• Media Partners (Publishers): These are companies that own and operate websites, news publications, blogs, and other digital content properties. They utilize Outbrain's "Outbrain Engage" product suite to provide personalized content feeds, maximize user engagement, and monetize their content through data-driven advertising. Examples include major news outlets, online magazines, and lifestyle websites.
• Advertisers: These are businesses, brands, and marketing agencies that use Outbrain's "Outbrain Amplify" product suite to promote their content, products, or services. They leverage Outbrain's open web platform to connect with target audiences on premium digital properties across its network. Advertisers come from various industries and range from small businesses to large corporations.

David Kostman, Chief Executive Officer

David Kostman has been the Chief Executive Officer of Teads since February 2025, following the company's acquisition by Outbrain, where he previously served as Co-CEO from October 2017 through March 2024. His prior experience includes being the Managing Director, Head of the Global Internet Group in the investment banking division of Lehman Brothers, and starting his career at NM Rothschild & Sons. He also held roles as Chief Operating Officer and Chief Executive Officer of Delta Galil USA, a subsidiary of publicly traded Delta Galil Industries Ltd., and as President of the International Division and Chief Operating Officer of publicly traded VerticalNet Inc. Kostman currently serves as Chairman of the Board of NICE Ltd (Nasdaq: NICE) and as a board member of Unity Software Inc. (Nasdaq: U) and TIVIT SA.

Jason Kiviat, Chief Financial Officer

Jason Kiviat assumed the role of Chief Financial Officer at Teads in February 2025. Before this, he was the CFO at Outbrain from December 2013 to March 2025, where he notably led the company's IPO process between November 2020 and July 2021. His tenure at Outbrain also included various managerial positions within the finance team, covering controllership, FP&A, IR, and special projects. Kiviat began his career in accounting at KPMG US.

Mollie Spilman, Chief Commercial Officer

Mollie Spilman serves as the Chief Commercial Officer at Teads, responsible for the company's global commercial strategy and execution. She brings extensive experience from the digital media and technology sectors, having previously been the Chief Revenue Officer at Oracle Advertising. Prior to that, Spilman held dual roles as CRO and COO at Criteo, where she was instrumental in growing the company's revenue from $600 million to over $2 billion and guiding its strategic expansion into retail media.

Asaf Porat, Chief Operating Officer

Asaf Porat holds the position of Chief Operating Officer at Teads.

Dani Cushion, Chief Marketing Officer

Dani Cushion joined Teads as Chief Marketing Officer, effective January 6, 2026. In this role, she leads Teads' global marketing, brand, communications, and go-to-market strategy. Cushion's previous experience includes serving as CMO at Innovid, ExecOnline, and Cardlytics, along with senior marketing roles at Millennial Media and other media organizations.

Deprecation of Third-Party Cookies and Stricter Data Privacy Regulations

Outbrain's business model for delivering personalized content recommendations and targeted advertising across its network heavily relies on collecting and leveraging user data. The ongoing deprecation of third-party cookies by major web browsers (e.g., Google Chrome's planned phase-out) and the continuous tightening of global data privacy regulations (e.g., GDPR, CCPA, and similar emerging laws) pose a significant threat. These changes can severely limit Outbrain's ability to gather the necessary data for effective targeting and personalization, potentially degrading the performance of its advertising solutions (Outbrain Amplify) and the relevance of its content recommendations (Outbrain Engage). This could reduce value for both advertisers and media partners.

Emergence of Advanced AI and Generative Search

The rapid advancement of generative artificial intelligence and its increasing integration into search engines (e.g., Google's Search Generative Experience, ChatGPT, Perplexity AI) represents a clear emerging threat. These AI models are designed to provide direct, synthesized answers to user queries, potentially reducing the need for users to click through to individual articles on the open web. If users increasingly obtain information and discover content directly from AI interfaces, it could lead to a significant reduction in traffic to publisher websites (Outbrain's media partners). Consequently, this would diminish the inventory available for Outbrain's content recommendation and native advertising placements, fundamentally altering how users consume content and discover new information.

• Global Digital Advertising Market: The global digital advertising market was valued at approximately USD 573.06 billion in 2025 and is projected to grow to USD 2,114.41 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 15.61%. Another estimate places the global digital advertising and marketing market at US$595.0 billion in 2024, with a projection to reach US$1.1 trillion by 2030, growing at a CAGR of 11.0%.
• Global Native Advertising Market: The global native advertising market was valued at USD 104.63 billion in 2024 and is projected to grow between USD 121.58 billion in 2025 to USD 404.11 billion by 2033, demonstrating a CAGR of 16.2%. Other reports estimate the global native advertising market size at USD 105.88 billion in 2024, with a projection to reach USD 346.88 billion by 2033 at a CAGR of 13.9% from 2025. North America held the largest revenue share in the global native advertising market in 2024, accounting for 31.0%.
• Connected TV (CTV) Advertising Market: The global Connected TV (CTV) advertising spend is forecast to reach $37.95 billion in 2026. In the U.S. specifically, the connected TV advertising market is projected to reach $33.35 billion in 2025. eMarketer forecasts that CTV ad spending will surpass traditional TV ad spending in 2028, reaching approximately $46.89 billion.

Capital Allocation Decisions for Teads Holding Co. (TEAD)

Share Repurchases

• Outbrain Inc., prior to its renaming as Teads Holding Co., approved a share repurchase program in December 2022, authorizing the repurchase of up to $30 million of common stock.
• Treasury stock repurchases and share withholdings on vested awards amounted to $(646) million for the full year 2025.

Share Issuance

• As part of the acquisition of Teads, Outbrain Inc. issued 43.75 million shares of common stock to Altice, the seller of Teads, valued at approximately $263 million.

Inbound Investments

• In February 2025, Outbrain Inc. completed a private offering of $637.5 million in 10.000% senior secured notes due 2030, primarily to finance the cash portion of the Teads acquisition.

Outbound Investments

• Outbrain Inc. completed the acquisition of Teads in February 2025 for a total transaction value of approximately $900 million.
• The acquisition consideration included $625 million in cash.

Capital Expenditures

• Teads Holding Co. invested approximately $789K in capital expenditures in Q3 2025.
• For the last 12 months, capital expenditures were approximately -$5.61 million.