Fiverr International Ltd

Equity Research 30 July 2026 | 12:01AM EDT

Fiverr International Ltd. (FVRR) Q2’26 Earnings Review: Industry Transition Remains a Work in Progress; Downgrade to Neutral; $13 12-month PT

FVRR 12m Price Target: $13.00 Price: $9.21 Upside: 41.2% NEUTRAL Eric Sheridan In its Q2’26 earnings report, Fiverr (FVRR) highlighted a number of | Goldman Sachs & Co. LLC themes: 1) the company’s results demonstrated the dueling themes Achal Gupta playing out in the freelance economy at the moment – accelerated | Goldman Sachs India SPL compression of high-volume, lower-value work with a continued shift toward higher-end, value enhancing AI-driven work – albeit with the headwinds weighing more heavily on the current period results; 2) marketplace activity was the indication of such headwinds (annual active buyers down -22% YoY) while spend per buyer grew Key Data _____________________________________ Market cap: $335.9mn +16% YoY and projects over $1,000 now represent 15% of Enterprise value: $182.1mn 3m ADTV: $8.8mn completed projects’ gross order amount on a TTM basis; 3) the United States current industry transformation will take at least 6 quarters in terms Americas Internet M&A Rank: 3 of digestion, with headwinds continuing into 2H 2026 and double GS Forecast __________________________________ digit revenue declines to persist through the end of the year; 4) 12/25 12/26E 12/27E 12/28E

focus remains on navigating through this transition and Revenue ($ mn) New Revenue ($ mn) Old repositioning the company toward its strategic pillars (high-end EBITDA ($ mn) EBIT ($ mn) ( talent flywheel, trust and quality upgrades, development of a EPS ($) New comprehensive work platform, and expanded go-to-market for EPS ($) Old P/E (X) high-end projects); & 5) a continued balance between necessary Dividend yield (%) -- -- -- -- transformation and growth investments with opportunistic share Net debt/EBITDA (X) (1.1) (2.6) (4.0) (4.7)

repurchases. On this last point, we came away from the earnings call 6/26 9/26E 12/26E 3/27E that FVRR mgmt. is most focused on investments aligned with the EPS ($)

strategic transformation (especially R&D) where scaling of its GS Factor Profile ______________________________ Growth proprietary knowledge graph and matching/fulfillment capabilities seems to be scaling in a positive manner (albeit against the smaller Financial Returns

portion of the company’s revenue base aligned at more complex Multiple

Coming out of these earnings, we suspect the short-term debates Percentile 20th 40th 60th 80th 100th will remain focused on the pace of platform transformation in the coming quarters, the overall macro backdrop & the pace/cadence of FVRR relative to Americas Coverage FVRR relative to Americas Internet investments when measured against the company’s full year Adj EBITDA guide. In total, we believe that visibility is needed on an exit Source: Company data, Goldman Sachs Research estimates. See disclosures for details. velocity, normalized growth, and normalized post industry transition margin structure to have increased confidence interval in

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Fiverr International Ltd. (FVRR)

Fiverr International Ltd. (FVRR) Balance Sheet ($ mn) _______________________________________ NEUTRAL Rating since Jul 30, 2026 12/25 12/26E 12/27E 12/28E Cash & cash equivalents Accounts receivable Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets P/E (X) Net PP&E 6.9 4.3 4.0 4.0 EV/EBITDA (X) 9.1 3.0 3.2 2.5 Net intangibles EV/sales (X) 1.9 0.5 0.5 0.4 Total investments FCF yield (%) Other long-term assets EV/DACF (X) Total…