Pinterest July 29

Rating Company Date 29 July 2026 Hold Pinterest Company Update North America United States Reuters Bloomberg Exchange Ticker Price at 27 Jul 2026 (USD) 23.50 PINS.N PINS US NYS PINS Price target 24.00 TMT 52-week range 39.17 - 15.42 Internet

Measurement Gains Support the Recovery Valuation & Risks

Benjamin Black, CFA Pinterest reports 2Q26 results after the close on August 4. We expect a constructive Research Analyst print as a favorable advertising environment, improving measurement, and continued Performance+ adoption support stronger advertiser spending. We Kunal Madhukar, CFA model $1.148bn of revenue, up ~15% y/y, near the high end of the $1.133-$1.153bn Research Analyst guide, and $267mn of adj. EBITDA, versus guidance of $256-$276mn.

Pathmatics data adds to our confidence in the quarter. Estimated spend and Raymond Wong Research Associate impressions continued to stabilize during 2Q. Easier comparisons explain part of the improvement, which could imply that Pinterest has slowed the prior deterioration vs. regaining share from Meta or Google. To that end, although the Benjamin Hui, Esq. company continues to improve its advertising stack, Meta and Google maintain a Research Associate meaningful advantage in product velocity, automation, and advertiser tools

Measurement represents the clearest incremental positive. Pinterest has integrated bespoke measurement solutions with larger UCAN advertisers, improving attribution and giving these customers greater confidence to scale spending. UCAN contributes the majority of revenue, so even a modest recovery in large-advertiser budgets should have an outsized effect on consolidated growth. Performance+ adds another tailwind. The product represented approximately 30% of lower-funnel revenue in 1Q, while adopters increased lower-funnel spend at nearly twice the rate of non-adopters.

Looking to the 3Q, we model consolidated revenue of $1.211bn, up ~16% y/y, modestly above consensus of $1.182bn. Our estimate incorporates continued UCAN measurement gains, further Performance+ adoption, and a full-quarter tvScientific contribution. We forecast $33mn of adjusted EBITDA, or a 27.6% margin, versus the Street at $334mn. Slower expense growth and the January headcount reduction should drive the sequential margin improvement, partly offset by higher SBC and continued AI investment.

Pinterest’s new $4bn AWS commitment through 2031 expands compute capacity and provides greater hardware flexibility through Trainium and Graviton. The planned shift toward Kubernetes-based infrastructure should also improve resource utilization. We expect these efficiencies to support margins in the second half, although Pinterest will likely reinvest part of the savings into recommendation, visual-search, and advertising models.

Deutsche Bank Securities Inc. IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, 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.

29 July 2026 Internet Pinterest

We also lower our sequential UCAN MAU expectations to reflect normal 2Q seasonality and raise SBC to incorporate the larger grant. Neither adjustment changes our operating view.

Overall, a 2Q result near the high end of guidance and a 3Q outlook supporting mid- teens growth would confirm that Pinterest has stabilized the business. Broader measurement adoption, faster product development, and stronger pricing remain necessary for a durable return to high-teens growth.

We maintain our Hold rating and $24 price target, based on 9x FY27 adjusted EBITDA.

Third Party Data Appears to Confirm Stabilization Pathmatics data shows continued stabilization in estimated Pinterest ad spend and impressions during the 2Q. The improvement aligns with a healthier advertising environment and better execution following weakness among several large retail advertisers in 2025. However, substantially easier comparisons contributed to the recovery. We, therefore, view…