Nexxen International Ltd.

Welcome to Nexen's third quarter earnings call. At this time, participants are in a listen-only mode with a question and answer session to follow at the end of the presentation. This call is being recorded and a replay of today's call will be made available on Nexen's Investor Relations website. I will now hand the call over to Billy Eckert, Vice President of Investor Relations, for introductions and the reading of the Safe Harbor Statement. Billy, please go ahead.

Thank you, Operator. Good morning, everyone, and welcome to Nexen's third quarter earnings call. During today's call, we will discuss our financial and operating results for the three and nine months ended September 30th, 2025, as well as our forward-looking guidance. With us on today's call are Ofer Druker, Nexen's Chief Executive Officer, and Sagi Neri, the company's Chief Financial Officer. This morning, we issued a press release, which you can access on our IR website at investors.nexen.com. During today's conference call, we will make forward-looking statements. All statements other than statements of historical fact could be deemed as forward-looking. We advise caution and reliance on forward-looking statements. These statements include, without limitation, statements and projections regarding our anticipated future financial and operating performance, market opportunity, growth prospects, strategy, and financial outlook. These statements also include, without limitation, statements regarding our partnerships and anticipated benefits related to those partnerships, anticipated benefits related to the company's intended growth and platform investments, forward-looking views on macroeconomic and industry conditions, as well as any other statements concerning the expected development, performance, and market share or competitive performance relating to our products or services. All forward-looking statements are based on information available to us as of the date of this call. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those implied by these forward-looking statements including unexpected changes in our business or unexpected changes in macroeconomic or industry conditions. More detailed information about these risk factors and additional risk factors are set forth in our filings with the U.S. Securities and Exchange Commission, including but not limited to those risks and uncertainties listed in the section entitled Risk Factors in our most recent annual report on Form 20F. Nexen does not intend to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in IFRS and non-IFRS terms. We refer you to the company's press release for additional details, including definitions of non-IFRS items and reconciliations of IFRS to non-IFRS results. At this time, it is my pleasure to introduce Ofer Druker, CEO of Nexen. Ofer, please go ahead.

Thanks, Billy. Nexen delivered a strong Q3, generating 10% ego barrier programmatic revenue growth of 15% ex-political, driven by omni-channel strength, rising enterprise DSP adoption, and growing data demands. Throughout 2025, we have been leveraging the combined assets we have built and acquired over the years, strengthening and better showcasing the power and interconnectivity of our full stack to drive greater enterprise demands. Q3's results show these efforts are paying off. Our LSP benefited from proprietary data assets like Nexon Discovery, delivering stronger performance and greater market recognition. Our renewed and expanded Vida partnership also adds a long-term growth engine via exclusive ACR data and CTV media, while enabling innovation like the industry's first solution for programmatic smart TV on-screen activation through the Nexon DSP and SSP. This opens a new frontier for advertisers to reach self-oriented media via high attention placement never before available programmatically. With an advanced enterprise DSP, proprietary data, and a unique and growing CTV and cross-device media footprint, Nexen is creating a very impressive value proposition that sets the stage for meaningful long-term growth. We have continued investing in our omnichannel DSP, enhancing automation, performance, and user experience, to bring more enterprise partners onto the platform and believe it can now compete directly with and win against top stand-alone DSPs. What's really differentiated is how it connects across and benefits from our full stack, combining tech, data, AI, creative, and media to deliver superior performance and efficiency for enterprise customers and independent agencies. Recent upgrades have not only enhanced the DSP itself, but also strengthened the data, AI, and media engines that power it. In the DSP, we have improved buying algorithms and automated budget optimization, lowering media costs, and increasing return of expense. Meanwhile, Next AI continues to elevate its performance and efficiency. The next AI DSP assistant is helping users gain an X on powerful real-time insight faster, enhancing results and usability with customer satisfaction scores often above 90% and some reporting efficiency gains of up to 97%. We are also leveraging our data platform to strengthen the value proposition of our enterprise DSPs. Next in discovery, our proprietary insights and audience segmentation tool is now central to agency and brand conversation and integral to pitching and winning new clients. It unifies cross-channel data sources, including exclusive ACL data, enabling advertisers to uncover, build, and activate high-performing audiences at scale while generating critical insights and reporting. We have enhanced discovery in our broader data platform through Next.ai by improving our customers' first-party data connects with Next.ins and improving usability for users of all skill levels. This has resulted in greater adoption, expanded reach, more precise targeting, and measurable performance gains. Discovery has become a true competitive advantage that we believe will grow over time. Together, these investments are driving stronger cross-channel performance across targeting, activation, optimization, media buying, and measurement. End-to-end users are achieving roughly two times higher retail expense and 30% lower costs. Key reasons we are winning more in-air-to-air DSP evaluations. Our DSP's performance connected to and driven by our full stack has brought dozens of new enterprise customers on platform in 2025, creating significant long-term growth potential. As more enterprise customers on board, we capture greater direct demand, strengthen our end-to-end revenues opportunities, and reduce reliance on third parties, which is critical as major DSPs continue to tighten SPOs within their ecosystem. and work directly with publishers. With a stronger DSP, more powerful and connected data solution, and deeper AI integration, we are now focused on capitalizing on strategic partnership and scaling platform adoption. We believe this will further our end-to-end revenue opportunities, drive increased growth potential, and create greater resilience against evolving industry dynamics. In Q3, we announced our updated partnership with BIDA, successfully renewing and expanding it through 2029, extending exclusive global access to the ACL data and securing third-party ad monetization exclusivity on the North American BIDA. This provides a durable advantage over appeals, lacking exclusive and unique assets we believe will struggle to differentiate and drive value in the future. As advertisers need alternatives to walled gardens, Nexen is well-positioned to fill that gap as an open, independent platform. Our ACR data cements us as a fundamental targeting and measurement data provider, fueling both platform spend and licensing opportunities. For example, our ACR audience segments recently became available for targeting in the YOW DSP. underscoring growing demand and paving the way for licensing growth in 2026 and beyond. Our media exclusivity also creates leverage to attract new partners and incremental spend through unique opportunities unavailable anywhere else. And as VDAL's footprint grows, so does the value of our exclusivities. The new agreement is already powering breakthrough innovation. We recently launched the industry-first solution for programmatic smart TV on-screen activation that will be available exclusively through the Nexen DSP. It provides direct access to native smart TV inventory via the Nexen SSP across ISEN CTVs and other CTVOM brands powered by VDAL's operating system. This marks a major step forward for the CTV industry, unlocking previously inaccessible scaled OEM media for programmatic activation and creating exclusive eye-attention placement that command premium pricing. Advertiser interest has been strong, and this solution differentiates us as major competitors can't offer similar capabilities. We believe this will become a powerful intermediate and long-term growth engine for Nexen, one that can accelerate DSP adoption, expand end-to-end spending, and reinforce our leadership in programmatic smart TV innovation. While we are encouraged by our momentum and strategic progress, we are disappointed to lower guidance due to new-term headwinds, including softness in select channels and a shift in how a leading DSP customer is reinforcing its SPO strategy. That said, our platform's interconnected advanced technology solutions, TV data, and robust omnichannel media footprint give us confidence we can navigate these dynamics and emerge stronger in 2026 and beyond. Our strategy is evolving, not changing. As we are doubling down on our DSP discovery and broader data platform to drive enterprise adoption, strengthen end-to-end revenue opportunities, and reduce third-party reliance. In 2026, we are releasing new DSP innovations, expanding infrastructure and capacity, and deepening new AI integration to enhance usability and performance. To insulate against disruptive open internet trends like LLM-driven traffic sheets, we are enhancing our CCTV capabilities through innovative product launches like our first-to-market programmatic Smart TV home screen activation solution. In addition, we are entering new-scale mobile in-app partnerships. Finally, we are aggressively pursuing new sizable strategic commercial partnerships leveraging our Vita exclusivities, and first-to-market programmatic Smart TV on-screen activation solution. These assets provide leverage with ecosystem partners, agencies, and data providers, and can help secure large-spend commitments, greater enterprise adoption, and scaled licensing opportunities. While Q4 presents near-term challenges, our long-term outlook and conviction in our strategy remains strong. The actions underway, combined with continued investment in our enterprise DSP, cross-device capabilities, and data and AI innovation and integration, position us for a stronger 2026 and beyond. We are on a clear path to becoming a strategic platform and partner of choice for industry leaders fueled by exclusive TV data, advanced tech, and innovative smart TV solutions, unavailable anywhere else. With a solid foundation, expanding partnerships, and critical capabilities unique to Nexen, we are confident in our positioning to drive greater enterprise adoption and outside long-term growth. With that, I will turn it over to Sagi.