Advertising and Marketing Technology Sector Outlook — September 2026

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › ADVERTISING AND MARKETING TECHNOLOGY

Adtech: Premiums Sit with Durable Economics

The report shows where valuation sits across operating models, public peers and precedent transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › ADVERTISING AND MARKETING TECHNOLOGY

   Cover slide introducing the Advertising and Marketing Technology sector outlook as of September 2026.

   We open with the September 2026 read on advertising and marketing technology, valued primarily on EV/EBITDA for CY2027E. This sets up the finding we walk through next: software-led names price above media-buying ones.

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   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › ADVERTISING AND MARKETING TECHNOLOGY Adtech: Premiums Sit with Durable Economics The report shows where valuation sits across operating models, public peers and precedent transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the report's five sections plus appendix.

   We lay out the five sections ahead — the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications — plus a full appendix. The bottom line comes first on purpose, so even a reader who stops after section one leaves with the complete story.

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   CONTENTS What This Report Covers 01 The Bottom Line Durable Economics Separate the Premium End 02 The Landscape Four Operating Models Compete for Different Budgets 03 Valuation & Situations Faster Growth Sits Alongside Higher Forward Valuation 04 Precedent Transactions Buyers Are Paying for Data, Measurement and Workflow Positions 05 Strategic Implications Strengthen the Economics Buyers Can Underwrite 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   In Advertising and Marketing Technology, Martech Suites Price Above Agency-Model Media Buying

   This slide states the report's central finding that martech suites price above agency-model media buying.

   Across the 15 companies in this screen, 13 carry a forward EBITDA estimate we can value on CY2027E, and this page is the whole argument in one place. Martech suites that sell software and measurement to marketers price above agency-model media buying, and that gap holds even after we account for growth already priced in. We use EV/EBITDA as the lead lens because this set is profitable, with EV/Revenue as the cross-check. So what: where your business sits between these two models is the first question any valuation conversation should start from.

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   01 · THE BOTTOM LINE Advertising and Marketing Technology Spans Platforms, Services, Media and Infrastructure The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (13 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 28%, 13 of 15 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Campaign Platforms Form the Center of the Set Campaign and audience management accounts for 8 of 15 approved companies. Services, owned media and ad-delivery infrastructure bring different revenue quality and buyer groups. 2 The Premium End Holds a Wide Valuation Advantage The premium end carries a 10.7x forward EV / EBITDA multiple, compared with 3.7x at the discount end. A forward multiple already credits forecast growth, so the remaining gap points to differing views of durability. 3 Higher Growth Travels with Higher Forward Valuation The higher-growth group sits at 6.8x, alongside 5.6x for the lower-growth group. The spread supports growth as part of the valuation case without treating it as a standalone pricing formula. 4 Revenue Quality Sharpens the Growth Story Headline growth can reflect pass-through media as well as durable platform economics. Ex-TAC gross profit, spend retention, take rate and self-service leverage provide the more useful commercial test. 6.4x Sector median EV/EBITDA CY2027E consensus · 13 rated of 15 companies 10.7x Premium end EV/EBITDA vs 3.7x at the discount end top quartile (n=4) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 35 Transactions with disclosed terms 92 recorded in this tier · 3 told as case studies, the full list in the appendix

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   Divider introducing the market-map section on the sector's four business models.

   We now break the sector into its four underlying business models and show the middle multiple each one carries. This resets the frame before we get into the detail.

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   SECTION 02 02 THE LANDSCAPE Four Operating Models Compete for Different Budgets Campaign platforms dominate the set, while services, media and infrastructure carry distinct economics. 02 of 06 Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Four Business Models Under One Label, Priced Across a Wide Band

   This slide groups the 15 approved companies into four business segments and shows each group's median forward multiple.

   We've grouped all 15 approved companies into four business models and plotted the median EV/EBITDA each group carries as of September 2026. The spread across groups is wide, which tells us the sector label hides real differences in how these businesses are underwritten. So what: comparing a company only to the sector average would miss which segment is actually setting its price.

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   02 · MARKET MAP Campaign Platforms Dominate the Set, but Four Models Compete for Value 15 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 MARTECH CAMPAIGN AND AUDIENCE MANAGEMENT SUITES 8 cos median 7.7x APP KVYO GTM DV DSP PUBM MNTN WIMI These platforms sit closest to campaign workflow, audience activation and recurring advertiser use. AGENCY-MODEL MEDIA BUYING AND MANAGED SERVICE 4 cos median 5.6x TTD MGNI CRTO MCHX This group combines media execution with service intensity, making mix and headcount leverage central. OWNED-AND-OPERATED MEDIA AND MARKETPLACE AD INVENTORY 2 cos median 5.1x Z TBLA These businesses pair audience ownership with inventory monetisation and direct exposure to demand cycles. AD SERVING AND DELIVERY INFRASTRUCTURE 1 cos 7.4x · 1 rated RAMP Infrastructure can benefit from workflow embedding, identity integration and a central position in campaign delivery.

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   02 · LANDSCAPE

   Eight of the 15 Companies Sell Software to Marketers; The Rest Sell Media and Delivery

   This slide splits the 15-company universe into software sellers and media/delivery sellers.

   Eight of the 15 companies here sell software to marketers, and the rest sell media and delivery on their behalf. We describe what each side actually does, because the label 'advertising and marketing technology' covers both. So what: this split is a first filter for understanding why two companies under the same sector tag can carry very different multiples.

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   02 · LANDSCAPE Operating Model Shapes the Quality of Revenue Behind the Multiple Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Martech campaign and audience management suites 8 53% 7.7x AppLovin Corporation (APP) · Klaviyo, Inc. (KVYO) · +6 more Workflow commands attention. The group carries a 7.7x forward EV / EBITDA multiple. Retention, audience integrations and self-service leverage distinguish durable platform economics from media pass-through. Agency-model media buying and managed service 4 27% 5.6x The Trade Desk, Inc. (TTD) · Magnite, Inc. (MGNI) · +2 more Service mix matters. Managed-service exposure can deepen client relationships, but labour intensity and campaign mix affect operating leverage. The commercial test is whether spend scales faster than headcount. Owned-and-operated media and marketplace ad inventory 2 13% 5.1x Zillow Group, Inc. Class C (Z) · Taboola.com Ltd. (TBLA) Audience ownership creates options. The group sits at 5.1x. Direct audience access can support differentiated inventory, while cyclicality and dependence on advertiser demand remain important underwriting questions. Ad serving and delivery infrastructure 1 7% 7.4x n=1 LiveRamp Holdings, Inc. (RAMP) Infrastructure earns strategic relevance. The single name in this group sits at 7.4x. Identity, data connections and workflow embedding can make infrastructure valuable to platforms and agency buyers.

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   Divider introducing the public-market valuation section on the forward multiple range.

   Next we look at where forward earnings already credit the growth story, and where the gap between the top and bottom of the range still holds. We name the three companies sitting at each end.

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   SECTION 03 03 VALUATION & SITUATIONS Faster Growth Sits Alongside Higher Forward Valuation The range remains wide enough that revenue quality and durability still matter. 03 of 06 Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   A Forward Multiple Already Credits the Forecast, and the Gap Between the Ends Holds

   This slide ranks all 13 rated companies by EV/EBITDA (CY2027E) around a 6.6x sector median.

   We've sorted all 13 rated companies by their forward multiple, against a sector median of 6.6x. A forward multiple already prices in the CY2027E forecast, so the gap that survives between the top and bottom of this range is telling us something beyond a single year's growth. So what: the tier zones here give us a starting point for asking why a given name sits where it does.

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   03 · PUBLIC MARKET VALUATION The Premium End Retains a Wide Lead on Forward Earnings EV / EBITDA (CY2027E) · all 13 rated companies, sorted descending · sector median 6.4x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (13 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 28%, 13 of 15 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 10.7x CORE · median 6.4x DISCOUNT · median 3.7x Sector median 6.4x WHAT SEPARATES THE TWO ENDS The gap remains wide. The premium end sits at 10.7x, compared with 3.7x at the discount end. That spread survives a forward earnings lens that already credits forecast performance. Growth is not enough. The premium end includes different growth and margin profiles. Investors appear to distinguish between forecast expansion, revenue quality and confidence in cash conversion. Durability sharpens the case. Retention, take-rate stability, direct advertiser relationships and exposure to connected TV or commerce media help frame whether forecast earnings can hold.

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   03 · VALUATION DRIVERS

   The Faster Growers Sit Higher, and the Step up Is Real but Narrow

   This slide compares median multiples across faster/slower growth and higher/lower margin cohorts.

   We've split the rated set at its own median for revenue growth and again for EBITDA margin, then compared the multiple each cohort carries. Faster growers sit higher, but the step up is real and narrow rather than dramatic. This is an association we observe in the data, not a claim that growth alone causes the higher price. So what: growth matters here, but it isn't the only lever worth pulling.

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   03 · VALUATION DRIVERS Higher Growth Travels with a Higher Forward Multiple Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=7; slower n=6; higher-margin n=7; lower-margin n=6). Driver readings are NeuraCap views on the supplied data — association, not causation. Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 8% · EBITDA-margin split at 29% The Higher-Growth Group Carries the Valuation Lead Seven names at or above 8% sit at 6.8x, versus 5.6x across six names below that mark. The association is positive, but the range within the groups leaves room for other operating differences. Growth Quality Matters Alongside the Headline Rate Ex-TAC gross profit and spend retention distinguish platform expansion from growth funded by traffic acquisition cost or pass-through media. Forward Valuation Still Tests Durability The lead lens already incorporates forecast EBITDA. Premium positioning therefore rests on confidence that take rate, retention and operating leverage can support those forecasts.

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    03 · SITUATION MAP

    Where the Money Sits: Five Names Above the Middle of the Set on Both Price and Growth

    This slide maps companies on price versus growth relative to the sector median and covered median.

    We've cut the rated set on EV/EBITDA against the sector median and on revenue growth against the covered median, which puts five names above the middle on both dimensions. These are observations about where the money currently sits, not recommendations. So what: a company's own quadrant here is a useful starting point for benchmarking its position before any deeper diligence.

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    03 · SITUATION MAP Five Names Combine Above-Middle Growth with Above-Middle Valuation Cut on EV / EBITDA vs the sector median (6.4x) (rows) and revenue growth vs the covered median (8%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Momentum Above-median multiple · above-median revenue growth 5 names Zillow Group, Inc. Class C (Z) · Klaviyo, Inc. (KVYO) · DoubleVerify Holdings, Inc. (DV) · +2 more Zillow Group, Inc. Class C (Z), Klaviyo, Inc. (KVYO), DoubleVerify Holdings, Inc. (DV), LiveRamp Holdings, Inc. (RAMP) and PubMatic, Inc. (PUBM) sit above the middle on growth and valuation. Their task is to sustain the forecasts already reflected in pricing. Premium Without Momentum Above-median multiple · below-median revenue growth 2 names Magnite, Inc. (MGNI) · Viant Technology Inc. (DSP) Magnite, Inc. (MGNI) and Viant Technology Inc. (DSP) sit above the middle on valuation but below it on growth. Retention, take rate and earnings durability carry more weight in defending that position. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 2 names MNTN, Inc Class A (MNTN) · Marchex, Inc. (MCHX) MNTN, Inc Class A (MNTN) and Marchex, Inc. (MCHX) sit above the middle on growth but below it on valuation. The gap focuses attention on revenue quality, margin conversion and confidence in the growth path. Operating Reset Below-median multiple · below-median revenue growth 4 names The Trade Desk, Inc. (TTD) · ZoomInfo Technologies Inc. (GTM) · Taboola.com Ltd. (TBLA) · +1 more The Trade Desk, Inc. (TTD), ZoomInfo Technologies Inc. (GTM), Taboola.com Ltd. (TBLA) and Criteo S.A. (CRTO) sit below the middle on both measures. The operating agenda centres on mix, retention and cost structure.

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    03 · GROWTH VS PROFITABILITY

    Two Names Clear Both the Growth Bar and the Margin Bar, and Ten Clear One of the Two

    This slide plots the 13 rated companies on growth versus margin, with median multiple per quadrant.

    Two companies clear both the growth bar and the margin bar; ten clear only one of the two. We show the median multiple each quadrant carries so the trade-off between growth and profitability is visible directly. So what: clearing both bars together is rare in this set, which is exactly why it commands the top of the range.

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    03 · GROWTH VS PROFITABILITY Growth Carries More Valuation Weight When Economics Also Hold Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 13 companies with both estimates · cuts at the covered medians (8% growth, 29% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=2; margin-only n=5; growth-only n=5; neither n=1). Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -40% -20% 0% 20% 10% 20% 30% 40% MARGIN ONLY median 6.3x BALANCED median 5.5x NEITHER median 3.7x GROWTH ONLY median 7.4x CRTO DSP TTD GTM TBLA MGNI DV PUBM RAMP Z MCHX MNTN KVYO x: revenue growth (CY2026E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The map splits 13 names at 8% revenue growth and a 29% margin. Five names clear the growth bar alone, while five clear the margin bar alone. Two names clear both bars, and one clears neither. The layout shows why a single operating measure does not capture the full valuation range. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 5 of 13 names clear it (KVYO, MGNI, DV, Z, MNTN).

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    03 · THE AGENDA

    Three Things That Travel with Where a Company Sits in This Range: Mix, Retention and Identity

    This slide lists three questions — mix, retention and identity — that travel with where a company sits in the range.

    We frame three questions we think any owner or acquirer in this space should be resolving: revenue mix, retention, and identity ownership. These are our observations grounded in the cohort data shown earlier, not recommendations to act on any single name. So what: these questions are a practical checklist for where the next round of value gets created or lost.

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    03 · THE AGENDA An Owner’s Build-or-Buy Choice Starts with Revenue Quality and Strategic Position NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Direct Demand Relationships Increase the share of spend tied to contracted advertiser and agency relationships, with attention to retention, pricing and channel mix. What changes the answer: Direct demand expands while spend retention and take rate remain stable. Shift Mix Toward Durable Channels Allocate product and commercial resources toward connected TV, retail media, commerce media and curated supply where buyer intent is clearer. What changes the answer: Channel mix improves without weakening unit economics or service leverage. Own More of the Workflow Build or acquire identity, measurement, clean-room or onboarding capability that deepens integration with advertiser and agency processes. What changes the answer: Workflow ownership improves retention and reduces reliance on signals outside the platform's control. Tighten Cash Conversion Rebalance managed-service work, traffic acquisition cost and headcount so incremental spend converts more consistently into earnings. What changes the answer: Gross spend scales faster than delivery cost and working-capital demands.

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    04

    Divider introducing the precedent-transactions section on identity, verification and workflow deals.

    We turn now to what buyers have actually agreed to pay — the transactions on record, their status, and the levels at which terms were struck.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Are Paying for Data, Measurement and Workflow Positions The transaction record spans strategic capability purchases and financial underwriting. 04 of 06 Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Identity, Verification and Workflow Are Where Terms Were Agreed in This Record

    This slide walks through three of the disclosed-terms transactions as case studies, out of 40 with disclosed terms in the record.

    We highlight three of the 40 disclosed-terms transactions as case studies, each priced on LTM financials at announcement. Terms were agreed for identity, verification and marketing-workflow assets, and the complete list sits in the appendix. Deal multiples on this LTM basis aren't directly comparable to the CY2027E public range we showed earlier, so we don't claim a spread between them. So what: these case studies show what buyers were actually willing to pay for, which is a different question from what the public market currently prices.

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    04 · DEAL CASE STUDIES Precedent Transactions Cluster Around Complementary Capabilities 3 of 35 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 130 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 57 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 May-2026 $2.2B Publicis Groupe Publicis Groupe agreed to acquire LiveRamp Holdings, Inc. (RAMP) for $2.2B. EV / LTM revenue 2.7x EV / LTM EBITDA 12.1x WHY THE DEAL HAPPENED The pairing suggests a strategic interest in owning data activation capability used across managed media budgets. It also places identity connections inside a broader agency and marketing-services platform. HOW THE TARGET WAS VALUED LiveRamp Holdings, Inc. (RAMP) was valued at 2.7x EV / Revenue and 12.1x EV / EBITDA. The earnings multiple sits above the middle of the public peer range. Aug-2026 $2.1B Nielsen Holdings Nielsen Holdings agreed to acquire DoubleVerify Holdings, Inc. (DV) for $2.1B. EV / LTM revenue 2.8x EV / LTM EBITDA 8.1x WHY THE DEAL HAPPENED The transaction suggests value in bringing verification and measurement capabilities together. Accreditation, reporting dependency and advertiser trust strengthen the strategic fit. HOW THE TARGET WAS VALUED DoubleVerify Holdings, Inc. (DV) was valued at 2.8x EV / Revenue and 8.1x EV / EBITDA. The earnings multiple sits toward the upper half of the public peer range. Nov-2025 $1.7B Adobe Inc. Adobe Inc. acquired Semrush Holdings, Inc. for $1.7B. The deal extends Adobe Inc. EV / LTM revenue 4.0x EV / LTM EBITDA 38.2x WHY THE DEAL HAPPENED The combination suggests a strategic interest in connecting content, marketing execution and performance insight. Semrush Holdings, Inc. adds workflow used by marketing teams and agencies. HOW THE TARGET WAS VALUED Semrush Holdings, Inc. was valued at 4.0x EV / Revenue and 38.2x EV / EBITDA. The large difference between the two measures indicates that earnings were a demanding valuation reference.

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    05

    Divider introducing the strategic-implications section on revenue quality, channel mix and retention.

    We close the analysis by turning to what the comparison says about running the business over the next planning cycle — revenue quality, channel mix and retention.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Economics Buyers Can Underwrite Revenue mix, retention, take rate and cost structure shape the next operating choices. 05 of 06 Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Higher Multiples Travel with Revenue Quality, Channel Mix and Retention

    This slide sets out the questions the data raises for owners, boards and acquirers over the next twelve months.

    The higher multiples in this screen travel alongside revenue quality, channel mix and retention, and we lay out what that means for owners, boards and acquirers. These are directional views drawn from the analysis in this report, not recommendations. So what: the next twelve months are where these questions get tested, and getting ahead of them is the practical takeaway from this report.

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    05 · STRATEGIC IMPLICATIONS Durable Take Rate and Workflow Ownership Strengthen Strategic Standing NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Prioritise Durable Revenue Mix Focus resources on retained spend, direct demand, self-service adoption and channels where the platform holds a defensible role. FOR OPERATORS Convert Spend into Earnings Manage traffic acquisition cost, service intensity and publisher commitments so platform growth translates into stronger cash conversion. FOR BOARDS Test Build Versus Buy Assess whether identity, measurement and workflow gaps are better addressed through internal investment, partnership or acquisition.

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    06

    Divider introducing the appendix covering the full comparables universe, methodology and sources.

    The final section carries the full universe of comparables, the methodology behind every figure, and where each underlying disclosure sits.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This slide lists all 13 rated companies and 2 unrated companies on EV/EBITDA (CY2027E), grouped by valuation tier.

    We show all 13 rated companies here, shaded above or below the 6.6x sector median, alongside the 2 companies without an eligible multiple. Every row in this appendix also appears in the companion workbook with the complete field set. So what: this is the full comparable set behind every multiple quoted earlier in the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.4x); amber marks below · 13 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 13 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥8.6x · median 10.7x · 4 companies Klaviyo, Inc. KVYO Martech campaign and audience management suites $3.7B 12.5x 24% 16% 36 Magnite, Inc. MGNI Agency-model media buying and managed service $3.6B 12.1x 7% 35% 46 PubMatic, Inc. PUBM Martech campaign and audience management suites $753M 9.3x 9% 24% 33 Viant Technology Inc. DSP Martech campaign and audience management suites $845M 8.6x -25% 32% 52 CORE — 4.8x–8.6x · median 6.4x · 6 companies LiveRamp Holdings, Inc. RAMP Ad serving and delivery infrastructure $1.9B 7.4x 9% 27% 37 DoubleVerify Holdings, Inc. DV Martech campaign and audience management suites $2.0B 6.8x 8% 34% 42 Zillow Group, Inc. Class C Z Owned-and-operated media and marketplace ad inventory $5.9B 6.4x 14% 28% 40 The Trade Desk, Inc. TTD Agency-model media buying and managed service $4.8B 6.3x -5% 29% 25 Marchex, Inc. MCHX Agency-model media buying and managed service $50M 4.8x 18% 15% 45 ZoomInfo Technologies Inc. GTM Martech campaign and audience management suites $2.5B 4.8x -3% 43% 41 DISCOUNT — <4.8x · median 3.7x · 3 companies MNTN, Inc Class A MNTN Martech campaign and audience management suites $539M 4.3x 21% 30% 49 Taboola.com Ltd. TBLA Owned-and-operated media and marketplace ad inventory $931M 3.7x 2% 12% 18 Criteo S.A. CRTO Agency-model media buying and managed service $649M 2.0x -46% 30% 32

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists disclosed-terms transactions, newest first, the first of two pages covering 18 of 40 shown.

    We list the disclosed-terms transactions newest first; of 97 recorded transactions, 40 carry disclosed terms and 18 of those 40 are shown across these two pages. Deal multiples here are LTM at announcement, sitting on a different basis from the CY2027E public multiples used elsewhere in this report. So what: this is the primary evidence behind the deal commentary on the earlier pages.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 35 transactions with disclosed terms in this tier (92 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 130 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 57 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 35 transactions shown; the rest are in the companion workbook. Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 Nielsen Holdings → DoubleVerify $2.1B 2.8x 8.1x Nielsen Holdings and DoubleVerify Holdings, Inc. (DV) pair audience measurement with independent verification capability. May-2026 Publicis Groupe → LiveRamp Holdings, Inc. $2.2B 2.7x 12.1x Publicis Groupe and LiveRamp Holdings, Inc. (RAMP) bring onboarding and identity infrastructure closer to agency-managed media budgets. Dec-2025 Mobileye Global Inc. → The Trade Desk, Inc. n/a 0.7x 8.8x The terminated transaction linked Mobileye Global Inc. with The Trade Desk, Inc. (TTD), combining businesses from distinct operating settings. Nov-2025 Adobe Inc. → Semrush Holdings, Inc. $1.7B 4.0x 38.2x Adobe Inc. added Semrush Holdings, Inc. through a completed transaction spanning marketing workflow and campaign intelligence. Nov-2025 n/a → DoubleVerify Holdings, Inc. n/a 1.9x 8.1x The pending transaction involving DoubleVerify Holdings, Inc. (DV) reinforces buyer attention around measurement and verification assets. Sep-2025 Novacap → Integral Ad Science Holding Corp. $1.6B 2.9x 8.6x Novacap's announced transaction for Integral Ad Science Holding Corp. shows financial interest in scaled verification economics. Oct-2024 TreeHouse Foods, Inc. → LiveIntent, Inc. n/a n/a 11.5x TreeHouse Foods, Inc. and LiveIntent, Inc. represent an adjacent strategic pairing around audience and activation capability. Jun-2024 Verve Group → Jun Group $185M n/a n/a Verve Group's announced transaction for Jun Group adds another example of capability-led consolidation within advertising technology. Mar-2024 Biogen → Admetricks n/a 1.4x n/a Biogen's announced transaction for Admetricks links an adjacent strategic buyer with advertising measurement capability.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide continues the disclosed-terms transaction list, newest first.

    This page continues the same list of disclosed-terms transactions, newest first, completing the 18 of 40 shown in this report. The remaining transactions sit in the companion workbook for anyone who wants the full record. So what: together these two pages are the transaction evidence supporting the deal-pricing conclusions in this report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 35 transactions with disclosed terms in this tier (92 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 130 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 57 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 35 transactions shown; the rest are in the companion workbook. Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2023 Omicron, Inc. → Flywheel, Inc. n/a 0.7x 8.8x Aug-2023 7GC & Co. Holdings Inc. → Banzai International, Inc. $54M 11.4x n/a Value shown as recorded in the filing; deal value unit unresolved. May-2023 YouAppi Inc. → Affle International Pte. Ltd. n/a 1.1x 1.4x Apr-2023 Madison Dearborn Partners → Adsmurai, S.L. n/a n/a 10.5x Dec-2022 Lumine Group → WideOrbit n/a 3.0x n/a Value shown as recorded in the filing; deal value unit unresolved. Jul-2022 Unity Software Inc. → ironSource Ltd. n/a n/a 19.5x Oct-2021 ironSource Ltd. → Tapjoy, Inc. n/a n/a 10.0x May-2021 Taboola.com Ltd. → ION Acquisition Corp. 1 Ltd. $328M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Mar-2021 Digital Turbine, Inc. → Fyber N.V. n/a 2.9x n/a

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    06 · REPORTED FIGURES AND THEIR FILINGS (1 OF 2)

    Every Reported Figure, Linked to the Filing It Was Taken From

    This slide lists each company's reported figures next to the year they were reported, the first of two pages.

    This page sets out reported figures for each company alongside the year they were reported, keeping consensus estimates marked separately since they have no company disclosure behind them. All 15 companies in this screen have a disclosed figure on these two pages. So what: this is the primary detail a client can use to check any number quoted earlier in this report against its underlying source.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (13 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 28%, 13 of 15 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Advertising and Marketing Technology and it clears the coverage gate with 14 of 15 companies (93%). EV / Revenue, P / E are carried as a cross-check. The set earns: 14 of the 14 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 12 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 599 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (598) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    06 · REPORTED FIGURES AND THEIR FILINGS (2 OF 2)

    Every Reported Figure, Linked to the Filing It Was Taken From

    This slide continues the reported-figures detail, the second of two pages.

    This page continues the same reported-figures detail for the remaining companies, again pairing each number with the year it was reported. Consensus estimates remain marked separately from company-reported figures. So what: between these two pages, every reported figure in this report has a traceable company origin.

    Everything on this page

    In This Sample, Premiums Sit with Growth Plus Durable, Cash-Generative Economics. NeuraCap AI — Advertising and Marketing Technology Coverage September 2026 · Prepared by NeuraCap AI · Confidential Advertising and Marketing Technology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-25 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 23

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    The Premium Here Sits with the Faster-Growing Names, and Not the Higher-Margin Ones.

    Closing slide restating that the premium in this sector sits with faster-growing names rather than higher-margin ones.

    We close on the same finding we opened with: the premium in this sector sits with the faster-growing names, not the higher-margin ones. The companion tables carry the full universe and source index for anyone who wants to go deeper on a specific name.

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