Q3 2026 Earnings Presentation

Financial

Highlights Q3 2026

© Magnite | 1

In addition to our GAAP results, we review certain non-GAAP financial measures to help us evaluate our business on a consistent basis, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our technology and development and sales and marketing, and assess our operational efficiencies. These non-GAAP financial measures include Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Income, and Non-GAAP Earnings per share, each of which is discussed below.

These non-GAAP financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. You are encouraged to evaluate these adjustments, and review the reconciliation of these non-GAAP financial measures to their most comparable GAAP measures, and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies. See "Reconciliation of Revenue to Gross Profit to Contribution ex-TAC," "Reconciliation of net income to Adjusted EBITDA," "Reconciliation of net income to non-GAAP income," which includes the calculation of non-GAAP earnings per share, included as part of this presentation.

We do not provide a reconciliation of our non-GAAP financial expectations for Contribution ex-TAC and Adjusted EBITDA, or a forecast of the most comparable GAAP measures, because the amount and timing of many future charges that impact these measures (such as amortization of future acquired intangible assets, acquisition-related charges, foreign exchange (gain) loss, net, stock-based compensation, impairment charges, provision for income taxes, and our future revenue mix), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all. In addition, we believe such reconciliations or forecasts could imply a degree of precision that might be confusing or misleading to investors.

Contribution ex-TAC: Contribution ex-TAC is calculated as gross profit plus cost of revenue, excluding traffic acquisition cost ("TAC"). Traffic acquisition cost, a component of cost of revenue, represents what we must pay sellers for the sale of advertising inventory through our platform for revenue reported on a gross basis. Contribution ex-TAC is a non-GAAP financial measure that is most comparable to gross profit. We believe Contribution ex-TAC is a useful measure in facilitating a consistent comparison against our core business without considering the impact of traffic acquisition costs related to revenue reported on a gross basis.

Adjusted EBITDA: We define Adjusted EBITDA as net income adjusted to exclude stock-based compensation expense, depreciation and amortization, including amortization of acquired intangible assets, impairment charges, interest income or expense, provision for income taxes, and certain cash and non-cash based income or expenses that we do not consider indicative of our core operating performance, including, but not limited to foreign exchange gains and losses, acquisition, severance costs and other related items, gains or losses on extinguishment of debt, other debt refinancing expenses, certain litigation expenses, and non-operational real estate and other expenses (income), net. We believe Adjusted EBITDA is useful to investors in evaluating our performance for the following reasons:

• Adjusted EBITDA is widely used by investors and securities analysts to measure a company's performance without regard to items such as those we exclude in calculating this measure, which can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.

• Our management uses Adjusted EBITDA in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of performance and the effectiveness of our business strategies, and in communications with our board of directors concerning our performance. Adjusted EBITDA is also used as a metric for determining payment of cash incentive compensation.

• Adjusted EBITDA provides a measure of consistency and comparability with our past performance that many investors find useful, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

  Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results of operations as reported under GAAP. These limitations include:

• Stock-based compensation is a non-cash charge and will remain an element of our long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period.

• Depreciation and amortization are non-cash charges, and the assets being depreciated or amortized will often have to be replaced in the future, but Adjusted EBITDA does not reflect any cash requirements for these replacements.

• Impairment charges are non-cash charges related to goodwill, intangible assets and/or long-lived assets.

• Adjusted EBITDA does not reflect certain cash and non-cash charges related to acquisition and related items, such as amortization of acquired intangible assets, merger, acquisition, or restructuring related severance costs, certain transaction expenses, and changes in the fair value of contingent consideration.

• Adjusted EBITDA does not reflect cash and non-cash charges related to interest income and interest expense and certain financing transactions such as gains or losses on extinguishment of debt or other debt refinancing expenses.

• Adjusted EBITDA does not reflect cash requirements for income taxes and the cash impact of other income or expense.

• Adjusted EBITDA does not reflect litigation expenses for specific proceedings.

• Adjusted EBITDA does not reflect certain non-operational real estate and other (income) and expense, net.

• Adjusted EBITDA does not reflect changes in our working capital needs, capital expenditures, or contractual commitments.

• Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Our Adjusted EBITDA is influenced by fluctuations in our revenue, cost of revenue, and the timing and amounts of the cost of our operations. Adjusted EBITDA should not be considered as an alternative to net income, income from operations, or any other measure of financial performance calculated and presented in accordance with GAAP.

We define non-GAAP earnings per share as non-GAAP income divided by non-GAAP weighted-average shares outstanding. Non-GAAP income is equal to net income excluding stock-based compensation, cash and non-cash based merger, acquisition, and restructuring costs, which consist primarily of professional service fees associated with merger and acquisition activities, cash-based employee termination costs, and other restructuring activities, including facility closures, relocation costs, contract termination costs, and impairment costs of abandoned technology associated with restructuring activities, amortization of acquired intangible assets, gains or losses on extinguishment of debt, certain litigation expense, non-operational real estate and other expenses or income, foreign currency gains and losses, interest expense associated with Convertible Senior Notes, other debt refinance expenses, and the tax impact of these items. In periods in which we have non-GAAP income, non-GAAP weighted-average shares outstanding used to calculate non-GAAP earnings per share includes the impact of potentially dilutive shares. Potentially dilutive shares consist of stock options, restricted stock units, performance stock units, and potential shares issued under the Employee Stock Purchase Plan, each computed using the treasury stock method, and the impact of shares that would be issuable assuming conversion of all of the Convertible Senior Notes, calculated under the if-converted method. We believe non-GAAP earnings per share is useful to investors in evaluating our ongoing operational performance and our trends on a per share basis, and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-GAAP measure. However, a potential limitation of our use of non-GAAP earnings per share is that other companies may define non-GAAP earnings per share differently, which may make comparison difficult. This measure may also exclude expenses that may have a material impact on our reported financial results. Non-GAAP earnings per share is a performance measure and should not be used as a measure of liquidity. Because of these limitations, we also consider the comparable GAAP measure of net income.

Non-GAAP Financial Measures

→ Contribution ex-TAC(1) of $200.6 million, up 20% year-over-year, exceeded the high end of guidance of

$188 to $192 million

→ Contribution ex-TAC(1) attributable to CTV of $105.4 million, up 39% year-over-year, exceeded the high end of guidance of $98 to $100 million

→ Contribution ex-TAC(1) attributable to DV+ of $95.3 million, up 5% year-over-year, exceeded high end of guidance $90 to $92 million

→ Net income of $34.0 million, or $0.23 per diluted share, a 70% increase compared to net income of $20.1 million, or $0.13 per diluted share for Q3 2025

→ Adjusted EBITDA(1) of $83.4 million, up 46% year-over-year, representing a 42% Adjusted EBITDA margin(2), compared to Adjusted EBITDA(1) of $57.2 million or a margin of 34% for Q3 2025

→ Non-GAAP earnings per share(1) of $0.33, compared to non-GAAP earnings per share(1) of $0.20 for Q3 2025

→ Operating cash flow(3) of $68.0 million

1. Contribution ex-TAC, Adjusted EBITDA, and non-GAAP earnings per share ("EPS") are non-GAAP financial measures. Please see the discussion in the section entitled "Non-GAAP Financial Measures" and the reconciliations included in this presentation.

2. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Contribution ex-TAC.

3. Operating cash flow is defined as Adjusted EBITDA less capital expenditures.

Q3 Highlights

→ Total Contribution ex-TAC(1) to be between $227 million and $233 million

→ Contribution ex-TAC(1) attributable to CTV to be between $124 million and $127 million

→ Contribution ex-TAC(1) attributable to DV+ to be between $103 million and $106 million

→ Adjusted EBITDA operating expenses(2) to be between $125 million and $127 million

1. Contribution ex-TAC and Adjusted EBITDA are non-GAAP financial measures. Please see the discussion in the section entitled "Non-GAAP Financial Measures" and the reconciliations included in this presentation.

2. Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA.

Q4 2026 Guidance

→ Raising total Contribution ex-TAC(1) growth to be approximately 17%, up from between 13% and 14%

→ Raising Adjusted EBITDA(1) percentage growth to be approximately 30%, from greater than 20%

→ Raising Adjusted EBITDA margin(2) to be approximately 38.5%, from at least 37%

→ Raising free cash flow(3) growth to be above 60% from the high 40% range

→ Reaffirming capex of approximately $60 million

1. Contribution ex-TAC and Adjusted EBITDA are non-GAAP financial measures. Please see the discussion in the section entitled "Non-GAAP Financial Measures" and the reconciliations included in this presentation.

2. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Contribution ex-TAC..

3. Free cash flow is defined as operating cash flow (Adjusted EBITDA less capital expenditures) less net interest expense.

2026 Full-Year Guidance

→ Top-line growth, excluding political, accelerating over 2026

→ Total top-line growth of over 15%, excluding political and not including upside from Google remedies, or 10% on a total reported basis

→ Expect Adjusted EBITDA margin(1) of at least 38.5%

1. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Contribution ex-TAC.

2027 Full-Year Guidance

→ Walmart Connect launched Connect Select, using Magnite as an SSP partner to provide scalable, data-driven access to premium CTV and omnichannel inventory

→ Samsung Ads selected Magnite's SpringServe to power automated ad buying and decisioning for

its home screen placements globally

→ LG Ad Solutions signed a 3-year extension for exclusive ad serving via SpringServe and expanded

to enable agentic buying of LG Home Screen inventory

→ Pinterest named Magnite as the primary SSP to power global Programmatic Deals, integrating its display and video inventory into Magnite Orchestration

→ Court issued Google ad tech remedies ordering behavioral remedies for auction fairness, unlocking AdWords demand, plus others for six years-leveling the playing field

Recent Wins

1. Contribution ex-TAC, Adjusted EBITDA, and non-GAAP earnings per share are non-GAAP financial measures. Please see the discussion in the section entitled "Non-GAAP Financial Measures" and the reconciliations included in this presentation.

2. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Contribution ex-TAC.

Q3 2026 Summary

1. Adjusted EBITDA is a non-GAAP financial measure. Please see the discussion in the section entitled "Non-GAAP Financial Measures" and the reconciliations included in this presentation.

2. Operating Cash flow is defined as Adjusted EBITDA less capital expenditures. Note: Amounts may not foot due to rounding.

Cash Flow and Balance Sheet Highlights

Note: Net Leverage is calculated as current and non-current debt outstanding less cash & cash equivalents over trailing 4 quarter Adjusted EBITDA.

Net Leverage

Amortization Schedule

Q3 Reconciliation of Net Income to Adjusted EBITDA

Q3 Reconciliation of Net Income to Non-GAAP Income

Q3 Calculation of Basic and Diluted Earnings Per Share

Contribution Ex-TAC by Channel and Revenue by Geography

Gross Profit 140.2 110.1

$166.8

$200.6

Contribution ex-TAC

56.6

60.4

Add back: Cost of revenue, excluding TAC

Reconciliation of Revenue to Gross Profit to Contribution Ex-TAC