ZETA: Zeta announced the expansion of Athena to agencies

Research evidence excerpt

ZETA: Zeta announced the expansion of Athena to agencies

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Matthew Swanson (Analyst)

Matthew Hedberg (Head of Global TIMT

Research)

Dan Bergstrom (Analyst)

Simran Biswal (AVP)

Michael Richards (AVP)

June 18, 2026

Zeta Global Holdings Corp.

Zeta announced the expansion of Athena to agencies

NYSE: ZETA | USD 18.50 | Outperform | Price Target USD 29.00

Sentiment: Neutral

The announcement: Zeta announced the expansion of Athena, the company's AI agent powered by the proprietary SuperGraph, to

agencies. Athena analyzes signals across 245M people in the US, which combined with agency data can help optimize performance

and better understand consumer behavior. Management noted that its AI capabilities including agentic workflows, precision

management and answers are directly integrated into Athena for agencies. Athena for Insights and Measurement is available in

beta now, with full availability rolling out through the rest of 2026.

Our thoughts: We've liked Zeta's strategy of investing in agencies including white labeling products to help independent agencies

compete up market. In our view, agencies today are working harder than ever to keep competitive differentiation and express

value in a rapidly changing landscape. Athena could help bring increased capabilities to these partners in a mutually beneficial

way. As a reminder, Zeta has not built in significant contribution for Athena in its 2026 guidance as we would expect it to ramp

throughout the year and be a larger contributor in 2027.

All values in USD unless otherwise noted. Priced as of prior trading day's market close, EST (unless otherwise noted).

Disseminated: Jun 18, 2026 09:33EDT; Produced: Jun 18, 2026 09:33EDT

For Required Conflicts Disclosures, see page 2