Zeta Global Holdings Corp-A 2025年度报告

ANNUAL STOCKHOLDER LETTER At the core of this advantage is our data foundation. Built overmore than a decade, our Zeta SuperGraph™ now includes datacovering more than 245 million U.S. consumers and over 535million consumers globally, powered by trillions of signals,providing a strong moat around our business. In an era where AIis only as powerful as the data that fuels it, deterministic, real-time, high-quality data is more valuable than ever. Zeta Stockholders – 2025 was another year in which Zeta’s model proved itself atscale. What we are seeing today is not the result of a singleproduct cycle or moment in time – it is the compoundingplatform. Those investments have created a system thatat scale. This foundation is accelerating adoption of our platformstrategy, One Zeta. What began as a vision is now a repeatableand scalable model. In 2025, the number of customers adoptingrelationships represent a substantial long-term opportunityas we continue to deepen engagement, grow wallet share, andreinforce long-term retention. performance: • Sixth consecutive year of greater than 20%revenue growth• Full year revenue of $1.3 billion, up 30%year-over-year• Full year adjusted EBITDA1growth of 44%year-over-year• Achieved “Rule of 50” for full year 2025 on a totalrevenue growth and adjusted EBITDA margin basis3•1growth of 78%year-over-year• Positive GAAP net income achieved in thefourth quarter Our innovation in AI reached a major milestone in 2025 withthe introduction of Athena by Zeta™, our superintelligent agentthan a new product, it is a new interface to the Zeta Marketingand accelerates time to scale, enabling a fundamentally new wayof working. Athena allows customers to translate data insightsstronger returns. We also strengthened our ecosystem through strategicpartnerships, including our collaboration with OpenAI. Whilefrontier models are an important enabler, we believe durablevalue in AI-powered marketing will be delivered by companiesthat combine those models with proprietary data, enterprisemeasurable outcomes. These results are not incidental—they are driven by a powerfuland differentiated model. Zeta’s platform is built on proprietarydata that improves with every interaction and now, an AI-powered interface that lowers the barrier to enterprise-wideexpand our competitive advantage and drive market share gains. Our acquisition of Marigold’s enterprise business (“Marigold”)adds an important accelerant to our growth strategy and buildson our strong, proven track record in executing and integratingM&A. Marigold expands our enterprise relationship base bymore than 100 customers, adds a scaled loyalty platform, bringsvaluable data assets, and creates new opportunities to extendOne Zeta across a larger installed base. As demonstratedwith our acquisition of LiveIntent—where we achieved fullintegration within six months of the transaction closing anddelivered performance consistent with its business case andsynergy plans—we apply a disciplined, repeatable integrationapproach that enables us to unlock value quickly and reliablyfrom acquired assets. highest form of recognition an employer can achieve globally,and it demonstrates the impact that our investment in ourPeople & Culture continues to make. Looking ahead, we enter 2026 with strong momentumand visibility. Beyond 2026, we are raising our long-termambitions. With the addition of Marigold, our Zeta 2028 plannow targets $2.3 billion in revenue, $573 million in adjusted As we look ahead, our priorities are clear: extend ourleadership in AI-powered marketing, deliver measurableoutcomes for our customers, and execute with the disciplinerequired to create long-term stockholder value. Importantly, our growth continues to be both broad-based anddurable. Nine of our top ten industry verticals grew more than20% in 2025, and our net revenue retention reached a recordincreasing spend across our platform. In closing, I am incredibly proud of what Team Zeta hasaccomplished this year. I would like to sincerely thank ourcustomers, partners, stockholders, and employees for theircontinued trust and support. While we have made tremendousprogress, we believe we are still in the early innings of whatZeta can achieve. We continued to focus on delivering strong value to ourstockholders this year, meaningfully improving our total netdilution to 4.3% while repurchasing 7.9 million shares todisciplined cost management, reducing stock-basedcompensation from 19% of revenue in 2024 to 14% of revenuebalancing growth with thoughtful capital allocation and long-term stockholder returns. On behalf of all of us at Zeta, thank you for your ongoingsupport of our vision. Sincerely, David A. SteinbergCo-Founder, Chairman, & CEO We also continue to be recognized for our strong workplaceculture. For the fourth year in a row, Zeta was recognized as oneof Built In’s “Best Places to Work,” and for the third year in a row, UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D