Teads Holding Co.

and welcome to TEED's first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. I would now like to turn the call over to TEED's investor relations. Please go ahead.

Good morning, and thank you for joining us on today's conference call to discuss TEED's first quarter results. Joining me on the call today, we have David Kostman and Jason Kiviat, the CEO and CFO of TEED's During this conference call, management will make forward-looking statements based on current expectations and assumptions, including statements regarding our business outlook and prospects. These statements are subject to risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. These risk factors are discussed in detail in our annual report on Form 10-K for the year ended December 31, 2020-25, as updated in our subsequent reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the call's original date, and we do not undertake any duty to update any such statements. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's first quarter results announcement for definitional information and reconciliations of non-GAAP measures to the comparable GAAP financial measures. Our earnings release can be found on our IR website, investors.teeds.com, under News and Events. With that, let me turn the call over to David.

Thank you, Dani. Good morning, everyone, and thank you for joining us. Before we dive into our Q1 highlights, I want to frame our current market position. One year into the combination of outgoing and teams, the new teams has evolved into the definitive omnichannel outcomes platform. By combining our premium video and performance heritages, we've created the connective tissue between the living room and the mobile screen, delivering the precise accountability that today's advertisers demand across CTV and the open internet and from branding to performance. To understand our scale, it's best to look at the two distinct advertiser bases that fuel our platform. First, our enterprise business, which is composed of global brands and major advertising agencies. In 2025, these generated approximately $900 million in revenue, accounting for approximately 80% of our ag stack due to its higher margin profile. About half of this, roughly $450 million, is driven to the world's leading agencies like Publicis, Omnicom, Havas, Tagwell, as well as brand direct relationships. Our enterprise brand roster includes icons such as Apple, LDMH, Stellantis, and Nestle. We now manage approximately 50 global joint business partnerships, which moves us beyond vendor status into strategic territory, involving data collaboration and large-scale spending frameworks. In 2025 alone, these JVPs represented over $200 million in spend. These partners activate through Teads Ad Manager, or TAM, for both brand and performance goals across CTV and the open internet. While we compete with major DSPs, we win because of our end-to-end stack. One, we have curated exclusive supply. We offer premium environments others simply can't access. Second, first-party data. Our code on page provides unique signals for cookie-less worlds. This data is augmented by strategic data and measurement partnerships. Third, AI-driven created. We optimize the big idea for any screen. Fourth, our global scale. In a world of consolidation, brands want a scaled global partner they can trust. Second, our direct response engine. This represents approximately $500 million in revenue and 20% of our ag stack and includes affiliates, direct-to-consumer brands, search-focused buyers, and others. These are what we call elastic buyers. They're always on as long as we hit the rawest targets, primarily activating through our amplified platform, which is the legacy outbrain stack. This business is a high-volume efficiency play. We differentiate here through superior algorithmic performance and AI-led content optimization and workflows. In this space, we compete against some of the legacy Outbrain competitors. What makes the new Teads truly unique is that these two worlds are now converging in our favor. We are integrating Outbrain's industry-leading performance algorithms into Teads Ad Manager, TAM. This creates a powerful, unified workflow And for the first time, a holding company agency can manage a high-gloss branding campaign and a high-velocity conversion campaign within a single seamless environment. In CTB specifically, we are seeing a clear shift. Advertisers are no longer just looking for reach. They want video that drives action. Our ability to leverage AI for creative optimization and performance tracking across both CTV and the web is a unique value proposition that we are starting to scale. To see how this works in practice, I'll bring you one example. If we look at Gucci Beauty's recent omnichannel campaign for its Gucci floral collection, they deployed a premium attention-driven strategy combining CTV homescreen and in-read placements. to stand out in the crowded luxury fragrance category. By aligning media delivery with high-interest environments like fashion and travel, Gucci achieved market-leading incremental gains across the entire funnel. Awareness, this campaign delivered a 175% increase in top-of-mind awareness compared to the control group in terms of attention, which is a key KPI we deliver. we saw 29% higher consumer attention versus standard beauty benchmarks. On the ad recall front, Gucci Beauty achieved 2.8 times higher ad recall than the category average. And on consideration, this strategy drove a three-point lift in brand consideration and preference over its competitors. This is one recent example, but it demonstrates that Teets can deliver a unified journey that most point solutions simply cannot replicate. PEAT can do this due to the breadth of our offerings across screens and the depth of our offering from branding to performance. Turning you to our Q1 results, this was a pivotal quarter of execution. We exceeded our extract revenue guidance We saw good indications from partners that Teads is on a strong path to becoming an essential AI-powered global platform for the modern advertiser. We executed with a new leadership team in a focused and effective way, putting behind us many of the integration challenges we experienced in 2025. To illustrate how this strategy is translating into results, here are a few data points. Our CTV revenue grew over 50% year-over-year, with particularly strong momentum in EMEA and APAC. We've solidified our home screen leadership through partnerships with LG, Samsung, and Google TV. We believe this gives us the largest footprint of this high-value inventory globally. 13% of our campaigns are now omnichannel, compared to 8% in Q1 of last year. as more clients realized the benefits of the full funnel approach I just described. We successfully renewed partnerships with many enterprise brands, including McDonald's, Heineken, and Volkswagen. In our direct response business, we launched vertical video formats and continued to drive CDB campaigns. And we continued the aggressive adoption of AI in our product solutions, engineering teams, and across internal functions. To sum it up, the foundational integration work of 2025 is behind us. We have a new leadership team in place. Our product roadmap is focused and truly differentiated value proposition, and our client base is validating our strategy. We are operating according to our plan and remain confident in our trajectory. I will now turn the call over to Jason to review the financials.