US Internet "Takeaways from 2Q26 Ad Expert Call Series - 4" Ju

Research evidence excerpt

US Internet "Takeaways from 2Q26 Ad Expert Call Series - 4" Ju

Global Research

23 June 2026ab

US Internet Equities

AmericasTakeaways from 2Q26 Ad Expert Call Series - 4

Internet Services

Stephen Ju

Key Takeaways for US Digital: Analyst

Snapshot takeaways from the expert call: 2Q26 Ad Budget Growth and 2026 stephen.ju@ubs.com

Outlook for Digital Platforms. As a reminder, we will be hosting three more calls +1-212-882 5192

between June 24 - 30. For replays and registration, please click here. Esha Vaish

Analyst

2Q26 (Directionally neutral): Tracking slightly weaker at 11.3% YOY budget esha.vaish@ubs.com

growth vs 11.4% projected, with our expert flagging weakness in open web / +1-212-713 3328

programmatic budgets, pressure on CPG spend (excluding spend around AMZN's

Vanessa Fong

June Prime Day) and advertisers to some degree being forced to pull forward 2H26

Associate Analyst

spend to fund advertising around the world cup. vanessa.fong@ubs.com

+1-212-882 0079 2026 (Directionally neutral): Growth projection cut slightly to 11.8%-13%

YOY from 12%-13% earlier, with expectations trimmed back largely for 3Q26 due Nur Robleh

a shift in Amazon Prime Day to June from July last year. Our expert has a large retail Associate Analyst

skew in his spend and also noted that packaged good spend was impacted due to nur.robleh@ubs.com

+1-212-713 4530 GLP1 usage and changing user attitudes towards processed foods, while

consumables was being pressured by inflationary trends. Tarini Padmanabhan

GOOGL (Directionally slightly +ve): 2Q26 better with Google Search landing at tarini.padmanabhan@ubs.com

9.27% YOY growth, above 9% projected, and YouTube tracking to 9.67%, in +1-212-713 1201

line with projected rates. Our expert noted that ads in Google AI search results