BuzzFeed, Inc. Q4 FY2025 earnings call

• Management believes BuzzFeed Inc. is undervalued, with individual brands, assets, and innovative work having more value than current market cap. • Has powerful, durable brands like HuffPost, Tasty, etc., with different monetization profiles. • Assets and IP in BuzzFeed Studios are scaling rapidly, with studio revenue nearly tripling. • Investing in new products and AI-driven experiences to deepen engagement and improve advertising/commerce offerings. • Actively exploring strategic options to unlock value and narrow the gap between intrinsic and trading value.

Full year 2025 total revenue was $185.3 million, down 2% year-over-year from $189.9 million in 2024. Advertising revenue declined 3% to $91.7 million, with programmatic advertising growing 7% to $69.6 million (representing 76% of total advertising revenue) and direct-sold advertising down 25% to $22.1 million. Content revenue increased 9% to $37 million, with studio revenue nearly tripling to $16.1 million. Commerce and other revenue declined 8% to $56.5 million. Q4 2025 revenue was $56.5 million, up 1% year over year. Advertising revenue increased slightly to $25.6 million, with programmatic advertising up 2% to $18.4 million and direct-sold advertising down 3%. Content revenue increased 56% to $14.7 million due to studio, with studio revenue growing $7.3 million. Commerce and other revenue declined 24% to $16.3 million.

• Management is withholding 2026 guidance at this time. • Plans to provide an update on strategic direction and financial outlook in the coming quarters.

• Pessimistic view of digital media in general. • Legacy centralized costs. • Downstream debt from SPAC transaction. • Pre-COVID real estate commitment. • Timing of cost reductions and new initiatives.