NIQ GLOBAL INTELLIGENCE (+) : Off the call: Ongoing mgmt. confidence in the platform

Research evidence excerpt

NIQ GLOBAL INTELLIGENCE (+) : Off the call: Ongoing mgmt. confidence in the platform

EQUITIES

BUSINESS SERVICES

NIQ GLOBAL INTELLIGENCE OUTPERFORMPRICE* USD10.0  TARGET PRICE USD15 (UPSIDE 49%)

FLASH NOTE

Off the call: Ongoing mgmt. confidence in the platform

14 MAY 2026 Securities Research Report Production time: 15:04* (London time)

Research Analyst & Publishing Entities

Andrew Grobler BNP Paribas London Branch +(44) 207 039 9451 andrew.grobler@uk.bnpparibas.com

BNPP View:

Management remain confident in the strength of the platform, the defendable nature of the data/analytics and the ability

to leverage AI to both drive growth and support operational leverage as they move towards their longer-term target of

30%+ Adj EBITDA margins. We do not think that the Q1 results will materially move that longer term discussion forward,

although we think the current share price is discounting a material slowdown in profit growth, and unchanged underlying

guidance will likely see limited movement in consensus expectations.

3 Key themes

Impact AI

AI is both a revenue enabler and an internal efficiency driver for NIQ. Externally, the company's proprietary semantic

framework — harmonising 4 trillion data records weekly — positions its data as "decision-grade" infrastructure for clients

building AI systems. Less than a year since launch, over 70 clients have embedded AI-native solutions (Bases AI

Screener, Product Developer) across 27 countries, with more than 2,300 product concepts tested. Clients adopting AI-

native applications are increasing spend faster than non-adopters. Internally, AI-assisted development tools are

deployed across 2,600-plus engineers, improving productivity without headcount additions. AI-driven automation in