2Q26 Mobile Gaming AdTech Survey: Most Positive on U

Research evidence excerpt

2Q26 Mobile Gaming AdTech Survey: Most Positive on U

tions in the last 3 years. Overall

market continues to look healthy.

spend based on ROAS (U had most), and had the most (11) saying APP is their top ROAS network.

Expected (y/y) Change in App Install Ad Spend15.2% 16%

APP share for 2Q26 was down -80bps q/q (from that same advertiser), but up 50bps in 3Q26, the 14%

12%most of any network. On supply, APP share was up most at 250bps, with MAX specifically called 11.9% 11.8% 9.5% 9.4% 10%

7.9% 8.0%

8%out as driving ad rev gains for game publishers, with e-commerce also helping.

6%

4%

Meta incrementally positive, Google reaching share limits: Meta 2026 ad spend share was 2%

2Q26 3Q26 2025 2026+144bps, but the mainly on O&O FB and IG. We again asked on Meta Audience Network, and while 0% 1Q Survey 2Q Survey

performance has improved with 7 positive comments vs only 4 in our 1Q survey, the majority .Source: Jefferies

continue to say they have seen no meaningful change, and 3 comments were negative. Overall

improved, but not an inflection. Google was the highest demand share in our 2Q survey, but had the

most advertisers saying they are not able to grow Google spend further at their ROAS targets. The

net result is Google share down -200bps, but is from incremental dollars going elsewhere rather

than an actual Google spend decline.

2026 ad spend growth expectations remain high: 2026 ad spend growth expectations came down

somewhat form 15% y/y in our 1Q survey to 9.4% in this survey, but is still the 2nd highest number

in our 3 years of surveys. Launching and scaling new games remains the top growth driver, with

the difference from 1Q being more companies focusing on profitability over growth, not a material

change to industry ROAS.