Operator
Good morning, everyone, and welcome to Sabio Holdings Third Quarter 2025 Earnings Call. The financial statements and management discussion and analysis are available on SEDAR+. Today is Tuesday, November 25, 2025.
Joining us are Sabio’s Founder and Chief Executive Officer, Aziz Rahimtoola; and our Chief Financial Officer, Sajid Premji. After management’s remarks, we will open the call for questions. [Operator Instructions]
Before we begin, please note that today’s remarks may contain forward-looking information. These statements involve known and unknown risks and uncertainties. Please refer to our filings on SEDAR+ for more information. All figures are stated in U.S. dollars unless otherwise noted.
With that, I’ll turn it over to Aziz.
Aziz Rahimtoola
Co-Founder, CEO & Chairman
Thank you, Martin, and good morning, everyone. Let me begin with an honest look at the environment we operated in during the third quarter. The overall market conditions were best described as chaotic. Many advertiser’s front-loaded budgets into the first and second quarters and government spending cutbacks created a ripple effect across the advertising ecosystem. As a result, advertising revenue was pressured in the third quarter. Despite those challenges, our team stayed laser-focused on the plan we laid out early in the year, a plan built around diversification, scalability and building a business that it performs consistently even when the broader market does not. That focus delivered results.
We achieved growth in the first half of approximately 34% and year-to-date growth of 10% when normalized for political spending in what is
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