Nexxen International (NEXN) Q4 2025 earnings summary

Executive summary

• Met updated full-year 2025 guidance and entered 2026 with record early performance, driven by infrastructure investments, expanded partnerships in CTV and mobile in-app channels, and AI-driven innovations.

• Strategic focus on enterprise solutions, exclusive Smart TV on-screen partnerships, and platform-wide data integration to drive durable, diversified revenue.

• More than doubled enterprise customer base in 2025, with contribution ex-TAC per active customer rising to ~$563K.

• Positioned to benefit from major 2026 advertising events, including the Winter Olympics, FIFA World Cup, and U.S. midterm elections.

• Launched new verticals in health and sports, and expanded curated marketplace and data partnerships.

Financial highlights

• Q4 2025 Contribution ex-TAC was $97.8M, down 7% year-over-year (1% decrease ex-political); programmatic revenue was $94.3M, down 4% year-over-year but up 2% ex-political.

• Full year 2025 Contribution ex-TAC: $353.1M, up 3% year-over-year (6% ex-political); programmatic revenue: $340.6M, up 5% year-over-year (8% ex-political).

• CTV revenue declined 19% year-over-year in Q4 (12% ex-political) to $30.1M; full year CTV revenue was $109.4M, down 4% year-over-year.

• Adjusted EBITDA for Q4 was $33.9M (35% margin); full year Adjusted EBITDA was $115.1M (33% margin).

• Net income for 2025: $25.0M, down 29% year-over-year; non-IFRS diluted EPS: $0.98, up 5% year-over-year.

Outlook and guidance

• 2026 guidance: Contribution ex-TAC of $375M–$390M (8%+ growth at midpoint), programmatic revenue of $367M–$381M (10% growth at midpoint), Adjusted EBITDA $122M–$132M (33% margin at midpoint).

• Q1 2026 Contribution ex-TAC and programmatic revenue to date have exceeded initial expectations.

• Growth expected across enterprise self-service, data products, and CTV, supported by expanded V partnership and Smart TV home screen solution.

• Programmatic revenue mix to increase as non-programmatic lines are de-emphasized.

• Operating expenses as a percentage of Contribution ex-TAC to decrease modestly; R&D stable; G&A and stock-based compensation to rise slightly.