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1. Business and Basis of Presentation

Stagwell Inc. (together with its consolidated subsidiaries, unless the context requires otherwise, the “Company,” “we,” or “Stagwell”), incorporated under the laws of Delaware, operates a global network of technology-enabled marketing & advertising, media, data, and technology businesses (“Brands”). We help clients grow by delivering both discrete and integrated products and services, including self-service software-as-a-service (“SaaS”) and data-as-a-service (“DaaS”). Our offerings address needs such as creative, communications strategy, digital transformation, experiences, technology solutions, and market research across our Marketing Services, Communications, Digital Transformation, Media & Commerce, and The Marketing Cloud segments that support clients in navigating change and achieving measurable results in a rapidly evolving business environment.

On September 30, 2025, the Company reorganized its organizational structure, which resulted in a realignment of its segments. Refer to Note 14 of the Notes included herein for additional information.

The accompanying Unaudited Consolidated Financial Statements include the accounts of Stagwell and its subsidiaries. Stagwell has prepared the unaudited consolidated interim financial statements included herein in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting interim financial information on Form 10-Q. The preparation of financial statements in conformity with GAAP requires us to make judgments, assumptions and estimates about current and future results of operations and cash flows that affect the amounts reported and disclosed. Actual results could differ from these estimates and assumptions. The consolidated reports for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).

The accompanying financial statements reflect all adjustments, consisting of normal recurring accruals, which in the opinion of management are necessary for a fair statement, in all material respects, of the information contained therein. Intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior year financial information to conform to the current year’s presentation.

In the three-and six-month periods ended June 30, 2026, we recorded $8.9 million and $8.2 million in out-of-period adjustments, respectively, to correct for errors related to prior periods, primarily related to an understatement of employer payroll tax that impacted our Cost of services and Office and general expenses financial statement line items in the Unaudited Consolidated Statements of Operations. The total impact of the adjustments to net loss in the three-and six-month periods ended June 30, 2026, was $6.6 million and $6.0 million, respectively. The Company evaluated the impact of the out-of-period adjustments and concluded that the errors were not material to the Company’s previously issued financial statements and are not expected to be material to the year ending December 31, 2026.

Accounting Change

In January 2026, the Company adopted Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments provide a practical expedient and clarifications related to estimating expected credit losses on current accounts receivable and current contract assets. The Company applied the amendments prospectively and elected the practical expedient. Adoption of ASU 2025-05 did not have a material impact on the Company’s consolidated financial statements.

Recent Developments

2. New Accounting Pronouncements

In December 2025, the Financial Accounting Standards Board (“FASB”) issued ASU 2025-11, Interim Reporting (Topic 270): Improvements to Interim Disclosure Requirements (“ASU 2025-11”), to enhance the transparency and consistency of interim financial reporting by clarifying and expanding certain disclosure requirements in interim periods. ASU 2025-11 is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company does not expect the adoption of ASU 2025-11 to have a material impact on its consolidated financial statements or related disclosures, as the Company already complies with the applicable interim disclosure requirements of Regulation S-X.

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In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), to clarify the scope, capitalization criteria, and disclosure requirements for software costs that are accounted for under Subtopic 350-40 (referred to as “internal-use software”). ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is evaluating the impact of these new requirements on the accounting for its internal-use software.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses (“ASU 2024-03”), to enhance the transparency and decision usefulness of financial information presented in the income statement by requiring disaggregated information about certain income statement expense line items. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is evaluating the impact of these new requirements on its income statement presentation and disclosures.

Acquisition of Wavelength

On January 30, 2026, the Company acquired the net assets of Wavelength Strategy LLC (“Wavelength”), a digital advocacy and communications company, for $10.2 million, consisting of $4.6 million paid in cash, and $5.6 million paid in 863,624 shares of the Company’s Class A Common Stock, subject to post-closing adjustments. In connection with the acquisition, the sellers are eligible to receive contingent consideration up to a maximum value of $24.8 million, subject to continued employment and meeting certain future earnings targets, of which a portion may be settled in shares of Class A Common Stock, at the Company’s discretion. The excess of purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which is primarily attributable to the assembled workforce of Wavelength and expected growth related to new customer relationships. Trade names of less than $1.0 million, Customer relationships of $3.4 million, and Goodwill of $6.3 million were assigned to the Communications reportable segment. The goodwill is fully deductible for income tax purposes. The purchase price accounting is not yet final as the Company may still make adjustments due to changes in post-closing adjustments.

The unaudited pro forma revenue and net income in 2026 was not materially different from the actual amounts of revenue and net income reported for the three and six months ended June 30, 2026. Further, there were no material post-closing adjustments during the six months ended June 30, 2026.

4. Revenue

Disaggregated Revenue Data

The Company provides a broad range of services to a large base of clients across each of its segments globally. The primary source of revenue is from Brand arrangements in the form of fees for services performed, commissions, and performance incentives or bonuses. Certain clients may engage with the Company in various geographic locations, across multiple disciplines, and through multiple Brands. Representation of a client rarely means that Stagwell handles marketing communications for all brands or product lines of the client in every geographical location. The Company’s Brands often cooperate with one another through referrals and the sharing of economics, services and expertise, which enables Stagwell to service clients’ varied marketing needs by crafting custom integrated solutions.

As of June 30, 2026, Stagwell’s Brands were located in the United States, the United Kingdom, and at least 33 other countries around the world. The Company continues to expand its global footprint to support clients in international markets.

The following table presents revenue disaggregated by geography based on where the services are performed for the three and six months ended June 30, 2026 and 2025:

									Three Months Ended June 30,												Six Months Ended June 30,
Geographical Location			Reportable Segment						2026						2025						2026						2025
									(dollars in thousands)
United States			All						$	623,876					$	557,395					$	1,168,423					$	1,070,013
United Kingdom			All (except Digital Transformation)						45,652						38,051						90,778						75,935
Other			All						116,779						111,372						231,249						212,610
									$	786,307					$	706,818					$	1,490,450					$	1,358,558

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See Note 14 of the Notes included herein for further discussion on disaggregated revenue data.

Unbilled Receivables and Contract Liabilities

Unbilled receivables consist of fees and reimbursable outside vendor costs incurred on behalf of clients when providing advertising, marketing and corporate communications services that have not yet been invoiced to clients. Such amounts are invoiced to clients at various times over the course of providing services. In arrangements where we act as principal, unbilled receivables are included as a component of Accounts receivable on the Unaudited Consolidated Balance Sheets. These receivables totaled $211.5 million and $154.2 million as of June 30, 2026 and December 31, 2025, respectively. In arrangements where we act as agent, unbilled amounts related to fees are recorded in unbilled receivables and amounts pertaining to reimbursable vendor costs are included as Expenditures billable to clients on the Unaudited Consolidated Balance Sheets. The Expenditure billable to the clients was $159.3 million and $164.7 million as of June 30, 2026 and December 31, 2025, respectively.

Contract liabilities represent advanced billings to customers for fees and reimbursements of third-party costs, whether we act as principal or agent. Such fees and reimbursements of third-party costs are classified as Advance billings on the Company’s Unaudited Consolidated Balance Sheets. Advance billings as of June 30, 2026 and December 31, 2025, were $369.5 million and $329.8 million, respectively. Substantially all of the Advance billings balance as of December 31, 2025 is expected to be recognized as revenue in 2026, which included the incurrence and reimbursement of third-party costs where the Company acts as an agent. 

Unsatisfied Performance Obligations

5. Loss Per Share

The following table presents the computations of basic and diluted loss per share for the three months ended June 30, 2026 (amounts in thousands, except per share amounts):

			Three Months Ended June 30,
			2026
Loss Per Share - Basic and Diluted
Numerator:
Net loss			$	(8,701)
Net loss attributable to noncontrolling and redeemable noncontrolling interests			585
Net loss attributable to Stagwell Inc. common shareholders			$	(8,116)
Denominator:
Weighted average number of common shares outstanding			245,908
Loss Per Share - Basic and Diluted			$	(0.03)
Anti-dilutive:
Restricted awards and stock options			5,723
Class A Shares to settle deferred acquisition obligations			3,147
Employee Stock Purchase Plan shares			37

    

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The following table presents the computations of basic and diluted loss per share for the six months ended June 30, 2026 (amounts in thousands, except per share amounts):

			Six Months Ended June 30,
			2026
Loss Per Share - Basic and Diluted
Numerator:
Net loss			$	(22,648)
Net loss attributable to noncontrolling and redeemable noncontrolling interests			1,559
Net loss attributable to Stagwell Inc. common shareholders			$	(21,089)
Denominator:
Weighted average number of common shares outstanding			248,328
Loss Per Share - Basic and Diluted			$	(0.08)
Anti-dilutive:
Restricted awards and stock options			4,830
Class A Shares to settle deferred acquisition obligations			3,432
Employee Stock Purchase Plan shares			40

The following table presents the computations of basic and diluted loss per share for the three months ended June 30, 2025 (amounts in thousands, except per share amounts):

			Three Months Ended June 30,
			2025
Loss Per Share - Basic and Diluted
Numerator:
Net loss			$	(4,634)
Net income attributable to noncontrolling and redeemable noncontrolling interests			(627)
Net loss attributable to Stagwell Inc. common shareholders			$	(5,261)
Denominator:
Weighted average number of common shares outstanding			260,774
Loss Per Share - Basic and Diluted			$	(0.02)
Anti-dilutive:
Class A Shares to settle deferred acquisition obligations			8,428
Stock Appreciation Rights and Restricted Awards			3,151
Employee Stock Purchase Plan shares			63

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The following table presents the computations of basic and diluted loss per share for the six months ended June 30, 2025 (amounts in thousands, except per share amounts):

			Six Months Ended June 30,
			2025
Loss Per Share - Basic
Numerator:
Net loss			$	(9,959)
Net loss attributable to Class C shareholders			6,637
Net income attributable to other equity interest holders			(4,856)
Net loss attributable to noncontrolling and redeemable noncontrolling interests			$	1,781
Net loss attributable to Stagwell Inc. common shareholders			$	(8,178)
Denominator:
Weighted average number of common shares outstanding			186,843
Loss Per Share - Basic			$	(0.04)
Loss Per Share - Diluted
Numerator:
Net loss attributable to Stagwell Inc. common shareholders			$	(8,178)
Net loss attributable to Class C shareholders			(6,637)
			$	(14,815)
Denominator:
Basic - Weighted average number of common shares outstanding			186,843
Dilutive shares:
Class C Shares			78,757
Diluted - Weighted average number of common shares outstanding			265,600
Loss Per Share - Diluted			$	(0.06)
Anti-dilutive:
Class A Shares to settle deferred acquisition obligations			7,503
Stock Appreciation Rights and Restricted Awards			4,812
Employee Stock Purchase Plan shares			60

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6. Deferred Acquisition Consideration

The following table presents changes in deferred acquisition consideration for the six months ended June 30, 2026 and the year ended December 31, 2025 and a reconciliation to the amounts reported on the Unaudited Consolidated Balance Sheets as of the dates indicated:

			June 30, 2026						December 31, 2025
			(dollars in thousands)
Beginning balance			$	40,044					$	102,115
Payments (1)			(2,270)						(56,982)
Adjustments to deferred acquisition consideration (2)			19,091						(7,467)
Currency translation adjustment			2						2,378
Ending balance (3)			$	56,867					$	40,044

(1) Includes deferred acquisition consideration payments settled in shares of Class A Common Stock and other forms of payment of $0.5 million and $21.8 million for the six months ended June 30, 2026 and the year ended December 31, 2025, respectively.

(2) Adjustments to deferred acquisition consideration contains fair value changes from the Company’s initial estimates of deferred acquisition payments and accretion of expense as awards are earned over the vesting period.

(3) The deferred acquisition consideration as of June 30, 2026 and December 31, 2025 includes $18.8 million and $13.6 million, respectively, expected to be settled in shares of Class A Common Stock.

7. Debt

The following tables present the Company’s indebtedness as reported on the Unaudited Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025:

			June 30, 2026						December 31, 2025
			(dollars in thousands)
Credit Agreement			$	359,979					$	237,326
5.625% Notes			1,100,000						1,100,000
Debt issuance costs			(9,867)						(11,313)
Total long-term debt			$	1,450,112					$	1,326,013

Interest expense related to long-term debt included in Interest expense, net on the Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2026 was $22.6 million, and $45.0 million, respectively, and for the three and six months ended June 30, 2025 was $23.7 million, and $46.4 million, respectively.

The amortization of debt issuance costs included in Interest expense, net on the Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2026 was $0.7 million, and $1.4 million, respectively, and for the three and six months ended June 30, 2025 was $0.7 million, and $1.4 million, respectively.

Revolving Credit Agreement

The Company is party to a senior secured revolving credit facility with a five-year maturity with a syndicate of banks (as amended the “Credit Agreement”). On March 27, 2026, the Company entered into Amendment No. 2 to the Second Amended and Restated Credit Agreement that modified certain provisions of the Credit Agreement to expand the Company’s ability to borrow under its revolving credit facility in non-U.S. dollar currencies. Under the prior terms, borrowings denominated in British pounds sterling and Euros were each subject to individual sub-limits of $50.0 million, with an aggregate foreign currency sub-limit of $100.0 million. The amendment eliminated those individual currency sub-limits, allowing borrowings in U.S. dollars, British pounds sterling, Euros, and Canadian dollars up to the full revolving commitment, subject to overall facility availability. The amendment also established a framework for adding other currencies by mutual agreement among the Company and the lenders, subject to a sub-limit of $100.0 million. In addition, the amendment increased the annual limit on permitted restricted payments for repurchases or redemptions of the Company’s stock to $175.0 million per fiscal year from $100.0 million and increased the annual limit on permitted repurchases of equity interests from employees of the Company to $50.0 million per fiscal year from $15.0 million. The Credit Agreement provides revolving commitments of up to $750 million with a maturity date of April 23, 2030.

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A portion of the Credit Agreement in an amount not to exceed $50.0 million is available for the issuance of standby letters of credit. As of June 30, 2026 and December 31, 2025, the Company had issued undrawn outstanding letters of credit of $15.8 million and $15.1 million, respectively.

As of June 30, 2026, the Company had $360.0 million of borrowings outstanding and $15.8 million of issued and undrawn letters of credit, resulting in $374.2 million of unused borrowing capacity under the Credit Agreement.

Borrowings under the Credit Agreement bear interest at variable rates determined based on the currency of the borrowing and the interest rate option selected by the Company. U.S. dollar borrowings bear interest at either the Adjusted Term Secured Overnight Financing Rate (“SOFR”) or an Alternate Base Rate plus an applicable margin. The Alternate Base Rate is based on the highest of the prime rate, the federal funds effective rate plus 0.50%, or Adjusted Term SOFR plus 1.00%. Euro denominated borrowings bear interest at the Adjusted Euro Interbank Offered Rate (“EURIBOR”), Sterling denominated borrowings bear interest at the Adjusted daily Sterling Overnight Index Average (“SONIA”) based risk free rate, and Canadian dollar borrowings bear interest at the Adjusted Term Canadian Overnight Repo Rate Average (“CORRA”), in each case plus an applicable margin. The applicable margin is determined based on the Company’s Total Leverage Ratio, as defined in the Credit Agreement.

The Credit Agreement contains a number of financial and non-financial covenants and is guaranteed by substantially all of our present and future subsidiaries, subject to customary exceptions. The Company was in compliance with all covenants as of June 30, 2026.

Senior Notes

The Company had $1.1 billion aggregate principal amount of 5.625% senior notes (“5.625% Notes”) outstanding as of June 30, 2026. The 5.625% Notes are due on August 15, 2029, and bear annual interest of 5.625% to be paid semiannually on February 15 and August 15 of each year.

The 5.625% Notes are also subject to certain covenants and customary events of default, including cross-payment default and cross-acceleration provisions. The Company was in compliance with all covenants as of June 30, 2026.

8. Noncontrolling and Redeemable Noncontrolling Interests

When acquiring less than 100% ownership of an entity, the Company may enter into agreements that give the Company an option to purchase, or require the Company to purchase, the incremental ownership interests under certain circumstances. Where the option to purchase incremental ownership is within the Company’s control, the amounts are recorded as Noncontrolling interests within Shareholders’ Equity in the Unaudited Consolidated Balance Sheets. Where the incremental purchase may be required of the Company, the amounts are recorded as Redeemable noncontrolling interests in mezzanine equity in the Unaudited Consolidated Balance Sheets at their estimated acquisition date redemption value and adjusted at each reporting period for changes to their estimated redemption value through Retained earnings (but not less than their initial redemption value), except for foreign currency translation adjustments.

The following table presents Net income (loss) attributable to noncontrolling and redeemable noncontrolling interests between Class C shareholders and other equity interest holders for the three and six months ended June 30, 2026 and 2025:

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
			(dollars in thousands)
Net loss attributable to Class C shareholders (1)			$	—					$	—					$	—					$	(6,637)
Net income attributable to other equity interest holders			718						624						338						626
Net income (loss) attributable to noncontrolling interests			$	718					$	624					$	338					$	(6,011)
Net income (loss) attributable to redeemable noncontrolling interests			(1,303)						3						(1,897)						4,230
Net income (loss) attributable to noncontrolling and redeemable noncontrolling interests			$	(585)					$	627					$	(1,559)					$	(1,781)

(1) On April 4, 2025, Stagwell Media LP (“Stagwell Media”) exercised in full its right to exchange all of its 151,648,741 shares of Class C Common Stock for an equal number of newly issued shares of Class A Common Stock (the “Class C Exchange”). Following the Class C Exchange, the Company no longer has any Noncontrolling interest of Class C shareholders as of June 30, 2026.

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The following table presents changes in redeemable noncontrolling interests for the six months ended June 30, 2026 and the year ended December 31, 2025:

			June 30, 2026						December 31, 2025
			(dollars in thousands)
Beginning balance			$	24,968					$	8,412
Additions			—						2,048
Distributions			(1,806)						(2,489)
Changes in redemption value (1)			(1,479)						9,657
Net income (loss) attributable to redeemable noncontrolling interests (2)			(1,897)						7,246
Currency translation adjustment			527						94
Ending balance			$	20,313					$	24,968

(1) Changes in redemption value are the fair value changes from the acquisition date redemption value based on the options held by the minority interest holders, adjusted through Retained earnings.

(2) Net income (loss) attributable to redeemable noncontrolling interests includes profit sharing adjustments related to future earnings of the Company.

The noncontrolling shareholders’ ability to exercise any such option right is subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise and specific employment termination conditions. In addition, these rights cannot be exercised prior to specified staggered exercise dates. The exercise of these rights at their earliest contractual date would result in obligations of the Company to fund the related amounts between 2026 and 2031. It is not determinable, at this time, if or when the owners of these rights will exercise all or a portion of these rights.

These adjustments will not impact the calculation of earnings per share if the redemption values are less than the estimated fair values. As such, there is no related impact on the Company’s earnings per share calculations for the three and six months ended June 30, 2026 and 2025.

9. Commitments, Contingencies, and Guarantees

Legal Proceedings. The Company’s operating entities are involved in legal proceedings and regulatory inquiries of various types. While any litigation or investigation contains an element of uncertainty, the Company has no reason to believe that the outcome of such proceedings or claims will have a material adverse effect on the financial condition and results of operations of the Company.

Guarantees. Generally, the Company has indemnified the purchasers of certain assets in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification guarantees typically extend for a number of years. Historically, the Company has not made any significant indemnification payments under such agreements, and no amount has been accrued in the accompanying Unaudited Consolidated Financial Statements with respect to these indemnification guarantees. The Company continues to monitor the conditions that are subject to guarantees and indemnifications to identify whether it is probable that a loss has occurred and would recognize any such losses under any guarantees or indemnifications in the period when those losses are probable and estimable.

Commitments. In the ordinary course of business, the Company enters into certain commitments. The following details the significant commitments of the Company as of June 30, 2026:

The Company had $15.8 million of undrawn letters of credit outstanding. See Note 7 of the Notes included herein for additional information.

The Company enters into long-term, non-cancellable contracts with partner associations that include revenue or profit-sharing commitments related to the provision of its services. These contracts may also include provisions that require the partner associations to meet certain performance targets prior to any obligation to the Company. As of June 30, 2026, the Company estimates its future minimum commitments under these non-cancellable agreements to be $6.5 million, $8.4 million, $5.4 million, $3.3 million and $1.3 million for the remainder of 2026, 2027, 2028, 2029 and 2030, respectively.

The Company is party to a long-term, non-cancellable contract with a certain vendor for cloud services that requires the Company to commit to minimum spending over the contract term. As of June 30, 2026, the Company estimates its future minimum commitments under this agreement to be $3.3 million, $10.5 million, $12.6 million and $15.4 million for the remainder of 2026, 2027, 2028 and 2029, respectively.

The Company is party to a long-term, non-cancellable contract with a certain vendor for a software license agreement that requires the Company to commit to minimum spending over the contract term. As of June 30, 2026, the Company estimates its

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10. Share Capital

Class A Common Stock

There are 1.0 billion shares of Class A Common Stock authorized, of which 244.4 million shares were issued and outstanding as of June 30, 2026. Each share of Class A Common Stock carries one vote and represents an economic interest in the Company.

Class C Common Stock

There are 250.0 million shares of Class C Common Stock authorized as of June 30, 2026. There were no shares of Class C Common Stock outstanding as of June 30, 2026.

Class A Common Stock Repurchases

The Company may purchase shares of outstanding Class A Common Stock under its Repurchase Program. Under the Repurchase Program, share repurchases may be made at our discretion from time to time in open market transactions at prevailing market prices, including through trading plans that may be adopted in accordance with Rule 10b5-1 of the Exchange Act, as amended, in privately negotiated transactions, or through other means, provided they are determined to be in the best interests of our Company and our stockholders and subject to compliance with the provisions of applicable law, including the Delaware General Corporate Law and securities laws. The timing and number of shares repurchased under the Repurchase Program will depend on a variety of factors, including the performance of our stock price, general market and economic conditions, regulatory requirements, the availability of funds, dilution, including from our equity incentive plans and employee stock purchase plan, and other considerations we deem relevant, such as any disproportionate impact such repurchases may have on our shareholders. The Repurchase Program may be suspended, modified, or discontinued at any time without prior notice. Our Board of Directors will review the Repurchase Program periodically and may authorize adjustments of its terms.

On March 4, 2026, the independent and disinterested members of the Board authorized an extension and a $350.0 million increase in the size of our previously approved stock repurchase program (the “Repurchase Program”). Under the Repurchase Program, as amended, we may repurchase up to an aggregate of $725.0 million of shares of our outstanding Class A Common Stock, with any previous purchases under the Repurchase Program continuing to count against that limit. The Repurchase Program will expire on March 4, 2029.

During the six months ended June 30, 2026, 11.8 million shares of Class A Common Stock were repurchased pursuant to the Repurchase Program at an average price of $6.18 per share, for an aggregate value, excluding fees, of $73.0 million. The repurchased shares included 6.2 million shares of Class A Common Stock repurchased from executive officers and other employees, to satisfy their tax obligations resulting from the Class C Exchange (as described in Note 8 of the Notes included herein), at a price of $6.17 per share, for an aggregate purchase price of $38.2 million. Additionally, during the six months ended June 30, 2026, 2.6 million shares in the amount of $14.9 million were withheld for taxes from the Class A Common Stock vested during the period.

11. Fair Value Measurements

A fair value measurement assumes a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. The hierarchy for observable and unobservable inputs used to measure fair value into three broad levels are described below: 

•Level 1 - Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

•Level 2 - Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.

•Level 3 - Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

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Financial Instruments that are not Measured at Fair Value on a Recurring Basis

The following table presents certain information for our financial liability that is not measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:

			June 30, 2026												December 31, 2025
			Carrying Amount						Fair Value						Carrying Amount						Fair Value
			(dollars in thousands)
5.625% Notes			$	1,100,000					$	1,062,204					$	1,100,000					$	1,072,753

The fair value of this instrument is based on quoted market prices in markets that are not active. Therefore, this debt is classified as Level 2 within the fair value hierarchy.

Financial Instruments Measured at Fair Value on a Recurring Basis

Contingent deferred acquisition consideration, redeemable noncontrolling interests, and profits interest awards, are considered Level 3 fair value measurement and are measured and adjusted at each reporting period at fair value. The estimated liability is determined in accordance with models of each business’ future performance, including revenue growth and free cash flows. These models are dependent upon significant assumptions, such as the growth rate of the earnings of the relevant subsidiary during the contractual period and the discount rate. These growth rates are consistent with the Company’s long-term forecasts. As of June 30, 2026, the discount rate used to measure these liabilities ranged from 3.5% to 7.9%.

As these estimates require the use of assumptions about future performance, which are uncertain at the time of estimation, the fair value measurements presented on the Unaudited Consolidated Balance Sheets are subject to uncertainty.

See Note 6, Note 8, and Note 12 of the Notes included herein for additional information regarding contingent deferred acquisition consideration, redeemable non-controlling interests, and profits interest awards, respectively.

As of June 30, 2026, and December 31, 2025, the carrying amount of the Company’s financial instruments, including cash, cash equivalents, accounts receivable and accounts payable, approximated fair value because of their short-term maturity.

Non-financial Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis

12. Supplemental Information

Stock-Based Awards    

Stock-based compensation recognized for awards authorized under the Company’s employee stock incentive plans during the three and six months ended June 30, 2026 was $22.0 million and $34.5 million, respectively, and for the three and six months ended June 30, 2025 was $11.7 million and $23.4 million, respectively. This was included as a component of stock-based compensation in Office and general expenses and Cost of services within the Unaudited Consolidated Statements of Operations.

Certain of the Company’s subsidiaries grant awards to their employees providing them with an equity interest in the respective subsidiary (the “profits interests awards”). The profits interests awards generally provide the employee with the right, but not the obligation, to sell their profits interest in the subsidiary to the Company based on a performance-based formula and, in certain cases, receive a profit share distribution. The profits interests awards are primarily settled in cash, with certain awards having stock-settlement provisions at the Company’s discretion. The corresponding liability associated with these profits interests awards was $7.3 million and $12.8 million as of June 30, 2026 and December 31, 2025, respectively, and was included as a component of Accruals and other liabilities and Other Liabilities on the Unaudited Consolidated Balance Sheets. For the three and six months ended June 30, 2026, the change in the fair value of these awards resulted in a decrease in stock-based compensation expense of $3.5 million and $1.7 million, respectively. For the three and six months ended June 30, 2025, the change in the fair value of these awards resulted in an increase in stock-based compensation expense of $8.3 million and $8.0 million, respectively. This was included as a component of stock-based compensation in Cost of services within the Unaudited Consolidated Statements of Operations.

Transfer of Accounts Receivable

The Company transfers certain of its trade receivable assets to third parties under certain agreements. Per the terms of these agreements, the Company surrenders control over its trade receivables upon transfer.

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The trade receivables transferred to the third parties were $165.9 million, and $335.0 million for the three and six months ended June 30, 2026, respectively, and were $114.3 million and $243.5 million for the three and six months ended June 30, 2025, respectively. The amount collected and due to the third parties under these arrangements was $28.9 million, and $21.2 million as of June 30, 2026 and December 31, 2025, respectively, and was included as a component of Accruals and other liabilities on the Unaudited Consolidated Balance Sheets. Fees for these arrangements were recorded in Office and general expenses in the Unaudited Consolidated Statements of Operations and totaled $1.8 million, and $3.6 million for the three and six months ended June 30, 2026, respectively, and totaled $1.3 million, and $2.8 million for the three and six months ended June 30, 2025, respectively.

Related Party Transactions

In the ordinary course of business, the Company enters into transactions with related parties, including its affiliates. The transactions may range in the nature and value of services underlying the arrangements. The Company provides marketing and advertising services to a client where the founder of the client has a significant interest in the Company and recorded $9.8 million, and $10.4 million of related party revenue for the three and six months ended June 30, 2026, respectively, and $1.3 million, and $1.9 million of related party revenue for the three and six months ended June 30, 2025, respectively.

During the three months ended June 30, 2026, the Company extended short-term cash advances to certain employees. These advances are due within one year from the date of issuance. As of June 30, 2026, the outstanding balance of employee advances was $27.2 million and was included in Other current assets on the Unaudited Consolidated Balance Sheets.

13. Income Taxes

Our tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in interim periods.

For the three months ended June 30, 2026, the Company had an income tax benefit of $0.3 million (on a pre-tax loss of $9.2 million resulting in an effective tax rate of 3.8%) compared to income tax expense for the three months ended June 30, 2025 of $2.7 million (on a pre-tax loss of $2.0 million resulting in an effective tax rate of (134.9)%).

The effective tax rate increased by 138.7 percentage points compared to the prior year period, primarily due to (i) a 73.3 percentage point increase from additional pre-tax losses, which were not subject to valuation allowances, for which we recorded an additional $1.4 million tax benefit; (ii) a 31.9 percentage point increase related to a reduction in shortfall of deductions for stock-based compensation expense vested during the year for which we recorded $0.9 million less tax expense and (iii) a 33.5 percentage point increase related to a decrease in interest and penalties for which we recorded $0.7 million less tax expense.

For the six months ended June 30, 2026, the Company had an income tax benefit of $3.2 million (on a pre-tax loss of $26.0 million resulting in an effective tax rate of 12.5%) compared to income tax expense for the six months ended June 30, 2025 of $4.4 million (on a pre-tax loss of $5.6 million resulting in an effective tax rate of (78.7)%).

The effective tax rate increased by 91.2 percentage points compared to the prior-year period, primarily due to (i) a 57.7 percentage point increase from additional pre-tax losses, which were not subject to valuation allowances, for which we recorded a $5.3 million additional tax benefit; (ii) a 19.2 percentage point increase related to a reduction in interest and penalties for which we recorded $1.1 million less tax expense; (iii) an 11.6 percentage point increase related to a reduction in shortfall of deductions for stock-based compensation expense vested during the year for which we recorded $0.5 million less tax expense and (iv) a 2.7 percentage point increase related to a corporate restructure for which we recorded a $0.7 million tax benefit in 2026.

Tax Receivables Agreement

In connection with the Company’s Tax Receivable Agreement (“TRA”), the Company is required to make cash payments to Stagwell Media equal to 85% of certain U.S. federal, state and local income tax or franchise tax savings, if any, that we actually realize, or in certain circumstances are deemed to realize, as a result of (i) increases in the tax basis of the assets of Stagwell Global LLC (“OpCo”), the Company’s only operating subsidiary, resulting from exchanges of Paired Units (each share of Class C Common Stock is paired with a corresponding common unit of OpCo, a “Paired Unit”) for shares of Class A Common Stock or cash, as applicable, and (ii) certain other tax benefits related to us making payments under the TRA.

Effective April 4, 2025, all Paired Units were exchanged for Class A Shares. As a result of the Class C Exchange, the Company recorded an increase to its deferred tax asset balance by $237.9 million and an increase to its TRA liability balance by $229.7 million. The total TRA liability and the associated deferred tax balances, net of amortization, in connection with the exchange of Paired Units and the projected obligations under the TRA were as follows:

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			June 30, 2026						December 31, 2025
			(dollars in thousands)
Tax Receivable Agreement liability (1)			$	252,390					$	254,944
Deferred tax assets (2)			285,538						285,538

(1) TRA liability as of December 31, 2025 includes $2.6 million short-term liability included under Accruals and other liabilities on the Unaudited Consolidated Balance Sheets. The Company paid $2.6 million of TRA liability during the six months ended June 30, 2026. As a result, no short-term TRA liability remained outstanding as of June 30, 2026.

(2) Deferred tax asset balances, net of deferred tax liabilities, on the Unaudited Consolidated Balance Sheets were $280.2 million and $281.1 million as of June 30, 2026 and December 31, 2025, respectively, principally due to jurisdictional netting.

14. Segment Information

The Company determines an operating segment if a component (i) engages in business activities from which it earns revenues and incurs expenses, (ii) has discrete financial information, and is (iii) regularly reviewed by the Chief Operating Decision Maker (“CODM”), who is Mark Penn, Chief Executive Officer and Chairman, to make decisions regarding resource allocation for the segment and assess its performance. Once operating segments are identified, the Company performs an analysis to determine if aggregation of operating segments is applicable. This determination is based upon a quantitative analysis of the expected and historic average long-term profitability for each operating segment, together with a qualitative assessment to determine if operating segments have similar operating characteristics. All segments follow the same basis of presentation and accounting policies as those described throughout the Notes included herein.

The CODM uses Adjusted EBITDA as a key metric to evaluate the operating and financial performance of a segment, identify trends affecting the segments, develop projections and make strategic business decisions. Adjusted EBITDA is defined as Net income (loss) attributable to Stagwell Inc. common shareholders excluding non-operating income or expense, income tax expense or benefit, equity in income or loss of non-consolidated entities and net income or loss attributable to noncontrolling and redeemable noncontrolling interest holders to achieve Operating income (loss), plus depreciation and amortization, stock-based compensation, deferred acquisition consideration adjustments, impairment and other losses, and other items. Other items primarily includes restructuring, certain system implementation costs, working capital administrative fees and acquisition-related expenses.

On September 30, 2025, the Company reorganized its organizational structure to better reflect how the Company manages its business and goes to market, to simplify reporting and to provide clearer visibility into performance trends across its service offerings. The reorganization also seeks to enhance consistency in the Company’s portfolio of services and improve the transparency and comparability of financial information provided to investors.

As a result of the reorganization, the Company identified five operating and reportable segments: “Marketing Services,” “Digital Transformation,” “Media & Commerce,” “Communications,” and “The Marketing Cloud.” Prior period presented has been recast to reflect the reclassification of Brands within the reportable segments. Based on the segment analysis, management concluded that the operating segments do not exhibit similar economic characteristics or share other aggregation criteria. As a result, none of our operating segments are aggregated for reporting purposes. Further, as a result of the reorganization, certain reporting units have been redefined, and the composition of others has changed. The new structure fairly reflects the allocation of the Company’s resources, thereby improving comparability for investors and supporting the Company’s long-term strategic objectives. The composition of these segments is as follows:

•The Marketing Services segment delivers a broad range of services across four closely related client needs: creative, research, experiential, and social media solutions designed to build and elevate brands. Capabilities include developing breakthrough brand campaigns, providing consumer insights through advanced research methodologies, creating immersive experiential marketing programs and social engagement strategies that connect brands with audiences across digital platforms. By combining creative excellence, data-driven insights, and innovative experiences, Marketing Services empowers organizations to differentiate themselves in the marketplace, drive audience engagement, and achieve measurable business results. These services employ a wide variety of artificial intelligence (“AI”)-powered services in the delivery, such as AI-powered creative production and data analysis. Brands in this segment include, but are not limited to, creative agencies 72 and Sunny and Anomaly, research agencies NRG and Harris Insights, experiential agency TEAM, and social agency Movers & Shakers.

•The Digital Transformation segment designs, implements and activates modern digital ecosystems that enable brand and customer experiences through the integration of strategy, design, and technology. This segment helps clients modernize their digital infrastructure, enhance customer engagement, and accelerate enterprise transformation. Its capabilities span the delivery of digital products and experiences that connect brand storytelling with technology, including website and content development, digital campaigns, product and platform design, AI-native strategies and

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integration, and implementation of marketing technology (“MarTech”) products and solutions for customers. It also provides managed services, staff augmentation, and engineering expertise across various delivery models, offering system integration, full-stack development, and ongoing platform management. Additionally, Digital Transformation connects digital ecosystems to physical experiences through innovative, technology-driven customer engagements, such as business-to-business (“B2B”) platforms and multimodal activations that blend physical and digital environments using augmented reality (“AR”), virtual reality (“VR”), and emerging technologies. Together, these capabilities empower organizations to transform their digital presence and drive sustained business growth. Brands in this segment include, but are not limited to, strategy and design agencies Code and Theory and Instrument, development and implementation agency TrueLogic, and digital activation agency Left Field Labs.

•The Media & Commerce segment delivers integrated AI-based data solutions that drive audience engagement and business growth through media buying, owned media platforms, commerce enablement, and Customer Relationship Management (“CRM”) strategies. Its capabilities include planning and executing media campaigns across global platforms, leveraging data-driven approaches to optimize reach and effectiveness across first-party data, second-party data, and third-party data, and providing commerce and CRM tools that connect brands with consumers throughout the purchase journey. The segment also offers specialized media platforms and translation services to support targeted communication and market expansion. By combining expertise in media strategy, commerce activation, and audience analytics, Media & Commerce empowers organizations to maximize their marketing investments and achieve measurably efficient commercial outcomes. Brands in this segment include, but are not limited to, media buying and strategy agency Assembly Global, owned media platforms Reach TV, and commerce and CRM agency Gale.

•The Communications segment provides a leading edge set of solutions designed to help organizations build, protect, and enhance their reputation across diverse audiences and channels. Its capabilities include strategic communications, public relations, and advocacy services that leverage AI and data-driven insights to craft compelling narratives and influence public perception. The segment also offers expertise in targeted communications, corporate public affairs consulting, crisis management, and stakeholder engagement, ensuring clients can respond effectively to emerging issues and opportunities. Advocacy services encompass strategic political campaign management, grassroots mobilization, and fundraising expertise that reach across the political spectrum. By combining deep industry knowledge with innovative digital approaches to media and advocacy, Communications empowers organizations to connect with key audiences, shape conversations, and achieve their strategic objectives. Brands in this segment include, but are not limited to, Allison, Consulum, SKDK and Targeted Victory.

•The Marketing Cloud segment delivers a comprehensive suite of technology solutions for in-house marketers, combining SaaS and DaaS offerings. Its key products cover a range of areas. Advanced research tools that enable real-time customer insights through syndicated and Do It Yourself (“DIY”) generative AI-drafted surveys, AI-driven text analysis, and predictive analytics. Communications technology that aggregates data from millions of sources, including news, social media, print, and TV/radio broadcasts, on a daily basis to monitor, analyze, and respond to market trends. Media studio products that leverage first-party, third-party, and proprietary data to provide actionable audience insights and attribution analytics and advanced media platforms that encompass audience engagement solutions such as AR, quick response (“QR”) codes, and loyalty programs, all designed to collect consumer data and generate actionable insights. Together, these capabilities empower marketers to understand, engage, and influence their audiences with precision and agility. Brands in this segment include, but are not limited to, QUEST, Unicepta, Holy Grail and Smart Assets.

“Corporate, eliminations and other” consists of revenue generated by the Other business components, elimination of certain intercompany revenue and expenses, and corporate office expenses incurred in connection with the strategic resources provided to the operating segments, as well as certain other centrally managed expenses that are not fully allocated to the operating segments. These corporate office and general expenses include (i) salaries and related expenses for corporate office employees, including employees dedicated to supporting the operating segments, (ii) occupancy expenses relating to properties occupied by all corporate office employees, (iii) other office and general expenses including professional fees for the financial statement audits and other public company costs, and (iv) certain other professional fees managed by the corporate office.

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						Three Months Ended June 30, 2026
						Marketing Services						Digital Transformation						Media & Commerce						Communications						The Marketing Cloud						Total
						(dollars in thousands)
Revenue (1)						$	277,256					$	117,672					$	179,943					$	188,426					$	27,380					$	790,677
Billable costs						43,014						10,248						25,273						76,337						2						154,874
Staff costs						131,354						67,316						98,710						61,197						18,085						376,662
Administrative costs						25,999						7,720						24,738						14,179						7,201						79,837
Unbillable and other costs, net (2)						31,673						169						15,130						1,819						7,370						56,161
Adjusted EBITDA						45,216						32,219						16,092						34,894						(5,278)						123,143
Corporate, eliminations and other																																				(14,456)
Total Consolidated Adjusted EBITDA																																				108,687
Stock-based compensation																																				18,567
Depreciation and amortization																																				43,955
Deferred acquisition consideration																																				8,837
Other items, net																																				25,782
Operating income																																				11,546
Other income (expenses):
Interest expense, net																																				(22,328)
Foreign exchange, net																																				605
Other, net																																				937
																																				(20,786)
Loss before income taxes and equity in earnings of non-consolidated affiliates																																				(9,240)
Income tax benefit																																				(348)
Loss before equity in earnings of non-consolidated affiliates																																				(8,892)
Equity in income of non-consolidated affiliates																																				191
Net loss																																				(8,701)
Net loss attributable to noncontrolling and redeemable noncontrolling interests																																				585
Net loss attributable to Stagwell Inc. common shareholders																																				$	(8,116)

(1) Total consolidated revenue of $786.3 million reflects revenue generated by the Other business components and intercompany elimination of $4.4 million.

(2) For each reportable segment, Unbillable and other costs, net include costs to fulfill customer contract requirements such as research and subscription related costs, audience measurement, data and analytics, panels and survey costs, and also includes travel related expenses.

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						Six Months Ended June 30, 2026
						Marketing Services						Digital Transformation						Media & Commerce						Communications						The Marketing Cloud						Total
						(dollars in thousands)
Revenue (1)						$	528,034					$	219,138					$	354,454					$	341,528					$	53,895					$	1,497,049
Billable costs						76,216						15,205						50,289						132,665						18						274,393
Staff costs						263,543						131,883						195,935						118,147						34,888						744,396
Administrative costs						48,731						14,108						47,911						26,926						12,391						150,067
Unbillable and other costs, net (2)						49,353						292						28,812						3,843						14,252						96,552
Adjusted EBITDA						90,191						57,650						31,507						59,947						(7,654)						231,641
Corporate, eliminations and other																																				(33,269)
Total Consolidated Adjusted EBITDA																																				198,372
Stock-based compensation																																				32,815
Depreciation and amortization																																				88,286
Deferred acquisition consideration																																				19,091
Other items, net																																				36,992
Operating income																																				21,188
Other income (expenses):
Interest expense, net																																				(45,594)
Foreign exchange, net																																				(2,416)
Other, net																																				868
																																				(47,142)
Loss before income taxes and equity in earnings of non-consolidated affiliates																																				(25,954)
Income tax benefit																																				(3,236)
Loss before equity in earnings of non-consolidated affiliates																																				(22,718)
Equity in income of non-consolidated affiliates																																				70
Net loss																																				(22,648)
Net loss attributable to noncontrolling and redeemable noncontrolling interests																																				1,559
Net loss attributable to Stagwell Inc. common shareholders																																				$	(21,089)

(1) Total consolidated revenue of $1,490.5 million reflects revenue generated by the Other business components and intercompany elimination of $6.6 million.

(2) For each reportable segment, Unbillable and other costs, net include costs to fulfill customer contract requirements such as research and subscription related costs, audience measurement, data and analytics, panels and survey costs, and also includes travel related expenses.

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						Three Months Ended June 30, 2025
						Marketing Services						Digital Transformation						Media & Commerce						Communications						The Marketing Cloud						Total
						(dollars in thousands)
Revenue (1)						$	275,888					$	97,592					$	164,025					$	146,180					$	25,276					$	708,961
Billable costs						40,584						6,492						13,061						48,548						4						108,689
Staff costs						134,397						63,537						98,038						57,311						17,136						370,419
Administrative costs						29,393						7,176						24,325						11,530						3,313						75,737
Unbillable and other costs, net (2)						26,745						3						13,395						2,584						5,403						48,130
Adjusted EBITDA						44,769						20,384						15,206						26,207						(580)						105,986
Corporate, eliminations and other																																				(11,695)
Total Consolidated Adjusted EBITDA																																				94,291
Stock-based compensation																																				19,954
Depreciation and amortization																																				41,369
Deferred acquisition consideration																																				(3,220)
Other items, net																																				13,016
Operating income																																				23,172
Other expenses:
Interest expense, net																																				(23,455)
Foreign exchange, net																																				(1,338)
Other, net																																				(360)
																																				(25,153)
Loss before income taxes and equity in earnings of non-consolidated affiliates																																				(1,981)
Income tax expense																																				2,673
Loss before equity in earnings of non-consolidated affiliates																																				(4,654)
Equity in income of non-consolidated affiliates																																				20
Net loss																																				(4,634)
Net income attributable to noncontrolling and redeemable noncontrolling interests																																				(627)
Net loss attributable to Stagwell Inc. common shareholders																																				$	(5,261)

(1) Total consolidated revenue of $706.8 million reflects an intercompany elimination of $2.1 million.

(2) For each reportable segment, Unbillable and other costs, net include costs to fulfill customer contract requirements such as research and subscription related costs, audience measurement, data and analytics, panels and survey costs, and also includes travel related expenses.

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						Six Months Ended June 30, 2025
						Marketing Services						Digital Transformation						Media & Commerce						Communications						The Marketing Cloud						Total
						(dollars in thousands)
Revenue (1)						$	524,940					$	188,479					$	324,447					$	275,268					$	49,382					$	1,362,516
Billable costs						73,406						8,875						27,295						86,655						11						196,242
Staff costs						262,726						122,764						192,986						115,623						34,033						728,132
Administrative costs						56,503						12,617						46,738						24,526						8,514						148,898
Unbillable and other costs, net (2)						43,571						765						28,890						4,665						10,473						88,364
Adjusted EBITDA						88,734						43,458						28,538						43,799						(3,649)						200,880
Corporate, eliminations and other																																				(24,296)
Total Consolidated Adjusted EBITDA																																				176,584
Stock-based compensation																																				31,497
Depreciation and amortization																																				83,375
Deferred acquisition consideration																																				3,437
Other items, net																																				16,818
Operating income																																				41,457
Other expenses:
Interest expense, net																																				(46,811)
Foreign exchange, net																																				(118)
Other, net																																				(111)
																																				(47,040)
Loss before income taxes and equity in earnings of non-consolidated affiliates																																				(5,583)
Income tax expense																																				4,395
Loss before equity in earnings of non-consolidated affiliates																																				(9,978)
Equity in income of non-consolidated affiliates																																				19
Net loss																																				(9,959)
Net loss attributable to noncontrolling and redeemable noncontrolling interests																																				1,781
Net loss attributable to Stagwell Inc. common shareholders																																				$	(8,178)

(1) Total consolidated revenue of $1,358.6 million reflects an intercompany elimination of $4.0 million.

(2) For each reportable segment, Unbillable and other costs, net include costs to fulfill customer contract requirements such as research and subscription related costs, audience measurement, data and analytics, panels and survey costs, and also includes travel related expenses.

The Company’s long-lived tangible assets (i.e., Right-of-use lease assets - operating leases and Fixed assets, net) was $264.4 million ($197.4 million in the United States and $67.1 million in all other countries) as of June 30, 2026 and $286.6 million ($211.6 million in the United States and $75.0 million in all other countries) as of December 31, 2025.

The Company’s CODM does not use segment assets to allocate resources or to assess performance of the segments and therefore, total segment assets have not been disclosed.

See Note 4 of the Notes included herein for a summary of the Company’s revenue by geographic region for the three and six months ended June 30, 2026 and 2025.

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