-- Exceeded Revenue, Adjusted EBITDA and Adjusted EPS guidance
-- Delivered 8.0% reported revenue growth, including 5.8% organic constant
currency ("OCC") growth, led by 8.3% Americas OCC growth
-- Generated 5.7% Intelligence OCC growth and 6.1% Activation OCC growth;
Annualized Intelligence Subscription revenue eclipsed $3 billion
-- Net loss attributable to NIQ was $30.5 million and Adjusted net income
improved to $78.7 million, for Adjusted EPS of $0.27
-- Grew Adjusted EBITDA by 21.9% to $261.9 million and expanded Adjusted
EBITDA margin by 270 bps to 23.3%
-- Improved Unlevered free cash flow by $107.3 million and Levered free
cash flow by $137.3 million to $74.1 million
-- Raised full year 2026 financial guidance to 5.2% - 5.6% OCC revenue
growth, 23.5% - 23.9% Adjusted EBITDA margin and $245M - $255M of levered
free cash flow
-- Achieved credit rating upgrade to B+ from B on improved cash generation
from S&P Global Ratings
CHICAGO--(BUSINESS WIRE)--August 10, 2026--
NIQ Global Intelligence plc (NYSE: NIQ) (the "Company", or "NIQ"), a leading global consumer intelligence company, today announced financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Results
Revenue:
-- Total revenue grew 8.0% year-over-year to $1,124.2 million. OCC revenue
increased 5.8%, led by Americas, which grew 8.3%. EMEA delivered 4.9%
growth while APAC returned to year-over-year growth, up 1.9%.
-- Intelligence revenue (as reported) grew 7.6%, or 5.7% in OCC.
Activation revenue growth (as reported) grew 9.9%, or 6.1% growth in
OCC.
-- Annualized Intelligence Subscription revenue grew 5.8% to $3,017.6
million with 105% Intelligence Subscription Net Dollar Retention and 99%
Gross Dollar Retention.
Earnings:
-- Net loss attributable to NIQ was $30.5 million and Adjusted net income
improved to $78.7 million.
-- Adjusted EBITDA grew 21.9% year-over-year to $261.9 million. Adjusted
EBITDA margin expanded by 270 basis points year-over-year to 23.3%.
-- Net cash provided by operating activities was $140.1 million, a $148.7
million improvement year-over-year.
-- Unlevered free cash flow improved by $107.3 million to $129.1 million
year-over-year. Levered free cash flow improved by $137.3 million to
$74.1 million year-over-year. Improvement was driven by year-over-year
increases in revenue flowing through to Adjusted EBITDA, net working
capital improvement and lower interest expense from our debt pay down in
Q3 2025 and a spread step-down in Q4 2025.
"Our second quarter results underscore the strength of NIQ's mission-critical role with global retailers and manufacturers, as we delivered our fifth consecutive quarterly beat since becoming a public company", said Jim Peck, Executive Chairman and Chief Executive Officer. "Both Intelligence and Activation OCC revenue growth accelerated, margins expanded by 270 basis points and free cash flow inflected positive. We see a healthy client demand environment and we are moving aggressively to capture significant AI opportunities. From launching our next wave of AI-powered capabilities Optiq, Bridge and Cadence, to engaging our ConnectAI Charter Program clients and growing pipeline, to strengthening our AI leadership team and partnerships, we are rapidly building powerful new ways for clients to capitalize on NIQ's proprietary, AI-ready intelligence. In doing so, we believe we are unlocking significant long-term revenue growth potential for NIQ."
"We are pleased to deliver another quarter of strong results that exceeded the top end of our guidance", added Mike Burwell, Chief Financial Officer. "Our raised full year 2026 outlook reflects Q2 outperformance as well as an ongoing healthy client demand environment. For the balance of 2026, we anticipate continued durable revenue growth, strong margin expansion and approximately $300 million of levered free cash flow generation in the second half of 2026 alone."
Summary Second Quarter 2026 & Recent Business Highlights
Key client developments, including:
-- Closed 26 seven-figure wins, including three eight-figure deals, across
new wins, renewals, upsells and competitive win-backs with clients citing
NIQ's integrated "Full View" breadth and demonstrable data quality and
strategic advice
-- Delivered strong continued cross-sell including mid-teens percent
Consumer Panel growth and eCommerce growth above 30%
-- Expanded Retailer relationships & offerings:
-- Product & AI Innovation: Launched AI-driven Spaceman Automation,
designed to allow retailers to build planograms via natural
language, and rolled out an enhanced Retail Pricing Analytics
suite in North America, with international expansion to follow
-- Client Wins: Signed a seven-figure multi-year renewal and
consumer panel expansion to deliver Full View to a Swiss grocery
retailer; landed our first Activate retail media client,
Unlimitail; and secured a four-year extension and expansion with a
leading global convenience retailer to deploy NIQ's AI-driven
analytics across 12+ countries
-- Collaboration & Cooperation Growth: Expanded Retail Analytics
collaborations with a major European grocery retailer (first
multi-country Europe deal), and a Thai grocery retailer;
Previously announced Ulta Beauty cooperation in the U.S.
reinforces the Full View$(TM)$ of Beauty channel, expanding NIQ's
U.S. Beauty coverage by over 12%
-- Reinforced APAC growth strategy:
-- Expanded emerging channel coverage in China and Southeast Asia
by acquiring YiMian, a leading data & insights business
-- INTAGE HD partnership is designed to expand coverage and access
to retail measurement insights between Japan and global markets
-- Named 2026 Snowflake Retail & Consumer Goods Product Partner of the
Year for helping clients transform fragmented data into trusted, AI-ready
intelligence, powering faster decisions and measurable growth
-- Client Net Promoter Score (NPS) increased to all-time high of 52 in
June 2026, up +7 points versus June 2025
AI-native product launches from NIQ Commerce Lab, including:
-- ConnectAI Suite, NIQ's data and AI infrastructure foundation, designed
to help organizations operationalize trusted market intelligence across
enterprise AI environments and workflows through harmonization, semantic
intelligence, APIs and AI-ready integrations.
-- Connected Content & Product Intelligence -- A unified, intelligent
content layer that helps brands and retailers manage, activate and
optimize product information across commerce ecosystems
-- Optiq Suite (Chat & Mobile), an AI-powered insights assistant and agent
experience available on NIQ Discover built to address key client persona
use-cases across Account Performance, Pricing, Distribution and Shopper
Analysis
-- Optiq Bridge -- Designed to connect NIQ intelligence directly into
enterprise AI ecosystems, agents and workflows
-- NIQ Cadence -- GenAI-native Marketing Effectiveness operating system
intended to help marketers continuously measure, optimize and activate
performance
-- Announced a strategic collaboration with Lula Commerce, an AI-powered
ecommerce platform built to help convenience retailers launch and scale
digital commerce experiences more quickly and easily using trusted
content
-- Grew our AI-powered Connect data engine at approximately 4.3 trillion
data records per week, up 23% versus a 3.5T add rate in Q2 2025
AI-enabled cost efficiency, including:
-- Ongoing integration of advanced technology, including AI, continues to
support the Company's 2026 Restructuring Program, which remains on track
to deliver anticipated annualized cost savings of approximately $70
million to $80 million (refer to "2026 Restructuring Program" discussion
below)
Financial Summary & Operating Metrics
Three Months Ended June 30, Six Months Ended June 30,
------------------------------- -------------------------------
Y/Y Y/Y
(in millions) 2026 2025 Growth 2026 2025 Growth
--------- --------- --------- --------- --------- ---------
Reported
revenue(1) $1,124.2 $1,040.8 8.0% $2,196.9 $2,006.7 9.5%
Organic
constant
currency
revenue
growth 5.8% 5.5%
Reported
operating
income $ 65.3 $ 39.4 65.7% $ 55.1 $ 55.1 --%
Reported net
loss
attributable
to NIQ $ (30.5) $ (2.7) n/m $ (120.6) $ (122.5) 1.6%
Reported basic
and diluted
loss per
share $ (0.10) $ (0.01) n/m $ (0.41) $ (0.50) 18.0%
Adjusted
EBITDA(1) $ 261.9 $ 214.9 21.9% $ 486.7 $ 403.6 20.6%
Adjusted net
income
(loss) $ 78.7 $ (1.6) n/m $ 122.1 $ (6.1) n/m
Reported basic
and diluted
Adjusted Net
Income (loss)
per share: $ 0.27 $ (0.01) n/m $ 0.41 $ (0.02) n/m
Reported net
cash provided
by (used in)
operating
activities $ 140.1 $ (8.6) n/m $ 76.5 $ (162.2) n/m
Unlevered free
cash flow $ 129.1 $ 21.8 n/m $ 64.0 $ (112.0) n/m
Cash paid for
interest $ 55.0 $ 85.0 (35.3)% $ 113.1 $ 167.5 (32.5)%
Free cash flow $ 74.1 $ (63.2) n/m $ (49.1) $ (279.5) n/m * A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this release. Percentage changes that are not meaningful are presented as "n/m". (1) Metric is presented on an as-reported basis at actual FX rates.
Second Quarter 2026 Segment Results
Three Months Ended June 30, Six Months Ended June 30,
------------------------------------------- -------------------------------------------
Reported <DELTA> Reported <DELTA>
(in millions) 2026 2025 Growth Y/Y 2026 2025 Growth Y/Y
--------- --------- ---------- --------- --------- --------- ---------- ---------
Reported
revenue(1)
Americas $ 455.1 $ 406.0 12.1% 8.3% $ 887.3 $ 786.6 12.8% 8.8%
EMEA 507.8 476.9 6.5% 4.9% 995.1 907.4 9.7% 4.8%
APAC 161.3 157.9 2.2% 1.9% 314.5 312.7 0.6% (0.8)%
--------------- ------- ------- ----- --- --- ------- ------- ----- ----
Total reported
revenue $1,124.2 $1,040.8 8.0% 5.8% $2,196.9 $2,006.7 9.5% 5.5%
Reported
revenue(1)
Intelligence $ 905.3 $ 841.6 7.6% 5.7% $1,789.3 $1,639.0 9.2% 5.4%
Activation 218.9 199.2 9.9% 6.1% 407.6 367.7 10.9% 5.7%
--------------- ------- ------- ----- --- --- ------- ------- ----- ----
Total reported
revenue $1,124.2 $1,040.8 8.0% 5.8% $2,196.9 $2,006.7 9.5% 5.5%
Adjusted
EBITDA(1)
Americas $ 142.8 $ 129.2 10.5% $ 265.3 $ 237.4 11.8%
EMEA 179.1 142.0 26.1% 334.3 267.2 25.1%
APAC 32.0 29.3 9.2% 66.8 60.9 9.7%
Corporate (92.0) (85.6) 7.5% (179.7) (161.9) 11.0%
--------------- ------- ------- ----- ------- ------- -----
Total Adjusted
EBITDA $ 261.9 $ 214.9 21.9% $ 486.7 $ 403.6 20.6%
Adjusted
EBITDA
margin(1)
Americas 31.4% 31.8% -40bps 29.9% 30.2% -30bps
EMEA 35.3% 29.8% 550bps 33.6% 29.4% 420bps
APAC 19.8% 18.6% 120bps 21.2% 19.5% 170bps
------------
Total
Adjusted
EBITDA
margin 23.3% 20.6% 270bps 22.2% 20.1% 210bps
* A reconciliation of non-GAAP financial measures to the most
comparable GAAP measures is provided at the end of this release.
(1) Metric is presented on an as-reported basis at actual FX rates.
Second Quarter Revenue Discussion
Revenue increased 8.0% on an as-reported basis, while OCC revenue grew 5.8%. Our Q2 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 $49.1 million, or 12.1%. Intelligence revenue (as reported), grew 10.6% driven by strong client retention, value-based pricing and continued demand for new capabilities and solutions, including Consumer Panel and eCommerce offerings. Activation revenue (as reported) grew 17.9%, reflecting strong demand for Analytics, Innovation and Retailer Analytics solutions, as well as ongoing cross-sell and upsell activity across the client base. Inorganic items contributed an additional 0.8% to reported growth, while foreign exchange contributed 3.0%. OCC growth was 8.3%.
EMEA: Total EMEA segment revenue (as reported) increased by $30.9 million, or 6.5%. Intelligence revenue (as reported), grew 7.5% driven by value-based pricing, strong renewal activity and continued adoption of new capabilities and solutions, including Omnishopper and eCommerce offerings. Activation revenue (as reported) grew 1.2%, reflecting continued client demand for Analytics and Innovation solutions. Foreign exchange contributed 1.6% to reported growth. OCC growth was 4.9%.
APAC: Total APAC segment revenue (as reported) increased by $3.4 million, or 2.2%, driven by a 10.2% increase in Activation revenue (as reported), reflecting stronger demand for Analytics and Innovation solutions and improving commercial momentum across the region. Intelligence revenue (as reported) decreased 0.5%, reflecting a meaningful sequential improvement from Q1, driven by continued penetration of adjacent high-growth markets and expanding retailer partnerships. Foreign exchange contributed 0.3% to reported growth. OCC growth was 1.9%.
Liquidity, Capital Resources & Recent Financings
As of June 30, 2026 the Company had cash and cash equivalents of $416.6 million and $747.5 million of available capacity under its Revolver, for a total of $1,164.1 million of available liquidity.
For the six months ended June 30, 2026, cash provided by operating activities was $76.5 million, compared to cash used in operating activities of $162.2 million in 2025, a $238.7 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 six months ended June 30, 2026, cash used in investing activities was $125.0 million, compared with $66.7 million in 2025. For the six months ended June 30, 2026, cash paid for capital expenditures was $125.6 million, compared with $117.3 million in 2025. Cash paid for capital expenditures as a percentage of revenue represented 5.7% and 5.8%, respectively, for the six months ended June 30, 2026 and 2025. For the six months ended June 30, 2026, cash used in financing activities was $45.7 million, compared with cash provided by financing activities of $204.3 million in 2025.
Free cash flow for the six months ended June 30, 2026 increased by $230.4 million compared to the six months ended June 30, 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 second quarter of 2026 were 4.8% and 5.4%, 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. As of year-to-date fiscal 2026, the Company has incurred approximately $70 million of restructuring charges associated with the 2026 Program.
Third 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.
(in millions, except per share
data) Third Quarter Guidance Full Year Guidance
---------------------- ------------------
Revenue, as reported $1,105M - $1,108M $4,496M - $4,510M
Revenue growth:
as reported 4.9% - 5.3% 7.1% - 7.4%
organic constant currency 5.2% - 5.5% 5.2% - 5.6%
Adjusted EBITDA (1) , as
reported $255M - $261M $1,057M - $1,076M
Adjusted EBITDA (1) growth, as
reported 15% - 17% 15% - 17%
Adjusted EBITDA margin (1) , as
reported 23.0% - 23.5% 23.5% - 23.9%
Adjusted EPS (1) $0.22 - $0.24 $1.08 - $1.12
Free cash flow (1) $245M - $255M
Depreciation and amortization $614M - $619M
Interest expense, net $230M - $235M
Income tax expense $165M - $170M
Capital Expenditures (% of 6.5% - 7.0%
Revenue)
Net Leverage Ratio (1) < 3.0x
(1) Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, Free cash flow
and Net Leverage Ratio are non-GAAP financial measures.
-- Third quarter & Full year 2026 guidance ranges (except for OCC revenue)
include the YiMian acquisition completed on June 30, 2026.
-- Full year 2026 free cash flow guidance range implies $300 million of
free cash flow in the second half of 2026.
-- 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.
-- Refer to the "Non-GAAP Financial Measures" section of this Earnings
Release regarding reconciliations of the above non-GAAP financial
measures.
Earnings Webcast Information
In conjunction with this release, NIQ will host a conference call and webcast today at 5:00 p.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 comprehensive consumer insights--delivered with advanced analytics through state-of-the-art platforms--NIQ delivers the Full View(TM). 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.
NIQ Global Intelligence plc
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
---------------------------- ------------------------------
(in millions, except share
and per share data) 2026 2025 2026 2025
------------- ------------- ------------- ---------------
Revenues $ 1,124.2 $ 1,040.8 $ 2,196.9 $ 2,006.7
Operating expenses:
Cost of revenues
(excluding depreciation
and amortization shown
separately below) 500.0 449.2 975.0 880.0
Selling, general and
administrative
expenses 401.3 403.1 797.4 774.8
Depreciation and
amortization 154.5 153.8 308.2 302.3
Impairment of long-lived
assets 0.3 0.4 0.3 1.1
Restructuring, net 8.7 0.4 73.6 5.0
Other operating income,
net (5.9) (5.5) (12.7) (11.6)
----------- ----------- ----------- -----------
Total operating
expenses 1,058.9 1,001.4 2,141.8 1,951.6
----------- ----------- ----------- -----------
Operating income 65.3 39.4 55.1 55.1
Interest expense, net (55.1) (95.2) (113.6) (178.7)
Foreign currency exchange
gain, net 0.7 57.4 6.3 89.4
Nonoperating (expense)
income, net (1.5) 21.4 (1.5) (37.4)
----------- ----------- ----------- -----------
Income (loss) before
income taxes 9.4 23.0 (53.7) (71.6)
Income tax expense (37.6) (23.8) (63.2) (47.1)
----------- ----------- ----------- -----------
Net loss (28.2) (0.8) (116.9) (118.7)
Less: Net income
attributable to
noncontrolling interests 2.3 1.9 3.7 3.8
----------- ----------- ----------- -----------
Net loss attributable to
NIQ $ (30.5) $ (2.7) $ (120.6) $ (122.5)
=========== =========== =========== ===========
Basic and diluted earnings
per share from:
Net loss attributable to
NIQ $ (0.10) $ (0.01) $ (0.41) $ (0.50)
Weighted average basic and
diluted NIQ ordinary shares
outstanding 295,062,857 245,000,000 295,053,798 245,000,000
NIQ Global Intelligence plc
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except share and per
share data) June 30, 2026 December 31, 2025
--------------- ---------------------
Assets:
Current assets:
Cash and cash equivalents $ 416.6 $ 518.8
Trade receivables, net 852.3 695.6
Other receivables 113.4 104.3
Prepaid expenses and other
current assets 256.1 131.4
---------- --------------
Total current assets 1,638.4 1,450.1
Property and equipment, net 179.9 208.2
Operating lease right-of-use
assets 189.6 203.7
Intangible assets, net 2,013.1 2,191.4
Goodwill 2,405.2 2,431.7
Deferred income taxes 34.4 27.8
Other noncurrent assets 300.9 289.1
---------- --------------
Total assets $ 6,761.5 $ 6,802.0
========== ==============
Liabilities and Shareholders'
Equity
Current liabilities:
Accounts payable $ 196.1 $ 224.4
Accrued expenses 669.8 631.7
Deferred revenues 369.3 262.0
Short-term debt and current
portion of long-term debt 100.6 107.5
Other current liabilities 172.9 177.5
---------- --------------
Total current liabilities 1,508.7 1,403.1
Long-term debt 3,448.7 3,502.6
Operating lease liabilities 188.5 205.5
Deferred income taxes 128.1 123.4
Other noncurrent liabilities 340.0 341.8
---------- --------------
Total liabilities 5,614.0 5,576.4
Commitments and contingencies
Shareholders' equity:
Ordinary shares; $0.00001
nominal value per share,
1,500,000,000 ordinary shares
authorized, 294,955,864 and
295,000,000 ordinary shares
issued and outstanding as of
June 30, 2026 and December 31,
2025, respectively -- --
Preferred shares; $0.00001
nominal value per share,
150,000,000 preferred shares
authorized, no shares issued
and outstanding -- --
Euro deferred shares; EUR1.00
nominal value per share,
25,000 Euro deferred shares
authorized and issued, none
outstanding -- --
Paid-in capital 3,241.7 3,222.4
Accumulated deficit (2,322.6) (2,202.0)
Accumulated other
comprehensive loss (12.1) (32.0)
---------- --------------
Total NIQ shareholders'
equity 907.0 988.4
Noncontrolling interests 240.5 237.2
---------- --------------
Total shareholders'
equity 1,147.5 1,225.6
---------- --------------
Total liabilities and
shareholders' equity $ 6,761.5 $ 6,802.0
========== ==============
NIQ Global Intelligence plc
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Six Months Ended
Ended June 30, June 30,
----------------- --------------------
(in millions) 2026 2025 2026 2025
------- -------- -------- ----------
Operating Activities:
Net loss $(28.2) $ (0.8) $(116.9) $(118.7)
Adjustments to
reconcile net loss to
net cash provided by
(used in) operating
activities:
Depreciation and
amortization 154.5 153.8 308.2 302.3
Share-based
compensation 8.7 1.5 20.2 2.8
Amortization of
debt discount and
debt issuance
costs 7.0 14.2 14.0 29.3
Remeasurement of
warrant to fair
value -- (11.5) -- 34.6
Impairment of
long-lived assets 0.3 0.4 0.3 1.1
Provision for
credit losses 0.3 2.3 2.8 2.3
Non-cash foreign
currency exchange
loss (gain), net 0.6 (61.2) -- (85.2)
Gain on
deconsolidation of
subsidiaries and
related
adjustments -- (5.2) -- (5.2)
Write-off of
unamortized debt
discount and debt
issuance costs -- -- -- 10.3
Loss (gain) on
disposal of
business -- 0.7 -- (4.9)
Other operating
activities, net 3.0 (2.2) 10.2 (7.2)
Changes in assets
and liabilities:
Trade and other
receivables,
net (43.5) (24.4) (182.2) (94.4)
Prepaid
expenses and
other current
assets 1.3 (37.2) (96.3) (120.8)
Accounts
payable and
other current
liabilities 29.9 (6.4) 43.4 (136.5)
Deferred
revenues 40.9 (29.5) 112.5 35.4
Operating
leases, net (4.0) (2.1) (3.4) (4.4)
Other
noncurrent
assets and
liabilities (30.7) (1.0) (36.3) (3.0)
----- ------ ------ ------
Net cash
provided
by (used
in)
operating
activities 140.1 (8.6) 76.5 (162.2)
----- ------ ------ ------
Investing Activities:
Acquisition of
business, net of
cash acquired (4.9) -- (4.9) --
Payment for asset
acquisition -- (11.3) -- (11.3)
Proceeds from sale
of business, net
of cash disposed -- 5.9 -- 67.7
Additions to
property and
equipment (4.9) (8.7) (8.1) (11.8)
Additions to
intangible assets (61.1) (45.9) (117.5) (105.5)
Other investing
activities, net 5.1 (3.0) 5.5 (5.8)
----- ------ ------ ------
Net cash
used in
investing
activities (65.8) (63.0) (125.0) (66.7)
----- ------ ------ ------
Financing Activities:
Proceeds from debt
and other
financing
arrangements 65.1 417.5 145.9 810.3
Repayments of debt
and other
financing
arrangements (72.4) (366.1) (173.9) (600.6)
Debt issuance costs
paid -- -- -- (2.5)
Payments of
deferred offering
costs -- (2.2) -- (2.2)
Finance leases (8.4) (3.7) (16.0) (7.8)
Cash dividends paid
to noncontrolling
interests (0.4) (0.4) (0.4) (3.4)
Other financing
activities, net 1.5 (10.9) (1.3) 10.5
----- ------ ------ ------
Net cash
(used in)
provided
by
financing
activities (14.6) 34.2 (45.7) 204.3
----- ------ ------ ------
Effect of exchange-rate
changes on cash and
cash equivalents (5.4) 8.8 (8.0) 20.3
----- ------ ------ ------
Net increase (decrease)
in cash and cash
equivalents 54.3 (28.6) (102.2) (4.3)
Cash and cash
equivalents at
beginning of period 362.3 290.5 518.8 266.2
----- ------ ------ ------
Cash and cash
equivalents at end of
period $416.6 $ 261.9 $ 416.6 $ 261.9
===== ====== ====== ======
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: Represents the amount of annualized revenue that we generate from our existing clients.
Gross Dollar Retention: 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.
Net Leverage Ratio: Defined as the outstanding term loans balance less total cash ("Net Debt") divided by Adjusted EBITDA. This calculation is only reflected in the Full Year Guidance table above.
Non-GAAP Financial Measures
We present Organic Constant Currency ("OCC" or "Organic CC") Revenue and Revenue Growth (Decline), EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, segment Adjusted EBITDA, 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 prepared in accordance with GAAP and should not be considered as an alternative to net income or loss, income or loss from operations, earnings or loss per share or any other performance measure prepared and presented in accordance with GAAP, or as an alternative to cash provided by (used in) 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, 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 third 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 into U.S. dollars using the comparable prior-period average 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 and six months ended June 30, 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 Revenue Growth should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.
Three Months Ended
June 30, Growth (Decline)
------------------ ------------------------ ---
Revenue Inorganic Foreign <DELTA>
(in millions) 2026 2025 Growth Items Exchange Y/Y
-------- -------- ---------- ----------- ----------- ---------
Revenues $1,124.2 $1,040.8 8.0% (0.3)% (1.9)% 5.8%
Revenue by
segment:
Americas
revenue 455.1 406.0 12.1% (0.8)% (3.0)% 8.3%
EMEA revenue 507.8 476.9 6.5% --% (1.6)% 4.9%
APAC revenue 161.3 157.9 2.2% --% (0.3)% 1.9%
Six Months Ended
June 30, Growth (Decline)
------------------ ----------------------- ----
Revenue Inorganic Foreign <DELTA>
(in millions) 2026 2025 Growth Items Exchange Y/Y
-------- -------- ---------- ----------- ---------- ---------
Revenues $2,196.9 $2,006.7 9.5% (0.2)% (3.8)% 5.5%
Revenue by
segment:
Americas
revenue 887.3 786.6 12.8% (0.6)% (3.4)% 8.8%
EMEA revenue 995.1 907.4 9.7% 0.1% (5.0)% 4.8%
APAC revenue 314.5 312.7 0.6% --% (1.4)% (0.8)%
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
EBITDA is defined as net loss attributable to NIQ excluding interest expense, net, income tax expense 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:
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ------------------------
(in millions) 2026 2025 2026 2025
---------- ---------- ----------- -----------
Net loss
attributable to
NIQ $(30.5) $ (2.7) $(120.6) $(122.5)
Interest
expense, net 55.1 95.2 113.6 178.7
Income tax
expense 37.6 23.8 63.2 47.1
Depreciation
and
amortization 154.5 153.8 308.2 302.3
----- ----- ------ ------
EBITDA 216.7 270.1 364.4 405.6
----- ----- ------ ------
2026 Program
costs and
other non-cash
compensation
expense(1) 15.0 -- 80.5 --
Transformation
Program
costs(2) 18.7 12.5 27.2 18.1
GfK integration
costs(3) (3.3) 1.9 (1.6) 16.6
Acquisitions
and
transaction
related
costs(4) 5.4 2.9 9.2 8.3
Impairment of
long-lived
assets(5) 0.3 0.4 0.3 1.1
Foreign
currency
exchange gain,
net(6) (0.7) (57.4) (6.3) (89.4)
Nonoperating
items, net(7) 5.7 (17.8) 6.9 44.9
Share-based
compensation
expense(8) 8.8 1.5 10.7 2.8
Other operating
items, net(9) (4.7) 0.8 (4.6) (4.4)
----- ----- ------ ------
Adjusted EBITDA $261.9 $214.9 $ 486.7 $ 403.6
===== ===== ====== ======
Net loss
attributable to
NIQ divided by
Revenue (2.7)% (0.3)% (5.5)% (6.1)%
Adjusted EBITDA
Margin % 23.3% 20.6% 22.2% 20.1%
Footnotes to the table above:
1. Includes (i) 2026 Program restructuring expenses 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 share-based compensation expense of nil
and $9.5 million for the three and six months ended June 30, 2026,
respectively, arising from award modifications resulting from Ms. Tracey
Massey's resignation from her position as Chief Operating Officer.
2. Transformation Program costs include costs associated with accelerated
technology investment and consultancy and advisory fees incurred to
evaluate and improve organizational efficiencies and operations as well
as employee separation costs.
3. GfK integration costs include costs for consulting fees and integration
associated with the GfK Combination as well as employee separation
costs.
4. Acquisitions and transaction related costs represent costs incurred in
connection with planned and completed acquisitions, including due
diligence, transaction, integration and legal related costs. These costs
also include preparation and readiness costs for capital market
transactions.
5. Impairment of long-lived assets represents impairment charges for
operating lease right-of-use assets, property, plant and equipment and
definite-lived intangible assets.
6. Foreign currency exchange gain, net primarily reflects the translation
movements on foreign currency denominated term loans as well as the
impact of foreign exchange hedges.
7. Nonoperating items, net consists of adjustments primarily related to
net periodic pension benefit, other than service cost, remeasurement of
warrant to fair value, write-off of unamortized debt discount and debt
issuance costs, settlement of tax indemnification, factoring fees and
other. The settlement of tax indemnification relates to certain taxes
indemnified by Nielsen in connection with the 2021 Carve-Out Transaction.
The initial amount was recorded as part of purchase accounting
adjustments. Further adjustments are made to the tax indemnification as
audit settlements or refunds are recorded.
8. Share-based compensation expense consists of non-cash expense.
9. Other operating items, net primarily consists of gain/loss on sale of
long-lived assets. We exclude these expenses because they are not closely
tied to the core performance of our business and can cause fluctuations
between periods due to the nature and timing of the expense or income.
These costs are included in selling, general and administrative expenses
as part of the unaudited Condensed Consolidated Statements of
Operations.
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- --------------------