BuzzFeed, Inc.

Before we begin, please note that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these statements. Risks and factors that could cause actual results to differ materially are described in our Q2 2025 earnings release and in our filings with the SEC, including our most recent annual report on Form 10K and our Q2 2025 quarterly report on Form 10Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During this call, we present both GAAP and non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin. The use of non-GAAP financial measures allows us to measure the operational strength and performance of our business, to establish budgets, and to develop operational goals for managing our business. We believe adjusted EBITDA and adjusted EBITDA margin are relevant and useful information for investors because they allow investors to view performance in a manner similar to the method used by our management. A reconciliation of these GAAP to non-GAAP measures is included in today's earnings press release, which is available now on our investor relations website. Now I'll turn the call over to Jonah.

Good afternoon, everyone, and thank you for joining us today. I'm proud

of what our team was able to accomplish in Q2. We've been focused for the past two years on transforming our business, and these efforts are continuing to bear fruit. This transformation hasn't been easy given the dynamics in our industry. Over the past few years, it's become clear that it's impossible to build a strong digital media business on top of the platforms provided by Google and Meta. To respond to this shift, our team went to work prioritizing our direct audience and increasing engagement on our own properties. We invested in our sites and apps, leveraged new AI technologies, and diversified our distribution sources. This has enhanced our competitive position in digital media and set us up for the future. A few highlights. We've shifted to direct and diversified audience sources. Direct visits, internal referrals, and app usage now make up 61% of BuzzFeed's O&O traffic, surpassing Facebook and reducing dependence on external algorithmic platforms. HubPost's homepage referrals grew 12% year over year and now account for three quarters of its total page views. Engagement and loyalty are rising. Nearly half of BuzzFeed and HubPost's daily users return more than once a week. Login users on BuzzFeed.com have tripled over the past two years, building deeper relationships with our audience. These changes have helped BuzzFeed hold the top spot in digital media, with 69.9 million hours of US time spent in Q2, which is 3% growth quarter over quarter, making BuzzFeed the only company in our competitive set to grow this period. Also in the second quarter, BuzzFeed.com led all individual competitors with 36.4 million hours ahead of People, Vox, and more. And HubPost recorded 20.7 million hours beating major legacy news brands by a wide margin. Put simply, we have focused on the quality of our audience, not just the quantity. This has given us a base we need to build a strong business with defensible revenue. In particular, we focused on scalable, tech-enabled business lines while reducing platform dependencies. When we have control over product and tech, our team is skilled at optimizing and growing revenue. Our scalable revenue lines are expanding. In Q2 of 2025, growth sales of non-Amazon merchants grew 38% year over year across all our brands, with the BuzzFeed brand alone seeing a 55% increase. Programmatic advertising grew by 11% year over year, up $1.7 million, demonstrating continued improvements in yield and targeting across both owned properties and third-party platforms. Our studio business is also making progress, reducing its platform dependence on Meta and Google, diversifying to additional platforms, and focusing on IP development and long-form. Owning IP and making longer-form content provides protection from algorithmic shifts that impact distribution and monetization. Long-form and IP are creating a foundation for future growth. BuzzFeed Studios' premium division has pioneered a model for producing and marketing full-length feature films. Our feature film with Lionsgate, F. Mary Kills, was the number one movie on Hulu in June. We recently wrapped production on Girls Like Girls with focus features and have three more film projects set to enter production in the second half of the year. In 2025, we produced nine vertical short drama series boasting a massive viewership of over 400 million, with short-form chapters combining into a long-form narrative to drive enhanced retention on new platforms. Even our mid-form video business is showing strong improvement, driven by an increased focus on IP and archive. In Q2 2025, passive revenue rose 40% year over year, animation was up 24%, Celeb grew 47%, and CocoBrothers saw a standout 373% increase, all supported by significantly higher RPMs. Although lower margin than other revenue lines, we see strong potential for our studio business to drive both the top line and the bottom line growth. Now that our strategy has addressed the platform dynamics that previously limited performance. As we make these changes, we continue to adjust the structure and size of our organization to reflect a more tech-powered and efficient business model. This includes some cost reductions to our business and studio orgs that we completed today, as well as some reallocation of team members to new initiatives such as BFI Island. Which brings me to my last point. The ultimate liberation from platform dependencies would be achieved by building our own platform. This is exactly what we're doing with BFI Island. We are currently testing an early version of the BFI Island app, and this early prototype has strengthened our confidence that there is a huge opportunity to build the first AI native social media platform. We are expanding our beta testing group and we'll open up to select Buzzfeed community members by the end of Q3. The app is loads of fun and I can't wait to share it with more people as we expand our beta testing and build towards a public launch. It isn't just a business imperative for us to limit the control of big platforms. Consumers also want an escape and our society and culture needs a better internet. Audiences want special places that serve as a refuge from the endless algorithmic feed. Buzzfeed, HuffPost, and Tasty provide that oasis. And soon, BFI Island will provide the ultimate vacation from the big platforms that have sucked the joy out of the internet. With that, I'll hand it over to Matt to walk you through our Q2 financial performance.