Nexxen (NASDAQ: NEXN) posts 2025 profit drop but strong cash flow

Rhea-AI Filing Summary

Nexxen International Ltd. reported full year 2025 revenue of $364.8M, essentially flat versus 2024, while IFRS operating profit declined to $32.4M and net income fell to $25.0M. Q4 2025 revenue was $100.7M, down 10%, with operating profit of $13.0M.

Profitability remained solid on a non-IFRS basis: 2025 Contribution ex-TAC reached $353.1M and Adjusted EBITDA was $115.1M with a 33% margin on Contribution ex-TAC. Non-IFRS diluted EPS was $0.98, up from $0.93 in 2024, even as IFRS diluted EPS decreased to $0.41.

The company generated strong operating cash flow of $110.1M and used $100.8M to repurchase its own shares, reducing cash and cash equivalents to $133.3M as of December 31, 2025. Management highlighted growth initiatives in programmatic Smart TV home screen ads, an expanded partnership with V (formerly VIDAA), mobile in-app capabilities and nexAI products, and guided to 2026 Contribution ex-TAC and programmatic revenue growth of approximately 8% and 10% at the midpoint.

Insights

Digital advertising and financial analysis specialist

Flat revenue, lower IFRS profit, but strong cash generation and buybacks.

Nexxen kept 2025 revenue roughly unchanged at $364.8M, but IFRS operating profit and net income declined as expenses in areas like selling and marketing and R&D increased. Despite this, the business remained profitable, with IFRS net income of $25.0M and total comprehensive income of $27.9M.

Non-IFRS metrics were more stable. Contribution ex-TAC grew to $353.1M and Adjusted EBITDA edged up to $115.1M, maintaining a 33% margin on Contribution ex-TAC. This suggests underlying advertising economics and cost structure stayed resilient even as reported margins compressed.

Cash generation was a clear strength: operating cash flow reached $110.1M. Management returned significant capital via $100.8M of share repurchases, which reduced share capital and share premium and contributed to lower diluted share counts. The company is also emphasizing AI-resilient channels such as its programmatic Smart TV home screen solution and expanded V partnership, and it is guiding to 2026 Contribution ex-TAC and programmatic revenue growth of about 8% and 10% at the midpoint.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the Month of March 2026

Commission File Number 001-40504

Nexxen International Ltd.

(Translation of registrant’s name into English)

82 Yigal Alon Street, Tel Aviv 6789124, Israel

 (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒      Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Explanatory Note

On March 4, 2026, the Company issued an announcement titled “Nexxen Reports Fourth Quarter and Full Year 2025 Financial Results”, a copy of which is attached as Exhibit 99.1 to this Form 6-K.

Other than as indicated below, the information in this Form 6-K (including in Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

The IFRS financial information contained in the (i) consolidated statements of financial position as of December 31, 2025 and 2024 (audited), (ii) consolidated statements of operation and other comprehensive income (loss) for the twelve months ended December 31, 2025, 2024 and 2023 (audited), (iii) consolidated statements of changes in equity (audited), and (iv) consolidated statements of cash flows for the twelve months ended December 31, 2025, 2024 and 2023 (audited) included in the press release attached as Exhibit 99.1 to this Report on Form 6-K are hereby incorporated by reference into the Company’s Registration Statements on Form S-8 (File No. 333-258731, File No. 333-277709 and File No. 333-285552) and shall be deemed to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

The following exhibit is furnished as part of this Form 6-K:

Exhibit 99.1 Company announcement dated March 4, 2026, “Nexxen Reports Fourth Quarter and Full Year 2025 Financial Results”.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nexxen International Ltd.

By:	/S/ Sagi Niri
Name:	Sagi Niri
Title:	Chief Financial Officer

Date: March 4, 2026

Exhibit List
Exhibit 99.1		Company announcement dated March 4, 2026, “Nexxen Reports Fourth Quarter and Full Year 2025 Financial Results”.

Exhibit 99.1

  Nexxen Reports Fourth Quarter and Full Year 2025 Financial Results

Expanded into AI-resilient growth channels through enhanced mobile in-app capabilities and the release

of Nexxen’s industry-first programmatic Smart TV home screen ad activation solution, which is now

integrated with V (formerly VIDAA) and The Trade Desk’s Ventura Ecosystem

Launched expanded V partnership, strengthening Nexxen’s competitive advantages and differentiation

while enhancing the Company’s long-term CTV and data revenue opportunities

Guides to 2026 Contribution ex-TAC and programmatic revenue growth of approximately 8% and 10% at

the midpoint; Q1 2026 Contribution ex-TAC and programmatic revenue to date have exceeded

management’s initial expectations

NEW YORK, March 4, 2026 -- Nexxen International Ltd. (NASDAQ: NEXN) (“Nexxen” or the “Company”), a global, flexible advertising technology platform with deep expertise in data and advanced TV, announced today its financial results for the three and twelve months ended December 31, 2025.

Q4 2025 Financial Highlights

• Contribution ex-TAC of $97.8 million, down 7% year-over-year (-1% excluding political)

• Programmatic revenue of $94.3 million, down 4% year-over-year (+2% excluding political)

• CTV revenue of $30.1 million, down 19% year-over-year (-12% excluding political)

• CTV revenue reflected 32% of programmatic revenue, compared to 38% in Q4 2024

• Programmatic revenue increased to 94% of revenue, from 88% in Q4 2024

• Adjusted EBITDA of $33.9 million, down 23% year-over-year, representing a 35% Adjusted EBITDA Margin on a Contribution ex-TAC basis (34% on a revenue basis), compared to 42% on a Contribution ex-TAC basis (39% on a revenue basis) in Q4 2024

• Video revenue represented 72% of programmatic revenue, compared to 75% in Q4 2024

• $133.3 million in cash and cash equivalents, no long-term debt and $50 million available under the Company’s undrawn revolving credit facility as of December 31, 2025

Full Year 2025 Financial Highlights

• Record Contribution ex-TAC of $353.1 million, up 3% year-over-year (+6% excluding political)

• Record programmatic revenue of $340.6 million, up 5% year-over-year (+8% excluding political)

• CTV revenue of $109.4 million, down 4% year-over-year (relatively flat excluding political)

• CTV revenue reflected 32% of programmatic revenue, compared to 35% in 2024

• Programmatic revenue increased to 93% of revenue, from 89% in 2024

• Adjusted EBITDA of $115.1 million, up 1% year-over-year, representing a 33% Adjusted EBITDA Margin on a Contribution ex-TAC basis (32% on a revenue basis), compared to 33% on a Contribution ex-TAC basis (31% on a revenue basis) in 2024

• Video revenue represented 71% of programmatic revenue, compared to 72% in 2024

• Contribution ex-TAC retention rate of 92%, compared to 102% in 2024

• Contribution ex-TAC per active customer increased to approximately $563,000, from approximately $526,000 in 2024

“We met our updated 2025 guidance and are off to a strong start in 2026, with Contribution ex-TAC and programmatic revenue exceeding our initial expectations to this point in Q1, driven by broad-based strength across our programmatic business lines,” said Ofer Druker, Chief Executive Officer of Nexxen.

Mr. Druker added, “Looking ahead, we believe we are well-positioned for success in 2026 and beyond. Our increased focus on our enterprise DSP and supporting product ecosystem, V partnership, growing adoption of our industry-first programmatic Smart TV home screen solution and our expansion into mobile in-app are strengthening the Company’s long-term growth opportunities while creating a more durable and diverse revenue base resilient to AI disruption. Nexxen’s Smart TV home screen solution represents a powerful differentiator that is expected to drive meaningful value for both sides of the ecosystem and has been adopted by strategic partners including V and The Trade Desk, with others expected to follow. We believe our additional nexAI launches and sales initiatives in 2026 will help accelerate enterprise adoption, and we are ready to capitalize on the vast opportunities ahead.”

Financial Guidance

o Nexxen provides the following financial guidance for full year 2026:

• Contribution ex-TAC in the range of $375 - $390 million (approximately 8% year-over-year growth at the midpoint)

• Programmatic revenue in the range of $367 - $381 million (approximately 10% year-over-year growth at the midpoint)

• Adjusted EBITDA in the range of $122 - $132 million (approximately 10% year-over-year growth at the midpoint, representing a 33% Adjusted EBITDA Margin at the midpoint of Contribution ex-TAC and Adjusted EBITDA guidance)

o Contribution ex-TAC impact from reduced spending by one DSP customer, as noted in Q3 2025 earnings, is expected to remain isolated to Q4 2025 and not affect 2026 performance. The customer has increased its year-over-year spend with Nexxen to date in Q1 2026.

o Contribution ex-TAC and programmatic revenue to date in Q1 2026 have exceeded management’s initial expectations, driven by broad-based strength across Nexxen’s programmatic business lines.

o Management expects growth in CTV, self-service and data products revenue in 2026, supported by the Company’s traditional sales efforts, its exclusive TV data and media partnership with V and growing adoption of its programmatic Smart TV home screen solution.

o In 2026, management intends to continue shifting sales, product and commercial resources toward Nexxen’s DSP and data platform, while increasing nexAI investments. These initiatives are expected to drive deeper enterprise adoption, expand end-to-end revenue opportunities and reduce reliance on third-party DSP partners.

o Management also expects to continue driving adoption of Nexxen’s programmatic Smart TV home screen solution and to pursue new and expanded scaled mobile in-app partnerships in 2026 to strengthen resilience to AI-driven industry disruption and support long-term growth.

o The Company will continue evaluating strategic options for its non-core, non-programmatic business lines, following weakness in Q4 2025 that has persisted in Q1 2026.

o Operating expenses are expected to decrease modestly as a percentage of Contribution ex-TAC in 2026 compared to 2025. Research and development expenses are expected to remain relatively consistent as a percentage of Contribution ex-TAC, depreciation and amortization and sales and marketing expenses are expected to decrease slightly as percentages of Contribution ex-TAC and general and administrative expenses are expected to increase as a percentage of Contribution ex-TAC. Stock-based compensation expenses are expected to rise modestly in 2026 compared to 2025.

Q4 2025 Operational Highlights and Recent Developments

• Launched extended and expanded partnership with V, granting Nexxen exclusive third-party video and native display monetization rights across V’s North American CTV media, along with exclusive global access to V’s automatic content recognition (“ACR”) data through at least 2029. This collaboration is attracting significant interest across both sides of the advertising ecosystem and is expected to strengthen Nexxen’s TV data and media differentiation, supporting long-term growth across its enterprise, data and CTV revenue streams.

• Increased adoption of Nexxen’s industry-first solution for programmatic Smart TV home screen ad activation, which initially provided direct access to scaled native inventory across Hisense and other V-powered CTV OEM brands via the Nexxen DSP and SSP. V adopted the solution as Nexxen’s first CTV operating system partner and it is now integrated across V-powered devices globally, generating positive early results.

• Partnered with The Trade Desk and V in Q1 2026 to bring programmatic access to scaled native inventory from V-powered CTV OEM brands within The Trade Desk’s Ventura Ecosystem, leveraging Nexxen’s programmatic Smart TV home screen ad activation solution.

• Entered data licensing agreement with Yahoo DSP in Q4 2025, making Nexxen’s ACR audience segments available for targeting on its platform in the U.S., U.K. and Germany, expanding the Company’s TV data partnerships with major DSPs, which includes other leading platforms like The Trade Desk and StackAdapt.

• Introduced Nexxen Sports in Q4 2025, a solution suite combining premium live sports inventory with data-driven audience insights, targeting, retargeting and dynamic creative. The offering is designed to help brands drive stronger engagement and performance during marquee live sports events and year-round live sports programming, while enabling advertisers to reach consumers beyond the live window. It also positions Nexxen to capitalize on what is expected to be the biggest live sports advertising year on record, featuring major events like the 2026 FIFA World Cup.

• Announced the general availability of Curated Marketplace in Q4 2025, enabling customers to package, activate and monetize premium data-driven private marketplace (“PMP”) deals. The solution is expected to improve advertiser outcomes and drive incremental publisher demand on Nexxen’s platform.

• Introduced measurement and optimization capabilities to Nexxen Health in Q4 2025, including the first-to-market “Auto Allocate” feature in the Nexxen DSP powered by PurpleLab, enabling health and pharmaceutical advertisers to optimize spend in real-time using real-world health signals and verified outcome data, improving targeting accuracy and full-funnel campaign performance. The innovation is expected to further solidify Nexxen as a leading health and pharmaceutical DSP.

Share Repurchase Program and Capital Allocation Updates

o Nexxen repurchased 1,440,000 shares during Q4 2025 at an average price of $7.47, investing approximately $10.8 million.

o From March 1, 2022, when the Company launched a series of share repurchase programs, through December 31, 2025, Nexxen repurchased 29,794,967 shares, or approximately 38.5% of shares outstanding, investing approximately $258.2 million.

o As of February 28, 2026, the Company had approximately $2.0 million remaining under its current $20 million repurchase authorization and has received approval to launch a new repurchase program for up to $40 million, scheduled to begin upon completion of the current program.

o After deploying $20 million of its previously announced additional $35 million investment in V during Q3 2025, the Company is expected to invest the remaining $15 million in Q3 2026. Upon full deployment, the Company will have invested a total of $60 million, representing an approximately 6% equity ownership stake in V.

o Nexxen is continuing to explore strategic opportunities focused on accelerating programmatic revenue growth and enhancing and expanding its data, CTV and mobile in-app capabilities.

Financial Highlights for the Three and Twelve Months Ended December 31, 2025 ($ in millions, except per share amounts)

		Three months ended December 31												Twelve months ended December 31
		2025				2024				%				2025				2024				%
IFRS Highlights
Revenue			100.7				112.3				(10	)%			364.8				365.5				0	%
Programmatic revenue			94.3				98.7				(4	)%			340.6				324.5				5	%
Operating profit			13.0				24.8				(47	)%			32.4				40.8				(21	)%
Net income margin on a gross profit basis			15	%			30	%							10	%			14	%
Total comprehensive income			10.4				23.3				(55	)%			27.9				35.4				(21	)%
Diluted earnings per share			0.18				0.37				(50	)%			0.41				0.51				(19	)%
Non-IFRS Highlights
Contribution ex-TAC			97.8				105.2				(7	)%			353.1				343.5				3	%
Adjusted EBITDA			33.9				44.3				(23	)%			115.1				114.6				1	%
Adjusted EBITDA Margin on a Contribution ex-TAC basis			35	%			42	%							33	%			33	%
Non-IFRS net income			19.0				32.4				(41	)%			59.9				65.2				(8	)%
Non-IFRS diluted earnings per share			0.33				0.48				(31	)%			0.98				0.93				5	%

Fourth Quarter 2025 Financial Results Webcast and Conference Call Details

• When: March 4, 2026, at 9:00 AM ET

• Webcast: A live and archived webcast can be accessed from the Events and Presentations section of Nexxen’s Investor Relations website at https://investors.nexxen.com/

• Participant Dial-In Numbers:

o U.S. / Canada Toll-Free Dial-In Number: (888) 596-4144

o U.K. Toll-Free Dial-In Number: +44 800 260 6470

o International Dial-In Number: +1 (646) 968-2525

o Conference ID: 2738966

About Nexxen

Nexxen empowers advertisers, agencies, publishers and broadcasters around the world to utilize data and advanced TV in the ways that are most meaningful to them. Our flexible and unified technology stack comprises a demand-side platform (“DSP”) and supply-side platform (“SSP”), with the Nexxen Data Platform at its core. With streaming in our DNA, Nexxen’s robust capabilities span discovery, planning, activation, monetization, measurement and optimization – available individually or in combination – all designed to enable our partners to achieve their goals, no matter how far-reaching or hyper niche they may be.

Nexxen is headquartered in Israel, maintains offices throughout the United States, Canada, Europe and Asia-Pacific, and is traded on Nasdaq (NEXN). For more information, visit www.nexxen.com.

For further information please contact:

Billy Eckert, Vice President of Investor Relations
ir@nexxen.com

Caroline Smith, Vice President of Communications

csmith@nexxen.com

Forward Looking Statements

This press release contains forward-looking statements, including forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are identified by words such as “anticipates,” “believes,” “expects,” “intends,” “may,” “can,” “will,” “estimates,” and other similar expressions. However, these words are not the only way Nexxen identifies forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding anticipated financial results for Q1 and full year 2026 and beyond; anticipated benefits of Nexxen’s strategic transactions and commercial partnerships; anticipated features and benefits of Nexxen’s products and service offerings, including anticipated benefits relating to nexAI; anticipated industry adoption of Nexxen’s programmatic Smart TV home screen ad activation solution; Nexxen’s positioning for accelerated growth and continued future growth; Nexxen’s medium- to long-term prospects; management’s belief that Nexxen is well-positioned to benefit from future industry growth trends and Company-specific catalysts; the Company’s plans with respect to its cash reserves as well as ongoing and future share repurchase programs and further investment in V (formerly VIDAA); the Company’s plans to pursue strategic opportunities; anticipated benefits from the renewed and expanded strategic partnership with V, as well as any other statements related to Nexxen’s future financial results and operating performance. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors that may cause Nexxen’s actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including, but not limited to, the following: negative global economic conditions, including risks related to tariff impacts or policy shifts (including trade negotiations or enforcement actions) that could materially affect market sentiment, consumer behavior and advertising demand; global conflicts and war, including the war between the United States, Israel and Iran, and the war and hostilities between Israel and Hamas, Hezbollah and the Houthis in Yemen, and how those conditions may adversely impact Nexxen’s business, customers and the markets in which Nexxen competes; changes in industry trends; and other negative developments in Nexxen’s business or unfavorable legislative or regulatory developments. Nexxen cautions you not to place undue reliance on these forward-looking statements. For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in the Company’s most recent Annual Report filed with the U.S. Securities and Exchange Commission (www.sec.gov) on Form 20-F. Any forward-looking statements made by Nexxen in this press release speak only as of the date of this press release, and Nexxen does not intend to update these forward-looking statements after the date of this press release, except as required by law.

Nexxen, and the Nexxen logo are trademarks of Nexxen International Ltd. in the United States and other countries. All other trademarks are the property of their respective owners. The use of the word “partner” or “partnership” in this press release does not mean a legal partner or legal partnership.

Use of Non-IFRS Financial Information

In addition to our IFRS results, we review certain non-IFRS financial measures to help us evaluate our business, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in technology and development and sales and marketing, and assess our operational efficiencies. These non-IFRS measures include Contribution ex-TAC, Adjusted EBITDA, Adjusted EBITDA Margin, Non-IFRS Net Income and Non-IFRS Earnings per Share, each of which is discussed below.

These non-IFRS financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to the corresponding financial measures prepared in accordance with IFRS. You are encouraged to evaluate these adjustments and review the reconciliation of these non-IFRS financial measures to their most comparable IFRS measures and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-IFRS financial measures may differ from the items excluded from, or included in, similar non-IFRS financial measures used by other companies. See "Reconciliation of Revenue to Contribution ex-TAC," "Reconciliation of Total Comprehensive Income to Adjusted EBITDA," and "Reconciliation of Net Income to Non-IFRS Net Income," included as part of this press release.

o Contribution ex-TAC: Contribution ex-TAC for Nexxen is defined as gross profit plus depreciation and amortization attributable to cost of revenue and cost of revenue (exclusive of depreciation and amortization) minus Performance (non-programmatic) media costs (“traffic acquisition costs” or “TAC”). Performance (non-programmatic) media costs represent the costs of purchases of impressions from publishers on a cost-per-thousand impression basis in our non-core, non-programmatic Performance activities. Contribution ex-TAC is a supplemental measure of our financial performance that is not required by or presented in accordance with IFRS. Contribution ex-TAC should not be considered as an alternative to gross profit as a measure of financial performance. Contribution ex-TAC is a non-IFRS financial measure and should not be viewed in isolation. We believe Contribution ex-TAC is a useful measure in assessing the performance of Nexxen because it facilitates a consistent comparison against our core business without considering the impact of traffic acquisition costs related to revenue reported on a gross basis.

o Adjusted EBITDA: We define Adjusted EBITDA for Nexxen as total comprehensive income for the period adjusted for foreign currency translation differences for foreign operations, tax expenses (benefit), financial expenses (income), net, depreciation and amortization, stock-based compensation expenses, other expenses, net, and delisting related one-time costs. Adjusted EBITDA is included in the press release because it is a key metric used by management and our Board of Directors to assess our financial performance. Adjusted EBITDA is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Management believes that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate directly to the performance of the underlying business.

o Adjusted EBITDA Margin: We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of Contribution ex-TAC.

o Non-IFRS Net Income and Non-IFRS Earnings per Share: We define non-IFRS earnings per share as non-IFRS net income divided by non-IFRS weighted-average shares outstanding. Non-IFRS net income is equal to net income excluding amortization of acquired intangibles, delisting related one-time costs, stock-based compensation expenses, and other expenses, net, and also considers the tax effects of non-IFRS adjustments. In periods in which we have non-IFRS net income, non-IFRS weighted-average shares outstanding used to calculate non-IFRS earnings per share include the impact of potentially dilutive shares. Potentially dilutive shares consist of stock options, restricted stock awards, restricted stock units and performance stock units, each computed using the treasury stock method. We believe non-IFRS earnings per share is useful to investors for evaluating our ongoing operational performance and trends on a per share basis and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-IFRS measure. However, a potential limitation of our use of non-IFRS earnings per share is that other companies may define non-IFRS earnings per share differently, which may make comparison difficult. This measure may also exclude expenses that may have a material impact on our reported financial results. Non-IFRS earnings per share is a performance measure and should not be used as a measure of liquidity. Because of these limitations, we also consider the comparable IFRS measure of net income.

We do not provide a reconciliation of forward-looking non-IFRS financial metrics because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding IFRS metric.

Reconciliation of Total Comprehensive Income to Adjusted EBITDA

		Three months ended December 31												Twelve months ended December 31
		2025				2024				%				2025				2024				%
($ in thousands)
Total comprehensive income			10,411				23,279				(55	)%			27,867				35,402				(21	)%
Foreign currency translation differences for foreign operations			125				1,575								(2,824	)			35
Tax expenses (benefit)			3,448				(533	)							12,216				3,095
Financial expenses (income), net			(961	)			435								(4,810	)			2,289
Depreciation and amortization			16,256				14,621								63,124				58,676
Stock-based compensation expenses			4,595				2,782								18,048				11,460
Other expenses, net			-				16								-				1,504
Delisting related one-time costs			-				2,094								1,520				2,094
Adjusted EBITDA			33,874				44,269				(23	)%			115,141				114,555				1	%

Reconciliation of Revenue to Contribution ex-TAC

		Three months ended December 31												Twelve months ended December 31
		2025				2024				%				2025				2024				%
($ in thousands)
Revenue			100,711				112,284				(10	)%			364,780				365,477				0	%
Cost of revenue (exclusive of depreciation and amortization)			(15,461	)			(17,068	)							(54,979	)			(61,020	)
Depreciation and amortization attributable to cost of revenue			(13,143	)			(12,139	)							(50,912	)			(47,372	)
Gross profit (IFRS)			72,107				83,077				(13	)%			258,889				257,085				1	%
Depreciation and amortization attributable to cost of revenue			13,143				12,139								50,912				47,372
Cost of revenue (exclusive of depreciation and amortization)			15,461				17,068								54,979				61,020
Performance media cost			(2,939	)			(7,122	)							(11,651	)			(21,976	)
Contribution ex-TAC (Non-IFRS)			97,772				105,162				(7	)%			353,129				343,501				3	%

Reconciliation of Net Income to Non-IFRS Net Income

		Three months ended December 31												Twelve months ended December 31
		2025				2024				%				2025				2024				%
($ in thousands)
Net income			10,536				24,854				(58	)%			25,043				35,437				(29	)%
Amortization of acquired intangibles			5,914				5,409								23,616				23,359
Delisting related one-time costs			-				2,094								1,520				2,094
Stock-based compensation expenses			4,595				2,782								18,048				11,460
Other expenses, net			-				16								-				1,504
Tax effect of Non-IFRS adjustments (1)			(2,054	)			(2,800	)							(8,375	)			(8,630	)
Non-IFRS net income			18,991				32,355				(41	)%			59,852				65,224				(8	)%
Weighted average shares outstanding—diluted (in millions) (2)			57.5				67.8								61.1				70.1
Non-IFRS diluted earnings per share (in USD)			0.33				0.48				(31	)%			0.98				0.93				5	%

(1) Non-IFRS net income includes the estimated tax impact from the expense items reconciling between net income and non-IFRS net income

(2) Non-IFRS earnings per share is computed using the same weighted-average number of shares that are used to compute IFRS earnings per share

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Audited)

						December 31
						2025				2024
		Note				USD thousands
ASSETS:
Cash and cash equivalents			10				133,308				187,068
Trade receivables, net			8				196,101				217,960
Other receivables			8				6,116				4,579
Current tax assets							1,809				3,373
TOTAL CURRENT ASSETS							337,334				412,980
Fixed assets, net			5				18,033				15,727
Right-of-use assets			6				27,005				31,500
Intangible assets, net			7				318,376				336,768
Deferred tax assets			4				9,407				17,800
Investment in shares			18				45,000				25,000
Other long-term assets							918				738
TOTAL NON-CURRENT ASSETS							418,739				427,533
TOTAL ASSETS							756,073				840,513
Liabilities and shareholders’ equity
LIABILITIES:
Current maturities of lease liabilities			6				13,287				14,340
Trade payables			9				207,020				228,514
Other payables			9				41,282				38,526
Current tax liabilities							441				4,677
TOTAL CURRENT LIABILITIES							262,030				286,057
Employee benefits							213				300
Long-term lease liabilities			6				18,644				22,857
Deferred tax liabilities			4				515				445
TOTAL NON-CURRENT LIABILITIES							19,372				23,602
TOTAL LIABILITIES							281,402				309,659
SHAREHOLDERS’ EQUITY:			15
Share capital							324				377
Share premium							278,510				362,507
Accumulated comprehensive income (loss)							348				(2,476	)
Retained earnings							195,489				170,446
TOTAL SHAREHOLDERS’ EQUITY							474,671				530,854
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY							756,073				840,513

CONSOLIDATED STATEMENTS OF OPERATION AND OTHER COMPREHENSIVE INCOME (LOSS)

(Audited)

						Year ended December 31
						2025				2024				2023
		Note				USD thousands
Revenue			12				364,780				365,477				331,993
Cost of Revenue (Exclusive of depreciation and amortization shown separately below)			13				54,979				61,020				62,270
Research and development expenses							58,059				49,992				49,684
Selling and marketing expenses							122,975				112,227				105,914
General and administrative expenses			14				33,194				41,237				51,051
Depreciation and amortization							63,124				58,676				78,285
Other expenses, net							-				1,504				1,765
Total operating costs							277,352				263,636				286,699
Operating Profit (loss)							32,449				40,821				(16,976	)
Financing income							(7,010	)			(6,657	)			(8,192	)
Financing expenses							2,200				8,946				10,200
Financing expenses (income), net							(4,810	)			2,289				2,008
Profit (loss) before taxes on income							37,259				38,532				(18,984	)
Tax expenses			4				12,216				3,095				2,503
Profit (loss) for the year							25,043				35,437				(21,487	)
Other comprehensive income (loss) items:
Foreign currency translation differences for foreign operations							2,824				(35	)			2,126
Foreign currency translation for subsidiary sold reclassified to profit and loss							-				-				1,234
Total other comprehensive income (loss) for the year							2,824				(35	)			3,360
Total comprehensive income (loss) for the year							27,867				35,402				(18,127	)
Earnings per share
Basic earnings (loss) per share (in USD)			16				0.42				0.51				(0.30	)
Diluted earnings (loss) per share (in USD)			16				0.41				0.51				(0.30	)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Audited)

		Share capital				Share premium				Accumulated comprehensive income (loss)				Retained Earnings				Total
		USD thousands
Balance as of January 1, 2023			413				400,507				(5,801	)			156,496				551,615
Total comprehensive income (loss) for the year
Loss for the year			-				-				-				(21,487	)			(21,487	)
Other comprehensive income:
Foreign currency translation			-				-				2,126				-				2,126
Foreign currency translation for subsidiary sold			-				-				1,234				-				1,234
Total comprehensive income (loss) for the year			-				-				3,360				(21,487	)			(18,127	)
Transactions with owners, recognized directly in equity
Own shares acquired			(8	)			(9,306	)			-				-				(9,314	)
Share based compensation			-				19,141				-				-				19,141
Exercise of share options			12				221				-				-				233
Balance as of December 31, 2023			417				410,563				(2,441	)			135,009				543,548

		Share capital				Share premium				Accumulated comprehensive income (loss)				Retained Earnings				Total
		USD thousands
Balance as of January 1, 2024			417				410,563				(2,441	)			135,009				543,548

Total comprehensive income (loss) for the year
Profit for the year			-				-				-				35,437				35,437
Other comprehensive loss:
Foreign currency translation			-				-				(35	)			-				(35	)
Total comprehensive income (loss) for the year			-				-				(35	)			35,437				35,402
Transactions with owners, recognized directly in equity
Own shares acquired			(49	)			(61,690	)			-				-				(61,739	)
Share based compensation			-				12,510				-				-				12,510
Exercise of share options			9				1,124				-				-				1,133
Balance as of December 31, 2024			377				362,507				(2,476	)			170,446				530,854

		Share capital				Share premium				Accumulated comprehensive income (loss)				Retained Earnings				Total
		USD thousands
Balance as of January 1, 2025			377				362,507				(2,476	)			170,446				530,854

Total comprehensive income for the year
Profit for the year			-				-				-				25,043				25,043
Other comprehensive income:
Foreign currency translation			-				-				2,824				-				2,824
Total comprehensive income for the year			-				-				2,824				25,043				27,867
Transactions with owners, recognized directly in equity
Own shares acquired			(62	)			(100,784	)			-				-				(100,846	)
Share based compensation			-				16,353				-				-				16,353
Exercise of share options			9				434				-				-				443
Balance as of December 31, 2025			324				278,510				348				195,489				474,671

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Audited)

		Year ended December 31
		2025				2024				2023
		USD thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Profit (loss) for the year			25,043				35,437				(21,487	)
Adjustments for:
Depreciation and amortization			63,124				58,676				78,285
Net financing expense  (income)			(5,082	)			1,965				1,699
Loss from disposals of fixed and intangible assets			-				-				2
Loss (income) on leases modification			(151	)			10				119
Loss and revaluation on sale of business unit			-				16				1,765
Remeasurement of net investment in a finance lease			195				1,488				-
Share-based compensation and restricted shares			18,048				11,460				19,169
Tax expense			12,216				3,095				2,503
Change in trade and other receivables			21,931				(14,458	)			30,603
Change in trade and other payables			(21,311	)			57,671				(43,077	)
Change in employee benefits			(103	)			63				(1	)
Income taxes received			5,225				704				352
Income taxes paid			(11,417	)			(5,512	)			(8,721	)
Interest received			4,416				6,595				8,016
Interest paid			(2,025	)			(6,375	)			(8,486	)
Net cash provided by operating activities			110,109				150,835				60,741
CASH FLOWS FROM INVESTING ACTIVITIES
Change in pledged deposits, net			(276	)			390				1,498
Payments on finance lease receivable			1,246				1,824				1,112
Repayment of debt investment			103				95				51
Acquisition of fixed assets			(12,118	)			(7,742	)			(4,495	)
Acquisition and capitalization of intangible assets			(17,577	)			(15,779	)			(15,126	)
Investment in shares			(20,000	)			-				-
Net cash used in investing activities			(48,622	)			(21,212	)			(16,960	)
CASH FLOWS FROM FINANCING ACTIVITIES
Acquisition of own shares			(101,702	)			(60,735	)			(9,518	)
Proceeds from exercise of share options			443				1,133				233
Leases repayment			(16,265	)			(15,142	)			(17,262	)
Repayment of long-term debt			-				(100,000	)			-
Net cash used in financing activities			(117,524	)			(174,744	)			(26,547	)
Net increase (decrease) in cash and cash equivalents			(56,037	)			(45,121	)			17,234
CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF YEAR			187,068				234,308				217,500
EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH AND CASH EQUIVALENTS			2,277				(2,119	)			(426	)
CASH AND CASH EQUIVALENTS AS OF THE END OF YEAR			133,308				187,068				234,308

FAQ

How did Nexxen (NEXN) perform financially in full year 2025?

Nexxen’s 2025 revenue was essentially flat at $364.8 million, compared with $365.5 million in 2024. IFRS net income declined to $25.0 million, while total comprehensive income was $27.9 million, indicating the company remained clearly profitable despite margin pressure.

What were Nexxen’s key profitability metrics and margins for 2025?

Nexxen generated $32.4 million in IFRS operating profit and $25.0 million in net income in 2025. On a non-IFRS basis, Contribution ex-TAC reached $353.1 million and Adjusted EBITDA was $115.1 million, with a 33% Adjusted EBITDA margin on Contribution ex-TAC.

What earnings per share did Nexxen report for 2025?

For 2025, Nexxen reported IFRS diluted earnings per share of $0.41, down from $0.51 in 2024. Non-IFRS diluted earnings per share were $0.98, up from $0.93, reflecting adjustments such as amortization of acquired intangibles and stock-based compensation.

How strong was Nexxen’s cash flow and balance sheet at year-end 2025?

Nexxen produced $110.1 million in net cash from operating activities in 2025. After investing and substantial share repurchases, cash and cash equivalents stood at $133.3 million on December 31, 2025. Total assets were $756.1 million and shareholders’ equity was $474.7 million.

How much stock did Nexxen repurchase during 2025 and what was the impact?

Nexxen spent $100.8 million acquiring its own shares in 2025. This reduced share capital from $377 thousand to $324 thousand and share premium from $362.5 million to $278.5 million, contributing to a lower diluted share count used in earnings per share calculations.

What 2026 growth guidance did Nexxen provide in this report?

Nexxen guided to 2026 Contribution ex-TAC and programmatic revenue growth of approximately 8% and 10% at the midpoint. Management also noted that Q1 2026 Contribution ex-TAC and programmatic revenue to date have exceeded their initial expectations.

What strategic initiatives is Nexxen emphasizing for future growth?

Nexxen is focusing on its enterprise DSP, expanded partnership with V (formerly VIDAA), and its programmatic Smart TV home screen ad solution. It is also expanding mobile in-app capabilities and launching additional nexAI products to build AI-resilient, diversified revenue streams.

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