NIQ Global Intelligence : First Quarter 2026 Q1'26 Investor presentation

Published: 2026-05-14 07:24:11 ET NIQ

Published on 05/14/2026 at 07:24 am EDT

Solid Q1 performance across the board

Revenue up 11.1%, or 5.1% in organic constant currency (OCC)

Adj. EBITDA growth accelerated to 19.1%; Adj. EBITDA Margin expanded 150bps to 21.0%

Levered Free Cash Flow improved by $93.1 million, inclusive of 2026 Restructuring Program

Executing durable core growth algorithm

Americas and EMEA OCC revenue grew 9.3% and 4.6%, respectively

Intelligence revenue up 10.9% (as reported), or 5.1% in OCC; Annualized Intelligence Subscription revenue up 5.9% to $2.9 billion with 104% NDR; GDR improved 1% to 99%

Activation revenue accelerated to up 12.0% (as reported), or 5.3% in OCC

Profitability & cash flow continues to improve

Improved Net loss and Adjusted Net Loss by $29.7 million and $47.9 million, respectively

Accelerated Adj. EBITDA growth to 19.1% resulting in $224.8 million

Expanded Adj. EBITDA margin by 150 basis points to 21.0%

Improved Levered free cash flow & Unlevered free cash flow by $93.1 million and $68.7 million, respectively

Advancing AI leadership position to drive client value & profitable growth upside

Proprietary NIQ context layer and granular data perfectly suited for AI

AI is driving measurable outcomes and deepening our partnerships

Advancing Consumer Intelligence platform to build the future of AI-driven commerce

1Q26: Key

Takeaways

Organic Constant Currency Revenue Growth is calculated by dividing (a) our

Revenues for the applicable period after (i) excluding the impact of acquisitions and similar transactions until the one-year anniversary of such acquisition or similar transaction, (ii) excluding the impact of divestitures, and (iii) excluding the impact of foreign currency exchange rates by translating local currency results to

U.S. dollars at current period exchange rates as compared to prior period exchange rates, by (b) our Revenues for the prior comparable period. We believe Organic Constant Currency Revenue Growth provides investors with useful supplemental information about our revenue growth to assist in understanding the growth attributable to our core business, excluding the impact of currency fluctuation given the significant variability in revenues that can be driven by foreign currency exchange rates.

Proprietary NIQ context layer perfectly suited for AI

BRANDS

Deep embedment in mission-critical client workflows

AI driving increased usage and revenue retention

AI powering innovation & creating revenue and margin upside

NIQ ECOSYSTEM OPERATES AT UNRIVALED GLOBAL SCALE:

Ecosystem

CONSUMERS

RETAILERS

23,000+

clients

countries covered

$7.4T

global consumer spend

covered

~4T

data records processed per

week; ~170T in 2025

250M+

product items

NIQ's 360° Global Scale + Proprietary Approach = Differentiated Competitive Position

Global coverage across 90 countries, $7.4T+ of consumer spend and ~82% of world's population

Branded manufacturers

Retailers

Adjacent verticals1

FY 2025 revenue

APAC

16% Americas

40%

EMEA 44%

Unified & harmonized dataset unmatched in scale and breadth 23K clients spanning CPG, retail, and adjacent verticals

Retailer POS

Consumer panel

eCommerce / DTC

Small / local

Emerging channels

Fast Moving

Tech & Durables

Retailers

Adjacent Verticals

business

(Field auditors)

(Social Commerce & Quick Commerce)

Consumer Goods

(e.g., Financial Services, Government, Advertising, Packaging & Supply Chain)

AI-Powered

Data Engine

Retailer point-of-sale Consumer panel eCommerce / DTC Small / local business

Emerging channels

Massive aggregation of highly fragmented data sources:

90+ countries; ~9K retailers; millions of stores

5.5M+ panelists; ~18M total consumer relationships1

170T+ data records processed in 2025

253M+ product items across 1,800+ categories

Stringent data governance policies

protect NIQ's data:

Long-term, permissioned data relationships

Restricted data access and tightly controlled sharing

Protected AI environment with enterprise safeguards across the full data lifecycle

Harmonization and vertical expertise create proprietary, AI-ready dataset:

30,000 AI models for enriching/linking

Proprietary LLM auto-enriches ~88% of new items

Codes & harmonizes products with significant granularity; critical for AI-mediated commerce

Core "source of truth" for

23K clients, including 50% of Fortune 500; 80% of Fortune 100

Five longest tenured clients average 70+ years

Data & insights deeply embedded in day-to-day decisions across pricing strategy, competitive promotion, product innovation, design & distribution;

Drives business reporting; M&A strategy, and compensation KPIs

Net Promoter Score increased 11 ppts to 49; highest reading ever1

brand managers & CPG companies:

HARMONIZED & ENRICHED DATA TYPES & SOURCES

Protected by

NIQ DATA

STEWARDSHIP

NIQ

Intelligence

HUMAN

& ARTIFICIAL

NIQ

Your Way

PLATFORMS

& APPLICATIONS

The

Full View

INSIGHTS & ACTION

NIQ value, in our clients' words:

"NIQ is the undeniable leader in innovation and creative testing with the best tools and experts in the industry."

- Insights C Analytics Manager, Leading Personal Care Company

"The quality of what we get from NIQ BASES-especially the precision in how they build their synthetic data panel-gives us confidence that we're basing decisions on real consumer behavior."

- Chief Insights C Analytics Officer, Global Health C Hygiene Company

"Our NIQ partnership is far more than access to market data - it's the foundation for building trusted local collaborations and unlocking sustainable growth in key regions"

- Chairman and VP, International, Global Electronics Manufacturer

Building Agentic infrastructure

For Client Growth

Ensuring our client wins the agentic shelf

NIQ as a conversion catalyst

NIQ data helps determine who wins consumer purchase

Measurable Client

Adoption

Recent

Launches

Value Creation

Roadmap

Current & Future Benefits

30%+

Client data consumption1

70+

Clients using AI-native solutions2

2,300+

Client product tests & projects using AI-native tools since launch3

27+

Countries where clients are

using NIQ's AI-native tools

30%+

AI-native adopters' NIQ

spend vs. non-adopters1

Arthur AI Analyst (Beta)

AI-guided end-to-end analytics and insights

Arthur Chat (Beta)

Conversational AI unifying Discover and Full View intelligence

Commerce Intelligence Platform

Precise, product-level, realtime intelligence

Democratizing NIQ intelligence enterprise-wide

Commerce

Labs

driving thought leadership & measurement standards

For NIQ Platform

Accelerated engagement; deeper usage

Foundation of AI-driven commerce, incl. Agentic commerce measurement constructs

Critical, neutral intelligence layer

For NIQ Growth

Value-based pricing

Faster product releases; more cross-sell/upsell

New commercial constructs: Agentic measurement & usage-based monetization

Year-over-year growth for the year ended December 31, 2025

NIQ IP

that Fuels AI

AI Applications for Smarter Outcomes

Commerce Intelligence

NIQ brings proprietary:

Reference data

Models

Coefficients

Product content, incl. product attributes

Analytical constructs

Meeting clients where they are across their systems & operations

NIQ's architecture and capabilities due to $1B+

transformation and acquisitions since 2021

Purpose-built tools across specific commercial use cases:

Everyday insights

Growth strategy

Innovation

Brand and media

Digital shelf

Price and promotion

Delivery today: Discover, Ask Arthur, BASES

suite, lake-to-lake, clean rooms

Consumer channels reinforces NIQ's

importance

In-store → Online → Social → Agentic

Agentic Commerce: largest expected shift since eCommerce

AI agents expected to orchestrate $1 trillion in U.S. consumer revenue by 2030; $3-$5 trillion globally1

In process: Making NIQ's proprietary assets

available as licensable infrastructure

In process: Delivering through a governed API-and MCP-first architecture

In process: Providing AI-ready consumer intelligence layer to power autonomous transactions

NIQ provides an on-demand, omnichannel view of the global consumer across all shopping channels

Social commerce

Omnichannel

In-store

Online

Quick commerce

Social commerce

Omnichannel Shift

In-store, eCommerce, social & agentic

Omnichannel

In-store

Online

Quick commerce

Social commerce

Agentic commerce

(Illustrative)

In-store

Online

Fragmentation

More SKUs, faster product cycle, localized competition

Scale

$65T of global consumer spend1

Online

In-store

10 years ago 2025 2026+

Agentic AI puts a premium on trusted, harmonized data that NIQ provides

Representative partners & players:

Global & Omnichannel

Proprietary

Granular & Industry Expertise

Unified & Harmonized

Permissioned & Governed

AI-ready

Proprietary, semantic data & industry expertise foundational to AI value creation

Distribution / Application

Orchestration

AI Infrastructure

Proprietary Data

Core OCC revenue growth algorithm delivering MSD growth

AI is one of several potential revenue growth accelerators

~2-3 pts

Contracted cost of living escalators

Tech upgrades

Contract expansion

~2-3 pts

Examples:

eCommerce

Full View Measurement

BASES AI

~1 pt

Examples:

New verticals

SMB

Examples:

Winbacks

Takeaways

Examples:

New data coverage

Market entry

Category entry

New partnerships

Strong renewals & revenue retention

Value-based Pricing

Upsell & Cross-sell New Capabilities & Solutions

Penetrate adjacent & high-growth markets

Enterprise New Wins

Incremental organic investments

Strategic

M&A

Tuck-in, accretive M&A

AI upside: new products & opportunities

Examples:

New features

Faster product

releases

Usage-based monetization models

PF Adj. EBITDA Margin % & Forward Potential

~Thirties

~Mid-twenties

19%

22%

AI-powered innovation & operating efficiency

13%

NIQ

Transformation

Data costs improvement

Tech platform SG&A

efficiencies

NIQ

Transformation

GfK Synergies

Substantially realized by 2026

Natural operating leverage

Profitable OCC revenue growth

Natural operating leverage

Profitable OCC revenue growth

2020A1

2024A 2025A Mid-term

Expectation

Long-term

Potential

Pro Forma adj. EBITDA for 2020 gives effect to (i) the GfK Combination and the GfK Panel Divestiture as if both occurred on January 1, 2022 and (ii) for all periods presented, reflects the Russia deconsolidation as if it occurred on January 1, 2022. See appendix for reconciliation of GAAP to non-GAAP

BRANDS

RETAILERS

Ecosystem

CONSUMERS

Global, proprietary data - scaled, governed, AI-ready

✓

Unified data ingestion, enrichment, and harmonization further increases barriers to entry

✓

Deeply embedded in mission-critical client workflows -

positioned to lead in agentic commerce

✓

Driving client speed-to-insights, decision-making, and accelerating revenue growth opportunities

✓

Harnessing AI to enhance revenue growth, expands margins,

and deepen client switching costs

+11.1%

$1,072.7

$965.9

Q1 2025

Q1 2026

Organic Constant Currency Revenue growth:

5.7% 5.1%

Revenue ($M)1

+43.0%

$(123.2)

$(216.3)

Q1 2025

Q1 2026

Capex as a % of revenue

6.5%

5.6%

Annual guidance: approx. 6.5% to 7% of revenue

Levered Free Cash Flow ($M)1

Adj. EBITDA ($M)1

+19.1%

$224.8

$188.7

Q1 2025 Q1 2026

Adj. EBITDA Margin %

19.5% 21.0%

Note: $ figures and % are presented on an actual FX basis. Free cash flow and Adj. EBITDA are non-GAAP financial measures; see the appendix for reconciliations to the most directly comparable GAAP measures.

Three Months Ended March 31,

(in millions) 2026 2025 Y/Y Growth

Reported revenue

1,072.7

965.9

11.1%

Organic constant currency revenue growth

5.1%

Reported operating (loss) income

(10.2)

15.7

n/m

Reported net loss attributable to NIQ

(90.1)

(119.8)

24.8%

Reported diluted loss per share

(0.31)

(0.49)

36.7%

Adjusted EBITDA

224.8

188.7

19.1%

Adjusted net income (loss)

43.4

(4.5)

n/m

Reported net cash used in operating activities

(63.6)

(153.6)

58.6%

Unlevered free cash flow

(65.1)

(133.8)

51.3%

Cash paid for interest

58.1

82.5

(29.6)%

Free cash flow

(123.2)

(216.3)

43.0%

Organic Constant Currency Revenue Growth is calculated by dividing (a) our Revenues for the applicable period after (i) excluding the impact of acquisitions and similar transactions until the one-year anniversary of such acquisition or similar transaction, (ii) excluding the impact of divestitures, and (iii) excluding the impact of foreign currency exchange rates by translating local currency results to U.S. dollars at current period exchange rates as compared to prior period exchange rates, by (b) our Revenues for the prior comparable period. We believe Organic Constant Currency Revenue Growth provides investors with useful supplemental information about our revenue growth to assist in understanding the growth attributable to our core business, excluding the impact of currency fluctuation given the significant variability in revenues that can be driven by foreign currency exchange rates.

Annualized Intelligence Subscription Revenue was $2.9 billion, up 5.9% year-over-year

Q1 was our ninth consecutive quarter of 5.5%+ Annualized Intelligence Subscription Revenue growth - reflecting the stickiness of our relationships

Q1 Net Dollar Retention was 104%, Gross Dollar Retention

was 99%

Annualized Intelligence Subscription Revenue

5.6%

6.6% 6.7%

7.2% 7.3%

6.9% 6.6% 6.6% 5.9%

$2,877

$2,934

$2,798

$2,772

$2,700

$2,707

$2,646

$2,619

$2,581

Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26

Intelligence Subscription Retention

104

105

106

105

104

98 99 99 98 98 98 98 98 99

Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26

Net loss attributable to NIQ improved by $29.7 million year-over-year

Adjusted net loss improved by $47.9 million, resulting in positive Adjusted net income of $43.4 million for Q1 2026

2026 cost optimization program underway:

Anticipate $70-80M of annualized run-rate savings vs. 2025 cost base

Expect $65-$75M of costs to achieve to be front-half weighted in 2026; Margin benefits building into 2027

AI driving structural efficiency: Improving productivity across operations, engineering, sales, and customer support, with additional opportunities across the enterprise

Ongoing margin expansion: Adj. EBITDA margin increased

~150 bps year-over-year in Q1 2026, reflecting strong operating leverage and disciplined execution

LTM Net Loss

Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26

(324)

(353)

(494)

(510)

(708)

(798)

LTM Adj. EBITDA

741

776

805

850

917 953

Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26

Quarterly Adj. EBITDA margin %

21.3%

19.5%

20.6%

21.3%

25.4%

21.0%

Note: Adjusted EBITDA $ figures are presented on an actual FX basis, and for all periods presented reflects the Russia deconsolidation as if it occurred on January 1, 2024.

Net cash used in operating activities improved $90.0 million year-over-year from improved profitability and net working capital and reduced interest expense

LTM Levered free cash flow increased to $129M

Levered free cash flow and Unlevered free cash flow improved

by $93.1 million and $68.7 million, respectively, versus 1Q25

Net debt remained broadly stable at $3.2B and carried a weighted-

average interest rate of ~5.0% in Q1 2026

Net leverage ratio remained broadly stable at ~3.4x despite Q1 being seasonal cash flow low point; NIQ remains committed to achieving net leverage ratio target below 3.0x at the end of 2026

LTM Levered free cash flow

(in $Millions)

250

-225

-247

-79

129

235

Q1 '25 Q2 '25 Q3 '25

Q4 '25 Q1 '26

2026 Guidance

Net leverage ratio & Net debt

Net debt (in $Billions)

3.7x

3.3x

3.4x

<3.0x

3.1

3.2

3.6

3.8

4.6x

Cash flow increased in Q1 2026; on track toward full-year guidance

Q1 '25

Q2 '25

Q3 '25

Q4 '25

Q1 '26

2026 Guidance

Full year 2026 reported revenue and Adjusted EBITDA is being revised slightly upward, largely due to FX; all other financial guidance remains unchanged

Reaffirmed full year 2026 outlook balances Q1 outperformance and generally healthy underlying demand trends, against a dynamic market backdrop and prudent guidance approach

Second Quarter Guidance

Revenue (as reported)

$1,103M - $1,107M

Revenue growth:

as reported

6.0% - 6.3%

organic constant currency

4.9% - 5.2%

Adjusted EBITDA

$242M - $246M

Adj. EBITDA growth:

as reported

12% - 14%

constant currency

12% - 14%

Adj. EBITDA margin, as reported

22.0% - 22.2%

Adjusted EPS

$0.19 - $0.21

Free cash flow

Depreciation & amortization

Interest expense, net

Income tax expense

Capital expenditures (% of revenue)

Net leverage ratio

Full Year Guidance

$4,466M - $4,479M

6.4% - 6.7%

5.0% - 5.3%

$1,050M - $1,067M

14% - 16%

13% - 15%

23.5% - 23.8%

$0.95 - $0.99

$235M - $250M

$614M - $619M

$230M - $235M

$165M - $170M

6.5% - 7.0%

< 3.0x

Note: This presentation includes forward-looking guidance for Adjusted EBITDA, Adjusted EBITDA margin, Constant Currency Adjusted EBITDA Growth, Adjusted EPS, Free Cash Flow and Net Leverage Ratio. We are not able to provide, without unreasonable effort, a reconciliation of the guidance for these measures to the most directly comparable GAAP measure because we do not currently have sufficient data to accurately estimate the variables and individual adjustments included in the most directly comparable GAAP measure that would be necessary for such reconciliations, including (a) costs related to potential debt or equity transactions and (b) other non-recurring expenses that cannot reasonably be estimated in advance. These adjustments are inherently variable and uncertain and depend on various factors that are beyond our control and, as a result, we are unable to predict their probable significance. Therefore, because our management cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results in accordance with GAAP, it is unable to provide a reconciliation of the non-GAAP financial measures included in its second quarter and full year 2026 guidance. For full outlook, please see "Second Quarter and Full Year 2026 Outlook" section of NIQ's Q1 2026 earnings press release

NIQ to Participate in Upcoming Conferences

J.P. Morgan Technology, Media, and Communications Conference - Boston - May 18

Baird Technology Conference - New York - June 2

William Blair Growth Conference - Chicago - June 3

Revenue to Pro Forma Revenue (excl. Russia) reconciliation

Commentary

aa. Gives effect to the GfK Combination as if it had occurred on January 1, 2022

bb. Gives effect to the deconsolidation of Russia operations that occurred in 2024

(in millions)

Year ending December 31,

Quarter ending March 31,

2022

2023

2024

2025

2026

Revenue

$2,786.4

$3,341.3

$3,972.6

$4,198.4

$1,072.7

Plus: Pro Forma GfK revenue not included in reported revenue

[a]

923.9

489.4

Less: Russia Pro Forma revenue

[b]

(87.9)

(65.3)

(25.3)

Pro Forma Revenue (excl. Russia)

$3,622.4

$3,765.4

$3,947.3

$4,198.4

$1,072.7

(in millions)

Quarterly

Q1'23

Q2'23

Q3'23

Q4'23

Q1'24

Q2'24

Q3'24

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

Revenue

$685.2

$720.5

$912.3

$1,023.3

$961.9

$985.8

$982.1

$1,042.8

$965.9

$1,040.8

$1,052.6

$1,139.1

$1,072.7

Plus: Pro Forma GfK revenue not included in reported revenue

[a]

236.0

227.1

26.3

Less: Russia Pro Forma revenue

[b]

(18.5)

(15.7)

(15.0)

(16.1)

(15.3)

(6.0)

(4.0)

Pro Forma Revenue (excl. Russia)

$902.8

$931.9

$923.6

$1,007.2

$946.6

$979.8

$978.2

$1,042.8

$965.9

$1,040.8

$1,052.6

$1,139.1

$1,072.7

Note: Financials presented on an actual FX basis

Pro forma organic constant currency revenue (excl. Russia) growth reconciliation

(in millions)

Year ending December 31,

Quarter ending March 31,

2024

2025

2026

Current Period Pro Forma Revenue (excl. Russia)

$3,947.3

$4,198.4

$1,072.7

Prior Period Pro Forma Revenue (excl. Russia)

3,765.4

3,947.3

965.9

Pro Forma Revenue (excl. Russia) YoY % growth / (decline)

4.8%

6.4%

11.1%

(+/-) Acquisitions impact

0.5%

(+/-) Foreign exchange impact

1.4%

(1.2%)

(6.0%)

Pro Forma OCC Revenue (excl. Russia) % growth

6.2%

5.7%

5.1%

(in millions)

Quarterly

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Current Period Pro Forma Revenue (excl. Russia)

$946.6

$979.8

$978.2

$1,042.8

$965.9

$1,040.8

$1,052.6

$1,139.1

$1,072.7

Prior Period Pro Forma Revenue (excl. Russia)

902.8

931.9

923.6

1,007.2

946.6

979.8

978.2

1,042.8

965.9

Pro Forma Revenue (excl. Russia) YoY % growth / (decline)

4.9%

5.1%

5.9%

3.5%

2.0%

6.2%

7.6%

9.2%

11.1%

(+/-) Acquisitions impact

(0.5%)

(0.1%)

0.5%

0.8%

0.5%

(+/-) Foreign exchange impact

0.6%

2.2%

1.1%

2.0%

3.2%

(1.3%)

(2.3%)

(4.0%)

(6.0%)

Pro Forma OCC Revenue (excl. Russia) % growth

5.0%

7.3%

7.1%

5.6%

5.7%

5.8%

5.7%

5.1%

Note: Financials presented on an actual FX basis.

Net income (loss) to Pro Forma Adjusted EBITDA reconciliation

Commentary

Includes 2026 Program restructuring expenses and non-cash share-based compensation expense arising from award modifications resulting from Ms. Tracey Massey's resignation from her position as COO.

Covers non-recurring technology investment costs, consultancy and advisory fees, and employee separation costs

Represents consulting fees and integration costs associated with the GfK combination as well as employee separation costs

Includes expenses for planned and completed acquisitions, due diligence, integration, legal fees, and capital market readiness, primarily related to GfK, offset by gains from remeasuring prior equity interests

Represents impairment charges for operating lease right-of-use assets, property, plant and equipment, and definite-lived intangible assets

Reflects the translation movements on foreign currency denominated term loans as well as the impact of foreign exchange hedges with the GfK combination

Primarily reflects write-off of unamortized debt discount and debt issuance costs, ne period pension (cost) benefit, settlement of tax indemnification, and factoring fees

Consists of non-cash expense in accordance with ASC 718 Compensation: Stock Compensation

ii. Primarily includes gains/losses from the sale of long-lived assets and settlement of asset retirement obligations, excluded from core performance due to variability, and included in SG&A expenses in financial statements

jj. Gives effect to the deconsolidation of Russia operations that occurred in 2024

(in millions)

Year ending December 31,

Quarter ending March 31,

2023

2024

2025

2026

Pro Forma loss from continuing operations attributable to NIQ

($612.7)

($735.2)

($353.3)

($90.1)

Interest expense, net

413.5

410.6

317.6

58.5

Income tax expense from continuing operations

63.0

113.7

135.5

25.6

Depreciation and amortization

539.3

596.7

632.5

153.7

Pro Forma EBITDA

$403.1

$385.8

$732.3

$147.7

2026 Program costs and other non-cash compensation expense

[a]

65.5

Transformation program costs

[b]

156.7

56.0

48.2

8.5

GfK integration costs

[c]

45.8

126.3

62.3

1.7

Acquisitions and transaction related costs

[d]

26.9

17.6

25.3

3.8

Impairment of long-lived assets

[e]

9.0

31.1

1.1

Foreign currency exchange loss (gain), net

[f]

5.8

34.2

(78.2)

(5.6)

Nonoperating items, net

[g]

28.8

86.4

67.8

1.2

Share-based compensation expense, net

[h]

4.3

4.7

61.1

1.9

Other operating items, net

[i]

3.0

(1.4)

(3.4)

0.1

Pro Forma Adjusted EBITDA (incl. Russia)

$683.4

$740.7

$916.5

$224.8

Less: Russia Pro Forma adjusted EBITDA

[j]

(27.0)

(12.2)

Pro Forma Adjusted EBITDA (excl. Russia)

$656.4

$728.4

$916.5

$224.8

Note: Revenue $ figures and % of total revenue reflected on actual FX; Our Pro Forma presentation reflects Pro Forma EBITDA and Pro Forma Adjusted EBITDA for the periods presented, which (i) for 2023, gives effect to the GfK Combination and the GfK Panel Divestiture as if both occurred on January 1, 2023 and (ii) for all periods presented, reflects the Russia deconsolidation as if it occurred on January 1, 2023, together with a reconciliation to its most comparable Pro Forma GAAP measure, Pro Forma loss from continuing operations attributable to NIQ, for the periods presented

Net income (loss) to Adj. EBITDA reconciliation - Quarterly

Commentary

Includes 2026 Program restructuring expenses and non-cash share-based compensation expense arising from award modifications resulting from Ms. Tracey Massey's resignation from her position as COO.

Covers non-recurring technology investment costs, consultancy and advisory fees, and employee separation costs

Represents consulting fees and integration costs associated with the GfK combination as well as employee separation costs

Represents impairment charges for operating lease right-of-use assets, property, plant and equipment, and definite-lived intangible assets

Reflects the translation movements on foreign currency denominated term loans as well as the impact of foreign exchange hedges with the GfK combination

Primarily reflects write-off of unamortized debt discount and debt issuance costs, ne period pension (cost) benefit, settlement of tax indemnification, and factoring fees

Consists of non-cash expense in accordance with ASC 718 Compensation: Stock Compensation

ii. Primarily includes gains/losses from the sale of long-lived assets and settlement of asset retirement obligations, excluded from core performance due to variability, and

included in SG&A expenses in financial statements

(in millions)

Quarter ending,

Year ending December

31,

Quarter ending,

Q1'25

Q2'25

Q3'25

Q4'25

2025

Q1'26

Net loss attributable to NIQ

($119.8)

($2.7)

($198.6)

($32.2)

($353.3)

($90.1)

Interest expense, net

83.5

95.2

78.2

60.7

317.6

58.5

Income tax expense from continuing operations

23.3

23.8

34.2

54.2

135.5

25.6

Depreciation and amortization

148.5

153.8

166.9

163.3

632.5

153.7

EBITDA

$135.5

$270.1

$80.7

$246.0

$732.3

$147.7

2026 Program costs and other non-cash compensation expense

[a]

65.5

Transformation program costs

[b]

5.6

12.5

19.3

10.8

48.2

8.5

GfK integration costs

[c]

14.7

1.9

12.4

33.3

62.3

1.7

Acquisitions and transaction related costs

[d]

5.4

2.9

8.0

9.0

25.3

3.8

Impairment of long-lived assets

[e]

0.7

0.4

1.1

Foreign currency exchange (gain) loss, net

[f]

(32.0)

(57.4)

18.9

(7.7)

(78.2)

(5.6)

Nonoperating items, net

[g]

62.6

(17.8)

33.1

(10.1)

67.8

1.2

Share-based compensation expense, net

[h]

1.3

1.5

50.5

7.8

61.1

1.9

Other operating items, net

[i]

(5.2)

0.8

0.1

(3.4)

0.1

Adj. EBITDA

$188.7

$214.9

$223.7

$289.2

$916.5

$224.8

Free Cash Flow Reconciliation

(in millions)

Three Months Ended March 31,

2026

2025

2024

Net cash used in operating activities

($63.6)

($153.6)

($150.6)

Cash paid for capital expenditures

(59.6)

(62.7)

(63.5)

Free Cash Flow

($123.2)

($216.3)

($214.1)

Cash paid for interest

58.1

82.5

106.4

Unlevered Free Cash Flow

($65.1)

($133.8)

($107.7)

(in millions)

Year ending December 31,

2025

2024

2023

Net cash provided by (used in) operating activities

$298.7

$73.9

($10.9)

Cash paid for capital expenditures

(262.9)

(298.7)

(272.6)

Free Cash Flow

$35.8

($224.8)

($283.5)

Cash paid for interest

298.7

411.4

279.2

Unlevered Free Cash Flow

$334.5

$186.6

($4.3)

Disclaimer

NIQ Global Intelligence plc published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 11:23 UTC.