#1 CTV Ad Tech Market Leader Gaining Share + Compelling Valuation and Catalyst Path; Initiating Coverage w/ a Buy and $20 PT

Research evidence excerpt

#1 CTV Ad Tech Market Leader Gaining Share + Compelling Valuation and Catalyst Path; Initiating Coverage w/ a Buy and $20 PT

Investment Thesis

MGNI is an ad tech player operating in the connected TV (CTV), Mobile and Desktop verticals. The company is the #1 leading

independent SSP in CTV with premium publisher relationships with the majority of the major streaming companies, which providesDIGITAL advertisers the highest quality CTV ad inventory in the market. We expect the business to continue to gain market share and

MEDIA outpace industry growth leading to incremental FCF opening the door for capital return. Upcoming Catalysts Price Performance

■ Incremental higher margin publisher relationship announcements $28AND ■ Roll out of additional product offerings and scaling of the ClearLine solution $26

■ Continued structural shift from pay TV to streaming and roll out of additional ad- $24

supported video offerings $22LIVE $20 ■ International portfolio expansion $18

■ Cross and upselling of products to leverage cross-platform monetization $16

capabilities $14

■ Favorable outcomes of the Google (GOOGL, Not Rated) antitrust ruling $12

■ Major live event occurrences providing incremental ad spend to the digital $10

ecosystem Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26

MGNI

Base Case Assumptions: $20 Price Target Source:S&PFactSet500 (rebased)

1) FY2027 total contribution ex-TAC Y-Y ~10%, 2) adjusted EBITDA margin ~36.5%, 3)ENTERTAINMENT

multiple 10x Company Description

MGNI is a US-based ad tech player

operating an integrated tech stack from

SSP to ad server. The company operatesEQUITY

in connected TV (CTV), Mobile and

Upside Scenario: $27/sh Desktop.

1) FY2027 total contribution ex-TAC Y-Y ~13%, 2) adjusted EBITDA margin ~38%, 3)