Company: STGW
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0000876883-25-000034
Chunk: 201

Company: Stagwell Inc
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 201
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 83,442 $141,619 

 (1) Adjusted Diluted EPS is defined within the Non-GAAP Financial Measures section of the Executive Summary.

Adjusted EBITDA

Adjusted EBITDA for the nine months ended September 30, 2025 was $288.0 million, compared to $287.6 million for the nine months ended September 30, 2024, representing an increase of $0.4 million, primarily driven by an increase in Net revenue, partially offset by an increase in expenses, as discussed above.

57

Marketing Services

The components of operating results for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 were as follows: 

Nine Months Ended September 30,20252024Change(dollars in thousands)$%Revenue$839,457 $782,371 $57,086 7.3 %Operating ExpensesCost of services547,744 530,492 17,252 3.3 %Office and general expenses158,316 156,495 1,821 1.2 %Depreciation and amortization40,141 40,426 (285)(0.7)%Impairment and other losses— 1,500 (1,500)(100.0)%$746,201 $728,913 $17,288 2.4 %Operating Income$93,256 $53,458 $39,798 74.4 %

Nine Months Ended September 30,20252024Change(dollars in thousands)$%Net Revenue$714,867 $658,175 $56,692 8.6 %Billable costs 124,590 124,196 394 0.3 %Revenue839,457 782,371 57,086 7.3 %Billable costs124,590 124,196 394 0.3 %Staff costs421,226 407,948 13,278 3.3 %Administrative costs86,433 74,293 12,140 16.3 %Unbillable and other costs, net60,230 53,176 7,054 13.3 %Adjusted EBITDA146,978 122,758 24,220 19.7 %Stock-based compensation15,069 15,002 67