NIQ Global Intelligence Q1 Earnings Call Highlights

NIQ Global Intelligence NYSE: NIQ reported first-quarter 2026 results that exceeded the company’s expectations, with management highlighting steady subscription growth, margin expansion and increased investment in artificial intelligence capabilities.

Chief Executive Officer Jim Peck said NIQ delivered organic constant currency revenue growth of 5.1% in the quarter, expanded adjusted EBITDA margin by 150 basis points to 21% and generated “meaningful free cash flow improvement.” Chief Financial Officer Mike Burwell said reported revenue rose 11.1% to $1.1 billion, while adjusted EBITDA increased 19.1% to $224.8 million.

Burwell said the quarter reflected “continued ongoing disciplined execution,” citing value-based pricing, strong retention and continued cross-sell and upsell of new capabilities across the company’s Intelligence and Activation offerings. Adjusted earnings per share were $0.15, above the company’s guidance and consensus of $0.10, according to Burwell.

AI Strategy Remains Central to Management’s Outlook

Peck used much of the call to frame NIQ’s role in the evolving artificial intelligence landscape, particularly as AI agents begin to influence consumer shopping and transactions. He said NIQ’s data ecosystem connects brands, retailers and consumers across 90 countries and $7.4 trillion of consumer spending.

Peck said the company’s differentiated position rests on nearly 9,000 retailer partnerships, 5.5 million consumer panelists and 253 million product items in its database. He said NIQ harmonizes 4 trillion data records each week from retailer feeds, panels, traditional trade and e-commerce receipts to create a unified view of consumer markets down to the SKU level.

“Because our data is permissioned, governed, and not publicly available, it’s a differentiated asset that is impractical to replicate,” Peck said.

The company is pursuing a three-pillar AI strategy: licensing NIQ intellectual property as infrastructure for client AI systems, building AI applications for specific commercial use cases and developing commerce intelligence for emerging agentic commerce channels. Peck said NIQ beta launched Arthur AI Analyst within its Discover platform and Arthur Chat for clients during the quarter.

Peck also cited the company’s BASES AI products, saying more than 70 clients have embedded BASES AI Screener and Product Developer into their workflows less than a year after launch. He said clients have tested more than 2,300 product concepts using the tools, which are now in use across 27 countries.

Client Wins and Retention Support Subscription Growth

Management pointed to several customer wins and renewals as evidence of continued demand. Peck said NIQ closed 17 seven-figure wins in the quarter, with an average duration of three years. In the Americas, he said the company took multiple accounts from an established competitor and won back a major global beverage manufacturer across multiple markets.

In EMEA, Peck said large wins included integrated retail measurement and consumer panel relationships, while in APAC an eight-figure renewal involved a five-year global commitment with a leading technology and durables enterprise client. The company also expanded Full View measurement to 209 clients and said e-commerce revenue growth accelerated to 33%.

NIQ reported net dollar retention of 104% and gross retention of 99%. Annualized subscription revenue reached $2.9 billion, up 5.9%. Peck described the quarter as the company’s ninth consecutive period of durable subscription growth.

Asked about client behavior amid geopolitical and macroeconomic uncertainty, Peck said NIQ continues to see steady demand because its services remain embedded in clients’ pricing, assortment, promotion and demand decisions. He said clients are also increasingly focused on how AI will affect their business models.

Regional Performance Was Mixed

Burwell said Americas revenue grew 9.3% on an organic constant currency basis, supported by both Intelligence and Activation. Americas adjusted EBITDA grew 13.2% to $122.5 million, with margins flat year over year due to timing-related expense allocations that management expects to normalize.

EMEA revenue grew 4.6% on an organic constant currency basis, driven by Intelligence renewal momentum, pricing and cross-sell and upsell activity. EMEA adjusted EBITDA rose 24.0% to $155.2 million, with margins expanding 270 basis points to 31.8%.

APAC revenue declined 3.6% on an organic constant currency basis. Burwell said the company is in the early stages of a turnaround in the region and is beginning to see returns from investments in retailer relationships and data coverage. He cited expanded retail partnerships in China and a collaboration in Japan with INTAGE. APAC adjusted EBITDA increased 10.1% to $34.8 million, with margins expanding 230 basis points to 22.7%.

Free Cash Flow Improves as Restructuring Continues

Burwell said operating expenses increased 14% in the quarter, driven by higher restructuring costs tied to the company’s 2026 productivity program. One-time and restructuring costs totaled approximately $80 million, including $55 million related to the 2026 program.

Net loss attributable to NIQ improved by $29.7 million year over year, while adjusted net income improved by $47.9 million to $43.4 million. Burwell said the improvement was driven primarily by higher adjusted EBITDA and lower interest expense.

Cash used in operating activities was $63.6 million, a $90 million improvement from the prior-year period due to higher profitability, improved working capital and lower interest expense. Levered free cash flow improved by $93.1 million year over year.

As of March 31, NIQ had $362.3 million in cash and cash equivalents and $747.5 million of available revolver capacity, for total available liquidity of $1.1 billion. Net debt was $3.2 billion, and net leverage remained approximately 3.4 times. Burwell reiterated the company’s goal of reducing net leverage below 3.0 times by the end of 2026.

Guidance Raised for FX, Underlying Outlook Maintained

NIQ raised its full-year reported revenue and adjusted EBITDA guidance, which Burwell said was largely due to positive foreign exchange movements. Other financial guidance remained unchanged.

For the second quarter, the company expects reported revenue growth of approximately 6.0% to 6.3%, organic constant currency revenue growth of approximately 4.9% to 5.2%, adjusted EBITDA growth of 12% to 14% and adjusted EPS of $0.19 to $0.21. Burwell said April organic constant currency growth was ahead of the first quarter.

For full-year 2026, NIQ expects reported revenue growth of approximately 6.4% to 6.7%, organic constant currency revenue growth of approximately 5.0% to 5.3%, adjusted EBITDA growth of 14% to 16%, adjusted EPS of $0.95 to $0.99 and levered free cash flow of $235 million to $250 million.

The company now expects $65 million to $75 million of full-year restructuring costs associated with the 2026 program, with annualized run-rate savings of $70 million to $80 million by year-end. Burwell said the increase in restructuring costs reflects incremental actions identified to integrate AI throughout operations.

Management said it sees a path to adjusted EBITDA margins in the 30% range over time, though Burwell did not provide a specific timeline. He said the company previously discussed a framework of 50 to 100 basis points of continued margin improvement with mid-single-digit revenue growth, with AI tools serving as potential accelerants.

About NIQ Global Intelligence NYSE: NIQ

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