Nexxen International Ltd.

Welcome to Nexen's fourth 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 fourth quarter earnings call. During today's call, we will discuss our financial and operating results for the three and 12 months ended December 31st, 2025, as well as our forward-looking guidance. With us on today's call are Ofer Druker, Nexen's Chief Executive Officer, and Sigi Neary, 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. False 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 20-F. NEC 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 Nexon. Ofer, please go ahead.

Thanks, Billy. I'm pleased to report that we met our updated full-year guidance and are seeing strong momentum in early 2026. In Q1 to date, contribution at-stack and programmatic revenue are trending ahead of our initial expectation, following the strongest January and February in our history. This performance reflects the payoff from infrastructure investment made in 2025 to support long-term programmatic trading growth, as well as our ability to form new and expanded partnership with leading DSPs, driven by our differentiated CTV media assets and data. These efforts, along with our strategic differentiation, continued innovation, and a favorable advertising backdrop, featuring incremental growth catalysts like the Winter Olympics, FIFA World Cup, and especially the U.S. midterm election, positioned Exxon for a strong 2026. In the second half of 2025, we really fully upgraded our infrastructure and expanded platform scale, roughly doubling SSP capacity. This positioned us to better monetize publisher relationship and support growth in 2026 and beyond. We also increased focus around our enterprise solutions and plan to continue doing so. Over the past several years, we have enhanced our combined DSP and data capabilities through innovative new solutions and deeper AI integration to fuel enterprise adoption. In 2025, we saw early results and expanded on these efforts by adding experienced talent across our go-to-market and product teams and shifting internal SaaS resources towards our enterprise offerings. This combined initiative led to us more than doubling our enterprise customer base in 2025. We plan to expand these efforts in 2026 to capitalize on the strength of our unique enterprise solutions built on proven technologies developed over the years. While enterprise growth is a long-term process. We believe now it's the right time to invest to capture the vast opportunities ahead. Additionally, as AI reshapes our consumers engaged across the open Internet, we invested in expanding into less-affected formats that offer strong growth potential and revenue durability through exclusive smart TV on-screen partnerships and scaled mobile in-app relationships. In the second half of 2025, we announced the launch of what we believe is the industry's first programmatic Smart TV home screen advertising solution, providing scale programmatic access to home screen inventory on CTV OEMs. I would like to provide some background, as this type of CTV media has not historically been available for programmatic activation. When a user turns on their Smart TV, They land on the operating system home screen, which presents them with a menu of apps and content to consume. According to Nielsen, viewers spend an average of about 10 minutes per day on this screen, deciding what to watch, making it a highly visible and valuable service. Until now, advertising space on this page has been sold and managed through direct deals and ad servers. Our innovations transform this surface into a fully programmatic advertising opportunity. It creates a significant new growth channel for advertisers using the same programmatic workflow they already rely on, while enabling OEMs to monetize their home screen inventory more efficiently and effectively. VIDA, which rebranded as V, is a CTV operating system for iSense and other OEM brands and our first OS partner to adopt this technology, which is now integrated across V-Power devices globally. As announced by the traders last week, we are pleased to welcome them as our first strategic DSP partner to adopt the solution following an agreement between V, the traders, and Accent, to bring this inventory into the Tradesk Ventura ecosystem. Together, we are collaborating to establish standard, adjust DSP capabilities, and drive industry awareness. We have strong conviction in this partnership, believe it's fundamental to building a new ecosystem for programmatic Smart TV home screen advertising. and are proud to work with the traders to bring this opportunity to their vast global customers and partners network. By working directly with the leading enabler of programmatic advertising on the open internet, we believe we can accelerate awareness and adoption of our solution, support industry standardization, and enable training across both our customer bases. We view this as a pivotal milestone in expanding high-quality programmatic advertising on the open internet through a new, engaging channel that is more resistant to AI-driven disruption. Vee's footprint combined with programmatic activation create a compelling opportunity for advertisers to drive brand impact and ROI. Our Vee partnership also continues to drive data licensing momentum as we jointly market ACR data in North America and globally. In Q4, we entered a licensing agreement with Yao DSP, expanding our TV data partnership with major DSPs, which already included platforms like the Tradesk and StackAdapt. Together, our smart TV media assets Proprietary data and strategic partnership reinforce our edtech leadership while strengthening our opportunities with brands, agencies, and leading DSPs. In 2025 and early 2026, we partnered with leading mobile in-app ecosystem players to support long-term growth, diversification, and revenues durability with strong early results. Mobile in-app remain a strategic focus as it's less exposed to AI-driven disruption than browser-based traffic. According to eMarketer, over 80% of mobile ad spend occurred in apps in 2025, and mobile is expected to account for over two-thirds of total digital ad spend by 2027. To capitalize on this shift, we built infrastructure to scale in-app media, enabling us to support growing supply and demand in a channel with strong tailwind. We will continue enhancing our mobile in-app capabilities and will pursue new and expanded partnerships in 2026 to build on our progress. Next.ai continues to evolve across our platform and is receiving strong client feedback. Customers are achieving better results with less effort while unlocking new capabilities. Our DSP assistant is delivering efficiency gains of up to 97% and satisfaction scores over 90%. Helping users act on real-time insights faster while improving outcomes and usability. Our discovery assistant is also driving operational savings. with some clients reporting reduction of up to 45% in audience research time. Through Next.ai, we are building a difficult to match AI advantage across our DSP, SSP, and data platform by streamlining workflows and enhancing supply chain wide performance, positioning us to win larger enterprise budgets. In 2026, our AI investments and releases will focus on driving growth and generating scaling cost benefits. We are introducing Next.ai to our SSP to optimize publisher performance and revenue. On the DSP side, we will continue integrating our insights and segmentation tool, Discovery, with our DSP so audience data flows directly into our buying platform supporting accelerated enterprise adoption. Finally, our DSP assistant will expand to include AI-driven QA and campaign troubleshooting, automatically flagging arrows to reduce waste and maximize buyer budgets. Internally, Next.ai is becoming more embedded across our sales, operations, products, and data teams. Driving efficiency and cost savings. AI-assisted coding is accelerating development, enabling faster release of revenue-generating solutions while reducing prior investment needs, freeing up capital for specialized data and AI IOs. We are continuing releasing solution design to capitalize on sector growth trends and major 2026 advertising events. The ELTS vertical has emerged as a growth engine following the release of Nexon ELTS, with new measurement and optimization capabilities introduced in Q4 2025, including the first two markets auto-allocate feature powered by PaperLab. These allow advertisers to optimize spend in real-time using real-world health signals and verified outcome data, improving targeting and full-funnel performance, and reinforcing Nexen as a leading health DSP. We plan to continue investing in reticle-specific solutions to drive growth across additional sectors. We also launched Nexen Sports in Q4, combining live sport inventory with data-driven insights, targeting, retargeting, and dynamic creative. This solution helps brands drive engagement during live events, while enabling advertisers to reach consumers beyond the live window, positioning Nexen for the biggest live sports advertising year on record. highlighted by events like the FIFA World Cup. Finally, our political advertising solutions position us to capture spend during the 2026 U.S. midterm elections, which we expect to be a major cycle, especially for CTV. While still early in the year, we are very encouraged by our strong start to 2026 and what it signals about the direction of the business. Our momentum validates the strategic decision made in 2025 and the quality of the product offerings we have built and acquired over the past several years. It also highlights our progress in building a more diversified and durable revenue base as the industry adapts to AI-driven disruption. Our differentiator, including our end-to-end model, vPartnership, on-screen solution and platform-wide data and AI integration are creating growing competitive advantages. Our DSP is now deeply integrated with our exclusive data and media, positioning it to expand our end-to-end enterprise revenue opportunity. This combination is already helping us win larger budgets and deliver stronger outcomes for advertisers and publishers and we expect scaling benefits in 2026 and beyond. We remain focused on execution and innovation to drive sustainable growth and strengthen our leadership as we help define the future of programmatic advertising. With that, I will turn the call to Sagi.