Ziff Davis, Inc. Q1 FY2026 earnings call

• Ziff Davis has a history of acquiring and improving businesses, focusing on business transformation, free cash flow generation, etc. • Announced sale of connectivity business, but market undervalues rest of portfolio. • Discussed performance of each segment, e.g., tech and shopping traffic pressures but off-platform growth; gaming and entertainment strong quarter; health and wellness mixed results; cybersecurity and MarTech growth. • Mentioned use of AI in product development to accelerate innovation and delivery. • Talked about acquisitions like Popular Science, Dwell, Domino, and The Business of Home

Tech and shopping: Revenue fell ~13%, offset by growth in off-platform monetization, licensing, and sponsored content; margins declined due to lower revenue. Gaming and entertainment: Revenues up over 7% driven by Humble Bundle and subscription/performance marketing; margins slightly lower. Health and wellness: Revenues up slightly; consumer pharma ad revenues strong, but HCP advertising on MedPage Today fell; margins lowered due to revenue mix shift. Pregnancy and parenting: Revenue fell due to traffic-related programmatic and affiliate commerce declines. Cybersecurity and MarTech: Revenues grew nearly 4% driven by cybersecurity business; margins down due to revenue mix shifts

• Not providing annual guidance for fiscal 2026 as exploration of value creating opportunities is ongoing. • Expect Q2 2026 results from continuing operations to largely reflect Q1 2026, with revenues down at slightly higher year-over-year rate, adjusted EBITDA margins to decline similarly. • Goal is to return to total year-over-year growth in revenues from continuing operations in second half of 2026, with fourth quarter stronger than third, aiming to improve adjusted EBITDA margins

Q: Could you talk about the off-platform strategy and if asset monetization is a permanent shift?

A: Off-platform strategy involves leveraging social media, partnerships, etc. to replace organic web traffic; view asset monetization as a new ongoing tool in kit, will continue as long as public market value of EBITDA remains low.

Q: More color on MedPage bookings and strategic review process?

A: Tough Q1 for MedPage due to timing and new entrants; strategic review process leaves aperture open for all sorts of pursuits and transaction structures.

Q: View on social as a way to manage traffic and AI impact on operations?

A: Social is where consumers are, and monetization ecosystem has come together; AI is at center of product development, changing velocity of product features.

Q: Thinking change on internal use of AI and margin impact?

A: Thinking on AI has evolved with more powerful models; focused on margin, recognizing dynamics and working through them.

Q: Rationale behind acquisitions of Popular Science, Dwell, etc.?

A: Belief in value of brands, natural tuck in for existing groups and unlocking social value in home and lifestyle brands