The Trade Desk: 2Q26 Preview: Structural Concerns Remain

Research evidence excerpt

The Trade Desk: 2Q26 Preview: Structural Concerns Remain

The Trade Desk, Inc. (TTD)

Equity Research

July 21, 2026

Within the past twelve months, Jefferies Financial Group Inc. and/or its affiliates received compensation for products and services other than investment banking

services from non-investment banking, securities related compensation for client services it provided to The Trade Desk, Inc..

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.

Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.

Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.

The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-

month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistently

below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with an

average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.

NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferies

policies.

CS - Coverage Suspended. Jefferies has suspended coverage of this company.

NC - Not covered.