Taboola.com (TBLA) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Business overview and evolution

• Operates as a leading performance advertising platform for the open web, leveraging unique intent data from 600 million monthly users to deliver targeted outcomes for advertisers and monetization for publishers.

• Transitioned in 2025 from a native advertising focus to a broader performance advertising platform with the launch of Realize, enabling support for multiple ad formats and placements.

• Realize aims to unlock access to a much larger market, expanding from a $4–5 billion native segment to a $40–50 billion open web opportunity.

2025 performance and strategic initiatives

• Achieved nearly $2 billion in revenue, $714 million ex-TAC, $214 million EBITDA, and a 30% EBITDA margin in 2025.

• Generated over $160 million in cash flow and repurchased about 18% of outstanding shares.

• Focused sales efforts on Ideal Customer Profiles in high-performing verticals such as e-commerce, finance, travel, direct-to-consumer, auto, and health.

2026 outlook and growth drivers

• Guiding to 7% year-over-year ex-TAC growth and maintaining 30% EBITDA margins for 2026, with a goal to return to double-digit growth.

• Key growth metric is the number of scaled advertisers (spending over $100,000 annually), which represents 85–86% of revenue.

• Strategic focus areas include verticalized sales teams, rebranding to emphasize full-spectrum performance advertising, and continuous AI-driven platform enhancements.