year on acquisition, integration, and restructuring costs. Our free cash flow reflects the impact of our integration and restructuring investments in 2025. On an adjusted basis, we delivered meaningful cash flow, demonstrating the strong underlying cash generation characteristics of our business model. At the end of 2025, we had cash and cash equivalents on the balance sheet of around $41 million and had utilized around $107 million of our $250 million unsecured five-year revolving credit facility, resulting in a net debt of approximately $66 million, not vastly different to the approximately $62 million at the end of 2024, despite significant cash expenditures in the year on acquisition, integration, and restructuring costs. at the end of 2025 we had cash and cash equivalents on the balance sheet of around $41 million and had utilized around $107 million of our $250 million unsecured five-year revolving credit facility resulting in a net debt of approximately $66 million not vastly different to the approximately $62 million at the end of 2024 despite significant cash expenditures in the year on acquisition integration and restructuring costs Our free cash flow reflects the impact of our integration and restructuring investments in 2025. our free cash flow reflects the impact of our integration and restructuring investments in 2025 On an adjusted basis, we delivered meaningful cash flow, demonstrating the strong underlying cash generation characteristics of our business model. on an adjusted basis we delivered meaningful cash flow demonstrating the strong underlying cash generation characteristics of our business model Net debt at year-end relative to adjusted EBITDA for the year was just 0.8x and slightly lower than at the end of 2024, illustrating the strong cash-generating characteristics of our business. Now, quickly turning to our guidance for 2026. Following the substantial progress made with our combination program in 2025, the priority for 2026 is to build on the foundations laid and to return to growth in 2026. Our assumption is that the market environment will remain similar to that in 2025. Nevertheless, we expect to grow our revenues in 2026. That, coupled with our continued cost discipline, annualization of synergies, and operational leverage, we expect our adjusted EBITDA to grow further to a range of $95 million-$100 million, marking a further meaningful improvement on our adjusted EBITDA margin. Net debt at year-end relative to adjusted EBITDA for the year was just 0.8x and slightly lower than at the end of 2024, illustrating the strong cash-generating characteristics of our business. net debt at year-end relative to adjusted ebitda for the year was just 0.8x and slightly lower than at the end of 2024 illustrating the strong cash-generating characteristics of our business Now, quickly turning to our guidance for 2026. now quickly turning to our guidance for 2026 Following the substantial progress made with our combination program in 2025, the priority for 2026 is to build on the foundations laid and to return to growth in 2026. following the substantial progress made with our combination program in 2025 the priority for 2026 is to build on the foundations laid and to return to growth in 2026 Our assumption is that the market environment will remain similar to that in 2025. our assumption is that the market environment will remain similar to that in 2025 Nevertheless, we expect to grow our revenues in 2026. nevertheless we expect to grow our revenues in 2026 That, coupled with our continued cost discipline, annualization of synergies, and operational leverage, we expect our adjusted EBITDA to grow further to a range of $95 million-$100 million, marking a further meaningful improvement on our adjusted EBITDA margin. that coupled with our continued cost discipline annualization of synergies and operational leverage we expect our adjusted ebitda to grow further to a range of $95 million-$100 million marking a further meaningful improvement on our adjusted ebitda margin Q1 2026 will reflect this trend. This guidance reflects our confidence in the progress we've made through our strategic initiatives and the strong foundation we've established for sustainable growth. In conclusion, our financial model is built to scale efficiently. Every additional dollar of revenue delivers substantial incremental margin, highlighting the strength of our unit economics. This structure enables us to grow profitability and free cash flow over time. With that, we're now happy to answer your questions. Operator, will you please open up the line for Q&A? Q1 2026 will reflect this trend. q1 2026 will reflect this trend This guidance reflects our confidence in the progress we've made through our strategic initiatives and the strong foundation we've established for sustainable growth. this guidance reflects our confidence in the progress we've made through our strategic initiatives and the strong foundation we've established for sustainable growth In conclusion, our financial model is built to scale efficiently. in conclusion our financial model is built to scale efficiently Every additional dollar of revenue delivers substantial incremental margin, highlighting the strength of our unit economics. every additional dollar of revenue delivers substantial incremental margin highlighting the strength of our unit economics This structure enables us to grow profitability and free cash flow over time. this structure enables us to grow profitability and free cash flow over time With that, we're now happy to answer your questions. with that we're now happy to answer your questions Operator, will you please open up the line for Q&A? operator will you please open up the line for q&a

Speaker 5: Absolutely. We will now begin the question and answer session. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason at all you would like to remove that question, please press star followed by two. Again, to ask a question, please press star one. The first question comes from Eric Martinuzzi with Lake Street. You may proceed. Absolutely. absolutely We will now begin the question and answer session. we will now begin the question and answer session If you would like to ask a question, please press star followed by one on your telephone keypad. if you would like to ask a question please press star followed by one on your telephone keypad If for any reason at all you would like to remove that question, please press star followed by two. if for any reason at all you would like to remove that question please press star followed by two Again, to ask a question, please press star one. again to ask a question please press star one The first question comes from Eric Martinuzzi with Lake Street. the first question comes from eric martinuzzi with lake street You may proceed. you may proceed

Speaker 3: I wanted to first of all congratulate you on the fourth quarter results and overachieving versus the adjusted EBITDA for the year. I was particularly impressed with the go-to-market strategy results. Your comment in the press release talks about an approximate 10% growth in revenue from your largest customers. Was that a full year basis, or was that a Q4 metric, Gary? I wanted to first of all congratulate you on the fourth quarter results and overachieving versus the adjusted EBITDA for the year. i wanted to first of all congratulate you on the fourth quarter results and overachieving versus the adjusted ebitda for the year I was particularly impressed with the go-to-market strategy results. i was particularly impressed with the go-to-market strategy results Your comment in the press release talks about an approximate 10% growth in revenue from your largest customers. your comment in the press release talks about an approximate 10% growth in revenue from your largest customers Was that a full year basis, or was that a Q4 metric, Gary? was that a full year basis or was that a q4 metric gary

Speaker 4: Hi, Eric, and good to hear from you. That's a full year basis, and on a combined company basis. Hi, Eric, and good to hear from you. hi eric and good to hear from you That's a full year basis, and on a combined company basis. that's a full year basis and on a combined company basis

Speaker 3: Okay. You know, there was a time when the different tiers of customers. If I go back to, like, the end of 2024, you talked about the 7,500 customers that the combined entity had, and that there were 70 customers that were over $1 million a year in billing. Is that the tier of customers that we're talking about here, or are you stratifying the customer base differently? Okay. okay You know, there was a time when the different tiers of customers. you know there was a time when the different tiers of customers If I go back to, like, the end of 2024, you talked about the 7,500 customers that the combined entity had, and that there were 70 customers that were over $1 million a year in billing. if i go back to like the end of 2024 you talked about the 7,500 customers that the combined entity had and that there were 70 customers that were over $1 million a year in billing Is that the tier of customers that we're talking about here, or are you stratifying the customer base differently? is that the tier of customers that we're talking about here or are you stratifying the customer base differently

Speaker 4: No. We are stratifying the customer base differently. It's not, it's not the same. I mean, if you recall, if I actually go back, we have identified about $10 billion of our $20 billion addressable market sits with about 150-200 clients in the marketplace. We've then further prioritized that down to a cohort of 30 portfolio customers and then a further 120 or so kind of customers that are what we would call majors. The number that I'm quoting for you is for that cohort of 30. No. no We are stratifying the customer base differently. we are stratifying the customer base differently It's not, it's not the same. it's not it's not the same I mean, if you recall, if I actually go back, we have identified about $10 billion of our $20 billion addressable market sits with about 150-200 clients in the marketplace. i mean if you recall if i actually go back we have identified about $10 billion of our $20 billion addressable market sits with about 150-200 clients in the marketplace We've then further prioritized that down to a cohort of 30 portfolio customers and then a further 120 or so kind of customers that are what we would call majors. we've then further prioritized that down to a cohort of 30 portfolio customers and then a further 120 or so kind of customers that are what we would call majors The number that I'm quoting for you is for that cohort of 30. the number that i'm quoting for you is for that cohort of 30

Speaker 3: Okay. You know, you've got so many different products that you're offering customers now. What was resonating with that largest cohort? You know, first of all, did they contract in their use of any of the products? What was it that they expanded their use of? Okay. okay You know, you've got so many different products that you're offering customers now. you know you've got so many different products that you're offering customers now What was resonating with that largest cohort? what was resonating with that largest cohort You know, first of all, did they contract in their use of any of the products? you know first of all did they contract in their use of any of the products What was it that they expanded their use of? what was it that they expanded their use of

Speaker 4: Well, you appreciate it's a bit of a, you know, a mixed picture if you go down to the kind of individual customer level. I would say if there was a trend there, we saw really strong demand for demand. So there was strong demand for our demand products. And that was encouraging to see, in particular as we consolidated and rationalized the demand portfolio and did a better job of the market positioning of that. Then secondly, I would say content. Content was generally a strong theme last year as customers were looking to really establish a distinctive voice in the marketplace, to stand out from the noise, and to leverage the expertise we have, our analyst expertise and our editorial expertise, to really give them a bit of brand association. Well, you appreciate it's a bit of a, you know, a mixed picture if you go down to the kind of individual customer level. well you appreciate it's a bit of a you know a mixed picture if you go down to the kind of individual customer level I would say if there was a trend there, we saw really strong demand for demand. i would say if there was a trend there we saw really strong demand for demand So there was strong demand for our demand products. so there was strong demand for our demand products And that was encouraging to see, in particular as we consolidated and rationalized the demand portfolio and did a better job of the market positioning of that. and that was encouraging to see in particular as we consolidated and rationalized the demand portfolio and did a better job of the market positioning of that Then secondly, I would say content. then secondly i would say content Content was generally a strong theme last year as customers were looking to really establish a distinctive voice in the marketplace, to stand out from the noise, and to leverage the expertise we have, our analyst expertise and our editorial expertise, to really give them a bit of brand association. content was generally a strong theme last year as customers were looking to really establish a distinctive voice in the marketplace to stand out from the noise and to leverage the expertise we have our analyst expertise and our editorial expertise to really give them a bit of brand association

Speaker 3: All right. Given the total revenue on the pro forma combined basis actually declined 1%, obviously the smaller customers contracted to sort of offset the success that you had with the higher tier, as you put it, the 30 portfolio customers. Was there any themes to recognize across the smaller customer base, either, you know, smaller enterprise or SMB themes? All right. all right Given the total revenue on the pro forma combined basis actually declined 1%, obviously the smaller customers contracted to sort of offset the success that you had with the higher tier, as you put it, the 30 portfolio customers. given the total revenue on the pro forma combined basis actually declined 1% obviously the smaller customers contracted to sort of offset the success that you had with the higher tier as you put it the 30 portfolio customers Was there any themes to recognize across the smaller customer base, either, you know, smaller enterprise or SMB themes? was there any themes to recognize across the smaller customer base either you know smaller enterprise or smb themes

Speaker 4: I suppose the theme I would talk to is much more of an international market for us. I think what we saw in particular was in the Asia Pacific region in the triangle between sort of Singapore and China and Korea. Well, it's not a triangle if I add a fourth point. It's a square, isn't it, if I add Tokyo to that. That was definitely a market that was challenged last year. I think in particular, some of the macroeconomic situation with, you know, Asian technology companies looking to export their businesses internationally. That was probably the area where I would say the trend really was. I suppose the theme I would talk to is much more of an international market for us. i suppose the theme i would talk to is much more of an international market for us I think what we saw in particular was in the Asia Pacific region in the triangle between sort of Singapore and China and Korea. i think what we saw in particular was in the asia pacific region in the triangle between sort of singapore and china and korea Well, it's not a triangle if I add a fourth point. well it's not a triangle if i add a fourth point It's a square, isn't it, if I add Tokyo to that. it's a square isn't it if i add tokyo to that That was definitely a market that was challenged last year. that was definitely a market that was challenged last year I think in particular, some of the macroeconomic situation with, you know, Asian technology companies looking to export their businesses internationally. i think in particular some of the macroeconomic situation with you know asian technology companies looking to export their businesses internationally That was probably the area where I would say the trend really was. that was probably the area where i would say the trend really was I think we just also saw in that sort of small to medium end of the IT marketplace that was a market where I don't think that was odd, but there was, you know, customer churn in that market in the small to medium end. I think we just also saw in that sort of small to medium end of the IT marketplace that was a market where I don't think that was odd, but there was, you know, customer churn in that market in the small to medium end. i think we just also saw in that sort of small to medium end of the it marketplace that was a market where i don't think that was odd but there was you know customer churn in that market in the small to medium end

Speaker 3: Got it. All right. Dan, as we're doing our modeling here for 2026, obviously the top line, you didn't want to put too fine a point on it, but as I'm looking at the growth that you had in the back half of 2025 on the pro forma combined, you know, you were up 1% in Q3, you were up 3% in Q4. You know, is it a prudent starting point to kind of take the blend there and say, "Hey, if we are gonna grow, let's put it in maybe start with a 2%, and just use that as a baseline," or is that too aggressive? Got it. got it All right. all right Dan, as we're doing our modeling here for 2026, obviously the top line, you didn't want to put too fine a point on it, but as I'm looking at the growth that you had in the back half of 2025 on the pro forma combined, you know, you were up 1% in Q3, you were up 3% in Q4. dan as we're doing our modeling here for 2026 obviously the top line you didn't want to put too fine a point on it but as i'm looking at the growth that you had in the back half of 2025 on the pro forma combined you know you were up 1% in q3 you were up 3% in q4 You know, is it a prudent starting point to kind of take the blend there and say, "Hey, if we are gonna grow, let's put it in maybe start with a 2%, and just use that as a baseline," or is that too aggressive? you know is it a prudent starting point to kind of take the blend there and say "hey if we are gonna grow let's put it in maybe start with a 2% and just use that as a baseline," or is that too aggressive

Speaker 2: No, Eric, I think that the way you're laying it out makes sense. You know, I think you could go maybe a little higher than that 2%, but I think the way you're thinking about modeling makes sense to me. No, Eric, I think that the way you're laying it out makes sense. no eric i think that the way you're laying it out makes sense You know, I think you could go maybe a little higher than that 2%, but I think the way you're thinking about modeling makes sense to me. you know i think you could go maybe a little higher than that 2% but i think the way you're thinking about modeling makes sense to me

Speaker 3: Okay. Last question is around the source of the incremental adjusted EBITDA. Obviously, you know, revenue is not gonna be. Revenue, we're planning on it to be a little bit higher in 2026. You know, let's just for discussion say we're talking about a flat revenue in 2026 versus 2025. In 2025, you know, that adjusted EBITDA number was around what was it? 87, yeah, $87.3 million. Yet you're guiding to kind of a midpoint of $97.5 million. So just to keep it simple, call it $10 million of incremental adjusted EBITDA. What is it that's getting you there? Is this primarily gonna be driven by further synergies on the bringing of the two entities together, or what's driving that? Okay. okay Last question is around the source of the incremental adjusted EBITDA. last question is around the source of the incremental adjusted ebitda Obviously, you know, revenue is not gonna be. obviously you know revenue is not gonna be Revenue, we're planning on it to be a little bit higher in 2026. revenue we're planning on it to be a little bit higher in 2026 You know, let's just for discussion say we're talking about a flat revenue in 2026 versus 2025. you know let's just for discussion say we're talking about a flat revenue in 2026 versus 2025 In 2025, you know, that adjusted EBITDA number was around what was it? 87, yeah, $87.3 million. in 2025 you know that adjusted ebitda number was around what was it 87 yeah $87.3 million Yet you're guiding to kind of a midpoint of $97.5 million. yet you're guiding to kind of a midpoint of $97.5 million So just to keep it simple, call it $10 million of incremental adjusted EBITDA. so just to keep it simple call it $10 million of incremental adjusted ebitda What is it that's getting you there? what is it that's getting you there Is this primarily gonna be driven by further synergies on the bringing of the two entities together, or what's driving that? is this primarily gonna be driven by further synergies on the bringing of the two entities together or what's driving that

Speaker 2: Yeah. No, Eric, so if you think about where the synergies sort of landed in 2025, they were really back half loaded. You're really going to start to see the impact of that throughout the full year, as opposed just to being combined or contained to the second half of the year. Yeah. yeah No, Eric, so if you think about where the synergies sort of landed in 2025, they were really back half loaded. no eric so if you think about where the synergies sort of landed in 2025 they were really back half loaded You're really going to start to see the impact of that throughout the full year, as opposed just to being combined or contained to the second half of the year. you're really going to start to see the impact of that throughout the full year as opposed just to being combined or contained to the second half of the year

Speaker 3: Got it. Okay. Thanks for taking my question. Got it. got it Okay. okay Thanks for taking my question. thanks for taking my question

Speaker 2: Thank you, Eric. Thank you, Eric. thank you eric

Speaker 4: Thanks, Eric. Thanks, Eric. thanks eric

Speaker 5: Thank you. As a quick reminder, if you'd like to ask a question, please press star one on your telephone keypad. Thank you. thank you As a quick reminder, if you'd like to ask a question, please press star one on your telephone keypad. as a quick reminder if you'd like to ask a question please press star one on your telephone keypad