Marketing and Data Services Sector Outlook — September 2026

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INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › MARKETING AND DATA SERVICES

Marketing and Data Services: Price Is Business-Specific

This report shows where valuations sit and which operating characteristics distinguish the ends of the market.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › MARKETING AND DATA SERVICES

   The cover slide introduces the Marketing and Data Services sector outlook dated September 2026.

   We're opening our review of Marketing and Data Services, sized and dated as of September 2026, built on EV/EBITDA (CY2027E) as the primary valuation basis. This sets up why the sector splits into distinct business models rather than one valuation story.

   Everything on this page

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › MARKETING AND DATA SERVICES Marketing and Data Services: Price Is Business-Specific This report shows where valuations sit and which operating characteristics distinguish the ends of the market. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus appendix, starting with the bottom line.

   We've structured this report so the bottom line comes first — if you only read section one, you leave with the full story. From there we walk through the landscape, valuation and situations, precedent transactions, and strategic implications. This order lets us front-load the conclusion and back it with evidence, so your team can go as deep as time allows.

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   CONTENTS What This Report Covers 01 The Bottom Line One Sector Label Covers Very Different Economics 02 The Landscape Business Model Matters Before Valuation Begins 03 Valuation & Situations The Premium Sits with Individual Business Stories 04 Precedent Transactions Precedent Transactions Show a Wide Range of Buyer Outcomes 05 Strategic Implications Durable Revenue and Scalable Delivery Strengthen the Value Story 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Marketing and Data Services Splits Across Adjacent Models, Agencies, Marketplaces and Data Pipes

   This slide summarizes the core finding: valuation splits across adjacent business models — agencies, marketplaces and data pipes.

   This is the whole argument on one page: Marketing and Data Services isn't one valuation screen, it's four different business models priced differently. Faster-growing names sit at a materially higher median multiple than slower-growing peers, and the premium and discount ends of the public set are worlds apart. Precedent deal multiples confirm the same pattern — buyers pay up for data rights, renewal quality and strategic fit, not for sector membership. So the practical takeaway is to assess any name in this space on its own operating model, not the sector label.

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   01 · THE BOTTOM LINE Marketing and Data Services Splits Across Adjacent Models, Agencies, Marketplaces and Data Pipes The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium Sits with Faster-Growing Names Among the five faster-growing names with an estimate, the middle of the range is 15.5x, alongside 5.1x for the four slower-growing names with an estimate. The split is observed on a forward earnings basis that already credits forecast growth. 2 The Two Ends Reflect Different Business Stories The premium end sits at 43.1x, while the discount end sits at 3.8x. That spread calls for a company-specific account of revenue quality, delivery economics and durability. 3 Growth Without the Margin Bar Can Still Command Attention On the nine names with both estimates, the growth-only group sits at 39.3x versus 4.8x for the balanced group. This pattern shows that the market is assessing more than a simple growth-and-profitability formula. 4 Buyer Outcomes Have Tracked What the Asset Adds, Deal by Deal Precedent transactions span from 0.8x to 28.8x on disclosed forward earnings measures. The record is consistent with buyers assessing data rights, renewal behaviour, client economics and strategic fit deal by deal. 5.5x Sector median EV/EBITDA CY2027E consensus · 9 rated of 13 companies 43.1x Premium end EV/EBITDA vs 3.8x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 19 Transactions with disclosed terms 39 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces section two: business model differences ahead of valuation discussion.

   Before we get into multiples, we want to reset on how differently these business models actually serve their buyers. Agencies, marketplaces, data pipes and adjacent models all carry the same sector label but very different economics.

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   SECTION 02 02 THE LANDSCAPE Business Model Matters Before Valuation Begins Agencies, marketplaces, data pipes and adjacent models serve different buyer needs. 02 of 06 Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Sector's Valuation Sits Across Four Different Business Models

   This slide groups the 13 approved companies into four business-model segments with median EV/EBITDA per group.

   We've grouped every approved company by business model, and the valuation gap between segments is the first proof point for our argument. Medians are calculated only on rated names, so what you're seeing is a clean read on where the market actually prices each model. This is the map we'll use for the rest of the analysis — so keep this segmentation in mind as we move into individual company detail.

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   02 · MARKET MAP The Sector's Valuation Sits Across Four Different Business Models 13 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 MEDIA AND CREATIVE AGENCY SERVICES 4 cos median 4.8x ADV QNST MCHX IZEA Client relationships and delivery margin matter where campaign work and pass-through media shape the earnings base. OWNED-AUDIENCE DEMAND MARKETPLACES 4 cos median 3.8x GENI ANGI TTGT MNY Owned demand can support differentiated economics, while platform exposure and conversion quality remain central. MARKETING DATA INFRASTRUCTURE AND DELIVERY PIPES 2 cos 5.5x · 1 rated YEXT ALAR Workflow integration, data provenance and usage rights shape the durability of the revenue base. ADJACENT MODELS 3 cos median 23.1x INOD SMWB SPIR These businesses bring different growth and delivery profiles that widen the sector’s valuation range.

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   02 · LANDSCAPE

   The Sector Label Masks Different Revenue and Delivery Models

   This slide explains what each business-model segment does and why the distinction matters for valuation.

   The sector label hides real differences in how these companies make money and deliver their services. We walk through what each segment does and why that shapes the multiple the market assigns it. Full company-level detail sits in the appendix if you want to trace any single name. So use this page as the reference for interpreting every multiple that follows.

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   02 · LANDSCAPE The Sector Label Masks Different Revenue and Delivery Models Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Media and creative agency services 4 31% 4.8x Advantage Solutions Inc. (ADV) · QuinStreet, Inc. (QNST) · +2 more Relationships support the model. These businesses sell execution, media and creative capability. Retained-client economics, utilisation and the bridge from billings to net revenue shape their operating profile. Owned-audience demand marketplaces 4 31% 3.8x Genius Sports Limited (GENI) · Angi Inc. (ANGI) · +2 more Owned demand changes economics. These platforms connect audiences with advertisers or service providers. Cost per qualified lead, conversion and dependence on outside traffic sources remain central to the model. Marketing data infrastructure and delivery pipes 2 15% 5.5x n=1 Yext, Inc. (YEXT) · Alarum Technologies Ltd. (ALAR) Integration supports durability. These businesses supply data or infrastructure into marketing workflows. Renewal behaviour, data provenance and usage rights matter alongside delivery efficiency. Adjacent models 3 23% 23.1x Innodata Inc. (INOD) · Similarweb Ltd. (SMWB) · +1 more Different models widen the range. This group includes managed data operations, campaign applications and outsourced execution. Its varied growth and margin profiles resist a single valuation formula.

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   03

   This divider introduces section three: individual business stories behind the valuation regimes.

   Now we move from segments to companies — because within this sector, the premium sits with individual business stories, not just group averages. The next pages show exactly where that premium comes from.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium Sits with Individual Business Stories Forward earnings valuations span distinct regimes across the peer set. 03 of 06 Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Two Ends Price Different Business Stories

   This slide ranks all nine rated companies by EV/EBITDA (CY2027E) against the sector median of 5.5x.

   Sorting the rated set from highest to lowest multiple, the sector median lands at 5.5x — but the spread around that median is the real story. Tier zones are cut at the rated set's quartiles, so you can see exactly which names sit in premium, mid and discount territory. Every multiple on this page uses the identical EV/EBITDA (CY2027E) basis, so the comparison is apples-to-apples. So the question for any name in this set isn't 'is it expensive,' it's 'why is it priced where it is.'

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   03 · PUBLIC MARKET VALUATION The Two Ends Price Different Business Stories EV / EBITDA (CY2027E) · all 9 rated companies, sorted descending · sector median 5.5x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 43.1x CORE · median 5.5x DISCOUNT · median 3.8x Sector median 5.5x WHAT SEPARATES THE TWO ENDS The top carries growth. The premium end sits at 43.1x. Both names pair forward earnings with faster expected revenue growth, although their margin profiles differ. The bottom remains mixed. The discount end sits at 3.8x. Its two names show very different growth profiles, reinforcing the company-specific nature of the ranking. Forward pricing tests durability. Because the measure already reflects forecast earnings, a premium that remains calls for confidence in the durability of the operating outlook.

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   03 · VALUATION DRIVERS

   Faster Growth Sits Alongside the Higher Forward Earnings Multiple

   This slide compares median EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort.

   We split the rated names at their own covered median for growth and separately for margin, then looked at what each cohort actually trades for. Faster-growing names carry a clearly higher median multiple than slower-growing peers on the same basis. This is an observed association in the data we have, not a claim that growth causes the multiple. So when you're assessing a name in this space, growth trajectory is the first lens worth applying.

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   03 · VALUATION DRIVERS Faster Growth Sits Alongside the Higher Forward Earnings Multiple Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 11% · EBITDA-margin split at 12% The Growth Split Separates the Valuation Outcomes Across five faster-growing names with an estimate, the middle valuation is 15.5x, compared with 5.1x across four slower-growing names with an estimate. This is an observed association rather than a universal pricing rule. Profitability Does Not Sort the Set Cleanly Higher margins appear at both ends of the valuation ranking. Buyers and investors are also assessing growth durability, revenue mix and the scalability of delivery. Revenue Quality Sharpens the Growth Story Contracted revenue, renewal behaviour and clean data usage rights can make forecast earnings easier to underwrite than campaign work or rented demand.

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    03 · SITUATION MAP

    Where a Company Sits in the Peer Set Lines up with the Operating Question It Faces Next

    This slide cuts the peer set by EV/EBITDA versus the sector median and by revenue growth versus the covered median to frame each company's operating question.

    We've placed each company against two lines — the sector's median multiple and the covered median for growth — to see where it sits relative to peers. This isn't a buy or sell call; it's a map of the operating question each company's position implies. Where a name lands on this grid tends to line up with the strategic questions we hear owners and boards actually asking. So use this page to frame the conversation before you get into any one company's numbers.

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    03 · SITUATION MAP Where a Company Sits in the Peer Set Lines up with the Operating Question It Faces Next Cut on EV / EBITDA vs the sector median (5.5x) (rows) and revenue growth vs the covered median (11%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth and Premium Above-median multiple · above-median revenue growth 3 names Innodata Inc. (INOD) · Similarweb Ltd. (SMWB) · Spire Global, Inc. (SPIR) Three names combine above-middle growth with an above-middle valuation. The task is to sustain the growth outlook while protecting delivery economics and renewal quality. Premium Without Growth Above-median multiple · below-median revenue growth 2 names Advantage Solutions Inc. (ADV) · Yext, Inc. (YEXT) Two names retain an above-middle valuation despite below-middle growth. Their agenda is to defend revenue durability and show where growth can re-enter the model. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 2 names Genius Sports Limited (GENI) · Marchex, Inc. (MCHX) Two names deliver above-middle growth while remaining below the middle of the valuation range. Their position invites scrutiny of revenue quality, concentration and the durability of earnings. Rebuild the Operating Case Below-median multiple · below-median revenue growth 2 names QuinStreet, Inc. (QNST) · Angi Inc. (ANGI) Two names sit below the middle on both measures. The operating agenda centres on revenue mix, retention, delivery efficiency and a clearer path to durable growth.

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    03 · GROWTH VS PROFITABILITY

    Growth-Only Names Carry the Higher Valuation in This Sample

    This slide plots revenue growth against EBITDA margin for the nine companies with both estimates, with median EV/EBITDA by quadrant.

    Cutting the set at the covered medians for growth and margin gives us four quadrants, and the growth-only quadrant carries the highest median multiple in this sample. That tells us the market isn't applying a simple growth-plus-margin formula to price these names. This is a small sample, so we treat it as a directional read rather than a rule. So the practical implication is that growth alone can carry real weight in how the market prices a name here.

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    03 · GROWTH VS PROFITABILITY Growth-Only Names Carry the Higher Valuation in This Sample Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 9 companies with both estimates · cuts at the covered medians (11% growth, 12% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=2; growth-only n=2; neither n=2). Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 10% 20% 30% 10% 20% 30% MARGIN ONLY median 4.8x BALANCED median 4.8x NEITHER median 5.3x GROWTH ONLY median 39.3x ANGI YEXT ADV QNST SMWB SPIR GENI INOD MCHX x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS On the nine names with both estimates, three clear both the growth and margin bars. The two growth-only names sit at 39.3x, while the three balanced names sit at 4.8x. Two names clear only the margin bar, and two clear neither. The pattern suggests that business-specific expectations remain important within every group. The balanced median rests on 3 names and is lifted by INOD at 23.1x. The growth-only median rests on 2 names and is lifted by SPIR at 63.0x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 3 of 9 names clear it (INOD, MCHX, GENI).

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    03 · THE AGENDA

    Some Operating Models Sustain Better Economics than Others

    This slide poses the operating questions an owner or acquirer should resolve based on the model differences shown so far.

    Given what we've seen — that model, growth and margin all interact differently than a simple formula would predict — we frame this page as the agenda for a serious owner or acquirer conversation. These are observations grounded in the cohort data, not recommendations to act. So treat this as the starting checklist for the strategic discussion in section five.

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    03 · THE AGENDA Some Operating Models Sustain Better Economics than Others NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 How Far Can Renewals Expand? Test where campaign and project work can move toward contracted revenue without weakening client outcomes or pricing. What changes the answer: The answer changes when renewal behaviour becomes more dependable than re-booking. Which Data Rights Are Durable? Assess where owned or permissioned data can replace licensed inputs and reduce exposure to renegotiation or platform policy. What changes the answer: The answer changes when data provenance and usage rights support dependable reuse. Where Can Delivery Decouple? Identify work that can be automated without weakening attribution, service quality or client retention. What changes the answer: The answer changes when revenue can grow without equivalent additions to delivery headcount. Which Demand Source Deserves Capital? Compare owned demand, rented traffic and partner channels on conversion quality, concentration and resilience. What changes the answer: The answer changes when an owned source produces more dependable client economics.

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    04

    This divider introduces section four: what precedent transactions show about buyer behavior.

    Public multiples tell part of the story; precedent transactions tell the rest. Next we look at how buyers have actually valued data rights, recurring revenue and strategic fit in deals that closed.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Show a Wide Range of Buyer Outcomes Data rights, recurring revenue and strategic fit shape how buyers assess targets. 04 of 06 Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Favour Assets with a Clear Strategic Role

    This slide presents three case studies from disclosed precedent transactions, with multiples on LTM financials at announcement.

    We've selected three transactions with disclosed terms to illustrate, in detail, why each deal happened. Deal multiples here are measured on LTM at announcement, so they're not directly comparable to the CY2027E public basis we use elsewhere — we're not claiming a spread between the two. What comes through is that buyers pay attention to data rights, renewal behavior and strategic fit case by case. So these case studies are a guide to the questions a buyer will ask, not a valuation bridge to the public comps.

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    04 · DEAL CASE STUDIES Precedent Transactions Favour Assets with a Clear Strategic Role 3 of 19 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 60 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 20 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Feb-2019 $6.5B CC Capital Partners, LLC / Cannae Holdings, Inc. / Thomas H. Lee Partners, L.P. A sponsor group backed The Dun & Bradstreet Corporation at meaningful scale. EV / LTM revenue 3.6x EV / LTM EBITDA 13.3x WHY THE DEAL HAPPENED The buyer group suggests a sponsor-backed platform thesis around an established data franchise. The transaction is consistent with interest in recurring information services and opportunities for further investment. HOW THE TARGET WAS VALUED The disclosed value was $6.5B, equal to 3.6x revenue and 13.3x earnings. Those measures provide both a scale benchmark and a profit benchmark. Aug-2026 $56M Star Equity Holdings, Inc. Star Equity Holdings, Inc. moved to add Harte Hanks, Inc. EV / LTM revenue 0.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests an interest in adding an established marketing-services operation. Harte Hanks, Inc.’s client relationships and delivery platform provide a plausible strategic fit. HOW THE TARGET WAS VALUED The disclosed value was $56M and the recorded revenue multiple was 0.3x. The filing notes that the value unit remains unresolved. May-2023 $870001B Thryv Holdings, Inc. Thryv Holdings, Inc. expanded through Yellow Holdings Limited. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a broader commercial-services footprint and a larger customer base. The fit appears centred on combining established market presence and service reach. HOW THE TARGET WAS VALUED The filing records a disclosed value of $870001B, with the value unit unresolved. No additional valuation benchmark is used here.

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    SECTION 05

    05

    This divider introduces section five: strategic implications for owners on renewal quality, data rights and delivery.

    With the evidence from public and private markets both pointing to durable revenue and scalable delivery as the differentiators, we turn to what that means for owners. The agenda here is renewal quality, data rights and operating leverage.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Revenue and Scalable Delivery Strengthen the Value Story Owners can focus the agenda on renewal quality, data rights and operating leverage. 05 of 06 Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Higher Multiples Sit with Economics a Buyer Can Underwrite

    This slide sets out the questions this data raises for owners, management teams and boards over the next twelve months.

    The pattern across this report is consistent: higher multiples sit with economics a buyer can underwrite — durable revenue, defensible data rights, and delivery that scales without matching headcount. These are our views drawn from the analysis, framed as observations rather than recommendations. So the next twelve months are about testing where your own business sits against these characteristics before anyone else does it for you.

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    05 · STRATEGIC IMPLICATIONS The Higher Multiples Sit with Economics a Buyer Can Underwrite NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Build Around Durable Revenue Prioritise renewal quality, diversified clients and delivery models that can scale without matching headcount growth. FOR MANAGEMENT TEAMS Focus Capital on Differentiation Direct investment toward owned demand, workflow integration and data assets with clean, transferable usage rights. FOR BOARDS Test the Business Model Challenge where earnings depend on pass-through media, rented audiences, concentrated clients or renewable data licences.

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    06

    This divider introduces the appendix: full comparables universe, methodology and sources.

    Everything we've shown so far is backed by full detail in the appendix — every comparable, every precedent transaction, and the methodology behind each figure. This is where you or your team can trace any number in this report back to its source.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This slide lists all rated public comparables on EV/EBITDA (CY2027E), grouped by valuation tier, with unrated names noted separately.

    This table carries all nine rated companies, shaded above and below the 5.5x sector median, alongside the four names without an eligible multiple. Tickers link back to the underlying source, so any figure here is traceable. The companion workbook carries the complete field set if you want more than what fits on this page. So this is your reference table for every multiple used earlier in this report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (5.5x); amber marks below · 9 rated companies; 4 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 9 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥15.5x · median 43.1x · 2 companies Spire Global, Inc. SPIR Outsourced sales and marketing execution $431M 63.0x 25% 7% 32 Innodata Inc. INOD Managed marketing data operations and delivery $2.1B 23.1x 28% 20% 47 CORE — 4.8x–15.5x · median 5.5x · 5 companies Similarweb Ltd. SMWB Marketing campaign and audience applications $628M 15.5x 11% 12% 23 Advantage Solutions Inc. ADV Media and creative agency services $1.8B 5.9x 1% 9% 10 Yext, Inc. YEXT Marketing data infrastructure and delivery pipes $777M 5.5x 1% 32% 33 Marchex, Inc. MCHX Media and creative agency services $50M 4.8x 30% 15% 45 QuinStreet, Inc. QNST Media and creative agency services $790M 4.8x 7% 11% 18 DISCOUNT — <4.8x · median 3.8x · 2 companies Angi Inc. ANGI Owned-audience demand marketplaces $452M 4.1x -1% 12% 11 Genius Sports Limited GENI Owned-audience demand marketplaces $1.5B 3.6x 28% 32% 59

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists precedent transactions with disclosed terms, sorted newest first, with multiples on LTM financials at announcement.

    These are the disclosed-terms transactions behind the case studies in section four, sorted newest first so you can see how recent activity compares with older deals. Deal values link to the underlying filing, and multiples are shown on the same LTM-at-announcement basis throughout. The remaining transactions sit in the companion workbook. So this list is the primary reference for anyone doing deal-by-deal diligence on buyer behavior in this space.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (39 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 60 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 20 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 19 transactions shown; the rest are in the companion workbook. Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 Star Equity Holdings, Inc. → Harte Hanks, Inc. $56M 0.3x n/a Star Equity Holdings, Inc.’s pending transaction for Harte Hanks, Inc. suggests continued interest in established marketing-services operations. May-2023 Thryv Holdings, Inc. → Yellow Holdings Limited $870001B n/a n/a Thryv Holdings, Inc.’s completed transaction for Yellow Holdings Limited suggests a combination centred on a broader commercial and marketing-services footprint. Dec-2022 BC Partners LLP → Madison Logic, Inc. n/a 0.7x 8.8x BC Partners LLP’s announced transaction for Madison Logic, Inc. was recorded at 0.7x revenue and 8.8x earnings, indicating distinct benchmarks for scale and profit. Jan-2022 Delinian Limited → Boardroom Insiders, Inc. n/a n/a 0.8x Delinian Limited’s announced transaction for Boardroom Insiders, Inc. was recorded at 0.8x earnings, showing a tightly priced outcome for a specialist information asset. Jun-2021 Black Knight, Inc. → International Data Group, Inc. n/a n/a 28.8x Black Knight, Inc.’s announced transaction for International Data Group, Inc. was recorded at 28.8x earnings, at the upper end of the disclosed transaction record. Mar-2021 ION Group → Cerved Group S.p.A. n/a n/a 8.8x ION Group’s announced transaction for Cerved Group S.p.A. was recorded at 8.8x earnings, consistent with strategic interest in established data operations. Apr-2019 Publicis Groupe S.A. → Epsilon business (unit of Epsilon Data Management, LLC) n/a 2.3x 8.2x Publicis Groupe S.A.’s announced transaction for Epsilon business (unit of Epsilon Data Management, LLC) was recorded at 2.3x revenue and 8.2x earnings. Feb-2019 CC Capital Partners, LLC / Cannae Holdings, Inc. / Thomas H. Lee Partners, L.P. → The Dun & Bradstreet Corporation $6.5B 3.6x 13.3x The completed transaction for The Dun & Bradstreet Corporation shows sponsor interest in a large information and data franchise. Sep-2018 The Interpublic Group of Companies, Inc. → Acxiom Corporation n/a n/a 13.9x The Interpublic Group of Companies, Inc.’s announced transaction for Acxiom Corporation was recorded at 13.9x earnings, suggesting value in adding data capability to agency services.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide continues the list of precedent transactions with disclosed terms, sorted newest first.

    This continues the same disclosed-terms list from the prior page, still sorted newest first and still on the same LTM-at-announcement basis. Together, these two pages carry the transactions we could verify with disclosed terms. So use both pages together as the full record behind our precedent-transaction commentary.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (39 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 60 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 20 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 19 transactions shown; the rest are in the companion workbook. Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2018 Informa PLC → UBM plc n/a n/a 14.9x Value shown as recorded in the filing; deal value unit unresolved. Nov-2017 Marlin Equity Partners → Bazaarvoice, Inc. n/a 2.2x 19.3x Apr-2017 Vector Capital Management LP → Experian plc’s Cross-Channel Marketing n/a 0.7x 8.8x Feb-2016 Web.com Group, Inc. → Yodle, Inc. n/a 2.0x n/a Sep-2014 Alliance Data Systems Corporation → Conversant, Inc. n/a n/a 10.4x Dec-2013 MacAndrews & Forbes Holdings Inc. → Valassis Communications, Inc. n/a n/a 7.2x Dec-2013 Harland Clarke → Valassis Communications n/a n/a 6.7x Value shown as recorded in the filing; deal value unit unresolved. Jun-2013 IHS Inc. → R.L. Polk & Co. n/a n/a 14.0x Apr-2011 Epsilon Data Management, LLC → Aspen Marketing Services LLC n/a 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the report's sources, valuation assumptions and data-quality treatment.

    Every figure in this report links back to the record it came from, and where a link isn't available, the appendix names the source and the basis on which we read it. This is where we disclose what was excluded and why, so nothing in the earlier pages should feel like a black box. So if a client questions any number in this deck, this page — and the companion workbook — is where the answer lives.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Marketing and Data Services and it clears the coverage gate with 11 of 13 companies (85%). EV / Revenue, P / E are carried as a cross-check. The set earns: 11 of the 11 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 28 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 572 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (571) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Across This Set, Higher Valuations Sit Alongside Growth and Differentiated Economics.

    This closing slide restates the report's conclusion: higher valuations sit alongside growth and differentiated economics.

    Across this set, we've seen higher valuations sit consistently alongside growth and differentiated economics, not simply sector membership. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace further. So the next step is applying this lens to your own business model conversation.

    Everything on this page

    Across This Set, Higher Valuations Sit Alongside Growth and Differentiated Economics. NeuraCap AI — Marketing and Data Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Marketing and Data Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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