STGW 8-K
Stagwell Inc (STGW)
8-K
2025-07-31
For: 2025-07-31
View Original
Added on
April 10, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) — July 31, 2025
(Exact Name of Registrant as Specified in its Charter)
| (Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices and zip code)
(646 ) 429-1800
(Registrant’s Telephone Number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On July 31, 2025 , Stagwell Inc. (the “Company”) issued an earnings release reporting its financial results for the three and six months ended June 30, 2025. A copy of this earnings release is attached as Exhibit 99.1 hereto. Following the issuance of this earnings release, the Company will host an earnings call in which its financial results for the three and six months ended June 30, 2025 will be discussed. The investor presentation to be used for the call is attached as Exhibit 99.2 hereto.
The Company has posted the materials attached as Exhibit 99.1, and 99.2 on its website (www.stagwellglobal.com). The information found on, or otherwise accessible through, the Company’s website is not incorporated into, and does not form a part of, this Current Report on Form 8-K.
The foregoing information (including the exhibits hereto) is being furnished under “Item 2.02 - Results of Operations and Financial Condition”. Such information (including the exhibits hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
The foregoing information and the exhibits hereto contain forward-looking statements within the meaning of the federal securities laws. These statements are based on present expectations, and are subject to the limitations listed therein and in the Company’s other SEC reports, including that actual events or results may differ materially from those in the forward-looking statements.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed by the undersigned hereunto duly authorized.
| Date: July 31, 2025 | Stagwell Inc. | |||||||
| By: | /s/ Ryan Greene | |||||||
| Ryan Greene | ||||||||
| Chief Financial Officer | ||||||||
FOR IMMEDIATE ISSUE
STAGWELL INC. (NASDAQ: STGW) REPORTS RESULTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025
Q2 YoY Revenue Growth of 5%, Q2 YoY Net Revenue Growth of 8%
Q2 YoY Net Revenue Growth excluding Advocacy of 10%, Digital Transformation Net Revenue ex. Advocacy Growth of 12%
Q2 Net Loss Attributable to Stagwell Inc. Common Shareholders of $5 million; Q2 Adjusted EBITDA of $93 million; Q2 Adjusted EBITDA ex. Advocacy YoY Growth of 23% to $80 million
Q2 EPS of $(0.02); Adjusted EPS of $0.17
YTD Increase in Cash Flow from Operations of $122 million Over Prior Year Period
Net New Business of $117 million in Q2; LTM Net New Business of $451 million
Reiterate Guidance for 2025 of Total Net Revenue Growth of ~8%; Adjusted EBITDA of $410 million to $460 million; Free Cash Flow Conversion in excess of 45%
New York, NY, July 31, 2025 (NASDAQ: STGW) – Stagwell Inc. (“Stagwell”) today announced financial results for the three and six months ended June 30, 2025.
SECOND QUARTER RESULTS:
•Q2 Revenue of $707 million, an increase of 5% versus the prior year period; YTD Revenue of $1,359 million, an increase of 1% versus the prior year period;
•Q2 Revenue ex. Advocacy of $651 million, an increase of 9% versus the prior year period; YTD Revenue ex. Advocacy of $1,261 million, an increase of 5% versus the prior year period;
•Q2 Net Revenue of $598 million, an increase of 8% versus the prior year period; YTD Net Revenue of $1,162 million, an increase of 7% versus the prior year period;
•Q2 Net Revenue ex. Advocacy of $560 million, an increase of 10% versus the prior year period; YTD Net Revenue of $1,095 million, an increase of 10% versus the prior year period;
•Q2 Net Loss attributable to Stagwell Inc. Common Shareholders of $5 million versus $3 million in the prior year period; YTD Net Loss attributable to Stagwell Inc. Common Shareholders of $8 million versus $4 million in the prior year period;
•Q2 Adjusted EBITDA of $93 million, an increase of 8% versus the prior year period; YTD Adjusted EBITDA of $173 million, a decrease of 2% versus the prior year period;
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•Q2 Adjusted EBITDA Margin of 16% on net revenue; YTD Adjusted EBITDA Margin of 15% on net revenue;
•Q2 Earnings Per Share Attributable to Stagwell Inc. Common Shareholders of $(0.02) versus $(0.03) in the prior year period; YTD Earnings Per Share Attributable to Stagwell Inc. Common Shareholders of $(0.06) versus $(0.04) in the prior year period;
•Q2 Adjusted Earnings Per Share attributable to Stagwell Inc. Common Shareholders of $0.17 versus $0.14 in the prior year period; YTD Adjusted Earnings Per Share attributable to Stagwell Inc. Common Shareholders of $0.29 versus $0.30 in the prior year period;
•YTD Net Cash provided by Operating Activities of $55 million versus net cash used in Operating Activities of $68 million in the prior year period;
•Net new business of $117 million in the second quarter, last twelve-month net new business of $451 million
See “Non-GAAP Financial Measures” below for explanations and reconciliations of the Company’s non-GAAP financial measures.
Mark Penn, Chairman and CEO of Stagwell, said, “With 10% ex advocacy net revenue growth, Stagwell is taking share and building momentum across all key metrics this quarter. In Q2, we posted net new business of $117 million, strong performance at our Digital Transformation businesses, 26% growth among our Top 25 customers, and our first major Government win. Stagwell’s differentiated approach is resonating.”
Ryan Greene, Chief Financial Officer, commented: “I am proud to take on the role of Chief Financial Officer at Stagwell. The second quarter has seen us deliver strong results, hitting $93 million in Adjusted EBITDA, which includes a 23% increase in ex-advocacy EBITDA. Importantly, we have made significant progress on two key initiatives: improving our year-to-date cash flow from operations by $122 million versus the same period last year, and taking actions amounting to $20 million in annualized cost savings, putting us firmly ahead of schedule to deliver the $80 to $100 million in cost savings by the end of 2026 that we promised at our Investor Day in April.”
Financial Outlook
2025 financial guidance is reiterated as follows:
•Total Net Revenue growth of approximately 8%
•Adjusted EBITDA of $410 million to $460 million
•Free Cash Flow Conversion in excess of 45%
•Adjusted EPS of $0.75 - $0.88
•Guidance includes anticipated impact from acquisitions or dispositions.
| * The Company has excluded a quantitative reconciliation with respect to the Company’s 2025 guidance under the “unreasonable efforts” exception in Item 10(e)(1)(i)(B) of Regulation S-K. See "Non-GAAP Financial Measures" below for additional information. | |||||
Video Webcast
Management will host a video webcast on Thursday, July 31, 2025, at 8:30 a.m. (ET) to discuss results for Stagwell Inc. for the three and six months ended June 30, 2025. The video webcast will be accessible at https://edge.media-server.com/mmc/p/fwa9mu68/. An investor presentation has been posted on our website at www.stagwellglobal.com and may be referred to during the webcast.
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A recording of the webcast will be accessible one hour after the webcast and available for ninety days at www.stagwellglobal.com.
Stagwell Inc.
Stagwell is the challenger network built to transform marketing. We deliver scaled creative performance for the world's most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our specialists in 45+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com.
Contacts
For Investors:
Ben Allanson
For Press:
Beth Sidhu
Non-GAAP Financial Measures
In addition to its reported results, Stagwell Inc. has included in this earnings release certain financial results that the Securities and Exchange Commission (SEC) defines as "non-GAAP Financial Measures." Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company's results. Such non-GAAP financial measures include the following:
(1) Organic Net Revenue: “Organic net revenue growth” and “Organic net revenue decline” reflects the year-over-year change in the Company's reported net revenue attributable to the Company's management of the entities it owns. We calculate organic net revenue growth (decline) by subtracting the net impact of acquisitions (divestitures) and the impact of foreign currency exchange fluctuations from the aggregate year-over-year increase or decrease in the Company's reported net revenue. The net impact of acquisitions (divestitures) reflects the year-over-year change in the Company’s reported net revenue attributable to the impact of all individual entities that were acquired or divested in the current and prior year. We calculate impact of an acquisition as follows: (a) for an entity acquired during the current year, we present the entity’s prior year net revenue for the same period during which we owned it in the current year as impact of the acquisition in the current year; and (b) for an entity acquired in the prior year, we present the entity’s prior year net revenue for the period during which we did not own the entity in the prior year as impact of the acquisition in the current year. We calculate impact of a divestiture as follows: (a) for a divestiture in the current year, we present the entity’s prior year net revenue for the same period during which we no longer owned it in the current year as impact of the divestiture in the current year; and (b) for a divestiture in the prior year, we present the entity’s prior year net revenue for the period during which we owned it in the prior year as impact of the divestiture in the current year. We calculate the impact of any acquisition or divestiture without adjusting for foreign currency exchange fluctuations. The impact of foreign currency exchange fluctuations reflects the year-over-year change in the Company’s reported net revenue attributable to changes in foreign currency exchange rates. We calculate the impact of foreign currency exchange fluctuations for the portion of the reporting period in which we recognized revenue from a foreign entity in both the current year and the prior year. The impact is calculated as the difference between (1) reported prior period net
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revenue (converted to U.S. dollars at historical foreign currency exchange rates) and (2) prior period net revenue converted to U.S. dollars at current period foreign exchange rates.
(2) Net New Business: Estimate of annualized revenue for new wins less annualized revenue for losses incurred in the period.
(3) Adjusted EBITDA: defined as Net income excluding non-operating income or expense to achieve operating income, plus depreciation and amortization, stock-based compensation, deferred acquisition consideration adjustments, and other items. Other items include restructuring costs, acquisition-related expenses, and non-recurring items.
(4) Adjusted Diluted EPS is defined as (i) Net income (loss) attributable to Stagwell Inc. common shareholders, plus net income attributable to Class C shareholders, excluding amortization expense, impairment and other losses, stock-based compensation, deferred acquisition consideration adjustments, discrete tax items, and other items, divided by (ii) (a) the per weighted average number of common shares outstanding plus (b) the weighted average number of Class C shares outstanding, (if dilutive). Other items includes restructuring costs, acquisition-related expenses, and non-recurring items, and subject to the anti-dilution rules.
(5) Free Cash Flow: defined as Adjusted EBITDA less capital expenditures, change in net working capital, cash taxes, interest, and distributions to minority interests, but excludes contingent M&A payments. Free Cash Flow Conversion is the percentage of adjusted EBITDA.
Included in this earnings release are tables reconciling reported Stagwell Inc. results to arrive at certain of these non-GAAP financial measures.
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This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company’s representatives may also make forward-looking statements orally or in writing from time to time. Statements in this document that are not historical facts, including, statements about the Company’s beliefs and expectations, future financial performance, growth, and future prospects, the Company’s strategy, business and economic trends and growth, technological leadership and differentiation, potential and completed acquisitions, anticipated and actual operating efficiencies and synergies and estimates of amounts for redeemable noncontrolling interests and deferred acquisition consideration, constitute forward-looking statements. Forward-looking statements, which are generally denoted by words such as “ability,” “aim,” “anticipate,” “assume,” “believe,” “build,” “consider,” “continue,” “could,” “develop,” “drive,” “estimate,” “expect,” “focus,” “forecast,” “future,” “guidance,” “intend,” “likely,” “maintain,” “may,” “ongoing,”, “outlook,” “plan,” “possible,” “potential,” “probable,” “project,” “seek,” “should,” “target,” “will,” “would” or the negative of such terms or other variations thereof and terms of similar substance used in connection with any discussion of current plans, estimates and projections are subject to change based on a number of factors, including those outlined in this section.
Forward-looking statements in this document are based on certain key expectations and assumptions made by the Company. Although the management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The material assumptions upon which such forward-looking statements are based include, among others, assumptions with respect to general business, economic and market conditions, the competitive environment, anticipated and unanticipated tax consequences and anticipated and unanticipated costs. These forward-looking statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined in this section. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company’s control. Therefore, you should not place undue reliance on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events, if any.
Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Such risk factors include, but are not limited to, the following:
•risks associated with international, national and regional unfavorable economic conditions, including the effect of changing tariff and other trade policies, inflation and other macroeconomic factors that could affect the Company or its clients;
•demand for the Company’s services, which may precipitate or exacerbate other risks and uncertainties;
•inflation and actions taken by central banks to counter inflation;
•the Company’s ability to attract new clients and retain existing clients;
•the impact of a reduction in client spending and changes in client advertising, marketing and corporate communications requirements;
•financial failure of the Company’s clients;
•the Company’s ability to retain and attract key employees;
•the Company’s ability to compete in the markets in which it operates;
•the Company’s ability to achieve its cost saving initiatives;
•the Company’s implementation of strategic initiatives;
•the Company’s ability to remain in compliance with its debt agreements and the Company’s ability to finance its contingent payment obligations when due and payable, including but not limited to those relating to redeemable noncontrolling interests and deferred acquisition consideration;
•the Company’s ability to manage its growth effectively;
•the Company’s ability to identify and complete acquisitions or other strategic transactions that complement and expand the Company’s business capabilities and successfully integrate newly acquired businesses into the Company’s operations, retain key employees, and realize cost savings, synergies and other related anticipated benefits within the expected time period;
•the Company’s ability to identify and complete divestitures and to achieve the anticipated benefits therefrom;
•the Company’s ability to develop products incorporating new technologies, including augmented reality, artificial intelligence, and virtual reality, and realize benefits from such products;
•the Company’s use of artificial intelligence, including generative artificial intelligence;
•adverse tax consequences for the Company, its operations and its stockholders, that may differ from the expectations of the Company, including that recent or future changes in tax laws, potential changes to corporate tax rates in the United States and disagreements with tax authorities on the Company’s determinations that may result in increased tax costs;
•adverse tax consequences in connection with the business combination that formed the Company in August 2021, including the incurrence of material Canadian federal income tax (including material “emigration tax”);
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•the Company’s ability to maintain an effective system of internal control over financial reporting, including the risk that the Company’s internal controls will fail to detect misstatements in its financial statements;
•the Company’s ability to accurately forecast its future financial performance and provide accurate guidance;
•the Company’s ability to protect client data from security incidents or cyberattacks;
•economic disruptions resulting from war and other economic and geopolitical tensions (such as the ongoing military conflicts between Russia and Ukraine and in the Middle East), terrorist activities, natural disasters, public health events and tariff and trade policies;
•stock price volatility; and
•foreign currency fluctuations.
Investors should carefully consider these risk factors, other risk factors described herein, and the additional risk factors outlined in more detail in our 2024 Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 11, 2025, and accessible on the SEC’s website at www.sec.gov, under the caption “Risk Factors,” and in the Company’s other SEC filings.
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SCHEDULE 1
STAGWELL INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue | $ | 706,818 | $ | 671,168 | $ | 1,358,558 | $ | 1,341,227 | |||||||||||||||
| Operating Expenses | |||||||||||||||||||||||
| Cost of services | 459,216 | 438,912 | 871,303 | 883,438 | |||||||||||||||||||
| Office and general expenses | 183,061 | 168,133 | 362,423 | 331,476 | |||||||||||||||||||
| Depreciation and amortization | 41,369 | 42,001 | 83,375 | 76,837 | |||||||||||||||||||
| Impairment and other losses | — | 215 | — | 1,715 | |||||||||||||||||||
| 683,646 | 649,261 | 1,317,101 | 1,293,466 | ||||||||||||||||||||
| Operating Income | 23,172 | 21,907 | 41,457 | 47,761 | |||||||||||||||||||
| Other income (expenses): | |||||||||||||||||||||||
| Interest expense, net | (23,455) | (23,533) | (46,811) | (44,498) | |||||||||||||||||||
| Foreign exchange, net | (1,338) | (1,355) | (118) | (3,613) | |||||||||||||||||||
Other, net | (360) | 193 | (111) | (1,074) | |||||||||||||||||||
| (25,153) | (24,695) | (47,040) | (49,185) | ||||||||||||||||||||
Loss before income taxes and equity in earnings of non-consolidated affiliates | (1,981) | (2,788) | (5,583) | (1,424) | |||||||||||||||||||
| Income tax expense | 2,673 | 1,165 | 4,395 | 3,750 | |||||||||||||||||||
| Loss before equity in earnings of non-consolidated affiliates | (4,654) | (3,953) | (9,978) | (5,174) | |||||||||||||||||||
Equity in income (loss) of non-consolidated affiliates | 20 | (1) | 19 | 507 | |||||||||||||||||||
| Net loss | (4,634) | (3,954) | (9,959) | (4,667) | |||||||||||||||||||
| Net (income) loss attributable to noncontrolling and redeemable noncontrolling interests | (627) | 989 | 1,781 | 420 | |||||||||||||||||||
| Net loss attributable to Stagwell Inc. common shareholders | $ | (5,261) | $ | (2,965) | $ | (8,178) | $ | (4,247) | |||||||||||||||
| Loss Per Common Share: | |||||||||||||||||||||||
| Basic | $ | (0.02) | $ | (0.03) | $ | (0.04) | $ | (0.04) | |||||||||||||||
| Diluted | $ | (0.02) | $ | (0.03) | $ | (0.06) | $ | (0.04) | |||||||||||||||
| Weighted Average Number of Common Shares Outstanding: | |||||||||||||||||||||||
| Basic | 260,774 | 113,484 | 186,843 | 113,059 | |||||||||||||||||||
| Diluted | 260,774 | 113,484 | 265,600 | 113,059 | |||||||||||||||||||
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SCHEDULE 2
STAGWELL INC.
UNAUDITED COMPONENTS OF NET REVENUE CHANGE
(amounts in thousands)
| Net Revenue - Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2024 | Foreign Currency | Net Acquisitions (Divestitures) | Organic (1) | Total Change | Three Months Ended June 30, 2025 | Organic | Total | ||||||||||||||||||||||||||||||||||||||||
| Integrated Agencies Network | $ | 321,870 | $ | 744 | $ | 9,037 | $ | 13,237 | $ | 23,018 | $ | 344,888 | 4.1 | % | 7.2 | % | |||||||||||||||||||||||||||||||
| Brand Performance Network | 157,108 | 2,289 | 142 | (4,671) | (2,240) | 154,868 | (3.0) | % | (1.4) | % | |||||||||||||||||||||||||||||||||||||
| Communications Network | 72,393 | 144 | 10,855 | (9,050) | 1,949 | 74,342 | (12.5) | % | 2.7 | % | |||||||||||||||||||||||||||||||||||||
| All Other | 3,021 | 74 | 17,118 | 3,818 | 21,010 | 24,031 | 126.4 | % | 695.5 | % | |||||||||||||||||||||||||||||||||||||
| $ | 554,392 | $ | 3,251 | $ | 37,152 | $ | 3,334 | $ | 43,737 | $ | 598,129 | 0.6 | % | 7.9 | % | ||||||||||||||||||||||||||||||||
(1) See Non-GAAP Financial Measures section above for the definition of Organic Net Revenue.
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SCHEDULE 3
STAGWELL INC.
UNAUDITED COMPONENTS OF NET REVENUE CHANGE
(amounts in thousands)
| Net Revenue - Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2024 | Foreign Currency | Net Acquisitions (Divestitures) | Organic (1) | Total Change | Six Months Ended June 30, 2025 | Organic | Total | ||||||||||||||||||||||||||||||||||||||||
| Integrated Agencies Network | $ | 614,642 | $ | (198) | $ | 13,580 | $ | 42,658 | $ | 56,040 | $ | 670,682 | 6.9 | % | 9.1 | % | |||||||||||||||||||||||||||||||
| Brand Performance Network | 319,670 | 1,011 | 142 | (19,097) | (17,944) | 301,726 | (6.0) | % | (5.6) | % | |||||||||||||||||||||||||||||||||||||
| Communications Network | 139,881 | 101 | 25,203 | (23,845) | 1,459 | 141,340 | (17.0) | % | 1.0 | % | |||||||||||||||||||||||||||||||||||||
| All Other | 12,653 | (80) | 29,764 | 6,231 | 35,915 | 48,568 | 49.2 | % | 283.8 | % | |||||||||||||||||||||||||||||||||||||
| $ | 1,086,846 | $ | 834 | $ | 68,689 | $ | 5,947 | $ | 75,470 | $ | 1,162,316 | 0.5 | % | 6.9 | % | ||||||||||||||||||||||||||||||||
(1) See Non-GAAP Financial Measures section above for the definition of Organic Net Revenue.
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SCHEDULE 4
STAGWELL INC.
UNAUDITED SEGMENT OPERATING RESULTS
(amounts in thousands)
For the Three Months Ended June 30, 2025
| Integrated Agencies Network | Brand Performance Network | Communications Network | All Other | Corporate | Total | ||||||||||||||||||||||||||||||
| Net Revenue | $ | 344,888 | $ | 154,868 | $ | 74,342 | $ | 24,031 | $ | — | $ | 598,129 | |||||||||||||||||||||||
| Billable costs | 61,302 | 15,231 | 31,786 | 370 | — | 108,689 | |||||||||||||||||||||||||||||
| Revenue | 406,190 | 170,099 | 106,128 | 24,401 | — | 706,818 | |||||||||||||||||||||||||||||
| Billable costs | 61,302 | 15,231 | 31,786 | 370 | — | 108,689 | |||||||||||||||||||||||||||||
| Staff costs | 205,975 | 100,260 | 44,812 | 17,245 | 12,978 | 381,270 | |||||||||||||||||||||||||||||
| Administrative costs | 34,094 | 25,584 | 9,550 | 6,978 | (332) | 75,874 | |||||||||||||||||||||||||||||
| Unbillable and other costs, net | 27,309 | 13,443 | 625 | 6,753 | — | 48,130 | |||||||||||||||||||||||||||||
Adjusted EBITDA (1) | 77,510 | 15,581 | 19,355 | (6,945) | (12,646) | 92,855 | |||||||||||||||||||||||||||||
| Stock-based compensation | 12,288 | 809 | 739 | 167 | 5,951 | 19,954 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 20,102 | 8,145 | 4,972 | 4,927 | 3,223 | 41,369 | |||||||||||||||||||||||||||||
| Deferred acquisition consideration | (4,292) | 2,812 | (2,376) | 636 | — | (3,220) | |||||||||||||||||||||||||||||
Other items, net (1) | 3,311 | 3,713 | 1,539 | 1,270 | 1,747 | 11,580 | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 46,101 | $ | 102 | $ | 14,481 | $ | (13,945) | $ | (23,567) | $ | 23,172 | |||||||||||||||||||||||
(1) See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA and Other items, net.
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SCHEDULE 5
STAGWELL INC.
UNAUDITED SEGMENT OPERATING RESULTS
(amounts in thousands)
For the Six Months Ended June 30, 2025
| Integrated Agencies Network | Brand Performance Network | Communications Network | All Other | Corporate | Total | ||||||||||||||||||||||||||||||
| Net Revenue | $ | 670,682 | $ | 301,726 | $ | 141,340 | $ | 48,568 | $ | — | $ | 1,162,316 | |||||||||||||||||||||||
| Billable costs | 112,862 | 30,591 | 52,416 | 373 | — | 196,242 | |||||||||||||||||||||||||||||
| Revenue | 783,544 | 332,317 | 193,756 | 48,941 | — | 1,358,558 | |||||||||||||||||||||||||||||
| Billable costs | 112,862 | 30,591 | 52,416 | 373 | — | 196,242 | |||||||||||||||||||||||||||||
| Staff costs | 405,857 | 196,710 | 89,389 | 32,700 | 24,876 | 749,532 | |||||||||||||||||||||||||||||
| Administrative costs | 65,738 | 48,991 | 19,724 | 15,203 | 1,327 | 150,983 | |||||||||||||||||||||||||||||
| Unbillable and other costs, net | 44,408 | 28,901 | 1,115 | 13,940 | — | 88,364 | |||||||||||||||||||||||||||||
Adjusted EBITDA (1) | 154,679 | 27,124 | 31,112 | (13,275) | (26,203) | 173,437 | |||||||||||||||||||||||||||||
| Stock-based compensation | 16,433 | 2,177 | 1,432 | 396 | 11,059 | 31,497 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 41,466 | 15,867 | 10,147 | 9,228 | 6,667 | 83,375 | |||||||||||||||||||||||||||||
| Deferred acquisition consideration | 1,571 | 1,530 | (1,163) | 1,499 | — | 3,437 | |||||||||||||||||||||||||||||
Other items, net (1) | 1,065 | 7,367 | 1,667 | 1,581 | 1,991 | 13,671 | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 94,144 | $ | 183 | $ | 19,029 | $ | (25,979) | $ | (45,920) | $ | 41,457 | |||||||||||||||||||||||
(1) See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA and Other items, net.
Page 11
SCHEDULE 6
STAGWELL INC.
UNAUDITED SEGMENT OPERATING RESULTS
(amounts in thousands)
For the Three Months Ended June 30, 2024
| Integrated Agencies Network | Brand Performance Network | Communications Network | All Other | Corporate | Total | ||||||||||||||||||||||||||||||
| Net Revenue | $ | 321,870 | $ | 157,108 | $ | 72,393 | $ | 3,021 | $ | — | $ | 554,392 | |||||||||||||||||||||||
| Billable costs | 63,263 | 20,137 | 33,177 | 199 | — | 116,776 | |||||||||||||||||||||||||||||
| Revenue | 385,133 | 177,245 | 105,570 | 3,220 | — | 671,168 | |||||||||||||||||||||||||||||
| Billable costs | 63,263 | 20,137 | 33,177 | 199 | — | 116,776 | |||||||||||||||||||||||||||||
| Staff costs | 195,193 | 99,264 | 41,131 | 7,607 | 12,154 | 355,349 | |||||||||||||||||||||||||||||
| Administrative costs | 33,902 | 24,525 | 8,379 | (3,740) | 6,468 | 69,534 | |||||||||||||||||||||||||||||
| Unbillable and other costs, net | 24,780 | 15,613 | 710 | 2,303 | — | 43,406 | |||||||||||||||||||||||||||||
Adjusted EBITDA (1) | 67,995 | 17,706 | 22,173 | (3,149) | (18,622) | 86,103 | |||||||||||||||||||||||||||||
| Stock-based compensation | 4,849 | 1,445 | 827 | 252 | (1,498) | 5,875 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 19,472 | 11,715 | 3,090 | 4,944 | 2,780 | 42,001 | |||||||||||||||||||||||||||||
| Deferred acquisition consideration | 2,531 | 1,272 | 3,433 | — | — | 7,236 | |||||||||||||||||||||||||||||
| Impairment and other losses | — | — | — | — | 215 | 215 | |||||||||||||||||||||||||||||
Other items, net (1) | 4,029 | 3,268 | 390 | 430 | 752 | 8,869 | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 37,114 | $ | 6 | $ | 14,433 | $ | (8,775) | $ | (20,871) | $ | 21,907 | |||||||||||||||||||||||
(1) See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA and Other items.
Page 12
SCHEDULE 7
STAGWELL INC.
UNAUDITED SEGMENT OPERATING RESULTS
(amounts in thousands)
For the Six Months Ended June 30, 2024
| Integrated Agencies Network | Brand Performance Network | Communications Network | All Other | Corporate | Total | ||||||||||||||||||||||||||||||
| Net Revenue | $ | 614,642 | $ | 319,670 | $ | 139,881 | $ | 12,653 | $ | — | $ | 1,086,846 | |||||||||||||||||||||||
| Billable costs | 123,210 | 71,537 | 59,435 | 199 | — | 254,381 | |||||||||||||||||||||||||||||
| Revenue | 737,852 | 391,207 | 199,316 | 12,852 | — | 1,341,227 | |||||||||||||||||||||||||||||
| Billable costs | 123,210 | 71,537 | 59,435 | 199 | — | 254,381 | |||||||||||||||||||||||||||||
| Staff costs | 381,727 | 197,695 | 80,395 | 15,428 | 22,261 | 697,506 | |||||||||||||||||||||||||||||
| Administrative costs | 64,504 | 46,596 | 17,083 | (531) | 9,045 | 136,697 | |||||||||||||||||||||||||||||
| Unbillable and other costs, net | 40,308 | 30,179 | 846 | 4,891 | — | 76,224 | |||||||||||||||||||||||||||||
Adjusted EBITDA (1) | 128,103 | 45,200 | 41,557 | (7,135) | (31,306) | 176,419 | |||||||||||||||||||||||||||||
| Stock-based compensation | 14,170 | 3,488 | 1,876 | 350 | 2,107 | 21,991 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 38,853 | 19,229 | 5,984 | 7,365 | 5,406 | 76,837 | |||||||||||||||||||||||||||||
| Deferred acquisition consideration | 4,576 | 495 | 2,319 | — | — | 7,390 | |||||||||||||||||||||||||||||
| Impairment and other losses | 1,500 | — | — | — | 215 | 1,715 | |||||||||||||||||||||||||||||
Other items, net (1) | 9,540 | 8,287 | 672 | 604 | 1,622 | 20,725 | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 59,464 | $ | 13,701 | $ | 30,706 | $ | (15,454) | $ | (40,656) | $ | 47,761 | |||||||||||||||||||||||
(1) See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA and Other items, net.
Page 13
SCHEDULE 8
STAGWELL INC.
UNAUDITED RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP MEASURE)
(amounts in thousands, except per share amounts)
For the Three Months Ended June 30, 2025
| GAAP | Adjustments | Non-GAAP | ||||||||||||||||||
| Net income (loss) attributable to Stagwell Inc. common shareholders and adjusted net income | $ | (5,261) | $ | 50,331 | $ | 45,070 | ||||||||||||||
| Weighted average number of shares outstanding | 260,774 | 7,550 | 268,324 | |||||||||||||||||
Diluted EPS and Adjusted Diluted EPS (1) | $ | (0.02) | $ | 0.17 | ||||||||||||||||
| Adjustments to Net income | ||||||||||||||||||||
| Amortization | $ | 35,593 | ||||||||||||||||||
| Stock-based compensation | 19,954 | |||||||||||||||||||
| Deferred acquisition consideration | (3,220) | |||||||||||||||||||
| Other items, net | 11,580 | |||||||||||||||||||
| 63,907 | ||||||||||||||||||||
| Adjusted tax expense | (13,576) | |||||||||||||||||||
| $ | 50,331 | |||||||||||||||||||
(1) See Non-GAAP Financial Measures section above for the definition of Adjusted Diluted EPS.
Page 14
SCHEDULE 9
STAGWELL INC.
UNAUDITED RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP MEASURE)
(amounts in thousands, except per share amounts)
For the Six Months Ended June 30, 2025
| GAAP | Adjustments | Non-GAAP | ||||||||||||||||||
| Net income (loss) attributable to Stagwell Inc. common shareholders | $ | (8,178) | $ | 93,283 | $ | 85,105 | ||||||||||||||
Net loss attributable to Class C shareholders | (6,637) | — | (6,637) | |||||||||||||||||
Net income (loss) attributable to Stagwell Inc. and Class C shareholders and adjusted net income | $ | (14,815) | $ | 93,283 | $ | 78,468 | ||||||||||||||
| Weighted average number of common shares outstanding | 186,843 | 8,506 | 195,349 | |||||||||||||||||
| Weighted average number of shares of Class C Common Stock outstanding | 78,757 | — | 78,757 | |||||||||||||||||
| Weighted average number of shares outstanding | 265,600 | 8,506 | 274,106 | |||||||||||||||||
Diluted EPS and Adjusted Diluted EPS (1) | $ | (0.06) | $ | 0.29 | ||||||||||||||||
| Adjustments to Net Income (loss) | ||||||||||||||||||||
| Amortization | $ | 68,574 | ||||||||||||||||||
| Stock-based compensation | 31,497 | |||||||||||||||||||
| Deferred acquisition consideration | 3,437 | |||||||||||||||||||
| Other items, net | 13,671 | |||||||||||||||||||
| 117,179 | ||||||||||||||||||||
| Adjusted tax expense | (23,896) | |||||||||||||||||||
| $ | 93,283 | |||||||||||||||||||
(1) See Non-GAAP Financial Measures section above for the definition of Adjusted Diluted EPS.
Page 15
SCHEDULE 10
STAGWELL INC.
UNAUDITED RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP MEASURE)
(amounts in thousands, except per share amounts)
For the Three Months Ended June 30, 2024
| GAAP | Adjustments | Non-GAAP | ||||||||||||||||||
| Net income (loss) attributable to Stagwell Inc. common shareholders | $ | (2,965) | $ | 18,935 | $ | 15,970 | ||||||||||||||
| Net income attributable to Class C shareholders | — | 22,828 | 22,828 | |||||||||||||||||
| Net income (loss) attributable to Stagwell Inc. and Class C and adjusted net income | $ | (2,965) | $ | 41,763 | $ | 38,798 | ||||||||||||||
| Weighted average number of common shares outstanding | 113,484 | 5,281 | 118,765 | |||||||||||||||||
| Weighted average number of shares of Class C Common Stock outstanding | — | 151,649 | 151,649 | |||||||||||||||||
| Weighted average number of shares outstanding | 113,484 | 156,930 | 270,414 | |||||||||||||||||
Diluted EPS and Adjusted Diluted EPS (1) | $ | (0.03) | $ | 0.14 | ||||||||||||||||
| Adjustments to Net income (loss) | ||||||||||||||||||||
Amortization | $ | 35,008 | ||||||||||||||||||
| Impairment and other losses | 215 | |||||||||||||||||||
| Stock-based compensation | 5,875 | |||||||||||||||||||
| Deferred acquisition consideration | 7,236 | |||||||||||||||||||
| Other items, net | 8,869 | |||||||||||||||||||
| 57,203 | ||||||||||||||||||||
Adjusted tax expense | (12,905) | |||||||||||||||||||
| 44,298 | ||||||||||||||||||||
| Net loss attributable to Class C shareholders | (2,535) | |||||||||||||||||||
| $ | 41,763 | |||||||||||||||||||
| Allocation of adjustments to Net income (loss) | ||||||||||||||||||||
| Net income attributable to Stagwell Inc. common shareholders | $ | 18,935 | ||||||||||||||||||
| Net income attributable to Class C shareholders | 25,363 | |||||||||||||||||||
| Net loss attributable to Class C shareholders | (2,535) | |||||||||||||||||||
| 22,828 | ||||||||||||||||||||
| $ | 41,763 | |||||||||||||||||||
(1) See Non-GAAP Financial Measures section above for the definition of Adjusted Diluted EPS.
Page 16
SCHEDULE 11
STAGWELL INC.
UNAUDITED RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP MEASURE)
(amounts in thousands, except per share amounts)
For the Six Months Ended June 30, 2024
| GAAP | Adjustments | Non-GAAP | ||||||||||||||||||
| Net income (loss) attributable to Stagwell Inc. common shareholders | $ | (4,247) | $ | 38,415 | $ | 34,168 | ||||||||||||||
| Net income attributable to Class C shareholders | — | 47,382 | 47,382 | |||||||||||||||||
Net income (loss) attributable to Stagwell Inc. and Class C shareholders and adjusted net income | $ | (4,247) | $ | 85,797 | $ | 81,550 | ||||||||||||||
| Weighted average number of common shares outstanding | 113,059 | 4,760 | 117,819 | |||||||||||||||||
| Weighted average number of shares of Class C Common Stock outstanding | — | 151,649 | 151,649 | |||||||||||||||||
| Weighted average number of shares outstanding | 113,059 | 156,409 | 269,468 | |||||||||||||||||
Diluted EPS and Adjusted Diluted EPS (1) | $ | (0.04) | $ | 0.30 | ||||||||||||||||
| Adjustments to Net income (loss) | ||||||||||||||||||||
Amortization | $ | 63,211 | ||||||||||||||||||
| Impairment and other losses | 1,715 | |||||||||||||||||||
| Stock-based compensation | 21,991 | |||||||||||||||||||
| Deferred acquisition consideration | 7,390 | |||||||||||||||||||
| Other items, net | 20,725 | |||||||||||||||||||
| 115,032 | ||||||||||||||||||||
| Adjusted tax expense | (25,653) | |||||||||||||||||||
| 89,379 | ||||||||||||||||||||
| Net loss attributable to Class C shareholders | (3,582) | |||||||||||||||||||
| $ | 85,797 | |||||||||||||||||||
| Allocation of adjustments to Net income | ||||||||||||||||||||
| Net income attributable to Stagwell Inc. common shareholders | $ | 38,415 | ||||||||||||||||||
| Net income attributable to Class C shareholders - add-backs | 50,964 | |||||||||||||||||||
| Net loss attributable to Class C shareholders | (3,582) | |||||||||||||||||||
| 47,382 | ||||||||||||||||||||
| $ | 85,797 | |||||||||||||||||||
(1) See Non-GAAP Financial Measures section above for the definition of Adjusted Diluted EPS.
Page 17
SCHEDULE 12
STAGWELL INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
| June 30, 2025 | December 31, 2024 | ||||||||||
| ASSETS | |||||||||||
| Current Assets | |||||||||||
| Cash and cash equivalents | $ | 181,309 | $ | 131,339 | |||||||
| Accounts receivable, net | 769,291 | 716,415 | |||||||||
| Expenditures billable to clients | 150,234 | 173,194 | |||||||||
| Other current assets | 162,233 | 114,200 | |||||||||
| Total Current Assets | 1,263,067 | 1,135,148 | |||||||||
| Fixed assets, net | 65,267 | 72,706 | |||||||||
| Right-of-use assets - operating leases | 219,717 | 219,400 | |||||||||
| Goodwill | 1,600,714 | 1,554,146 | |||||||||
| Other intangible assets, net | 866,780 | 836,783 | |||||||||
| Deferred tax assets | 251,622 | 46,926 | |||||||||
| Other assets | 50,008 | 43,112 | |||||||||
| Total Assets | $ | 4,317,175 | $ | 3,908,221 | |||||||
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS ("RNCI"), AND SHAREHOLDERS’ EQUITY | |||||||||||
| Current Liabilities | |||||||||||
| Accounts payable | $ | 484,069 | $ | 449,347 | |||||||
| Accrued media | 222,472 | 245,883 | |||||||||
| Accruals and other liabilities | 319,724 | 265,356 | |||||||||
| Advance billings | 339,623 | 294,609 | |||||||||
| Current portion of lease liabilities - operating leases | 57,192 | 60,195 | |||||||||
| Current portion of deferred acquisition consideration | 41,391 | 51,906 | |||||||||
| Total Current Liabilities | 1,464,471 | 1,367,296 | |||||||||
| Long-term debt | 1,464,242 | 1,353,624 | |||||||||
| Long-term portion of deferred acquisition consideration | 50,272 | 50,209 | |||||||||
| Long-term lease liabilities - operating leases | 231,152 | 245,397 | |||||||||
| Deferred tax liabilities | 49,388 | 47,239 | |||||||||
| Long-term tax receivable agreement (“TRA”) liability | 223,445 | 25,493 | |||||||||
| Other liabilities | 53,009 | 33,646 | |||||||||
| Total Liabilities | 3,535,979 | 3,122,904 | |||||||||
| Redeemable Noncontrolling Interests | 9,248 | 8,412 | |||||||||
| Commitments, Contingencies and Guarantees | |||||||||||
| Shareholders' Equity | |||||||||||
| Common shares - Class A | 261 | 115 | |||||||||
| Common shares - Class C | — | 2 | |||||||||
| Paid-in capital | 765,898 | 343,647 | |||||||||
| Retained earnings | 4,923 | 11,740 | |||||||||
| Accumulated other comprehensive loss | (20,936) | (23,773) | |||||||||
| Stagwell Inc. Shareholders' Equity | 750,146 | 331,731 | |||||||||
| Noncontrolling interests | 21,802 | 445,174 | |||||||||
| Total Shareholders' Equity | 771,948 | 776,905 | |||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders’ Equity | $ | 4,317,175 | $ | 3,908,221 | |||||||
Page 18
SCHEDULE 13
STAGWELL INC.
UNAUDITED SUMMARY CASH FLOW DATA
(amounts in thousands)
| Six Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (9,959) | $ | (4,667) | |||||||
Adjustments to reconcile net income to cash provided by (used in) operating activities: | |||||||||||
| Stock-based compensation | 31,497 | 21,991 | |||||||||
| Depreciation and amortization | 83,375 | 76,837 | |||||||||
Amortization of right-of-use lease assets and lease liability interest | 34,075 | 39,534 | |||||||||
| Impairment and other (gains) losses | (3,529) | 1,715 | |||||||||
| Deferred income taxes | (1,424) | 3,797 | |||||||||
| Adjustment to deferred acquisition consideration | 3,437 | 7,390 | |||||||||
| Other, net | (7,517) | 3,850 | |||||||||
| Changes in working capital: | |||||||||||
| Accounts receivable | 7,941 | (30,157) | |||||||||
| Expenditures billable to clients | 27,021 | (6,516) | |||||||||
| Other assets | (41,375) | (5,776) | |||||||||
| Accounts payable | 25,333 | (28,576) | |||||||||
| Accrued expenses and other liabilities | (89,393) | (114,353) | |||||||||
| Advance billings | 35,765 | 12,092 | |||||||||
| Current portion of lease liabilities - operating leases | (40,509) | (41,924) | |||||||||
| Deferred acquisition related payments | — | (2,855) | |||||||||
Net cash provided by (used in) operating activities | 54,738 | (67,618) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capitalized software | (29,241) | (17,076) | |||||||||
| Capital expenditures | (11,595) | (13,990) | |||||||||
| Acquisitions, net of cash acquired | 14,172 | (20,350) | |||||||||
| Other | (8,272) | (767) | |||||||||
Net cash used in investing activities | (34,936) | (52,183) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Repayment of borrowings under revolving credit facility | (925,000) | (761,000) | |||||||||
| Proceeds from borrowings under revolving credit facility | 1,038,000 | 1,036,000 | |||||||||
| Shares repurchased and cancelled | (67,504) | (86,934) | |||||||||
| Distributions to noncontrolling interests | (4,761) | (22,483) | |||||||||
| Payment of deferred consideration | (16,103) | (23,963) | |||||||||
| Purchase of noncontrolling interest | — | (3,316) | |||||||||
| Debt financing and other costs | (3,570) | — | |||||||||
Net cash provided by financing activities | 21,062 | 138,304 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 9,106 | (2,162) | |||||||||
| Net increase in cash and cash equivalents | 49,970 | 16,341 | |||||||||
| Cash and cash equivalents at beginning of period | 131,339 | 119,737 | |||||||||
| Cash and cash equivalents at end of period | $ | 181,309 | $ | 136,078 | |||||||
Page 19
Second Quarter 2025 EARNINGS PRESENTATION July 31 | 2025
This document contains forward-looking statements. within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company’s representatives may also make forward-looking statements orally or in writing from time to time. Statements in this document that are not historical facts, including, statements about the Company’s beliefs and expectations, future financial performance, growth, and future prospects, the Company’s strategy, business and economic trends and growth, technological leadership and differentiation, potential and completed acquisitions, anticipated operating efficiencies and synergies and estimates of amounts for redeemable noncontrolling interests and deferred acquisition consideration, constitute forward-looking statements. Forward-looking statements, which are generally denoted by words such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “create,” “develop,” “estimate,” “expect,” “focus,” “forecast,” “foresee,” “future,” “goal,” “guidance,” “in development,” “intend,” “likely,” “look,” “maintain,” “may,” “ongoing,” “outlook,” “plan,” “possible,” “potential,” “predict,” “probable,” “project,” “should,” “target,” “will,” “would” or the negative of such terms or other variations thereof and terms of similar substance used in connection with any discussion of current plans, estimates and projections are subject to change based on a number of factors, including those outlined in this section. Forward-looking statements in this document are based on certain key expectations and assumptions made by the Company. Although the management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The material assumptions upon which such forward-looking statements are based include, among others, assumptions with respect to general business, economic and market conditions, the competitive environment, anticipated and unanticipated tax consequences and anticipated and unanticipated costs. These forward-looking statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined in this section. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company’s control. Therefore, you should not place undue reliance on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events, if any. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Such risk factors include, but are not limited to, the following: • risks associated with international, national and regional unfavorable economic conditions that could affect the Company or its clients; • demand for the Company’s services, which may precipitate or exacerbate other risks and uncertainties; • inflation and actions taken by central banks to counter inflation; • the Company’s ability to attract new clients and retain existing clients; • the impact of a reduction in client spending and changes in client advertising, marketing and corporate communications requirements; • financial failure of the Company’s clients; • the Company’s ability to retain and attract key employees; • the Company’s ability to compete in the markets in which it operates; • the Company’s ability to achieve its cost saving initiatives; • the Company’s implementation of strategic initiatives; • the Company’s ability to remain in compliance with its debt agreements and the Company’s ability to finance its contingent payment obligations when due and payable, including but not limited to those relating to redeemable noncontrolling interests and deferred acquisition consideration; • the Company’s ability to manage its growth effectively; • the Company’s ability to identify, complete and integrate acquisitions that complement and expand the Company’s business capabilities and realize cost savings, synergies or other anticipated benefits of newly acquired businesses, or that even if realized, such benefits may take longer to realize than expected; • the Company’s ability to identify and complete divestitures and to achieve the anticipated benefits therefrom; • the Company’s ability to develop products incorporating new technologies, including augmented reality, artificial intelligence, and virtual reality, and realize benefits from such products; • the Company’s use of artificial intelligence, including generative artificial intelligence; • adverse tax consequences for the Company, its operations and its stockholders, that may differ from the expectations of the Company, including that recent or future changes in tax laws, potential changes to corporate tax rates in the United States and disagreements with tax authorities on the Company’s determinations that may result in increased tax costs; • adverse tax consequences in connection with the Transactions, including the incurrence of material Canadian federal income tax (including material “emigration tax”); • the Company’s ability to establish and maintain an effective system of internal control over financial reporting, including the risk that the Company’s internal controls will fail to detect misstatements in its financial statements • the Company’s ability to accurately forecast its future financial performance and provide accurate guidance; • the Company’s ability to protect client data from security incidents or cyberattacks; • economic disruptions resulting from war and other geopolitical tensions (such as the ongoing military conflicts between Russia and Ukraine and in the Middle East), terrorist activities and natural disasters; • stock price volatility; and • foreign currency fluctuations. Investors should carefully consider these risk factors, other risk factors described herein, and the additional risk factors outlined in more detail in our 2024 Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2025, and accessible on the SEC’s website at www.sec.gov, under the caption “Risk Factors,” and in the Company’s other SEC filings. FORWARD LOOKING STATEMENTS & OTHER INFORMATION 2
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES 3 In addition to its reported results, Stagwell Inc. has included in this earnings presentation certain financial results that the Securities and Exchange Commission (SEC) defines as "non-GAAP Financial Measures." Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company's results. Such non-GAAP financial measures include the following: Pro Forma Results: The Pro Forma amounts presented for each period were prepared by combining the historical standalone statements of operations for each of legacy MDC and SMG. The unaudited pro forma results are provided for illustrative purposes only and do not purport to represent what the actual consolidated results of operations or consolidated financial condition would have been had the combination actually occurred on the date indicated, nor do they purport to project the future consolidated results of operations or consolidated financial condition for any future period or as of any future date. The Company has excluded a quantitative reconciliation of Adjusted Pro Forma EBITDA to net income under the “unreasonable efforts” exception in Item 10(e)(1)(i)(B) of Regulation S-K. 1) Organic Revenue: “Organic revenue growth” and “organic revenue decline” refer to the positive or negative results, respectively, of subtracting both the foreign exchange and acquisition (disposition) components from total revenue growth. The acquisition (disposition) component is calculated by aggregating prior period revenue for any acquired businesses, less the prior period revenue of any businesses that were disposed of during the current period. The organic revenue growth (decline) component reflects the constant currency impact of (a) the change in revenue of the partner firms that the Company has held throughout each of the comparable periods presented, and (b) “non-GAAP acquisitions (dispositions), net”. Non-GAAP acquisitions (dispositions), net consists of (i) for acquisitions during the current year, the revenue effect from such acquisition as if the acquisition had been owned during the equivalent period in the prior year and (ii) for acquisitions during the previous year, the revenue effect from such acquisitions as if they had been owned during that entire year (or same period as the current reportable period), taking into account their respective pre-acquisition revenues for the applicable periods, and (iii) for dispositions, the revenue effect from such disposition as if they had been disposed of during the equivalent period in the prior year. 2) Net New Business: Estimate of annualized revenue for new wins less annualized revenue for losses incurred in the period. 3) Adjusted EBITDA: defined as Net income excluding non-operating income or expense to achieve operating income, plus depreciation and amortization, stock-based compensation, deferred acquisition consideration adjustments, and other items. Other items include restructuring costs, acquisition-related expenses, and nonrecurring items. 4) Adjusted Diluted EPS is defined as (i) Net income (loss) attributable to Stagwell Inc. common shareholders, plus net income attributable to Class C shareholders, excluding amortization expense, impairment and other losses, stock-based compensation, deferred acquisition consideration adjustments, discrete tax items, and other items, divided by (ii) (a) the per weighted average number of common shares outstanding plus (b) the weighted average number of Class C shares outstanding (if dilutive). Other items includes restructuring costs, acquisition- related expenses, and non-recurring items, and subject to the anti-dilution rules. 5) Free Cash Flow: defined as Adjusted EBITDA less capital expenditures, change in net working capital, cash taxes, interest, and distributions to minority interests, but excludes contingent M&A payments. 6) Financial Guidance: The Company provides guidance on a non-GAAP basis as it cannot predict certain elements which are included in reported GAAP results. Included in this earnings presentation are tables reconciling reported Stagwell Inc. results to arrive at certain of these non-GAAP financial measures.
4 FINANCIAL Outlook Reiterating Full-Year 2025 Outlook ~ 8% Total Net Revenue Growth $410M - $460M Adjusted EBITDA > 45% EBITDA Conversion on Free Cash Flow $0.75 - $0.88 In Adjusted Earnings Per Share Note: Guidance as of 07/31/2025. The Company has excluded a quantitative reconciliation with respect to the Company’s 2025 guidance under the “unreasonable efforts” exception in Item 10(e)(1)(i)(B) of Regulation S-K. See "Non-GAAP Financial Measures" below for additional information on definitions for Organic Net Revenue, Organic Net Revenue ex. Advocacy, Adjusted EBITDA, Adjusted Earnings Per Share, and Free Cash Flow. Please refer to our investor website at stagwellglobal.com/investors for information on Forward Looking Statements and risk factors outlined in our 2024 Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 5 2025, and accessible on the SEC’s website at www.sec.gov, under the caption “Risk Factors,” and in the Company’s other SEC filings.
S E C O N D Q U A R T E R H I G H L I G H T S NET REVENUE: $598M | NET LEVERAGE RATIO: 3.18x | ADJ. EBITDA: $93M Advancing THE BUSINESS Accelerating GROWTH Improving CASH & COSTS Record-Breaking NEW BUSINESS Deployed first versions of The Machine and Content Supply Chain Centralized our media buy offering with Stagwell Media Platform, ensuring agencies across our network can take full advantage of global solutions Launched Unreasonable Studios, our award-winning, in-house production and content creative company partnering with brands like Google, Starbucks, HOKA, and Marriott Closed acquisitions of ADK Global, completing our APAC full-service offering, and JetFuel, an experiential marketing and retail shopper agency joining TEAM Elevated four senior leaders to new positions, including Ryan Greene to Chief Financial Officer & Jason Reid to Chief Strategy Officer $117M of net new business in 2Q25, bringing LTM to $451M Secured multiple high profile new customer wins and expansions with leading companies including Samsung, New Balance, ServiceNow and Volkswagen The total number of wins increased 104% YoY with 34 wins in excess of $1M Top 25 customers now average approximately $28M in annual net revenue Total Net Revenue growth of 8% year-over-year to $598M Total Net Revenue growth ex. Advocacy of 10%, a major improvement versus the 0.1% growth in 2Q24, driven by continued strong Total Net Revenue ex. Advocacy growth of 12% in Digital Transformation, 8% in Creativity & Communications, and 38% in The Marketing Cloud 1H25 Organic Net Revenue ex. Advocacy growth of 3%, stronger than the 1% decline in the prior year period 1H25 Cash Flow from Operations improved $122M versus 1H24 Actioned $20M of annualized cost savings YTD through Back-Office, Technology & Real Estate consolidation initiatives Successfully implemented Stagwell Content Supply Chain technology at six high priority agencies, focus shifting to actioning cost savings with positive adjusted EBITDA impact expected to start in 3Q25 Ahead of schedule to deliver $80-$100M of cost savings by YE26 as announced at Investor Day Note: Net Leverage Ratio defined as Net Debt divided by LTM Adjusted EBITDA.
S U M M A R Y C O M B I N E D F I N A N C I A L S Note: Figures may not foot due to rounding. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net Revenue $ 598,129 $ 554,392 $ 1,162,316 $ 1,086,846 Billable Costs 108,689 116,776 196,242 254,381 Revenue $ 706,818 $ 671,168 $ 1,358,558 $ 1,341,227 Billable Costs 108,689 116,776 196,242 254,381 Staff costs 381,270 355,349 749,532 697,506 Administrative costs 75,874 69,534 150,983 136,697 Unbillable and other costs, net 48,130 43,406 88,364 76,224 Adjusted EBITDA $ 92,855 $ 86,103 $ 173,437 $ 176,419 Stock-based compensation 19,954 5,875 31,497 21,991 Depreciation and amortization 41,369 42,001 83,375 76,837 Deferred acquisition consideration (3,220) 7,236 3,437 7,390 Impairment and other losses - 215 - 1,715 Other items, net 11,580 8,869 13,671 20,725 Operating income $ 23,172 $ 21,907 $ 41,457 $ 47,761 Adjusted EBITDA margin (on net revenue) 15.5% 15.5% 14.9% 16.2% 6 $ in Thousands
2 Q 2 5 N E T R E V E N U E Note: Figures may not foot due to rounding. Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Net Revenue Change Net Revenue Change June 30, 2024 $ 554,392 $ 1,086,846 Organic revenue 3,334 0.6% 5,947 0.5% Acquisitions (divestitures), net 37,152 6.7% 68,689 6.3% Foreign currency 3,251 0.6% 834 0.1% Total Change $ 43,737 7.9% $ 75,470 6.9% Jun3 30, 2025 $ 598,129 $ 1,162,316 7 $ in Thousands
77.7% 6.1% 16.2% 2 Q 2 5 N E T R E V E N U E B Y G E O G R A P H Y Note: Figures may not foot due to rounding. 2Q Organic Growth Y/Y 8 % OF NET REVENUE Geography 2Q25 1H25 United States (0.2)% (1.1)% United Kingdom (7.7)% (5.4)% Other 10.1% 14.9% TOTAL 0.6% 0.5% TOTAL EX-ADVOCACY 2.0% 2.6%
G L O B A L N E T W O R K 9 North America Latin America Europe Asia Pacific • Australia • China • Hong Kong • India • Indonesia • Japan • Malaysia • Philippines • Taiwan • Thailand • Singapore • South Korea Middle East & Africa • Austria • Belgium • Bulgaria • Italy • Latvia • Romania • Slovak Republic • Slovenia • Switzerland • Turkey • Ukraine • France • Germany • Netherlands • Poland • Spain • Sweden • United Kingdom • Argentina • Aruba • Bolivia • Brazil • Curacao • Colombia • Costa Rica • Dominican • Ecuador • El Salvador • Guatemala • Honduras • Jamaica • Nicaragua • Panama • Peru • Republic • Uruguay • Venezuela • Algeria • Bahrain • Egypt • Jordan • Kuwait • Lebanon • Libya • Morocco • Nigeria • Oman • Saudi Arabia • South Africa • Tunisia • United Arab Emirates Stagwell Affiliates COUNTRIES 45+ 50+ EMPLOYEES 11K+ 17K+ Stagwell’s Affiliate Network Significantly Expands Our Global Footprint • Canada • USA • Mexico Note: As of June 30, 2025. Countries listed represent a subset of locations.
O U R P R I N C I P A L C A P A B I L I T I E S Creativity & Communications Blue-Chip Customer Base Performance Media & Data Addressable on a Global Scale Consumer Insights & Strategy Tracking Across the Entire Consumer Journey Digital Transformation Building & Designing Digital Platforms & Technology 2 3 4 5 10 52% 2Q25The Marketing Cloud Group SaaS and DaaS Tools for the Modern Marketer 1 Notes: Digital Revenue Percentage is percentage of Total Net Revenue from Stagwell Marketing Cloud Group, Digital Transformation, Performance Media & Data, and Consumer Insights & Strategy capabilities
N E T R E V E N U E G R O W T H B Y C A P A B I L I T Y Notes: Advocacy includes Targeted Victory, SKDK, and TMA Direct. Figures may not foot due to rounding. EBITDA includes corporate expenses, notionally allocated ratably across each capability. 2Q 1H Principal Capability Organic Net Revenue Growth Net Revenue Growth Organic Net Revenue Growth Net Revenue Growth The Marketing Cloud Group (6.1)% 28.0% 5.2% 41.4% Digital Transformation 1.4% 5.7% 4.8% 6.8% Performance Media & Data (1.6)% 1.2% (5.6)% (4.5)% Consumer Insights & Strategy 5.7% 6.0% 6.7% 6.8% Creativity & Communications 1.6% 7.9% 1.0% 7.6% TOTAL 0.6% 7.9% 0.5% 6.9% PRIOR YEAR 1.2% 1.7% 1.5% 1.9% TOTAL EX-ADVOCACY 2.0% 9.9% 2.6% 9.5% PRIOR YEAR (0.5)% 0.1% (0.8)% (0.4)% % OF NET REVENUE 2Q 11% 18% 18% 8% 44%
A D J E B I T D A G R O W T H B Y C A P A B I L I T Y Note: Advocacy includes Targeted Victory, SKDK, and TMA Direct. Figures may not foot due to rounding. *EBITDA includes corporate expenses, notionally allocated ratably across each capability. **TMC includes Apollo, Around, CUE, Data2Brands, Epicenter, Leaders, Maru, Prophet, QR Code, Smart Assets, Stagwell Cloud, Unicepta Principal Capability 2Q25 1H25 The Marketing Cloud Group (79.6)% (205.9)% Digital Transformation 10.3% 20.1% Performance Media & Data (15.9)% (40.2)% Consumer Insights & Strategy 26.9% 12.1% Creativity & Communications 11.1% 10.0% TOTAL 7.8% (1.7)% TOTAL EX-ADVOCACY 23.3% 9.5% TOTAL EX-ADVOCACY EX-TMC** 21.4% 8.8% % OF ADJ. EBITDA* 2Q Adj. EBITDA* Growth Y/Y 0% 26% 10% 13% 50%
Three Months Ended, Six Months Ended, June 30, 2025 June 30, 2024 % Change June 30, 2025 June 30, 2024 % Change Total Revenue $707 $671 5.3% $1,359 $1,341 1.3% Advocacy Revenue 56 72 (22.2)% 98 137 (28.5)% Total Ex Advocacy 651 599 8.6% 1,261 1,204 4.7% Three Months Ended, Six Months Ended, June 30, 2025 June 30, 2024 % Change June 30, 2025 June 30, 2024 % Change Total Net Revenue $598 $554 7.9% $1,162 $1,087 6.9% Advocacy Net Revenue 38 44 (13.6)% 67 87 (23.0)% Total Ex Advocacy 560 510 9.9% 1,095 1,000 9.5% Three Months Ended, Six Months Ended, June 30, 2025 June 30, 2024 % Change June 30, 2025 June 30, 2024 % Change Total Adj. EBITDA $93 $86 7.8% $173 $176 (1.7)% Advocacy Adj. EBITDA 13 21 (38.1)% 18 34 (47.1)% Total Ex Advocacy 80 65 23.3% 156 142 9.5% E X - A D V O C A C Y R E V E N U E , N E T R E V E N U E & A D J U S T E D E B I T D A Note: Advocacy includes Targeted Victory, SKDK, & TMA Direct. Actuals may not foot due to rounding $ in Millions NET REVENUE ADJ. EBITDA 13 REVENUE
N E W B U S I N E S S U P D A T E 14 PER CLIENT AT TOP 25 Notable Business WINS & EXPANSIONSNet New Business 2Q25 $117M LTM $451M Avg. Net Revenue 2Q25 $7.1M
S T A G W E L L M A R K E T I N G C L O U D G R O U P 15 Net Revenue1 1. Defined as GAAP Revenue minus Billable Costs – Includes both the Advanced Media Platform and Stagwell Marketing Cloud groups. In Millions. Numbers may not foot due to rounding. Net Revenue Adj. EBITDA Margin Advanced Media Platforms $36.3 7.0% Stagwell Marketing Cloud $29.9 (7.5)% TOTAL $66.3 0.4% GROWTH (y/y) 28.0% $52M $66M 2Q24 2Q25 $ in Millions
16 LIQUIDITY Available Liquidity (as of 06/30/2025) Commitment Under Credit Facility $ 750 Drawn 377 Letters of Credit 15 Undrawn Commitments Under Facility $ 358 Total Cash & Cash Equivalents 181 Total Available Liquidity $ 539 $ in Millions Note: Numbers may not foot due to rounding.
17 MAINTAINING DISCIPLINE AROUND Deferred Acquisition Costs DAC DECREASED BY $10M FROM FY24 YEAR-END BALANCE Numbers may not foot due to rounding. $102M $92M 4Q24 2Q25
A D J U S T E D E A R N I N G S P E R S H A R E Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Reported (GAAP) Adjustments Non-GAAP Reported (GAAP) Adjustments Non-GAAP Net income (loss) attributable to Stagwell Inc. common shareholders $ (5,261) $ 50,331 $ 45,070 $ (8,178) $ 93,283 $ 85,105 Net loss attributable to Class C Shareholders - - - (6,637) - (6,637) Net income (loss) – diluted EPS $ (5,261) $ 50,331 $ 45,070 $ (14,815) $ 93,283 $ 78,468 Weighted average number of common shares outstanding (diluted) 260,774 7,550 268,324 186,843 8,506 195,349 Weighted average number of common class C shares outstanding (diluted) - - - 78,757 - 78,757 Weighted average number of shares outstanding 260,774 7,550 268,324 265,600 8,506 274,106 Adjusted earnings per share (diluted) $ (0.02) $ 0.17 $ (0.06) $ 0.29 Adjustments to net income (loss) Amortization expense $ 35,593 $ 68,574 Impairment and other losses - - Stock-based compensation 19,954 31,497 Deferred acquisition consideration (3,220) 3,437 Other items, net 11,580 13,671 Total add-backs 63,907 117,179 Adjusted tax expense (13,576) (23,896) $ 50,331 $ 93,283 18 $ and Shares in Thousands Note: Numbers may not foot due to rounding.
G A A P C O N S O L I D A T E D O P E R A T I N G P E R F O R M A N C E Note: Numbers may not foot due to rounding. 19 $ and Shares in Thousands Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 706,818 $ 671,168 $ 1,358,558 $ 1,341,227 Cost of services 459,216 438,912 871,303 883,438 Office & general expenses 183,061 168,133 362,423 331,476 Depreciation & amortization 41,369 42,001 83,375 76,837 Impairment & other losses - 215 - 1,715 Total operating expenses $ 683,646 $ 649,261 $ 1,371,101 $ 1,293,466 Operating income (Loss) $ 23,172 $ 21,907 $ 41,457 $ 47,761 Interest expense, net (23,455) (23,533) (46,811) (44,498) Foreign exchange, net (1,338) (1,355) (118) (3,613) Other, net (360) 193 (111) (1,074) Other income (expenses) $ (25,153) $ (24,695) $ (47,040) $ (49,185) Loss before income taxes and equity in earnings of non-consolidated affiliates (1,981) (2,788) (5,583) (1,424) Income tax expense 2,673 1,165 4,395 3,750 Loss before equity in earnings of non-consolidated affiliates $ (4,654) $ (3,953) $ (9,978) $ (5,174) Equity in income (loss) of non-consolidated affiliates 20 (1) 19 507 Net loss $ (4,634) (3,954) $ (9,959) $ (4,667) Net (income) loss attributable to non-controlling & redeemable non-controlling interests (627) 989 1,781 420 Net loss attributable to Stagwell Inc. common shareholders $ (5,261) $ (2,965) $ (8,178) $ (4,247) Loss Per Share Basic $ (0.02) $ (0.03) $ (0.04) $ (0.04) Diluted $ (0.02) $ (0.03) $ (0.06) $ (0.04) Weighted Average Number of Shares Outstanding Basic 260,774 113,484 186,843 113,059 Diluted 260,774 113,484 265,600 113,059
C A P I T A L S T R U C T U R E 1. Excludes non-controlling interest of Stagwell Class C shareholders to reflect NCI balance pro forma for full conversion of Class C shares to Class A. 2. A portion of the DAC will be paid with approximately 7.5m shares assuming conversion as of 6/30/25. 3. Includes redeemable non-controlling interest and obligations in connection with profit interests held by employees. 4. Non-consolidated investments 5. Share Count does not include unvested stock grants, unsettled SARs or portion of DAC to be settled in stock. Pro Forma total share count as of 7/24/2025 would be 258.7m Class A shares, 7.5m shares to settle DAC and 12.3m share-based awards, for a total of 278.5m shares outstanding. 6. Estimated shares to be issued upon the exercise of settled SAR awards using treasury method. Net Debt & Debt-Like ($M, as of 6/30/2025) Revolving Credit Facility $ 377 Bonds 1,100 NCI1 22 DAC2 92 RNCI3 30 Less: Investments4 16 Less: Cash 181 TOTAL NET DEBT & DEBT-LIKE $ 1,424 Share Count5 (Thousands, as of 7/24/2025) Class A 258,703 Class C (equal voting & economic rights to Class A) - Share-based awards6 12,316 DILUTED 271,019 20
21 APPLYING A PROVEN PLAYBOOK to scale The Marketing Cloud Group Building complementary software solutions leveraging the domain expertise and distribution channels already in place at Stagwell Advanced Media Platforms Proprietary & Premium Owned Media Channels Media Studio Solution for Modern Media Planners and Buyers Harris Quest Research Market Research Products by The Harris Poll PRophet Comms Tech AI-Driven Platform for Modern Communicators Digital Services Technology Digital Transformation Building Digital Platforms & Consumer Experiences Performance Media & Data Integrated Omnichannel Media, Data & E-Commerce Consumer Insights & Strategy Tracking Across the Consumer Journey Creativity & Communications Blue-Chip Customer Base 1 2 3 4
22 We've developed a proven strategy to develop and incubate new technologies, making informed product roadmap decisions based off agency clients while leveraging our world-class tech team THE MARKETING CLOUD GROUP Product Incubation Playbook WE BUILD ADVANCED PRODUCTS MORE EFFICIENTLY than the rest Faster Shared infrastructure + tech expertise DEVELOP & ITERATE FAST Cheaper World's most ambitious clients + upselling opportunities LOWER GO-TO-MARKET COSTS Better Proprietary data + the best marketers in the world INTERNAL TESTING & INSIGHTS THAT DELIVER BETTER PRODUCTS
23 REAL-TIME INSIGHTS Product Spotlight Customer Benefit Unlocking continuous brand tracking on an affordable, global, modern basis for research professionals
24 ARTIFICAL INTELLIGENCE Product Spotlight Customer Benefit Revolutionizing the PR process through AI, saving PR professionals from millions of tedious working hours
25 AUGMENTED REALITY Product Spotlight Customer Benefit Bringing a whole new level of stadium entertainment and fan engagement to sports and entertainment through shared AR
26 THE MARKETING CLOUD GROUP Pricing Model Modern, flexible pricing models that fit the needs and budgets for the modern marketer Subscription Pricing Annual SaaS contract Consumption Fee Data and media spend Advertising-Based Sponsorship fees
