NIQ Global Intelligence plcNIQ
NIQ Global Intelligence plc Segments Disclosure
17. REPORTABLE SEGMENTS
The Company operates through three reportable segments: (1) Americas, which includes North America and Latin America; (2) EMEA, which includes Europe, the Middle East and Africa and (3) APAC, which includes Asia and the western Pacific region. Each segment provides similar services through the Company’s Intelligence and Activation offerings but to different geographic regions across the world.
The Company’s chief operating decision maker (the “CODM”) is the chief executive officer of the Company. The CODM evaluates performance based on the profit measure of Adjusted EBITDA, on both a consolidated and a segment basis. The CODM uses Adjusted EBITDA as the profit measure because it eliminates the impact of certain items that are not considered indicative of the core operations of the Company’s business, which is useful to compare operating results between periods. The Company’s executive management team also uses Adjusted EBITDA as a compensation measure under the incentive compensation plans. Adjusted EBITDA is also a measure frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to NIQ. The CODM does not evaluate performance or allocate resources based on segment asset data and therefore total segment assets are not presented.
The Company incurs corporate costs related to centralized support functions, including those related to technology, treasury, tax, legal and other centralized functions. Corporate expenses not directly identifiable with a reportable segment are reported below to reconcile the reportable segments to the consolidated financial statements.
The following table sets forth revenue, significant segment expenses regularly provided to the CODM and Adjusted EBITDA by reportable segment for the periods presented:
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Americas | EMEA | APAC | Americas | EMEA | APAC | Americas | EMEA | APAC | ||||||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 1,632.2 | $ | 1,864.5 | $ | 701.7 | $ | 1,550.2 | $ | 1,731.5 | $ | 690.9 | $ | 1,348.6 | $ | 1,406.6 | $ | 586.1 | |||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Data acquisition costs | 365.4 | 314.7 | 123.8 | 354.3 | 310.7 | 116.9 | 307.8 | 284.6 | 105.8 | ||||||||||||||||||||||||||||||||||||||||||||
Other segment costs(1) | 775.2 | 991.2 | 437.8 | 758.1 | 972.9 | 423.4 | 662.1 | 745.3 | 359.2 | ||||||||||||||||||||||||||||||||||||||||||||
| Segment Adjusted EBITDA | $ | 491.6 | $ | 558.6 | $ | 140.1 | $ | 437.8 | $ | 447.9 | $ | 150.6 | $ | 378.7 | $ | 376.7 | $ | 121.1 | |||||||||||||||||||||||||||||||||||
(1)Other segment costs primarily include personnel-related costs, cloud costs, software and hardware maintenance costs and occupancy costs.
The following table reconciles Adjusted EBITDA by segment to loss from continuing operations before income taxes, for the periods presented:
| Year Ended December 31, | ||||||||||||||||||||
(in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Adjusted EBITDA by segment | ||||||||||||||||||||
| Americas | $ | 491.6 | $ | 437.8 | $ | 378.7 | ||||||||||||||
| EMEA | 558.6 | 447.9 | 376.7 | |||||||||||||||||
| APAC | 140.1 | 150.6 | 121.1 | |||||||||||||||||
| Total segment Adjusted EBITDA | $ | 1,190.3 | $ | 1,036.3 | $ | 876.5 | ||||||||||||||
| Adjustments to reconcile to loss from continuing operations before income taxes: | ||||||||||||||||||||
| Corporate expenses not allocated to segments | (273.8) | (295.8) | (280.6) | |||||||||||||||||
| Depreciation and amortization | (632.5) | (596.7) | (460.9) | |||||||||||||||||
| Interest expense, net | (317.6) | (410.6) | (299.5) | |||||||||||||||||
Transformation program costs(1) | (48.2) | (56.0) | (156.7) | |||||||||||||||||
GfK integration costs(2) | (62.3) | (126.3) | (45.8) | |||||||||||||||||
Acquisitions and transaction-related costs(3) | (25.3) | (17.6) | (11.8) | |||||||||||||||||
| Foreign currency exchange gain (loss), net | 78.2 | (34.2) | 4.6 | |||||||||||||||||
Nonoperating items, net(4) | (67.8) | (161.5) | (126.1) | |||||||||||||||||
| Share-based compensation expense | (61.1) | (4.7) | (4.3) | |||||||||||||||||
| Impairment of long-lived assets | (1.1) | (31.1) | (9.0) | |||||||||||||||||
| Net income attributable to noncontrolling interests | 8.0 | 6.3 | 3.8 | |||||||||||||||||
Other operating items, net(5) | 3.4 | 1.4 | (3.0) | |||||||||||||||||
| Loss from continuing operations before income taxes | $ | (209.8) | $ | (690.5) | $ | (512.8) | ||||||||||||||
(1)Transformation program costs include employee separation costs as further discussed in Note 14. “Restructuring Activities”, as well as additional costs associated with accelerated technology investment and consultancy and advisory fees incurred to evaluate and improve organizational efficiencies and operations.
(2)GfK integration costs include employee separation costs as further discussed in Note 14. “Restructuring Activities”, as well as additional costs for consulting fees and integration associated with the GfK Combination.
(3)Acquisitions and transaction related costs represent costs incurred in connection with planned and completed acquisitions, including due diligence, transaction, integration and legal related costs. These costs also include preparation and readiness costs for capital market transactions.
(4)Consists of adjustments related to: (i) net periodic pension costs other than service cost, (ii) factoring fees, (iii) write-off of unamortized debt discount and debt issuance costs, (iv) deconsolidation of subsidiaries, (v) settlement of tax indemnification, (vi) other nonoperating expenses and (vii) remeasurement of warrant to fair value. See Note 18. "Nonoperating expense, net" for further information on these adjustments.
(5)Consists primarily of adjustments related to gain/loss on sale of long-lived assets and gain/loss on settlement of asset retirement obligations.
The Company conducts business in the following countries that hold 10% or more of total tangible long-lived assets:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Germany | 25 | % | 26 | % | |||||||
United States | 27 | % | 23 | % | |||||||
Tangible long-lived assets in Ireland, the Company’s country of domicile, represented less than 1% of total tangible long-lived assets as of December 31, 2025 and 2024.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.