– Q4 SaaS Revenue Grows to over 62% of Total Revenue
– 2025 SaaS Adjusted EBITDA Margin Expands 400 Basis Points Year-Over-Year
– Q4 SaaS Monthly ARPU Increases 15% Year-Over-Year to $373
– Q4 Marketing Center Revenue Growth of Over 50% Year-Over-Year

Thryv Holdings, Inc. (NASDAQ: THRY) (“Thryv” or the “Company”), the provider of Thryv®, the leading small business marketing and sales software platform, reported an increase in SaaS revenue of 14% year-over-year in the fourth quarter of 2025 and grew 34% year-over-year for the full year 2025.

Fourth Quarter Financial 2025 Highlights:

• SaaS revenue was $119.0 million, a 14.1% increase year-over-year
• SaaS revenue excluding Keap was $102.8 million, a 13.1% increase year-over-year
• Marketing Services revenue was $72.6 million, an 11.7% decrease year-over-year
• Consolidated total revenue was $191.6 million, an increase of 2.7% year-over-year
• Consolidated net loss was $9.7 million, or $(0.22) per diluted share; compared to net income of $7.9 million, or $0.19 per diluted share, for the fourth quarter of 2024
• Consolidated Adjusted EBITDA was $38.9 million, representing an Adjusted EBITDA margin of 20.3%
• SaaS Adjusted EBITDA was $20.0 million, representing an Adjusted EBITDA margin of 16.8%
• Marketing Services Adjusted EBITDA was $18.8 million, representing an Adjusted EBITDA margin of 25.9%
• Consolidated Gross Profit was $130.3 million
• Consolidated Adjusted Gross Profit¹ was $133.6 million
• SaaS Gross Profit was $81.7 million, representing a Gross Margin of 68.7%
• SaaS Adjusted Gross Profit¹ was $83.8 million, representing an Adjusted Gross Margin of 70.4%

Full-Year 2025 Financial Highlights:

• SaaS revenue was $461.0 million, a 34.2% increase year-over-year
• SaaS revenue excluding Keap was $391.4 million, an 18.6% increase year-over-year
• Marketing Services revenue was $324.0 million, a 32.6% decrease year-over-year
• Consolidated total revenue was $785.0 million, a decrease of 4.7% year-over-year
• Consolidated net income was $0.3 million, or $0.01 per diluted share, compared to net loss of $74.2 million, or $(2.00) per diluted share, for last year
• Consolidated Adjusted EBITDA was $151.8 million, representing an Adjusted EBITDA margin of 19.3%
• SaaS Adjusted EBITDA was $73.8 million, representing an Adjusted EBITDA margin of 16.0%
• Marketing Services Adjusted EBITDA was $78.0 million, representing an Adjusted EBITDA margin of 24.1%
• Consolidated Gross Profit was $532.7 million
• Consolidated Adjusted Gross Profit¹ was $548.2 million
• SaaS Gross Profit was $325.8 million, representing a Gross Margin of 70.7%
• SaaS Adjusted Gross Profit¹ was $335.0 million, representing an Adjusted Gross Margin of 72.7%
• Operating cash flow was $63.5 million
• Free cash flow² was $31.1 million

Recent Business Highlights and Metrics

• Quality customers³ (defined as those contributing more than $400 in monthly recurring revenue) accounted for 69% of SaaS revenue³ in the fourth quarter of 2025
• SaaS clients were 100 thousand at the end of the fourth quarter of 2025
• Seasoned Net Revenue Retention⁴ was 94% as of December 31, 2025
• SaaS monthly Average Revenue per Unit (“ARPU”)⁵ was $373 for the fourth quarter of 2025, an increase of 15% year-over-year
• In the fourth quarter of 2025, Marketing Center revenue increased 56% year-over-year
• For 2025, Marketing Center revenue increased over 100% year-over-year

“We delivered solid full-year 2025 results, with SaaS revenue growth of 34% year-over-year and SaaS Adjusted EBITDA margin of 16.0%,” said Joe Walsh, Thryv Chairman and CEO. “During the year, we have successfully transitioned from legacy print and marketing services into a leading SMB software company, with SaaS revenue now contributing over 62% of total revenue. Looking ahead, we are shifting to a unified growth offering enabled by AI—the Thryv Platform—designed to help small businesses market, sell, and grow.”

Earnings Conference Call Information

Thryv will host a conference call on Thursday, February 26, 2026 at 8:30 a.m. (Eastern Time) to discuss the Company's fourth quarter 2025 results and outlook.

To listen to this conference call, please use this link. After registering, a confirmation email will be sent, including access details. We recommend registering a day in advance or at a minimum thirty minutes prior to the start of the call. A live webcast will also be available on the Investor Relations section of the Company's website at investor.thryv.com.

Segment Information

The following tables summarize the operating results of the Company's reportable segments:

The following tables present reconciliations of SaaS revenue for the Company to SaaS revenue excluding Keap and Keap SaaS revenue:

Non-GAAP Measures

Our results included in this press release include Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow, which are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”).

We have included Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow because management believes they provide useful information to investors in gaining an overall understanding of our current financial performance and provide consistency and comparability with past financial performance. Specifically, we believe Adjusted EBITDA provides useful information to management and investors by excluding certain non-operating items that we believe are not indicative of our core operating results. In addition, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow are used by management for budgeting and forecasting as well as measuring the Company’s performance. We believe Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow provide investors with the financial measures that closely align with our internal processes.

We define Adjusted EBITDA (“Adjusted EBITDA”) as Net income (loss) plus Interest expense, Income tax expense (benefit), Depreciation and amortization expense, Restructuring and integration expenses, Loss on early extinguishment of debt, Stock-based compensation expense, Impairment charges, and other non-operating expenses, such as Net periodic pension cost (benefit), and certain unusual and non-recurring charges that might have been incurred. Adjusted EBITDA should not be considered as an alternative to Net income (loss) as a performance measure. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We define Adjusted Gross Profit (“Adjusted Gross Profit”) as Gross profit adjusted to exclude the impact of Depreciation and amortization expense and Stock-based compensation expense. We define Free Cash Flow as net cash provided by operating activities minus additions to fixed assets and capitalized software.

Non-GAAP financial information has limitations as an analytical tool and is presented for supplemental informational purposes only. Such information should not be considered a substitute for financial information presented in accordance with U.S. GAAP and may be different from similarly-titled non-GAAP measures used by other companies.

The following is a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, Net income (loss):

The following tables set forth reconciliations of Adjusted Gross Profit and Adjusted Gross Margin, to their most directly comparable GAAP measures, Gross Profit and Gross Margin:

The following tables set forth reconciliations of Free Cash Flow to its most directly comparable GAAP measure, Net cash provided by operating activities:

Supplemental Financial Information

The following supplemental financial information provides Revenue, Net Income (Loss), Net Income (Loss) Margin, Adjusted EBITDA and Adjusted EBITDA Margin by our (i) SaaS business and (ii) Marketing Services business. Total SaaS Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Total Marketing Services Adjusted EBITDA and Adjusted EBITDA margin are also non-GAAP financial measures. These non-GAAP financial measures are presented for supplemental informational purposes only and are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our global SaaS and Marketing Services financial performance, enhance the overall understanding of our global SaaS and Marketing Services past financial performance and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We believe that these measures provide additional tools for investors to use in comparing our core financial performance over multiple periods.

Forward-Looking Statements

Certain statements contained herein are not historical facts, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. Statements that include the words “may”, “will”, “could”, “should”, “would”, “believe”, “anticipate”, “forecast”, “estimate”, “expect”, “preliminary”, “intend”, “plan”, “target”, “project”, “outlook”, “future”, “forward”, “guidance” and similar statements of a future or forward-looking nature identify forward-looking statements. These statements are not guarantees of future performance. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the risks related to the following: significant competition for our Marketing Services solutions and SaaS offerings, including from companies that use components of our SaaS offerings provided by third parties; our ability to maintain profitability; our ability to manage our growth effectively; our ability to transition our Marketing Services clients to our Thryv platform, maintain transitioned clients on that platform and sell them additional or upgraded products; sell our platform into new markets or further penetrate existing markets; our ability to maintain our strategic relationships with third-party service providers; internet search engines and portals potentially terminating or materially altering their agreements with us; our ability to keep pace with rapid technological changes and evolving industry standards; our SMBs clients potentially opting not to renew their agreements with us or renewing at lower spend; potential system interruptions or failures, including cybersecurity breaches, identity theft, data loss, unauthorized access to data or other disruptions that could compromise our information; our potential failure to identify suitable acquisition candidates and consummate such acquisitions; our ability to complete acquisitions and the successful integration of such acquisitions, including our October 2024 acquisition of Keap, and any failure of an acquired business to achieve its plans and objectives or realize any expected benefit from any such acquisition; the potential loss of one or more key employees or our inability to attract and to retain highly skilled employees; our ability to maintain the compatibility of our Thryv platform with third-party applications; our ability to successfully expand our operations and current offerings into new markets, including internationally, or further penetrate existing markets; our potential failure to provide new or enhanced functionality and features; our potential failure to comply with applicable privacy, security and data laws, regulations and standards; potential changes in regulations governing privacy concerns and laws or other domestic or foreign data protection regulations; our potential failure to meet service level commitments under our client contracts; our potential failure to offer high-quality or technical support services; our Thryv platform and add-ons potentially failing to perform properly; our use of artificial intelligence in our business, and challenges with properly managing its use, could result in reputational harm, competitive harm, and legal liability; the potential impact of future labor negotiations; our ability to protect our intellectual property rights, proprietary technology, information, processes, and know-how; rising inflation and our ability to control costs, including operating expenses; general macro-economic conditions, including a recession or an economic slowdown in the U.S. or internationally; adverse tax laws, regulations or audit outcomes or potential changes to existing tax laws or regulations; costs, liabilities and reputational harm resulting from regulatory investigations, including the subpoena from the Division of Enforcement of the Securities and Exchange Commission (the “SEC”); volatility and weakness in bank and capital markets; and costs, obligations and liabilities incurred as a result of and in connection with being a public company as well as the risks and uncertainties set forth in the Company's most recent Annual Report on Form 10-K filed with the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such cautionary statements.

If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. For these reasons, we caution you against relying on forward-looking statements. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. These forward-looking statements speak only as of the date hereof and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Thryv

Thryv (NASDAQ: THRY) is an AI-enabled global marketing platform that helps small businesses (SMBs) get found online faster, win more customers, and drive repeat business. Thryv software offers SMBs AI-driven lead insights, automated customer follow‑up and payment processing, an AI-enabled CRM and a suite of additional solutions. Thryv is making growth‑focused AI tools accessible to the plumber, salon owner, contractor, lawyer, accountant and more. Over 200K+ businesses globally use Thryv to market, sell, and grow. For more information, visit www.thryv.com.

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