Nexxen International (NEXN) Q4 2025 earnings summary

Executive summary

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

• Strategic focus on enterprise solutions, exclusive Smart TV on-screen partnerships, and AI-driven innovations to drive durable, diversified growth and streamline workflows.

• Expanded enterprise customer base more than twofold in 2025, with plans to further scale in 2026; contribution ex-TAC per active customer increased to ~$563,000.

• Launched industry-first programmatic Smart TV home screen solution, with The Trade Desk as a key DSP partner and integration with V (formerly VIDAA).

• Positioned to benefit from major 2026 advertising events, including the Winter Olympics, FIFA World Cup, and U.S. midterm elections, with new product launches in health, sports, and political advertising.

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: $109.4M, down 4% year-over-year.

• Adjusted EBITDA for Q4 was $33.9M (35% margin of contribution ex-TAC); full year: $115.1M (33% margin); net cash from operating activities was $37.7M in Q4 and $110.1M for the year.

• Non-IFRS diluted EPS was $0.33 in Q4 and $0.98 for FY 2025, up 5% year-over-year; net income for 2025 was $25.0M, down 29% year-over-year.

• Data products contribution ex-TAC increased 51% year-over-year in Q4; desktop video revenue increased 21% year-over-year.

Outlook and guidance

• 2026 guidance: contribution ex-TAC of $375M–$390M (over 8% year-over-year growth at midpoint); programmatic revenue of $367M–$381M (approx. 10% year-over-year 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, with continued investment in AI, infrastructure, and exclusive TV data/media partnerships.

• OpEx as a percentage of contribution ex-TAC expected to decrease modestly; R&D to remain consistent.