PINS - June Data Review Suggests Continued Usage Growth Strength to Exit 2Q

Research evidence excerpt

PINS - June Data Review Suggests Continued Usage Growth Strength to Exit 2Q

July 1, 2026

Michael Morris, CFA michael.morris@guggenheimpartners.com PINS - June Data Review Suggests Continued Usage

804 253 8025 Growth Strength to Exit 2Q

Grayson Glenn

grayson.glenn@guggenheimpartners.com

804 253 8053 Key Message: We provide our updated Ads Manager audience reach and Apptopia

download data analysis through June 2026. We view first-party Ads Manager and third- Charles Wilber

charles.wilber@guggenheimpartners.com party Apptopia data as usage indicators. Beginning in January, Pinterest Ads Manager

804 335 3977 began providing audience reach data for 38 international markets sold via third-party

advertising partners. Our analysis provides audience reach insights for both 34 “core”

Taylor Manley countries (ex-new markets, comparable to prior months) and the 38 new international taylor.manley@guggenheimpartners.com

804 253 1336 markets. June Ads Manager data was impacted by a catchup of audience reach figures

in select international markets, noting that 1) device-level data trends of top ten markets

shows modest y/y growth acceleration, and 2) international MAU growth has meaningfully

outpaced audience reach trends since last Ads Manager catchup in April 2024 - Note

(see ‘Addressing International Step-up’ section). Apptopia global downloads increased PINS 0.9% (vs. +2.9% in May) with growth driven by international regions. Domestic downloads Pinterest, Inc. declined 8.9% following 1.3% decrease in May. Our 2Q26 global MAU nets adds forecast Sector: Media & Internet

of +6mm implies modest annualized growth deceleration (+10.2% vs. +10.7% in 1Q). We

Share Price $21.03 note that 2Q is historically a seasonally softer net add quarter (lowest quarter in each of

the past four years).