Turning back to the US, due to macro events, we are seeing some budget pressure in the travel and hospitality sectors with approvals being delayed or pushed into future quarters.

May 7, 2026 / CEO / receipt, needs a key / Amit Gupta, CEO | earnings call 2026-05-07 | transcript 53a71e18-1405-4062-a051-f5936da38dac | chars 6102-6280 | segment 6

Travel and restaurant categories experienced softness in the first half of the year, as we've seen across the industry.

Aug 6, 2025 / CEO / receipt, needs a key / Amit Gupta, CEO | earnings call 2025-08-06 | transcript 91e196cb-150e-4e79-917e-c0d07e8e9daa | chars 7986-8105 | segment 8

In the UK, we had strong performance and growth in categories like travel and entertainment and restaurants, even as advertisers' overall marketing budgets shrunk.

May 7, 2025 / CEO / receipt, needs a key / Amit Gupta, CEO | earnings call 2025-05-07 | transcript 5fd8edeb-dc8c-46be-9699-724aecdfdf66 | chars 8859-9022 | segment 9

The travel category declined as we saw budgets shrink from a few key accounts.

May 7, 2025 / CEO / receipt, needs a key / Amit Gupta, CEO | earnings call 2025-05-07 | transcript 5fd8edeb-dc8c-46be-9699-724aecdfdf66 | chars 14292-14370 | segment 14

In the US, we saw continued growth in categories like travel and everyday spend.

Nov 6, 2024 / CEO / receipt, needs a key / Amit Gupta, CEO | earnings call 2024-11-06 | transcript fc120887-a299-4389-ae52-6411570a53a0 | chars 7397-7477 | segment 7