• Exceeded Revenue, Adjusted EBITDA, and Adjusted EPS guidance
• Delivered 11.1% reported revenue growth, or 5.1% growth in organic constant currency ("OCC"), led by 9.3% Americas OCC growth
• Generated 5.1% Intelligence OCC revenue growth and 5.3% Activation OCC revenue growth
• Net loss attributable to NIQ improved by $29.7 million year-over-year, while Adjusted net income improved by $47.9 million, resulting in positive Adjusted net income of $43.4 million
• Grew Adjusted EBITDA 19.1% and expanded Adjusted EBITDA margin by 150 bps to 21.0%
• Reaffirmed full year 2026 financial guidance of 5.0% to 5.3% OCC revenue growth, 23.5% - 23.8% Adjusted EBITDA margin, and $235.0M to $250.0M of levered free cash flow

NIQ Global Intelligence plc (NYSE: NIQ) (the “Company”, or “NIQ”), a leading global consumer intelligence company, today announced financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Results

Revenue:

• Total revenue grew 11.1% year-over-year to $1,072.7 million. OCC revenue grew 5.1%, led by Americas and EMEA, which grew 9.3% and 4.6%, respectively.
• Intelligence revenue (as reported) grew 10.9%, or 5.1% in OCC. Activation revenue growth (as reported) reaccelerated to 12.0%, or 5.3% growth in OCC.
• Annualized Intelligence Subscription revenue grew 5.9% to $2,933.6 million with 104% Intelligence Subscription Net Dollar Retention and 99% Gross Dollar Retention.

Earnings:

• Net loss and Adjusted net income improved by $29.7 million and $47.9 million, respectively, year-over-year. Adjusted EBITDA grew 19.1% year-over-year to $224.8 million. Adjusted EBITDA margin expanded by 150 basis points year-over-year to 21.0%.
• Net cash used in operating activities was $63.6 million, a $90.0 million improvement versus Q1 2025, driven by year-over-year improvements in Adjusted. EBITDA, net working capital, and interest expense, offset by increased year-over-year restructuring expense.
• Unlevered free cash flow and Levered free cash flow improved by $68.7 million and $93.1 million, respectively, versus Q1 2025 driven primarily by year-over-year increases in revenue flowing through to adjusted EBITDA, net working capital improvement, and lower interest expense as a result of both our 2025 IPO proceeds being used to pay down debt and a spread step-down in Q4 2025, offset by the impact of increased year-over-year restructuring costs.

“Q1 was a solid start to 2026, with growth, margin expansion and free cash flow improvement — all while we continued to accelerate our AI investments,” said Jim Peck, Executive Chairman and Chief Executive Officer. “We believe NIQ is well positioned to win in AI because our advantage goes beyond scaled, permissioned data to the context layer we build on top of it — the semantic framework, product intelligence and vertical expertise that make our data decision-grade and increasingly essential to how commerce operates. As AI agents begin to influence discovery and transactions, NIQ is extending its role from measurement and analytics toward Commerce Intelligence — helping clients win on the agentic shelf, deepen workflow embedment and unlock new monetization opportunities over time.”

“Q1 was another solid quarter of delivering on our commitments,” added Mike Burwell, Chief Financial Officer. “We delivered our ninth straight quarter of Annualized Intelligence Subscription growth above 5.5%, maintained strong net dollar retention of 104% and gross retention of 99%, and saw meaningful Activation reacceleration from client wins as well as project timing catching up following the delayed timing in the second half of 2025. Our OCC revenue growth accelerated in April versus Q1, and our Q2 and reaffirmed full year 2026 guidance balances this performance and what we see as healthy underlying demand trends, against a dynamic market backdrop and a prudent guidance approach. For the balance of 2026, we expect to drive our revenue growth algorithm, expand margins and free cash flow, and reduce leverage, while we build out AI-powered profitable growth opportunities for the years to come.”

Summary First Quarter 2026 & Recent Business Highlights

Key client developments, including:

• Landed 17 seven-figure wins, including renewals, upsells, and competitive win-backs with clients citing NIQ's superior data, integrated capabilities, and trusted partnership
• Accelerated eCommerce revenue growth to 33% and grew to 209 Full View Measurement clients
• Deepened Retailer relationships: Scaled manufacturer participation in our Wakefern Retailer Analytics collaboration, contributing to Activation growth reacceleration and launched Activate Lite for small and medium-sized retailers
• BASES AI Screener has enabled Reckitt to accelerate innovation, with reported 65% faster consumer research and 50% lower costs, according to Reckitt
• Reinforced Beauty category leadership:
  • Selected by Ulta Beauty as primary beauty insights panel provider; expands NIQ’s Full View™ of Beauty Channel.
  • According to NIQ's State of Beauty report, the category grew 10% in 2025, driven by strong digital acceleration as E-commerce is growing 6x faster than in-store sales.
  • Named by L’Oréal as a Best-in-Class ESG supplier

Several AI-enabled product developments, including:

• Launched NIQ Commerce Lab to build the data and measurement layer powering AI-driven commerce innovation and performance
• Beta-launches in core Intelligence platform:
  • Arthur Analyst, an agentic AI feature rolled out to all Discover clients spanning key client persona use-cases across Account Performance, Pricing, Distribution, and Shopper Analysis
  • Arthur Chat capabilities in Discover to U.S. small and medium-sized business clients, and continued testing usage-based monetization models to unlock incremental revenue growth
• Activation launches, including:
  • Launched Precision Solutions, which combines AI-enabled analytics with NIQ’s data assets to help brands and retailers drive targeted, measurable growth
  • Expanded Marketing Mix offering into three new verticals: Automotive, Telecom, and Retail
  • Beta-launched Marketing Effectiveness Platform, which we believe to be the consumer intelligence market's first GenAI-native marketing effectiveness solution.
  • Expanded audience capabilities through partnerships with Stirista (privacy-safe U.S. audiences) and Adsquare (geo-purchase audiences for buyers across the U.S. and Europe)
• Reinforced market and consumer intelligence industry thought leadership through: "The New Growth Frontier" a report published in partnership with Kearney outlining the agentic commerce's increasing impact on the global consumer shopping landscape
• Added approximately 4.0 trillion data records per week in our AI-powered Connect data engine

AI-enabled cost efficiency, including:

• Ongoing integration of advanced technology — including AI — has enabled the Company to expand its 2026 Restructuring Program. The company now expects to generate additional annualized cost savings of approximately $70 million to $80 million (refer to "2026 Restructuring Program" discussion below); for example, we:
  • Scaled automation and operating expense and capital expenditure savings across customer support and engineering
  • Developed and integrated New Item Path, a next-generation AI-powered coding system developed by Global Operations to augment 3P data coverage across the Beauty category
  • Launched SMB AI Agent across hundreds of SMB associates to automate seller administration

Financial Summary & Operating Metrics

First Quarter 2026 Segment Results

First Quarter Revenue Discussion

Revenue increased 11.1% on an as-reported basis, while OCC revenue grew 5.1%. Our Q1 OCC growth was driven primarily by value-based pricing as well as strong upselling and cross-selling of new capabilities and solutions, and, to a lesser extent, penetration in adjacent and high-growth markets.

Americas: Total Americas segment revenue (as reported) increased by $51.6 million, or 13.6%. Intelligence revenue (as reported), grew 11.7% driven by strong retention, value-based pricing and cross-sell and up-sell of new capabilities and solutions. Activation revenue grew 21.5% on an as-reported basis, driven by client wins and project timing, including fulfilling projects that were delayed at the end of 2025. Inorganic items contributed an additional 0.4% to reported growth, while foreign exchange contributed 3.9%. OCC growth was 9.3%.

EMEA: Total EMEA segment revenue (as reported) increased by $56.8 million, or 13.2%. Intelligence revenue (as reported), grew 13.8% driven by strong retention, value-based pricing and cross-sell and up-sell of new capabilities and solutions. Activation revenue grew 9.2% on an as-reported basis, driven by higher project demand and volume increases. Foreign exchange contributed 8.9% to reported growth. OCC growth was 4.6%.

APAC: Total APAC segment revenue (as reported) decreased by $1.6 million, or 1.0%, driven by a 0.9% decrease in Intelligence revenue (as reported), and a 1.3% decrease in Activation (as reported). Foreign exchange contributed 2.6% to reported growth. OCC growth was (3.6)%.

Liquidity, Capital Resources & Recent Financings

At March 31, 2026 the Company had cash and cash equivalents of $362.3 million and $747.5 million of available capacity under its Revolver, for a total of $1,109.8 million of available liquidity.

For the three months ended March 31, 2026, cash used in operating activities was $63.6 million, compared to $153.6 million in 2025, a $90.0 million improvement, primarily driven by year-over-year improvements in Adjusted EBITDA, net working capital, and interest expense, offset by increased year-over-year restructuring expense.

For the three months ended March 31, 2026, cash used in investing activities was $59.2 million, compared with $3.7 million in 2025. For the three months ended March 31, 2026, cash paid for capital expenditures was $59.6 million, compared with $62.7 million in 2025. Cash paid for capital expenditures as a percentage of revenue represented 5.6% and 6.5%, respectively, for the three months ended March 31, 2026 and 2025. For the three months ended March 31, 2026, cash used in financing activities was $31.1 million, compared with cash provided by financing activities of $170.1 million in 2025.

Free cash flow for the three months ended March 31, 2026 increased by $93.1 million versus Q1 2025 driven primarily by year-over-year increases in revenue flowing through to adjusted EBITDA, net working capital improvement, and lower interest expense as a result of 2025 IPO proceeds being used to pay down debt and a spread step-down beginning in Q3 2025, offset by the impact of increased year-over-year restructuring costs.

The average unhedged and hedged interest rates at the end of the first quarter of 2026 were 4.8% and 5.5%, respectively, which resulted in a total weighted average rate of 5.0%. The convergence of the all-in rates is due to the lower spreads post refinancing and the declining interest rate environment. Our interest rate hedging program is intended not only to provide protection against dramatic interest rate increases but also to allow us to participate meaningfully in an improving interest rate environment with greater predictability of cash flows.

Reorganization Pursuant to IPO

On July 22, 2025, in connection with the IPO, NIQ became the direct parent of various entities that were created by Advent International to acquire the business of NIQ from Nielsen Holdings, including AI PAVE Dutchco I B.V. (“AI PAVE”) and the indirect parent of other intermediate holding companies, including AI PAVE Dutchco II B.V., AI PAVE Dutchco III B.V. (collectively, with AI PAVE, the “AI PAVE Entities”), and Intermediate Dutch Holdings B.V., a private company with limited liability organized under the laws of the Netherlands (“Dutch Holdings”) (the “Reorganization”). All holders of equity interests in AI PAVE became shareholders of NIQ.

The “Company,” “NIQ,” “we,” “us” and “our” means, prior to the Reorganization, Dutch Holdings and its consolidated subsidiaries and, after the Reorganization, NIQ Global Intelligence plc and its consolidated subsidiaries. Prior to the effects of the Reorganization and IPO, the unaudited consolidated financial statements present the historical financial information of Dutch Holdings. Subsequent to the Reorganization and IPO, the financial statements were recast to reflect the consolidated financial statements of NIQ Global Intelligence plc and its consolidated subsidiaries, including Dutch Holdings and the AI PAVE Entities, as a transaction between entities under common control. The recast presentation is effective for the financial statements as of and for the earliest periods presented. All subsequent reporting periods, including the accompanying consolidated financial statements herein, will similarly reflect the recast presentation.

2026 Restructuring Program

In February 2026, the Company approved an incremental cost realignment program (the “2026 Program”) intended to further streamline the organization and drive operational efficiency. The 2026 Program is designed to generate additional annualized cost savings of approximately $70 million to $80 million by the end of fiscal year 2026.

The 2026 Program supports the Company’s ongoing efforts to enhance margin performance through continued optimization of its workforce, enhancements to its sales organization and other support functions and simplification of overall business processes. Investments in automation and artificial intelligence (“AI”) are anticipated to accelerate the Company’s optimization efforts as it begins its journey to operationalize these digital tools throughout the organization. Collectively, these actions are expected to improve efficiency, customer satisfaction, product innovation and productivity. The 2026 Program is intended to further reduce costs primarily within selling, general and administrative expenses.

The Company expects to incur total pre-tax restructuring charges of approximately $65 million to $75 million, the substantial majority of which would result in cash expenditures. The Company expects that execution of the 2026 Program will occur primarily in the first half of 2026, subject to local laws and consultation requirements.

Second Quarter and Full Year 2026 Outlook

Our outlook is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company. The extent to which external factors affect our business and results of operations are inherently uncertain and depends on numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

• Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
• Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.
• For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to the "Non-GAAP Financial Measures" section of this Earnings Release.

Earnings Webcast Information

In conjunction with this release, NIQ will host a conference call and webcast today at 8:30 a.m. Eastern Time to discuss business results for the quarter and certain forward-looking information. The live webcast and a replay of the webcast will be available at the Investor Relations section of NIQ’s website: investors.nielseniq.com.

About NIQ (NYSE: NIQ)

NIQ is a leading consumer intelligence company, delivering comprehensive understanding of consumer buying behavior and helping clients identify new pathways to growth. Our global reach spans 90 countries covering approximately 82% of the world’s population, more than half of global gross domestic product, and more than $7.4 trillion in global consumer spend as of December 31, 2025. With a holistic retail read and the comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NIQ delivers the Full View™. For more information, please visit www.niq.com.

Availability of Information on NIQ’s Website

Investors and others should note that NIQ routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the NIQ Investor Relations website. While not all of the information that the Company posts to the NIQ Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in NIQ to review the information that it shares on investors.nielseniq.com.

Forward-Looking Statements

This press release contains “forward-looking statements.” These forward-looking statements generally can be identified by references to future periods or the use of words such as "intend," "designed," “anticipate,” “expect,” “plan,” “could,” “may,” “will,” "would," “believe,” “estimate,” “forecast,” “goal,” "outlook," "guidance," "position," "envision," "predict," "target," "potential," "should," "continue," "contemplate," “project,” and other words of similar meaning. These forward-looking statements address various matters including financial guidance and projected estimates including expectations regarding revenue, leverage, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, and free cash flow; statements about the Company’s financial position, operating results, liquidity and capital allocation priorities, including growth-focused capital expenditures, investments in AI capabilities, potential tuck-in acquisitions, share repurchases or other return of capital, and the future availability and use of our Revolver and other financing arrangements; statements regarding the 2026 Restructuring Program and the Transformation Program, including expected annualized cost savings, anticipated pre-tax restructuring charges, timing and execution of realization, expected improvements in efficiency, customer satisfaction, product innovation, and productivity; and statements regarding expected annualized cost savings and timing of realization, anticipated one-time charges and cash expenditures, the Company’s ability to achieve margin expansion, improve operating efficiency, and generate future cash flow, the impact of technology-enabled initiatives including automation and AI on long-term competitiveness, including expectations that AI will strengthen the Company's competitive position, widen its competitive moat, accelerate innovation, and structurally lower its cost base; the development, launch, capabilities, adoption, monetization, and expected client benefits of new products and solutions; the contribution of new or expanded partnerships to future results; the Company's interest rate hedging strategy and its expected impact on cash flow predictability, and the Company’s strategic priorities and future financial performance. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the workforce reduction may take longer or result in more significant charges or cash expenditures than anticipated or otherwise negatively impact the Company and its business plans during and after the period during which the workforce reduction is being executed; that we derive a significant portion of our revenues from sales of our subscription-based products; if we are unable to attract and retain members of our management team, we may not be able to compete effectively and will not be able to expand our business; that design defects, errors, failures or delays associated with our products or services could negatively impact our business; that we rely on third parties to provide certain data, services and information technology and operations functions in connection with the provision of our current products and services; that we have identified material weaknesses in our internal control over financial reporting; uncertainty in the U.S. political and regulatory environment; if we are unsuccessful at investing in growth opportunities, our business could be materially and adversely affected; that the market for consumer measurement and business solutions products and services is highly competitive; if we cannot compete effectively, our revenues could decline and our business could be harmed, if we are not able to maintain a proprietary panel of a sufficient size and scope, or if the costs of establishing and maintaining our panel increase, our business could be harmed; that we have incorporated and are incorporating traditional AI, machine learning and generative AI into some of our products and that technology is new and developing and may present operational and reputational risks or result in liability or harm to our reputation, business or results of operations; that our international operations are exposed to risks which could impede growth in the future; that we are dependent on our relationship with our former parent company for certain aspects of our business; that our significant indebtedness could adversely affect our financial condition; that the terms of our indebtedness restrict our current and future operations, particularly our ability to respond to change or to take certain actions; and the risks identified under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and filed with the Securities and Exchange Commission, as well as the other information we file with the SEC. We caution investors not to place undue reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Select Defined Terms

Subscription Revenue: Defined as Annualized Revenue from subscription services associated with annual and multi-year contracts, and renewal licensing services within our Intelligence solutions; it excludes contracts and products, that are short-term in nature, which we define to mean less than 12 months in duration.

Annualized Revenue: Defined as average annualized monthly contract value revenue over the trailing twelve months. Newly acquired client revenue is calculated by (i) annualizing the first month with positive contract value, then (ii) annualizing the monthly average contract value between the second month and eleventh month with positive contract value, and then (iii) annualizing the average contract value across the trailing twelve months. Annualized Revenue is not a forecast and the active contracts at the end of a reporting period used in calculating Annualized Revenue may or may not be extended or renewed by our clients.

Net Dollar Retention (NDR): Represents the amount of annualized revenue that we generate from our existing clients.

Gross Dollar Retention (GDR): Represents the amount of prior period annualized revenue we have retained from existing clients in the current period. The calculation reflects only client losses and does not reflect client expansion or contraction.

Non-GAAP Financial Measures

We present Organic Constant Currency ("OCC" or “Organic CC”) Revenue and Revenue Growth, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, segment Adjusted EBITDA, Constant Currency Adjusted EBITDA Growth, Free Cash Flow, Unlevered Free Cash Flow, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per Share, Adjusted EPS and Net Leverage Ratio in the tables below as supplemental measures of our operating performance and liquidity. We consider them to be important supplemental measures of our performance and liquidity and believe they are useful to securities analysts, investors, and other interested parties in their evaluation of our operating performance and liquidity. These measures reflect the results from the primary operations of our business by excluding the effects of certain items that we do not consider indicative of our core operations and ongoing operating performance.

Our financial statements are prepared and presented in accordance with GAAP. These non-GAAP financial measures are not presentations made in accordance with GAAP and should not be considered as an alternative to net income or loss, income or loss from operations, or any other performance measure prepared and presented in accordance with GAAP, or as an alternative to cash provided by operating activities as a measure of our liquidity. Consequently, our non-GAAP financial measures should be considered together with our unaudited consolidated financial statements, which are prepared in accordance with U.S. GAAP.

This release 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.

Management has defined the following items to exclude in calculating certain non-GAAP financial measures presented in the tables below:

• Restructuring and other non-cash compensation expense - Consists of (i) costs related to the 2026 Program for employee separation costs as well as additional costs to streamline the organization through accelerated technology investment incurred to improve efficiency, customer satisfaction, product innovation and productivity and (ii) non-cash compensation expense arising from award modifications resulting from Ms. Tracey Massey's resignation from her position as Chief Operating Officer. We exclude these costs as expenses may not be comparable during the restructuring initiative and for executive resignation expenses. 2026 Program costs are primarily included in selling, general and administrative expenses and non-cash compensation expense arising from executive resignation award modifications are included in restructuring cost in accordance with Company policy.
• Transformation costs - Consists of costs related to consultancy and advisory fees incurred to evaluate and improve organization efficiencies and operations. We exclude these costs as expenses may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are primarily included in selling, general and administrative expenses.
• Merger and acquisition related costs - Represents non-recurring acquisition-related costs. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These costs are primarily included in selling, general and administrative expenses.
• One-time compensation costs - Reflects acquisition-related retention bonus costs from acquisitions completed in 2021 and 2022. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These costs are primarily included in selling, general and administrative expenses.
• Other one-time costs - Represents real estate costs due to office closures, software license redundancy expenses and other one-time costs. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These costs are primarily included in selling, general and administrative expenses.

Organic Constant Currency Revenue and Organic Constant Currency Revenue Growth

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.

The following tables present Organic Constant Currency Revenue Growth for the three months ended March 31, 2026 and 2025. We present Organic Constant Currency Revenue and Organic Constant Currency Revenue Growth as supplemental measures of our operating performance because they eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance. Organic Constant Currency Revenue and Organic Constant Currency should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

EBITDA is defined as net loss attributable to NIQ excluding interest expense, net, income tax expense from continuing operations and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for restructuring and other non-cash compensation expense, Transformation Program costs, GfK integration costs, acquisition and transaction related costs, impairment of long-lived assets, foreign currency exchange gain, net, nonoperating items, net, share-based compensation expense, and other operating items, net. Specifically, Adjusted EBITDA allows for an assessment of our operating performance without the effect of charges that do not relate to the core operations of our business. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Revenue. The following table shows EBITDA, and Adjusted EBITDA for the periods presented, and the reconciliation to their most comparable GAAP measure, Net Loss Attributable to NIQ, and Net Loss attributable to NIQ divided by Revenue, for the periods presented:

The following table reconciles Adjusted EBITDA by segment to loss before income taxes, for the periods presented:

Free Cash Flow and Unlevered Free Cash Flow

Free Cash Flow is defined as net cash used in operating activities less cash paid for capital expenditures. Unlevered Free Cash Flow is defined as Free Cash Flow less cash paid for interest. Management believes Free Cash Flow and Unlevered Free Cash Flow, in conjunction with Cash from Operations, can be useful to investors as an indicator of liquidity since capital expenditures are a necessary component of ongoing operations. Management believes that capital expenditures are essential to our innovation and maintenance of our operational capabilities. The following tables show Free Cash Flow and Unlevered Free Cash Flow for the periods presented, and the reconciliation to its most comparable U.S. GAAP measure, net cash used in operating activities, for the periods presented.

Free Cash Flow increased by $93.1 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025 due to improved profitability as evidenced by a higher Adjusted EBITDA and lower cash paid for interest from IPO debt repayments and post-IPO debt refinancing. See the “Condensed Consolidated Statements of Cash Flows” in the unaudited consolidated financial statements for additional information.

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share

Adjusted Net Income (Loss) is defined as Net Loss Attributable to NIQ excluding special items deemed not to be reflective of ongoing or core operations. Adjusted Net Income (Loss) per Share is defined as Adjusted Net Income (Loss) divided by the Weighted Average Shares Outstanding.

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share are used by management and can be useful to investors as an indicator of our core business performance. Management uses these metrics to analyze business operations and to adjust net loss for items we believe do not accurately reflect our core business or that relate to non-cash expenses or noncontrolling interests.

The following tables show Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share, for the periods presented, and the reconciliation to their most comparable GAAP measure, Net loss attributable to NIQ and Earnings Per Share, respectively, for the periods presented:

Source: NIQ Global Intelligence plc

NIQ-IR

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