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Dec 31, 2025
Nexxen International Q4 2025 Earnings Report
Nexxen reported declining Q4 2025 revenue and profitability, pressured by lower CTV and political advertising demand while maintaining strong programmatic revenue contribution.
Key Takeaways
Nexxen delivered lower fourth-quarter revenue as reduced political advertising and weaker CTV demand weighed on results. Programmatic revenue remained the dominant revenue stream, representing the vast majority of total revenue, while adjusted EBITDA declined year over year despite maintaining strong margins. The company ended the quarter with a solid cash position and no long-term debt.
Revenue declined 10% year-over-year to 100711000 in Q4 2025.
Programmatic revenue reached 94300000 and represented approximately 94% of total revenue.
CTV revenue was 30100000 representing 32% of programmatic revenue.
Adjusted EBITDA declined to 33874000 with strong margins despite weaker political advertising demand.
Revenue by Segment
Forward Guidance
Nexxen expects renewed growth in 2026 driven by programmatic demand, data products and CTV expansion, supported by its V partnership and AI-driven platform investments.
Positive Outlook
- Contribution ex-TAC expected between 375000000 and 390000000 in 2026.
- Programmatic revenue expected between 367000000 and 381000000.
- Adjusted EBITDA projected between 122000000 and 132000000.
- Growth expected in CTV, self-service and data product revenue.
- Smart TV home screen advertising solution adoption expanding with partners.
Challenges Ahead
- Programmatic and contribution ex-TAC were impacted by reduced spending from one DSP customer in Q4 2025.
- CTV revenue declined year-over-year in Q4.
- Adjusted EBITDA declined 23% year-over-year in the quarter.
- Weakness in non-programmatic business lines continues into early 2026.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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