Q2 2026 Earnings Call July 29, 2026


 
Safe Harbor Statement and Non-GAAP Financial Measures © 2026 Clarivate. All rights reserved. 2 Forward-Looking Statements This presentation includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions, or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements” within the meaning of the “safe harbor provisions” of the Private Securities Litigation Reform Act of 1995. Forward-looking statements included in this presentation include all matters that are not historical facts, including statements relating to our intentions, beliefs, or current expectations concerning, among other things, the divestiture of our LS&H business or any other strategic transactions we may explore, the anticipated use of proceeds from the divestiture of our Life Sciences & Healthcare business, anticipated cost savings or other benefits, results of operations, financial condition, liquidity, capital allocation plans and share repurchases, foreign exchange impacts, prospects, growth and shareholder value, strategies, and the markets in which we operate, our financial guidance for the fiscal year 2026 and key drivers thereof and underlying assumptions, the impact or anticipated benefits of our Value Creation Plan and other growth strategies, the global macroeconomic uncertainty and volatility, the impact of artificial intelligence (“AI”) on our business and strategy, and the timing of any of the foregoing. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” or “should” or, in each case, their negative or other variations or comparable terminology. Such forward-looking statements are based on available current market material and management's expectations, beliefs, and forecasts concerning future events impacting us. These forward- looking statements involve a number of risks, uncertainties, and other important factors (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to, our ability to compete in the highly competitive industry in which we operate; our ability to maintain high annual renewal rates; our ability to maintain revenues if our products and services do not achieve and maintain broad market acceptance, or if we are unable to keep pace with or adapt to rapidly changing technology, evolving industry standards, and changing regulatory requirements; reductions in customers’ research budgets or government funding; the success of our Value Creation Plan; our ability to derive fully the anticipated benefits from organic growth, existing or future acquisitions, joint ventures, investments, or dispositions; our exposure to risk from the international scope of our operations; our level of indebtedness; our ability to leverage AI in our products and services; any significant disruption in or unauthorized access to or breaches of our computer systems or those of third parties that we utilize in our operations; other factors beyond our control; and those factors described in Item 1A. Risk Factors in our annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). There can be no assurance that future developments affecting us will be those that we have anticipated. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. Please consult our public filings with the SEC, which are also available on our website at www.clarivate.com.


 
Safe Harbor Statement and Non-GAAP Financial Measures © 2026 Clarivate. All rights reserved. 3 Non-GAAP Financial Measures This presentation contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, and Revenues, Including Discontinued Operations. Non-GAAP financial measures are not recognized terms under GAAP, are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. As a result, you should not consider such measures in isolation from, or as a substitute for, financial measures or results of operations calculated or determined in accordance with GAAP. We use non-GAAP measures internally in our operational and financial decision-making, to assess the operating performance of our business, to assess performance for employee compensation purposes, and to decide how to allocate resources. We believe that such measures allow us to focus on what we deem to be more reliable indicators of ongoing operating performance and our ability to generate cash flow from operations, and we also believe that investors may find these non-GAAP financial measures useful for the same reasons. Non-GAAP measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP measures when reporting their results. Further, these measures can be useful in evaluating our performance against our peer companies because we believe they provide users with valuable insight into key components of our GAAP financial disclosure. However, non-GAAP measures have limitations as analytical tools and because not all companies use identical calculations, our presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Definitions and reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are provided within the Appendix to this presentation. Our presentation of non-GAAP measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items, or that any projections and estimates will be realized in their entirety or at all. Industry and Market Data The market data and other statistical information used throughout this presentation are based on industry publications and surveys, public filings, and various government sources. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of the included information. We have not independently verified such third-party information, nor have we ascertained the underlying economic assumptions relied upon in those sources, and we are unable to assure you of the accuracy or completeness of such information contained in this presentation. While we are not aware of any misstatements regarding our market, industry, or similar data presented herein, such data involve risks and uncertainties and are subject to change based on various factors.


 
Agenda 4© 2026 Clarivate. All rights reserved. Business Review Financial Review Q&A Matti Shem Tov Chief Executive Officer Jonathan Collins Chief Financial Officer


 
Matti Shem Tov Chief Executive Officer Business Review


 
Q2 2026 Overview 6 ACV Organic Growth: 1.5% ▲ 20 bps YoY H1 Subs Organic Growth: 1.2% ▲ 60 bps YoY H1 Recurring Organic Growth: 0.7% 42.1% Margin1 ▲ 90 bps sequentially $75m debt reduction H1 debt reduction of $218m ▲ 1₵ YoY Revenues Adj. EBITDA¹ Free Cash Flow1 Adj. EPS1 $587M $247M $44M 19₵ Academia & Government Organic ACV and subs revenue growth at 2% Introduced Nexus Connect, the first scholarly institutional AI gateway to trusted research Intellectual Property Re-occurring organic revenue flat in Q2; expecting return to growth in H2 Introduced IPOne, a unified AI-native platform for patent and trademark agentic intelligence Life Sciences & Healthcare Organic ACV growth at 2% Reached definitive agreement to sell segment to Altaris LLC subsequent to Q22 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Subject to customary regulatory approvals and closing conditions. © 2026 Clarivate. All rights reserved.


 
Value Creation Plan Driving Focus, Growth and Innovation Product & Agentic AI Accelerated Innovation Invest in proprietary assets and drive development of Agentic-AI capabilities across portfolio Optimize ROI and Support Sales Execution Sales Improved Sales Execution Drive sales execution, customer engagement and retention Increase Organic Growth and Achieve Targets Revenue Business Model Optimization Focus on driving core subscription and re-occurring revenue improving predictability Increase Subscription and Re-occurring Revenue Mix Portfolio Solutions Rationalization Assess strategic alternatives to increase execution focus and optimize capital allocation Unlock Value for Shareholders 7 Value Creation Enablers Talent and Culture Cost Rationalization Enterprise Technology © 2026 Clarivate. All rights reserved.


 
Scaling Academic AI as the Trusted Layer Between AI and Research © 2026 Clarivate. All rights reserved. 8 Academia & Government: Academic AI Web of Science Research Intelligence AI RESEARCH ASSISTANTS AND WORKFLOW AGENTS Launched Web of Science Research Intelligence Globally AI-native platform for research funding, strategy and impact, shaped by 50+ development partners and early adopters across 20 countries, grounding every insight in publisher-neutral Web of Science data with full provenance; generated multi-million-dollar ACV pipeline AI ECOSYSTEM ACCESS Introduced Nexus Connect, the AI Gateway to Scholarly Intelligence An institutional AI gateway deployed within AI chat agents such as ChatGPT and Claude, connecting students to multi-publisher scholarly content via secure MCP integration; early access program launched July 2026 Web of Science Research Intelligence transforms AI from a search tool into a trusted decision-making layer for research workflows, marking a shift from bibliometrics to institutional intelligence and raising the stakes for Elsevier, Digital Science, and the broader analytics market “ ” - Kate Worlock, VP & Lead Analyst1 1 Outsell, Inc., a California-based research and advisory firm for data, information & analytics; https://outsellinc.com/


 
Driving AI Innovation Momentum Across The IP Ecosystem © 2026 Clarivate. All rights reserved. 9 Intellectual Property: IPOne AI RESEARCH ASSISTANTS AND WORKFLOW AGENTS Unified Platform for AI-Powered IP Intelligence Announced development of IPOne, combining purpose-built AI agents with trusted CompuMark, Derwent and Darts-ip proprietary data; developing in close collaboration with leading corporate IP teams and law firms AI WORKFLOW AGENTS Award-Winning AI Innovation in Trademark Intelligence RiskMark named Best AI Tool for Lawyers at the 2026 CODiE Awards, recognizing its combination of predictive and generative AI to reduce trademark risk assessment from hours to minutes IPOne1 1 Illustrative only. The 2026 Product Winners exemplify the innovation, creativity, and excellence that have defined this program for four decades. These organizations are solving complex challenges, advancing technology, and delivering solutions that make a measurable difference for their customers and industries “ ” - Jennifer Baranowski, President of the CODiE Awards


 
Poised To Accelerate IP Organic Growth Under Proven Leadership © 2026 Clarivate. All rights reserved. 10 Intellectual Property 1 2025A. 2 2010 to 2019. Simon Webster IP President Joined Clarivate as President of IP segment in June 2026 Former CEO of CPA Global; a prior Clarivate acquisition (October 2020), which represents ~70% of IP segment total revenue1 Achieved mid-single-digit organic CAGR during his tenure at CPA Global2 Industry veteran, brings over two decades of proven leadership across the Global IP ecosystem CLEAR LEVERS FOR ACCELERATION Focused Agenda to Drive Organic Growth Sharpening customer focus and retention across annuities and software, increasing commercial intensity in priority segments, and an accelerating innovation pipeline led by IPOne, leveraging proprietary assets STRUCTURAL STRENGTHS Scale, Proprietary Assets and Customer Trust Re-occurring annuities and renewals engine, vast collection of proprietary assets, and deep relationships with majority of the world's leading law firms and blue-chip corporate IP teams


 
LS&H Transaction Expected to Strengthen Financial Profile and Sharpen Strategic Focus © 2026 Clarivate. All rights reserved. 11 Life Science & Healthcare Divestment SHAREHOLDER VALUE CREATION Transaction Delivered at a Highly Accretive Multiple Values LS&H at 10x 2026E Adjusted EBITDA less capex, a 3 turn premium to Clarivate's implied valuation on the same metric as of 6/30 INCREASES RECURRING REVENUE MIX Shifting to a Higher-Quality Revenue Base Pro forma recurring revenue mix increases from 89% to ~92%, improving predictability, retention and cash flow visibility FURTHER STRENGTHENING BALANCE SHEET Applying Net Proceeds to Debt Paydown Net proceeds directed to accelerated debt paydown; combined with FCF, enables full retirement of notes by maturities in 2028 and 2029 OPERATIONAL FOCUS Streamlined Operating Model Creates more focus on scaled A&G and IP segments, enabling a simplified structure and targeted investments in organic growth


 
Positioned to Accelerate Organic Growth © 2026 Clarivate. All rights reserved. 12 We are more confident than ever in our ability to accelerate organic growth to create shareholder value VCP Building Blocks in Place, Clear Runway to Drive Growth 1 2024A vs. 2026 current indication including LS&H transaction impact. 2 Organic subscription + Re-occurring order types. 3 2024A vs. 2025A. 4 2025-26. 5 Expected to close by end of 2026, subject to customary regulatory approvals and closing conditions. ▲ 92% 1,200 bps increase in recurring mix1,2 ▲ 19 Major product & AI-powered capabilities released or in development4 ▲ 3 Disposals announced; 2 completed ● ~10X Segment EBITDA – Capex5 ▲ Expect > 100 bps sequential improvement in recurring organic growth in H2 2026 and continued momentum in 2027 BUSINESS MODEL OPTIMIZATION STRENGTHENED GO-TO-MARKET ACCELERATED AI INNOVATION RATIONALIZED PORTFOLIO ▲ 90 bps Increase in 2025 organic ACV growth3 LS&H DIVESTITURE ▼ ~0.5B Clear path to retire 2028/29 notes with FCF and LS&H net proceeds ACCELERATING DEBT PAYDOWN ACCELERATING ORGANIC GROWTH ImminentCompleted


 
Jonathan Collins Chief Financial Officer Financial Review


 
Q2 & H1 2026 Financial Results 14 Changes from Prior Year 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. Note: Amounts in table may not sum due to rounding. $m except per share data Q2 ‘26 Q2 ‘25 Change H1 ‘26 H1 ‘25 Change Revenues $587 $621 $(34) $1,173 $1,215 $(42) Operating Expenses 787 614 173 1,343 1,229 114 Income / (Loss) from Operations $(200) $7 $(207) $(170) $(14) $(156) Interest Expense, Net 60 67 (6) 119 131 (12) Income Tax Expense (Benefit) 8 12 (4) 19 31 (12) Net Income / (Loss) $(269) $(72) $(197) $(309) $(176) $(133) Net Income / (Loss) Per Share, basic $(0.42) $(0.11) $(0.31) $(0.48) $(0.26) $(0.22) Adjusted EBITDA1 247 262 (14) 488 495 (6) Adjusted EBITDA Margin1 42.1% 42.1% - bps 41.6% 40.7% 90 bps Adjusted Diluted EPS1 $0.19 $0.18 $0.01 $0.38 $0.32 $0.06 Operating Cash Flow $99 $116 $(17) $233 $288 $(54) Capital Spending 55 66 (11) 111 127 (16) Free Cash Flow1 44 50 (6) 123 161 (38) Revenues • Change primarily due to inorganic disposals Net Income / Loss • Loss and change over prior year due entirely to non-cash goodwill impairment charge associated with LS&H divestiture Operating Cash Flow • Change primarily due to lower Adjusted EBITDA as lower interest offset by higher working capital requirements © 2026 Clarivate. All rights reserved.


 
Changes from Prior Year Q2 2026 Revenues and Adj. EBITDA1 151 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. Note: Amounts in table may not sum due to rounding. Q2 2025 Q2 2026 $621 $587 $262 42.1% $247 42.1% Revenues Adj. EBITDA1 Year + Better - Worse $ millions ($1) ($7) ($9) ($1) ($24) ($7) Organic • Continued growth in recurring revenues and strong cost discipline largely mitigated profit impact from lower transactional revenues Inorganic Disposals • Impact from A&G and LS&H disposals Foreign Exchange • Strengthening of a basket of foreign currencies versus USD drove translation impact © 2026 Clarivate. All rights reserved. FXOrganic Inorganic Disposals Inorganic Divestitures Recurring ~+3 Transactional ~(11)


 
Changes from Prior Year H1 2026 Revenues and Adj. EBITDA1 161 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Subscription Revenues + Re-occurring Revenues. Note: Amounts in table may not sum due to rounding. H1 2025 H1 2026 $1,215 $1,173 $495 40.7% $488 41.6% Revenues Adj. EBITDA1 Year + Better - Worse $ millions $12 ($5) $8 ($49) ($10) Organic • Continued growth in recurring revenues and strong cost discipline more than offset lower transactional revenues Inorganic Disposals • Impact from A&G and LS&H disposals Foreign Exchange • Strengthening of a basket of foreign currencies versus USD drove translation impact as well as transaction gains last year that did not recur this year © 2026 Clarivate. All rights reserved. FXOrganic Inorganic Disposals Inorganic Divestitures Recurring2 ~+7 ($5) Transactional ~(12)


 
Q2 & H1 2026 Cash Flow 17 Changes from Prior Year $m Q2 ‘26 Q2 ‘25 Change H1 ‘26 H1 ‘25 Change Adj. EBITDA1 $247 $262 $(14) $488 $495 $(6) One-Time Costs2 (16) (18) 3 (34) (42) 8 Interest (77) (92) 15 (117) (126) 9 Taxes (19) (17) (2) (27) (24) (3) Working Capital (34) (10) (24) (71) (1) (70) Other3 (2) (7) 5 (6) (15) 9 Operating Cash Flow 99 116 (17) 233 288 (54) Capital Spending (55) (66) 11 (111) (127) 16 Free Cash Flow1 $44 $50 $(6) $123 $161 $(38) Debt Repayment (72) - (72) (211) - (211) Share Repurchase - (50) 50 (18) (100) 82 Acquisitions / Divestitures 5 6 (1) 5 6 (1) Other4 (2) 3 (5) (11) - (11) Cash Flow $(25) $9 $(34) $(112) $67 $(179) Free Cash Flow1 • Change from prior year driven entirely by working capital, largely due to timing of collections and disbursements as well as higher incentive compensation payout Capital Allocation • Repurchased $75m face value of 2028 bonds in the open market at a discount of ~3% • Achieved efficiencies enabling lower operating cash balance 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Includes restructuring-related severance and transaction cost. 3 Includes impaired contractual costs. 4 Fx, Tax withholding for share-based compensation and refinancing cost. Note: Amounts in table may not sum due to rounding. © 2026 Clarivate. All rights reserved.


 
FY 2026 Guidance Reaffirmed; Assumes LS&H Divestiture Closes at Year End5 18 ACV Organic Growth • Likely in lower half of range as LS&H moves to discontinued ops in H2 Recurring Organic Growth • Subscription growth acceleration and stable re-occurring revenues Revenues Incl. Discontinued Ops • Decline over prior year due entirely to strategic disposals; revenue mix likely above original range as LS&H moves to discontinued ops in H2 Adj. EBITDA / Margin / Adj. EPS1 • Margin expansion driven by organic growth and cost discipline • EPS growth due to share repurchases Free Cash Flow1 • At low end of range due to ~$20m of one-time costs to close transaction and ~$10m to achieve cost savings +50 bps ACV Organic Growth 2% 3% ~2¼% Recurring Organic Revenue Mix3 88% 90% ~92% +400 bps Adj. EBITDA1 $980m $1,040m ~$1,005m ~Flat Adj. EBITDA Margin1 42% 43½% ~42¾% +200 bps Adj. Diluted EPS1 80₵70₵ ~75₵ +9% Free Cash Flow1 $365m $435m ~$365m ~Flat (4)% Revenues Including Discontinued Ops1 $2,300m $2,420m ~$2,350m +90 bps Recurring Organic Growth2 ¾% 2¼% ~1½% Current vs. PY 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Subscription + Re-occurring order types. 3 (Subscription + Re-occurring) / Total Revenues excluding disposals. 4 Mid Point included for illustrative purposes only. 5 Closing of LS&H divestiture is subject to customary regulatory approvals and closing conditions. Mid Point4Guidance Range Current Indication © 2026 Clarivate. All rights reserved. Extended Guidance Range


 
FY 2026 Revenues and Adj. EBITDA1 Outlook 19 2025A 2026T $2,455 ~$2,350 $1,002 40.8% ~$1,005 ~42.8% Revenues Adj. EBITDA1 Year + Better - Worse FXOrganic ~$25 Inorganic Disposals ~($125) ~($25) Changes from Prior Year ($ millions) Inorganic Divestitures 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. Note: Amounts in table may not sum due to rounding. ~$20 Organic • Recurring revenue growth partially offset by modest transactional decline • Strong profit flow-through driven by disciplined cost management Inorganic Disposals • Books transactional revenues gone by mid-year, RWD by end of year Inorganic Divestitures • Guidance does not include potential sale of LS&H business Foreign Exchange • Expect modest benefit associated with weaker USD © 2026 Clarivate. All rights reserved.


 
41.5% 39.3% 42.1% 40.5% 41.3% 41.2% 42.1% FY 2026 Quarterly Phasing 20 Revenue, Organic ACV Growth, Organic Recurring Revenue Growth and Adj. EBITDA % Revenues Incl. Discontinued Ops • Less seasonality this year due to increased recurring revenue mix because of the disposals Organic ACV • Expect acceleration through the balance of the year from momentum of new subs sales Organic Recurring Revenue • Experienced slight sequential pull back in Q2 due to timing of subs renewals; expected to accelerate in H2 from return to growth in re- occurring revenues and subs growth acceleration Adj. EBITDA Margin1 • Expect acceleration through the balance of the year from organic growth conversion and disposals Revenue ($M) FY 2025AFY 2024A Adj. EBITDA Margin (%)1 2024A revenue represents quarterly average revenue for the year. 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. © 2026 Clarivate. All rights reserved. 500 520 540 560 580 600 620 640 660 H2 2026EH1 2026A 0.9% 1.2% 1.3% 1.6% 1.8% 1.6% 1.5% 0.1% 0.6% 0.8% 0.3% 0.5% 1.0% 0.5% 2024A Q1 25A Q2 25A Q3 25A Q4 25A Q1 26A Q2 26A Q3 26E Q4 26E Organic ACV Growth (%) Organic Recurring Revenue Growth (%)


 
FY 2026 Cash Flow Outlook 21 Changes from Prior Year ($ millions) Free Cash Flow1 • Expecting flat versus prior year due to higher one-time transaction related costs from LS&H divestiture Capital Allocation • Redeemed $100m of 2026 notes and repurchased $43m of 2028 and 2029 notes in Q1 • Repurchased another $75m of 2028 notes in Q2 • Plan to utilize FCF to retire ~$200m of 2028 notes in H2 • Plan to use net proceeds from LS&H divestiture, which is expected to close before year end, to retire an additional ~$500m of the 2028 and 2029 notes 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Includes restructuring-related severance and transaction cost. 3 Includes impaired contractual costs. 4 Fx, tax withholding for share-based compensation, and refinancing cost. Note: Amounts in table may not sum due to rounding. 2026 Outlook 2025 Actuals Change Adj. EBITDA1 ~$1,005 $1,002 ~Flat One-Time Costs2 ~(70) (67) ~(5) Interest ~(235) (253) ~20 Taxes ~(50) (42) ~(10) Working Capital ~(25) 12 ~(35) Other3 ~(15) (23) ~10 Operating Cash Flow ~610 629 ~(20) Capital Spending ~(245) (263) ~20 Free Cash Flow1 ~$365 $365 ~Flat Debt Repayment ~(900) (100) ~(800) Share Repurchase ~(20) (225) ~205 Acquisitions / Divestitures ~495 3 ~490 Other4 ~(15) (9) ~(5) Cash Flow ~$(75) $34 ~$(110) © 2026 Clarivate. All rights reserved.


 
CFO Leadership Transition © 2026 Clarivate. All rights reserved. 22 Michael Easton Appointed EVP & CFO Experienced, proven leader brings more than 25 years of financial and operational expertise Appointment underscores depth and strength of leadership bench, enabling seamless transition Focus will be on accelerating growth, improving profitability, strengthening FCF generation and maintaining disciplined capital allocation Previously oversaw corporate FP&A, product and global finance teams at IHS Inc.; subsequently led global accounting, financial reporting and operations at IHS Markit Ltd. following merger with Markit Ltd.


 
Q&A Session


 
Appendix Presentation of Certain Non-GAAP Financial Measures


 
25© 2026 Clarivate. All rights reserved. Presentation of Certain Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin Adjusted EBITDA represents net income (loss) before the provision (benefit) for income taxes, depreciation and amortization, and interest expense, net, adjusted to exclude share-based compensation, impairments, restructuring expenses, the impact of certain non-cash fair value adjustments on financial instruments, acquisition and/or disposal-related transaction costs, unrealized foreign currency gains/losses, legal settlements, and other items that are included in net income (loss) for the period that we do not consider indicative of our ongoing operating performance. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Revenues. Net income (loss) margin is calculated by dividing Net income (loss) by Revenues. Adjusted net income and Adjusted diluted EPS Adjusted net income represents net income (loss), adjusted to exclude amortization related to acquired intangible assets, share-based compensation, impairments, restructuring expenses, the impact of certain non-cash fair value adjustments on financial instruments, acquisition and/or disposal-related transaction costs, unrealized foreign currency gains/losses, legal settlements, and other items that are included in net income (loss) for the period that we do not consider indicative of our ongoing operating performance and the associated income tax impact of such adjustments. Adjusted diluted EPS is calculated by dividing Adjusted net income by Adjusted diluted weighted average shares. The adjusted diluted weighted average shares calculation assumes that all instruments in the calculation are dilutive. Free cash flow Free cash flow represents Net cash provided by (used for) operating activities less capital expenditures. Revenues, including discontinued operations Revenues, including discontinued operations represents total company revenues including those attributable to discontinued operations, which will begin to be reported in the third quarter for the LS&H segment.


 
26 $m Q2 ‘26 Q2 ’25 H1 ’26 H1 ’25 Net income (loss) $(268.6) $(72.0) $(308.8) $(175.9) Provision (benefit) for income taxes 8.0 12.3 19.4 31.1 Depreciation and amortization 185.7 190.9 369.7 376.3 Interest expense, net 60.4 66.6 119.4 130.9 Share-based compensation expense 15.1 18.5 29.7 29.6 Goodwill and intangible asset impairments 221.7 — 221.7 — Restructuring costs 12.1 9.3 24.1 34.0 Transaction related costs 10.2 8.1 18.4 14.4 Other1 2.6 27.9 (5.2) 54.4 Adjusted EBITDA $247.2 $261.6 $488.4 $494.8 Net income (loss) margin (45.7)% (11.6)% (26.3)% (14.5)% Adjusted EBITDA margin 42.1% 42.1% 41.6% 40.7% © 2026 Clarivate. All rights reserved. 1 Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing operating performance. Reconciliation of Non-GAAP Financial Measures Net income (loss) to Adjusted EBITDA and Adjusted EBITDA margin


 
Reconciliation of Non-GAAP Financial Measures 27 Net income (loss) and Net income (loss) per share to Adjusted net income and Adjusted diluted EPS © 2026 Clarivate. All rights reserved. 1 Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing operating performance. Q2 ‘26 Q2 ‘25 H1 ’26 H1 ‘25 $m except per share data Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net income (loss) and Diluted EPS $(268.6) $(0.42) $(72.0) $(0.11) $(308.8) $(0.48) $(175.9) $(0.26) Amortization related to acquired intangible assets 135.3 0.21 137.0 0.20 270.7 0.42 273.3 0.40 Share-based compensation expense 15.1 0.02 18.5 0.03 29.7 0.05 29.6 0.04 Goodwill and intangible asset impairments 221.7 0.35 — — 221.7 0.35 — — Restructuring costs 12.1 0.02 9.3 0.01 24.1 0.04 34.0 0.05 Transaction related costs 10.2 0.02 8.1 0.01 18.4 0.03 14.4 0.02 Other1 4.3 — 28.0 0.05 (1.9) (0.01) 54.5 0.09 Income tax impact of related adjustments (7.0) (0.01) (5.6) (0.01) (11.5) (0.02) (10.8) (0.02) Adjusted net income and Adjusted diluted EPS $123.1 $0.19 $123.3 $0.18 $242.4 $0.38 $219.1 $0.32 Adjusted weighted average ordinary shares, diluted 642.7 684.6 645.0 689.9


 
28© 2026 Clarivate. All rights reserved. $m Q2 ‘26 Q2 ‘25 H1 ’26 H1 ’25 Net cash provided by operating activities $98.7 $116.3 $233.4 $287.5 Capital expenditures (54.7) (66.0) (110.5) (126.9) Free cash flow $44.0 $50.3 $122.9 $160.6 Reconciliation of Non-GAAP Financial Measures Net cash provided by operating activities to Free cash flow


 
29© 2026 Clarivate. All rights reserved. Year Ending December 31, 2026 (Forecasted) Year Ended December 31, $m Low High 2025 Net income (loss) $(418) $(353) $(201.1) Provision (benefit) for income taxes 45 45 7.2 Depreciation and amortization 760 760 757.2 Interest expense, net 242 237 265.4 Share-based compensation expense 70 70 63.0 Goodwill and intangible asset impairments 222 222 15.0 Restructuring costs1 35 35 50.7 Transaction related costs 35 35 22.5 Other (11) (11) 21.9 Adjusted EBITDA $980 $1,040 $1,001.8 Net income (loss) margin (18.2)% (14.6)% (8.2)% Adjusted EBITDA margin 42.0% 43.5% 40.8% 1 For the 2026 outlook, reflects restructuring costs expected to be incurred associated with the Value Creation Plan. Reconciliation of Non-GAAP Financial Measures – 2026 Outlook Net income (loss) to Adjusted EBITDA and Adjusted EBITDA margin


 
30© 2026 Clarivate. All rights reserved. Year Ending December 31, 2026 (Forecasted) Low High Net income (loss) per share $(0.64) $(0.54) Amortization related to acquired intangible assets 0.83 0.83 Share-based compensation expense 0.11 0.11 Goodwill and intangible asset impairments 0.34 0.34 Restructuring costs1 0.05 0.05 Transaction related costs 0.05 0.05 Other (0.01) (0.01) Income tax impact of related adjustments (0.03) (0.03) Adjusted diluted EPS $0.70 $0.80 Adjusted weighted average ordinary shares, diluted ~650 million Reconciliation of Non-GAAP Financial Measures – 2026 Outlook 1 Reflects restructuring costs expected to be incurred in 2026 associated with the Value Creation Plan. Net income (loss) per fully diluted weighted shares outstanding to Adjusted diluted EPS


 
31 Year Ending December 31, 2026 (Forecasted) Year Ended December 31, $m Low High 2025 Net cash provided by operating activities $610 $680 $628.5 Capital expenditures (245) (245) (263.2) Free cash flow $365 $435 $365.3 © 2026 Clarivate. All rights reserved. Reconciliation of Non-GAAP Financial Measures – 2026 Outlook Net cash provided by operating activities to Free cash flow


 
32 Year Ending December 31, 2026 (Forecasted) $m Low High Revenues, including discontinued operations $2,300 $2,420 Revenues attributable to discontinued operations (360) (380) Revenues $1,940 $2,040 © 2026 Clarivate. All rights reserved. Revenues, including discontinued operations to Revenues Reconciliation of Non-GAAP Financial Measures – 2026 Outlook


 
© 2026 Clarivate Clarivate and its logo, as well as all other trademarks used herein, are trademarks of their respective owners and used under license. About Clarivate Clarivate is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com