Cover - shares	12 Months Ended
Cover - shares	Dec. 31, 2025	Feb. 24, 2026
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-42763
Registrant Name	NIQ Global Intelligence plc
Entity Incorporation, State or Country Code	L2
Entity Address, Address Line One	200 West Jackson Boulevard
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	583-5100
Title of 12(b) Security	Ordinary shares, nominal value $0.00001 per share
Trading Symbol	NIQ
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		295,107,483
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to the 2026 Annual Meeting of Shareholders (the “Definitive Proxy Statement”) to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2025 are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.
Amendment Flag	false
CIK	0002054696
Document Period Focus	FY
Fiscal Year Focus	2025

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York
Auditor Firm ID	42

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 4,198.4	$ 3,972.6	$ 3,341.3
Operating expenses:
Cost of revenues (excluding depreciation and amortization shown separately below)	1,862.1	1,771.6	1,511.5
Selling, general and administrative expenses	1,597.7	1,601.4	1,449.4
Depreciation and amortization	632.5	596.7	460.9
Impairment of long-lived assets	1.1	31.1	9.0
Restructuring, net	44.0	98.5	34.6
Other operating income, net	(24.4)	(26.9)	(15.4)
Total operating expenses	4,113.0	4,072.4	3,450.0
Operating income (loss)	85.4	(99.8)	(108.7)
Interest expense, net	(317.6)	(410.6)	(299.5)
Foreign currency exchange gain (loss), net	78.2	(34.2)	4.6
Nonoperating expense, net	(55.8)	(145.9)	(109.2)
Loss from continuing operations before income taxes	(209.8)	(690.5)	(512.8)
Income tax expense from continuing operations	(135.5)	(113.7)	(51.8)
Loss from continuing operations	(345.3)	(804.2)	(564.6)
Discontinued operations (Note 4)
Income from discontinued operations before income taxes	0.0	12.5	2.6
Income tax expense from discontinued operations	0.0	0.0	(11.6)
Income (loss) from discontinued operations	0.0	12.5	(9.0)
Net loss	(345.3)	(791.7)	(573.6)
Less: Net income attributable to noncontrolling interests	8.0	6.3	3.8
Net loss attributable to NIQ	$ (353.3)	$ (798.0)	$ (577.4)
Basic and diluted earnings per share from:
Loss attributable to NIQ, basic (in dollars per share)	$ (1.32)	$ (3.31)	$ (2.32)
Loss attributable to NIQ, diluted (in dollars per share)	(1.32)	(3.31)	(2.32)
Income (loss) from discontinued operations, basic (in dollars per share)	0	0.05	(0.03)
Income (loss) from discontinued operations, diluted (in dollars per share)	0	0.05	(0.03)
Net loss attributable to NIQ, basic (in dollars per share)	(1.32)	(3.26)	(2.35)
Net loss attributable to NIQ, diluted (in dollars per share)	$ (1.32)	$ (3.26)	$ (2.35)
Weighted average basic NIQ ordinary shares outstanding (in shares)	266,917,808	245,000,000	245,000,000
Weighted average diluted NIQ ordinary shares outstanding (in shares)	266,917,808	245,000,000	245,000,000

Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (345.3)	$ (791.7)	$ (573.6)
Other comprehensive income (loss):
Foreign currency translation adjustments	13.8	(97.2)	69.5
Defined benefit pension plan adjustments	(0.3)	6.3	(23.8)
Cash flow hedges	(7.8)	(27.5)	(40.1)
Total other comprehensive income (loss)	5.7	(118.4)	5.6
Total other comprehensive loss	(339.6)	(910.1)	(568.0)
Less: Comprehensive income attributable to noncontrolling interests	8.0	6.3	3.8
Total comprehensive loss attributable to NIQ	$ (347.6)	$ (916.4)	$ (571.8)

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 518.8	$ 266.2
Trade receivables, net	695.6	644.9
Other receivables	104.3	83.3
Prepaid expenses and other current assets	131.4	137.0
Current assets held for sale (Note 4)	0.0	62.8
Total current assets	1,450.1	1,194.2
Property and equipment, net	208.2	208.0
Operating lease right-of-use assets	203.7	179.6
Intangible assets, net	2,191.4	2,287.6
Goodwill	2,431.7	2,209.5
Deferred income taxes	27.8	22.2
Other noncurrent assets	289.1	271.7
Total assets	6,802.0	6,372.8
Current liabilities:
Accounts payable	224.4	217.1
Accrued expenses	631.7	605.3
Deferred revenues	262.0	273.4
Short-term debt and current portion of long-term debt	107.5	121.0
Other current liabilities	177.5	131.5
Current liabilities held for sale (Note 4)	0.0	17.3
Total current liabilities	1,403.1	1,365.6
Long-term debt	3,502.6	3,959.8
Operating lease liabilities	205.5	196.5
Deferred income taxes	123.4	109.1
Warrant liability	0.0	191.4
Other noncurrent liabilities	341.8	251.8
Total liabilities	5,576.4	6,074.2
Commitments and contingencies (Note 19)
Shareholders' equity:
Ordinary shares; $0.00001 nominal value per share, 1,500,000,000 ordinary shares authorized, 295,000,000 ordinary shares issued and outstanding as of December 31, 2025 and 245,000,000 ordinary shares issued and outstanding as of December 31, 2024	0.0	0.0
Preferred shares; $0.00001 nominal value per share, 150,000,000 preferred shares authorized, no shares issued and outstanding	0.0	0.0
Paid-in capital	3,222.4	1,946.1
Accumulated deficit	(2,202.0)	(1,848.7)
Accumulated other comprehensive loss	(32.0)	(37.7)
Total NIQ shareholders' equity	988.4	59.7
Noncontrolling interests	237.2	238.9
Total shareholders' equity	1,225.6	298.6
Total liabilities and shareholders' equity	6,802.0	6,372.8
Euro Deferred Shares
Shareholders' equity:
Ordinary shares; $0.00001 nominal value per share, 1,500,000,000 ordinary shares authorized, 295,000,000 ordinary shares issued and outstanding as of December 31, 2025 and 245,000,000 ordinary shares issued and outstanding as of December 31, 2024	$ 0.0	$ 0.0

Consolidated Balance Sheets (Parenthetical)	Dec. 31, 2025 $ / shares shares	Dec. 31, 2025 € / shares shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2024 € / shares shares
Common stock par value (in euros per share) \| $ / shares	$ 0.00001		$ 0.00001
Common stock authorized (in shares)	1,500,000,000	1,500,000,000	1,500,000,000	1,500,000,000
Common stock shares issued (in shares)	295,000,000	295,000,000	245,000,000	245,000,000
Outstanding shares (in shares)	295,000,000	295,000,000	245,000,000	245,000,000
Preferred stock par value (in euros per share) \| $ / shares	$ 0.00001		$ 0.00001
Preferred stock authorized (in shares)	150,000,000	150,000,000	150,000,000	150,000,000
Preferred stock shares issued (in shares)	0	0	0	0
Preferred stock shares outstanding (in shares)	0	0	0	0
Euro Deferred Shares
Common stock par value (in euros per share) \| € / shares		€ 1		€ 1
Common stock authorized (in shares)	25,000	25,000	0	0
Common stock shares issued (in shares)	25,000	25,000	0	0
Outstanding shares (in shares)	0	0	0	0

Consolidated Statements of Equity
$ in Millions

USD ($)

shares

Previously Reported

USD ($)

Revision of Prior Period, Adjustment

USD ($)

^[1]

Total NIQ Shareholders’ Equity

USD ($)

Total NIQ Shareholders’ Equity

Previously Reported

USD ($)

Total NIQ Shareholders’ Equity

Revision of Prior Period, Adjustment

USD ($)

^[1]

Ordinary Shares

USD ($)

shares

Ordinary Shares

Previously Reported

USD ($)

shares

Ordinary Shares

Revision of Prior Period, Adjustment

shares

^[1]

Preferred Shares

USD ($)

shares

Preferred Shares

Previously Reported

USD ($)

shares

Euro Deferred Shares

USD ($)

shares

Paid-In Capital

USD ($)

Paid-In Capital

Previously Reported

USD ($)

Paid-In Capital

Revision of Prior Period, Adjustment

USD ($)

^[1]

Accumulated Deficit

USD ($)

Accumulated Deficit

Previously Reported

USD ($)

Accumulated Deficit

Revision of Prior Period, Adjustment

USD ($)

^[1]

Accumulated Other Comprehensive (Loss) Income

USD ($)

Noncontrolling Interests

USD ($)

Noncontrolling Interests

Previously Reported

USD ($)

Beginning balance (in shares) at Dec. 31, 2022 | shares

245,000,000

^[1]

100

244,999,900

0

Beginning balance (in shares) at Dec. 31, 2022 | shares

0

^[1]

0

Beginning balance at Dec. 31, 2022

$ 527.3

^[1]

$ 541.8

$ (14.5)

$ 525.8

^[1]

$ 540.3

$ (14.5)

$ 0.0

^[1]

$ 0.0

^[1]

$ 0.0

$ 924.0

^[1]

$ 951.4

$ (27.4)

$ (473.3)

^[1]

$ (486.2)

$ 12.9

$ 75.1

^[1]

$ 1.5

^[1]

$ 1.5

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

(573.6)

(577.4)

3.8

Other comprehensive (loss) income

5.6

Contribution from Parent

^[2]

1,011.3

Shared-based compensation

4.3

Acquisition of subsidiaries

253.0

Cash dividends paid to noncontrolling interests

(11.1)

Ending balance (in shares) at Dec. 31, 2023 | shares

245,000,000

0

Ending balance (in shares) at Dec. 31, 2023 | shares

0

Ending balance at Dec. 31, 2023

1,216.8

969.6

$ 0.0

1,939.6

(1,050.7)

80.7

247.2

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Offering expenses

$ 0.0

Effective share split

0.0000004081632653

Net (loss) income

$ (791.7)

(798.0)

6.3

Other comprehensive (loss) income

(118.4)

Contribution from Parent

^[2]

1.8

Shared-based compensation

4.7

Cash dividends paid to noncontrolling interests

$ (14.6)

(14.6)

Ending balance (in shares) at Dec. 31, 2024 | shares

245,000,000

0

Ending balance (in shares) at Dec. 31, 2024 | shares

0

Ending balance at Dec. 31, 2024

$ 298.6

59.7

$ 0.0

1,946.1

(1,848.7)

(37.7)

238.9

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Offering expenses

0.0

Net (loss) income

(345.3)

(353.3)

8.0

Other comprehensive (loss) income

5.7

Issuance of share capital in connection with IPO net of underwriting discounts, commissions and offering expenses (in shares) | shares

^[3],[4]

50,000,000

25,000

Issuance of share capital in connection with IPO net of underwriting discounts and commissions and offering expenses

^[3],[4]

984.1

Shared-based compensation

43.0

Reclassification of warrant to equity

231.1

Reclassification of phantom to equity

18.1

Cash dividends paid to noncontrolling interests

$ (9.7)

(9.7)

Ending balance (in shares) at Dec. 31, 2025 | shares

295,000,000

25,000

Ending balance (in shares) at Dec. 31, 2025 | shares

0

Ending balance at Dec. 31, 2025

$ 1,225.6

$ 988.4

$ 0.0

$ 3,222.4

$ (2,202.0)

$ (32.0)

$ 237.2

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Offering expenses

$ 21.7

Beginning balance (in shares) at Jul. 21, 2025 | shares

100

Ending balance (in shares) at Jul. 22, 2025 | shares

245,000,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Effective share split

0.0000004081632653

[1]	Prior to the common control transaction, the Company had 100 ordinary shares outstanding. Following the common control transaction, the Company will have 245,000,000 ordinary shares outstanding, resulting in an effective share split of 1:2,450,000. See Note 2. “Summary of Significant Accounting Policies” for discussion around the Company’s common control transaction and updated basis of presentation.
[2]	Contribution from Parent was a non-cash contribution mainly related to equity consideration transferred as part of the transaction to combine with GfK SE, as described in Note 3. “Acquisitions”.
[3]	Represents aggregate net proceeds of $985.1 million after deducting underwriting discounts and commissions and estimated offering expenses at the initial public offering date less additional offering expense and other adjustments of $1.0 million recognized subsequent to the initial public offering date.
[4]	The Euro deferred shares were issued in order to satisfy statutory capitalization requirements for all Irish public limited companies. The Euro deferred shares are non-voting shares and do not have any right to receive a dividend.

Consolidated Statements of Cash Flows $ in Millions	12 Months Ended
Consolidated Statements of Cash Flows $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Operating Activities:
Net loss	$ (345.3)	$ (791.7)	$ (573.6)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	632.5	596.7	460.9
Share-based compensation	61.1	4.7	4.3
Amortization of debt discount and debt issuance costs	48.2	65.8	42.1
Remeasurement of warrant to fair value	39.7	75.2	101.1
Impairment of long-lived assets	1.1	31.1	9.0
Provision for credit losses	3.6	5.5	6.1
Non-cash foreign currency exchange (gain) loss, net	(63.2)	63.5	(10.0)
(Gain) loss on deconsolidation of subsidiaries and related adjustments	(5.2)	57.8	0.0
Write-off of unamortized debt discount and debt issuance costs	35.0	35.8	0.0
Gain on disposal of business	(4.9)	(12.4)	0.0
Deferred income taxes	(6.1)	(35.6)	(38.7)
Gain from remeasurement of previous equity interest	0.0	0.0	(15.1)
Other operating activities, net	0.5	(51.0)	39.0
Changes in assets and liabilities:
Trade and other receivables, net	(18.5)	(60.2)	(5.2)
Prepaid expenses and other current assets	(14.2)	(2.2)	61.2
Accounts payable and other current liabilities	(27.9)	98.5	(63.7)
Operating leases, net	(11.2)	(6.8)	(9.5)
Other noncurrent assets and liabilities	(26.5)	(0.8)	(19.7)
Net cash provided by (used in) operating activities	298.7	73.9	(11.8)
Investing Activities:
Acquisition of businesses, net of cash acquired	(26.7)	20.2	(1,427.7)
Payment for asset acquisition	(11.9)	0.0	0.0
Proceeds from sale of business, net of cash disposed	67.7	315.6	0.0
Additions to property and equipment	(34.7)	(35.4)	(24.2)
Additions to intangible assets	(228.2)	(263.3)	(248.4)
Cash deconsolidated from previously controlled subsidiary	0.0	(31.6)	0.0
Other investing activities, net	(1.8)	4.1	(3.4)
Net cash (used in) provided by investing activities	(235.6)	9.6	(1,703.7)
Financing Activities:
Proceeds from issuance of debt and borrowings under revolving credit facility	1,034.9	1,137.6	2,821.8
Repayments of debt and borrowings under revolving credit facility	(1,799.9)	(1,179.6)	(822.4)
Debt issuance costs paid	(16.0)	(7.6)	(64.3)
Capital contribution from Parent	0.0	1.8	0.9
Proceeds from initial public offering, net of underwriters discounts and commissions	1,005.4	0.0	0.0
Payments of deferred offering costs	(21.7)	0.0	0.0
Finance leases	(26.4)	(22.3)	(17.8)
Cash dividends paid to noncontrolling interests	(9.7)	(14.6)	(11.1)
Other financing activities, net	10.7	19.4	(3.5)
Net cash provided by (used in) financing activities	177.3	(65.3)	1,903.6
Effect of exchange-rate changes on cash and cash equivalents	12.2	(33.1)	(32.8)
Net increase (decrease) in cash and cash equivalents	252.6	(14.9)	155.3
Cash and cash equivalents at beginning of period	266.2	283.0	145.1
Cash and cash equivalents at end of period	518.8	268.1	300.4
Less: cash and cash equivalents included in current assets held for sale	0.0	(1.9)	(17.4)
Cash and cash equivalents at end of period as reported on consolidated balance sheet	518.8	266.2	283.0
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	298.7	411.4	279.2
Cash paid for income taxes, net of refunds received	131.5	118.2	109.3
Supplemental Disclosures of Non-Cash Items:
Reclassification of warrant from liability to equity	231.1	0.0	0.0
Reclassification of phantom awards from liability to equity	18.1	0.0	0.0
Capital expenditures in accounts payable	$ 2.5	$ 4.6	$ 7.2

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION Description of Business NIQ is a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers. NIQ manages a comprehensive and integrated ecosystem – The NIQ Ecosystem – which combines proprietary data, best-in-class technology, human intelligence and highly sophisticated software applications and analytics solutions. NIQ’s unified, artificial intelligence (“AI”) and machine learning powered technology platform aggregates, harmonizes and enriches vast amounts of global consumer shopping data from a myriad of diverse sources, generates rich, proprietary reference data and metadata, and provides a global, omnichannel view of consumer shopping behavior – The Full ViewTM. Our global reach spans 90 countries, covering approximately 82% of the world’s population, more than half of global gross domestic product. The Company has 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. See Note 17. “Reportable Segments” for more information on reportable segments. Within its reportable segments, NIQ has two major product offerings: Intelligence and Activation. Intelligence offerings are comprised of omnichannel measurement, consumer behavior and insights and retailer solutions, which are utilized by both consumer brands and retailer clients. These products help clients to measure their market share of consumer purchases across channels, helping them understand what the consumers bought, who the consumer is, where they shopped and how much they bought. Activation offerings include custom, predictive analytics and reports designed to help clients ascertain “why” consumers made a certain purchase, guide them on “what to do next” and “who to target” around product introduction and innovation, pricing, promotion strategy and other drivers of growth. Organization NIQ was created when funds managed by Advent International, L.P. (formerly known as Advent International Corporation) (“Advent”) acquired certain subsidiaries of Nielsen Holdings plc (“Nielsen”) on March 5, 2021 (“the Advent Acquisition”). Intermediate Dutch Holdings B.V., a private company with limited liability organized under the laws of the Netherlands (“Dutch Holdings”), formed two subsidiaries: Indy US Holdco, LLC (“US Holdco”) and Indy Dutch Bidco B.V. Through its subsidiaries, Dutch Holdings acquired Nielsen Consumer Inc., TNC Europe B.V. and The Nielsen Company (Europe) S.àr.l. (the “NIQ subsidiaries”) from Nielsen. As a result of the Advent Acquisition, Dutch Holdings became the beneficial owner of the NIQ subsidiaries. Dutch Holdings is an indirect subsidiary of AI PAVE Dutchco I B.V. (“AI PAVE”), and its consolidated subsidiaries, including US Holdco, and the Company’s other operating subsidiaries. On January 21, 2025, AI Global Investments (Netherlands) PCC Limited acquired Flower Road Limited, an Irish private company with limited liability that was incorporated in Ireland on June 6, 2017 as a dormant company. On January 23, 2025, Flower Road Limited was renamed to NIQ Global Intelligence Limited. On June 12, 2025, NIQ Global Intelligence Limited was re-registered under the Irish Companies Act 2014 as a public limited company and was renamed NIQ Global Intelligence plc. On July 22, 2025, in connection with the IPO as further discussed below, NIQ Global Intelligence plc became the direct parent of AI PAVE and the indirect parent of other intermediate holding companies, including AI PAVE Dutchco II B.V., AI PAVE Dutchco III B.V. (collectively, with AI PAVE, the “AI PAVE Entities”), and Dutch Holdings (the “Reorganization”). The AI PAVE Entities and Dutch Holdings are holding companies with no other operations, cash flows, material assets or liabilities other than the equity interests in Indy US Holdco, LLC. All holders of equity interests in AI PAVE became shareholders of NIQ Global Intelligence plc. The number of ordinary shares authorized increased to 1,500,000,000 and the number of ordinary shares outstanding became 245,000,000. The “Company” or “NIQ” means, prior to the Reorganization, Dutch Holdings and its consolidated subsidiaries and, after the Reorganization, NIQ Global Intelligence plc and its consolidated subsidiaries. Initial Public Offering On July 24, 2025, the Company completed its IPO, in which the Company sold 50,000,000 ordinary shares at the initial public offering price of $21.00 per share. The Company received aggregate net proceeds of $985.1 million after deducting underwriting discounts and commissions and estimated offering expenses payable by NIQ Global Intelligence plc. The aggregate net proceeds were used to repay a portion of the Company’s outstanding borrowings. See Note 10. “Debt” for further detail on the use of proceeds. In connection with the IPO, the Board of Directors also adopted the NIQ Global Intelligence plc 2025 Equity Incentive Plan. The Company recognized share-based compensation as a result of the accelerated and incremental vesting of certain share-based compensation awards under the 2021 Plan, as triggered by the IPO. See Note 16. “Share-Based Compensation” for further detail.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission. Intercompany transactions and balances have been eliminated. Noncontrolling interests are recorded for entities that are consolidated, but for which NIQ owns less than 100% of the equity interests.

Prior to the effects of the Reorganization and IPO, the historical financial statements presented the financial information of Dutch Holdings. Subsequent to the Reorganization and IPO as described above in Note 1. “Organization”, the financial statements were recast to reflect the consolidated financial statements of NIQ Global Intelligence plc and its consolidated subsidiaries, including Dutch Holdings and the AI PAVE Entities, as a transaction between entities under common control. The recast presentation began with the condensed consolidated financial statements as of and for the nine months ended September 30, 2025, the first reporting period following the Reorganization and IPO. All subsequent reporting periods, including the accompanying consolidated financial statements herein, will similarly reflect the recast presentation. Prior to the Reorganization, NIQ Global Intelligence plc had no material assets and conducted no operations (other than activities incidental to its formation, the Reorganization and the IPO). Aside from the impact of the Warrant (as further described below), the Company has assessed the impact to the consolidated financial statements of NIQ Global Intelligence plc as a result of the Reorganization to be immaterial.

In addition to the Reorganization and IPO, the Company notes the following transactions, which resulted in an impact to the basis of presentation within these consolidated financial statements:

•On July 10, 2023, the Company completed a transaction to combine with GfK SE (“GfK”), a European company (societas Europaea) organized under German law (“the GfK Combination”). Prior to the GfK Combination, GfK entered into an agreement to sell its Consumer Panel business on July 6, 2023. On January 9, 2024, the Company completed the sale. See Note 4. “Discontinued Operations and Disposals” for further information.

•In the second and third quarters of 2024, the Company determined that it could no longer exercise control over its subsidiaries in Russia and deconsolidated the operations of these entities. See Note 4. “Discontinued Operations and Disposals” for further information.

•The Company entered into an agreement to sell its ownership interest in Netquest, a consumer panel provider acquired through the GfK Combination, on December 17, 2024. The assets and liabilities of the Netquest business were classified as “Held for Sale” at December 31, 2024. On February 3, 2025, the Company completed the sale. See Note 4. “Discontinued Operations and Disposals” for further information.

•On July 10, 2025, the Company entered into a definitive agreement to acquire 100% of the share capital of M-TRIX Tecnologia e Servicos de Marketing S.A. (“M-Trix”), a data intelligence and market analytics company based in Brazil. The transaction closed on August 1, 2025. See Note 3. “Acquisitions” for further information.

Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the consolidated financial statements for the year ended December 31, 2025.

Use of Estimates

The preparation of the consolidated financial statements of NIQ in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements of NIQ and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include capitalization of internally developed software costs, goodwill impairment, the assets acquired and liabilities assumed in acquisitions and recorded at fair value, liabilities and expenses for pension benefits, shared-based compensation awards and warrants. Management’s estimates are based on historical experience, facts and circumstances available at the time and various other assumptions that are believed to be reasonable. On an ongoing basis, the Company evaluates these assumptions, judgments and estimates. Actual results could differ from those estimates.

Revenue Recognition

Revenue is measured based on the consideration specified in a contract with a client. NIQ recognizes revenue when it satisfies a performance obligation by transferring control of data or services to a client, which generally occurs over time.

NIQ’s revenue is primarily derived from solutions in two product groupings: (i) Intelligence and (ii) Activation. Intelligence solutions include a combination of NIQ’s retail measurement, consumer behavior and insights and retailer solutions, which are utilized by both consumer brands and retailer clients. Revenues for these services are recognized over the period during which the performance obligations are satisfied as the client receives and consumes the benefits provided by NIQ and control of the services are transferred to the client. Activation solutions include customized analytics and predictive models to improve decision making around product, pricing, marketing and supply chain. NIQ’s performance under these arrangements do not create an asset with an alternative use to NIQ and generally include an enforceable right to payment for performance completed to date; as such, revenue for these services is typically recognized over time. Revenue for contracts that do not include an enforceable right to payment for performance completed to date is recognized at a point in time when the performance obligation is satisfied, generally upon delivery of the services, and when control of the service is transferred to the client.

NIQ enters into cooperation arrangements with certain clients, under which the client provides NIQ with its data in exchange for NIQ’s services. NIQ records these transactions at estimated fair value, which is determined based on the fair value of goods or services received, if reasonably estimable. If not reasonably estimable, NIQ considers the fair value of the goods or services surrendered.

See Note 5. “Revenue” for further information on the Company’s revenue.

Cost of revenues (excluding depreciation and amortization)

Cost of revenues primarily include data acquisition costs, cloud costs, software costs, hardware maintenance costs and personnel related costs associated with these functions.

Selling, general and administrative expenses

Selling, general and administrative expenses primarily include personnel-related costs, costs for professional and consultancy services and occupancy costs.

Restructuring charges

Restructuring charges include programs whereby the Company realigns its operations to improve effectiveness and efficiency, such as reducing headcount and consolidating operations. Restructuring charges largely represent severance costs related to employee separation packages which are calculated based on salary levels and past service periods. Severance costs are generally charged to earnings when planned employee terminations are approved.

Other Operating Income

Other operating income primarily includes sublease income from NIQ’s leasing arrangements, as further discussed in Note 9. “Leases”. Other operating income also includes charges to equity method investments to recover costs incurred by the Company for providing technology and other infrastructure services.

Cash and Cash Equivalents

Cash and cash equivalents include cash and short-term, highly liquid investments with an original maturity date of three months or less.

Accounts Receivable and Allowance for Expected Credit Losses

NIQ extends non-interest-bearing trade credit to its clients in the ordinary course of business. To minimize credit risk, ongoing payment history is continually evaluated for existing clients and the financial condition for new clients whose initial purchase is over a certain value is evaluated to assess credit risk.

NIQ recognizes expected credit losses resulting from the inability of its clients to make required payments through an allowance account that is measured each reporting date. NIQ estimates credit losses over the life of its trade accounts receivable using a combination of historical loss data, current credit conditions, specific client circumstances and reasonable and supportable forecasts of future economic conditions. As of December 31, 2025 and 2024, the allowance for expected credit losses was $11.2 million and $12.1 million, respectively. The total amount recorded as selling, general and administrative expenses for credit losses was $3.6 million, $5.5 million and $6.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

NIQ has a program in which trade receivable are sold to third parties. The available capacity under the program is €270.0 million (equivalent to approximately $317.1 million USD as of December 31, 2025), with the underlying transactions accounted for as true sales, without recourse. In instances where the underlying sales transaction has not yet met the criteria for revenue recognition, the transfer is accounted for as a sale of future revenues. The proceeds received for the sale of future revenues are recorded within short-term debt and current portion of long-term debt in the consolidated balance sheets. NIQ maintains servicing responsibilities for the majority of the receivables sold during the year, for which the related costs are not significant.

As of December 31, 2025 and 2024, $193.9 million and $146.6 million, respectively, of previously sold receivables remained outstanding. NIQ recorded costs associated with the factoring program in nonoperating expense, net, primarily representing administrative and financing costs which totaled $11.8 million, $14.7 million and $15.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. The Company recorded a liability for its financing obligation under the program of $51.4 million and $47.0 million as of December 31, 2025 and December 31, 2024. The proceeds from the sales are reported as operating activities in the consolidated statements of cash flows and totaled $1.5 billion, $1.4 billion and $1.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

Property and Equipment

Property and equipment are carried at historical cost less accumulated depreciation. Depreciation expense is determined using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over their useful life or over the term of the related lease, whichever is shorter.

The table below summarizes the estimated useful lives of property and equipment:


			Useful Life (in years)
Buildings			25-40
Information and communication equipment			2-7
Furniture, equipment and other			2-10

Leases

The determination of whether an arrangement is, or contains, a lease is performed at the inception of the arrangement. For a contract to be determined to be a lease or contain a lease, it must include explicitly or implicitly identified assets where the Company has the right to substantially all of the economic benefits of the assets and has the ability to direct how and for what purpose the assets are used during the lease term. Leases are classified as either operating or finance. Classification and initial measurement of the right-of-use asset and lease liability are determined at the lease commencement date. The Company does not recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. NIQ’s lease terms may include options to extend or terminate the lease when it is reasonably certain that NIQ will exercise that option. NIQ uses the rate implicit in the lease for the discount rate when determining the present value of lease payments whenever that rate is readily determinable. If the rate is not readily determinable, NIQ uses its incremental borrowing rate, which is updated periodically, based on the information available at commencement date. NIQ also has variable lease payments, primarily for items such as common area maintenance and real estate taxes, which are recorded in selling, general and administrative expenses when incurred. The operating lease asset includes the amount of lease liabilities recognized, initial direct costs incurred, prepayments at or before the commencement date and excludes lease incentives received. NIQ has lease agreements with lease and non-lease components, which are generally accounted for together.

Definite-Lived Intangible Assets

Definite-lived intangible assets are stated at historical cost less accumulated amortization. Amortization expense is determined using the straight-line method over the estimated useful lives of the assets. NIQ’s definite-lived intangible assets primarily relate to computer software (both internally developed and acquired), client relationships, retail partnerships and trade names and trademarks.

NIQ has purchased and internally developed software to facilitate its global information processing and client access needs. Costs that are related to the conceptual formulation and design of software programs are expensed as incurred. Internally developed software costs that are incurred in the application development stage are capitalized as an intangible asset and are amortized over the estimated useful life.

The table below summarizes the estimated useful lives of intangibles assets:


			Useful Life (in years)
Computer software			3-8
Client relationships			10-15
Retail partnerships			10-15
Trade names and trademarks			8-15
Consumer panels			6-8
Other intangibles			3

Long-Lived Assets Impairment Assessment

The Company assesses whether the value of long-lived assets, which include property and equipment, lease right-of-use assets and definite-lived intangible assets, have been impaired whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Recoverability of assets that are held and used is measured by comparing the sum of the future undiscounted cash flows expected to be derived from an asset (or a group of assets) to their carrying value. If the carrying value of the asset (or the group of assets) exceeds the sum of the future undiscounted cash flows, impairment is considered to exist. If impairment is considered to exist based on undiscounted cash flows, the impairment charge is measured using an estimation of the assets’ fair value, typically using a discounted cash flow method. The identification of impairment indicators, the estimation of future cash flows and the determination of fair values for assets (or groups of assets) require management to make significant judgments including projected cash flows and applicable discount rates. These estimates are subject to revision as market conditions and management’s assessments change.

For the years ended December 31, 2025, 2024 and 2023, the Company recorded impairment charges totaling $1.1 million, $31.1 million and $9.0 million, respectively. These charges reflected adjustments to operating lease right-of-use assets, property and equipment and definite-lived intangible assets. For the year ended December 31, 2024, management performed an impairment assessment of its long-lived assets in Russia due to a triggering event related to the evolving regulatory environment, which included economic sanctions from the United States, European Union and other governments as well as a series of local laws issued in Russia aimed at significantly limiting entities operating in the country from communicating with their foreign-owned organizations. In response to these events, the Company recognized an impairment charge of $27.3 million related to long-lived assets in Russia. See Note 4. “Discontinued Operations and Disposals” for information on the deconsolidation of the Company’s Russian subsidiaries during the year ended December 31, 2024. The $1.1 million of impairment charges for the year ended December 31, 2025, the remaining $3.8 million of impairment charges for the year ended December 31, 2024 and the $9.0 million of impairment charges for the year ended December 31, 2023 relate to long-lived assets and leased real estate that the Company no longer plans to use.

Goodwill

Goodwill is tested for impairment on an annual basis or more often if events or circumstances indicate that the carrying amount of such asset may not be recoverable. The Company has designated October 1 as the date in which the annual assessment is performed. The Company established, and continues to evaluate, its reporting units based on its internal reporting structure and defines such reporting units at its operating segment level or one level below. Goodwill is tested for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors that includes, but is not limited to, the macroeconomic conditions, industry and competitive environment conditions, overall financial performance, business specific events and market considerations. The Company may elect not to perform the qualitative assessment for some or all reporting units and perform only the quantitative impairment test. If a qualitative assessment indicates that it is more likely than not that a reporting unit's fair value is less than its carrying amount, the Company will perform a quantitative test.

In performing the quantitative test, management reviews the recoverability of its goodwill by comparing the reporting unit’s estimated fair value with the respective carrying amount. The estimates of fair value are determined using a combination of valuation techniques, primarily an income approach using a discounted cash flow analysis supplemented by a market-based approach. A discounted cash flow analysis requires the use of various assumptions, including expectations of future cash flows, growth rates, discount rates and tax rates in developing the present value of future cash flow projections. The market-based approach utilizes available market comparisons such as indicative industry multiples that are applied to current year revenue and earnings as well as recent comparable transactions.

There were no impairment losses relating to the Company’s goodwill identified during the years ended December 31, 2025, 2024 and 2023.

As further discussed in Note 6. “Goodwill and Intangible Assets”, the Company identified new operating segments during the third quarter of 2024, which changed the composition of its reporting units. Accordingly, the Company reassigned goodwill to the new reporting units using a relative fair value allocation approach. The Company performed a goodwill impairment test immediately before and after it reorganized its reporting structure.

Investments

The Company has investments in equity securities that are considered strategically and operationally important to its business. These investments are accounted for under the equity method where the Company has the ability to significantly influence the operations of the entity. For equity method investments, the Company records its proportional ownership percentage of net income or loss in nonoperating expense, net. At December 31, 2025 and 2024, equity method investments were $59.7 million and $58.1 million, respectively, and are included in other noncurrent assets in the consolidated balance sheets. At December 31, 2025 and 2024, there were trade receivables of $4.4 million and $11.8 million, respectively, and trade payables of $4.9 million and $4.5 million, respectively, related to transactions with the Company’s largest equity method investment.

Excluding equity method investments, equity securities with a readily determinable fair value are recorded at fair value. Equity securities without a readily determinable fair value are recorded at cost less any impairment. At December 31, 2025 and 2024, the Company held $45.1 million and $44.8 million, respectively, of investments in equity securities without a readily determinable fair value. These amounts represent investments in entities where the Company does not have the ability to significantly influence the operations of the entity and are presented as other noncurrent assets in the consolidated balance sheets.

The Company assesses investments for indicators of impairment and recognizes impairment charges within nonoperating expense, net in the consolidated statements of operations when present. During the year ended December 31, 2025, the Company recorded an insignificant impairment charge. No such impairments were recorded during the years ended December 31, 2024 and 2023.

Income Taxes

The Company provides for income taxes utilizing the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each balance sheet date, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in the consolidated statements of operations as an adjustment to income tax expense in the period that includes the enactment date.

The Company recognizes deferred tax assets at amounts that are expected to be realized. To make such determination, management evaluates all positive and negative evidence, including but not limited to, prior, current and future taxable income, tax planning strategies and future reversals of existing taxable temporary differences. A valuation allowance is recognized if it is “more-likely-than-not” that some or all of a deferred tax asset will not be realized. The Company regularly assesses the realizability of deferred tax assets.

The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. Such tax positions are, based solely on their technical merits, more likely than not to be sustained upon examination by taxing authorities and reflect the largest amount of benefit, determined on a cumulative probability basis that is more likely than not to be realized upon settlement with the applicable taxing authority with full knowledge of all relevant information. Interest and penalties, if any, related to unrecognized tax benefits are recognized in income tax expense.

Fair Value Measurements

Assets and liabilities recorded at fair value on a recurring basis consist of derivative instruments, the Warrant (as defined below), the assets of the Company’s defined benefit plans and equity securities with a readily determinable fair value (as discussed above). The fair values of derivative instruments and the Warrant are discussed in Note 11. “Fair Value of Financial Instruments”. The fair value of the assets of the Company’s defined benefit plans is discussed in Note 15. “Pension and Other Post-Retirement Benefits”.

The Company records the fair values of goodwill and long-lived assets on a nonrecurring basis if required by impairment tests applicable to these assets, as described above.

The inputs used in the determination of fair values are categorized according to the fair value hierarchy as being Level 1, Level 2 or Level 3. In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets or liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset or liability. In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability.

Share-Based Compensation

The Company measures compensation expense for all share-based payment awards, which include time-based and performance-based awards, based on the estimated fair values on the date of grant. The Company recognizes the resulting fair value over the related service or performance period. Prior to the Company’s IPO, the Company determined the fair value of the profit interest units, underlying the equity-based compensation awards, with input from management and contemporaneous third-party valuations, given the absence of a public trading market. Following the Company’s IPO, the fair value is determined using the closing price of the Company’s ordinary shares on the grant date of the awards. The Company accounts for forfeitures of share-based awards as they occur. See Note 16. “Share-Based Compensation” for further information on the Company’s share-based employee compensation plan.

Debt Issuance Costs and Discounts

Debt issuance costs and discounts are amortized into interest expense over the term of the respective debt instrument using the effective interest method or a method which approximates the effective interest method. Unamortized debt issuance costs and discounts associated with the Company’s term loans are presented as a reduction of debt in the consolidated balance sheets. Unamortized debt issuance costs associated with the Company’s revolving facility are presented as other assets in the consolidated balance sheets. See Note 10. “Debt” for further information on the Company’s debt arrangements.

Advertising and Marketing Costs

Advertising and marketing costs are expensed as incurred and are reflected as selling, general and administrative expenses in the consolidated statements of operations. These costs include all brand advertising, telemarketing, direct mail and other sales promotions associated with marketing research services. For the years ended December 31, 2025, 2024 and 2023 advertising and marketing costs totaled $21.4 million, $23.0 million and $22.0 million, respectively.

Foreign Currency Translation

The local currency is the functional currency for most of the Company’s operations outside the United States. Assets and liabilities of these operations are translated to U.S. dollars at the exchange rate in effect at the end of each period. Income statement accounts are translated at an exchange rate that approximates the average for the period. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of other comprehensive loss within shareholders’ equity.

Gains and losses from foreign currency transactions are included in net loss for the period. The Company recognized net gains of $78.2 million for the year ended December 31, 2025, net losses of $34.2 million for the year ended December 31, 2024 and net gains of $4.6 million for the year ended December 31, 2023. The gains and losses primarily relate to debt obligations denominated in a currency other than an entity’s functional currency. See Note 10. “Debt” for further information on the Company’s debt arrangements.

Defined Benefit Pension Plans

Liabilities and expenses for pension benefits are determined using actuarial methodologies and incorporate significant assumptions, including the interest rate used to discount the future estimated cash flows, the expected long-term rate of return on plan assets and several assumptions relating to the employee workforce, including salary increases, retirement age and mortality. Unrealized gains and losses related to the Company’s defined benefit pension obligations are recognized as a component of other comprehensive loss within shareholders’ equity. See Note 15. “Pension and Other Post-Retirement Benefits” for further information on the Company’s defined benefit plans.

Derivative Instruments and Hedging

The Company, when deemed appropriate, uses derivatives as a risk management tool to mitigate the potential impacts of interest rate risk and foreign exchange risk. To qualify for hedge accounting, the hedging relationship must meet several conditions with respect to documentation, probability of occurrence, hedge effectiveness and reliability of measurement. NIQ documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions and the hedge effectiveness assessment, both at the hedge inception and on an ongoing basis. Changes in the fair values of derivative instruments are recognized currently in earnings unless specific hedge accounting criteria are met. If specific cash flow hedge accounting criteria are met, NIQ recognizes the changes in fair value of these instruments as a component of other comprehensive loss within shareholders’ equity. The Company classifies cash flows related to derivative instruments in a manner consistent with the recognition of the underlying hedged item.

See Note 11. “Fair Value of Financial Instruments” for further information on the Company’s derivative instruments.

Warrants

The Company accounts for warrants to purchase ordinary shares as either liability-classified or equity-classified financial instruments pursuant to the warrant’s specific terms and applicable authoritative guidance. Warrants classified as liabilities are recognized at fair value and remeasured at fair value each reporting period, with any change in fair value recognized as a component of nonoperating expense, net in the consolidated statements of operations. For warrants that meet equity classification, the Company records the warrant as a component of paid-in capital in the consolidated balance sheets. The Company does not recognize any subsequent changes in fair value, as warrants classified as equity are not subject to future remeasurement.

In connection with the Advent Acquisition, VNU International B.V., an affiliate of Nielsen, was issued a warrant to subscribe for up to 184,284 shares of AI PAVE with an exercise price of $1,627.92 per share (the “Warrant”). Prior to the IPO, the Company recognized the Warrant as a liability-classified instrument. Pursuant to its terms and in alignment with the Company’s policy to reassess instrument classifications, the Warrant was reclassified to permanent equity upon the IPO. See Note 11. “Fair Value of Financial Instruments” for further detail.

Recently Adopted and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“the FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands segment disclosure requirements for public entities. This ASU updates the requirements for segment reporting to include, among other things, disclosing significant segment expenses by reportable segment if they are regularly provided to the chief operating decision maker and included in the measure of segment profit and extending nearly all annual segment reporting requirements to quarterly reporting requirements. The standard is effective on a retrospective basis for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this ASU for the year ended December 31, 2024. See Note 17. “Reportable Segments” for more information on reportable segments.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2024. The Company adopted this ASU for the year ended December 31, 2025. See Note 13. “Income Taxes” for the incremental tax disclosures required under this ASU.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes the accounting for costs related to internal-use software. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures.

Other recently issued accounting pronouncements are either not applicable or are not expected to have a material impact on the Company.

ACQUISITIONS

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITIONS

3. ACQUISITIONS

GfK Combination

As described in Note 1. “Organization”, on July 10, 2023, the Company completed a transaction to combine with GfK. GfK is a global information services company which provides technology-driven data and services to its clients in the consumer technology and durables and retail industries. The combination of NIQ and GfK brought together two companies with highly compatible capabilities and created a global leader in consumer intelligence.

Pursuant to the transaction, the Company paid $1.1 billion in cash consideration to the equity holders of GfK plus issued shares equal to 28% of the equity of the post-combination value of an indirect Parent of the Company. In addition, the Company repaid GfK’s closing indebtedness of $458.4 million. The cash consideration was funded with the proceeds from new term loans (as further described in Note 10. “Debt”) as well as borrowings under the Revolver.

The estimated fair value of the equity consideration was determined to be approximately $1.0 billion using a combination of an income approach and a market-based approach. These valuation methods used primarily unobservable inputs developed by management, which are categorized as Level 3 in the fair value hierarchy. Specifically, significant inputs included projected revenues and expected operating margins, discount rates and applicable income tax rates. The equity consideration was treated as an equity contribution from Parent and is included in paid-in capital within the consolidated balance sheet.

Prior to the acquisition date, the Company accounted for an interest in a GfK subsidiary as an equity-method investment. The acquisition-date fair value of the previously held equity interest was included in the measurement of the consideration transferred, and the Company recognized a gain of $15.1 million as a result of remeasuring its prior equity interest held before the business combination. The gain is reported as a component of nonoperating expense, net for the year ended December 31, 2023.

The total fair value of consideration transferred for the GfK Combination consisted of the following:


(in millions)
Cash consideration	$	1,056.3
Fair value of equity consideration	1,010.4
Closing indebtedness	458.4
Fair value of previously held equity interest	21.6
Total consideration transferred	$	2,546.7
Supplemental cash flow disclosure related to acquisitions:
Cash paid for acquisition(1)	$	1,514.7
Less: Cash acquired(2)	(107.2)
Cash paid for acquisition, net of cash acquired	$	1,407.5

(1)Cash paid for acquisition consists of $1,534.9 million during the third quarter of 2023, partially offset by the receipt of $20.2 million post-closing working capital adjustment during the first quarter of 2024. The post-closing working capital adjustment was presented as a component of other receivables in the consolidated balance sheet as of December 31, 2023.

(2)Cash acquired includes cash classified as current assets held for sale, as further described in Note 4. “Discontinued Operations and Disposals”.

The GfK Combination was accounted for as a business combination using the acquisition method. Under the acquisition method of accounting, the purchase consideration was allocated to the identified assets acquired and liabilities assumed based on their respective acquisition date fair value, with any excess allocated to goodwill. The Company acquired $27.7 million of goodwill that is deductible for income tax purposes. The resulting goodwill primarily reflects future client relationships and retail partnerships, as well as any technology developed in the future, the value of the acquired workforce and integration synergies.

The following table sets forth the allocation of the purchase consideration to the respective fair value of assets acquired and liabilities assumed for the acquisition:


(in millions)

Cash and cash equivalents	$	105.5
Trade receivables	131.0
Other receivables	18.7
Prepaid expenses and other current assets	25.0
Current assets held for sale(1)	347.0
Property and equipment	71.4
Operating lease right-of-use assets	111.4
Intangible assets	1,027.7
Goodwill	1,586.0
Deferred income taxes	8.1
Other noncurrent assets	68.5
Total assets acquired	$	3,500.3


Accounts payable	75.1
Accrued expenses	130.4
Deferred revenues	92.8
Other current liabilities	34.7
Current liabilities held for sale(1)	44.8
Operating lease liabilities	91.6
Deferred income taxes	153.9
Other noncurrent liabilities	77.3
Total liabilities assumed	$	700.6

Fair value of net assets acquired, including goodwill and intangible assets	$	2,799.7
Noncontrolling interests measured at fair value	(253.0)
Total consideration transferred	$	2,546.7

(1)The assets and liabilities of the GfK Consumer Panel business were classified as held for sale upon acquisition, as further described in Note 4. “Discontinued Operations and Disposals”.

The purchase price allocation to acquired identifiable intangible assets was as follows:


(in millions)	Fair Value		Weighted Average Useful Life (in years)
Client relationships	$	610.5	11
Retail partnerships	143.0		10
Computer software	114.7		3
Trade names and trademarks	71.5		8
Consumer panels	55.0		8
Database	33.0		3
Total identifiable intangible assets	$	1,027.7

The fair value estimates for assets acquired, liabilities assumed and noncontrolling interests were based on income, market and cost valuation methods using primarily unobservable inputs developed by management, which are categorized as Level 3 in the fair value hierarchy. Specifically, the fair values of identified intangible assets were estimated using the following valuation methodologies:

•Client relationships – the multi-period excess earnings method

•Retail partnerships – the with-and-without method

•Computer software – the relief-from-royalty method

•Trade names and trademarks – the relief-from-royalty method

•Consumer panels – the cost approach

•Database – the cost approach

Significant inputs used to value the identifiable intangible assets included projected revenues and expected operating margins, client attrition rates, discount rates, royalty rates and applicable income tax rates.

The results of operations of GfK are included in the consolidated financial statements beginning on July 10, 2023, the transaction date. The results for the year ended December 31, 2023 include approximately $430.2 million of revenues and $7.8 million of operating income for GfK, excluding results of the GfK Consumer Panel business which are presented as discontinued operations.

For the year ended December 31, 2023, NIQ incurred $37.6 million of costs related to the GfK Combination, which primarily consisted of advisory, legal and other costs. These costs are included in selling, general and administrative expenses. NIQ also incurred $52.5 million in costs associated with the financing activities for the year ended December 31, 2023, which were in relation to executing term loans and amendments for the Revolver to fund the GfK Combination. These costs either reduced the proceeds received or were capitalized as an asset, as further discussed in Note 10. “Debt”.

Pro Forma Financial Information (Unaudited)

The following unaudited pro forma financial information presents combined results of operations for the periods presented, as if the Company had completed the GfK Combination on January 1, 2022. The unaudited pro forma financial information reflects adjustments for debt incurred to complete the GfK Combination, the impact of the fair value of intangible assets acquired and related amortization and other adjustments the Company believes are reasonable for the pro forma presentation. The unaudited pro forma financial information presented below is not necessarily indicative of consolidated results of operations had the GfK Combination occurred at the beginning of 2022, nor is it necessarily indicative of future results of operations of the combined company.


(in millions)	Year Ended December 31, 2023
Revenues	$	3,830.7
Loss from continuing operations attributable to NIQ	$	(612.7)

The unaudited supplemental pro forma financial information in the table above contains material nonrecurring pro forma adjustments related to (i) removal of interest expense on GfK’s debt of $22.5 million for the year ended December 31, 2023, as it is assumed that the business combination occurred and the debt was paid off on January 1, 2022 and (ii) reclassification of a $15.1 million gain from the year ended December 31, 2023 to the year ended December 31, 2022, which relates to the remeasurement of a GfK subsidiary that was accounted for as an equity method investment prior to the acquisition date.

Acquisition of Gastrograph

On April 21, 2025, the Company completed the acquisition of certain assets and liabilities of Analytical Flavor Systems, Inc. (dba Gastrograph AI) (“Gastrograph”), a market-leading discovery and inquiry platform for sensory insights, for cash consideration of $12.5 million (the “Gastrograph Acquisition”), subject to certain working capital adjustments. The Company accounted for the transaction as an asset acquisition as substantially all of the fair value of the assets acquired was concentrated in Gastrograph’s developed technology, which includes applications, models and the underlying database. The Company used the cost accumulation model, whereby the majority of the total acquisition cost, inclusive of direct transaction costs, was allocated to the acquired asset developed technology, which is estimated to have a useful life of three years. The Company believes the Gastrograph Acquisition further strengthens NIQ’s artificial intelligence (“AI”) capabilities and competitive differentiation to provide consumer packaged goods companies with The Full ViewTM.

Acquisition of M-Trix

On July 10, 2025, the Company entered into a definitive agreement to acquire 100% of the share capital of M-Trix, a data intelligence and market analytics company based in Brazil. The transaction closed on August 1, 2025 for total cash consideration of approximately BRL340.0 million (equivalent to approximately $54.2 million USD), subject to customary purchase price adjustments, of which BRL150.0 million (equivalent to approximately $26.8 million USD) was paid upon the closing (the “M-Trix Acquisition”).

The remaining BRL190.0 million will be paid as follows: (i) BRL60.0 million upon the first anniversary of the closing, (ii) BRL BRL60.0 million upon the second anniversary of the closing, (iii) BRL50.0 million upon the third anniversary of the closing and (iv) BRL20.0 million following the sixth anniversary of the closing, subject to any ongoing claims for which M-Trix is held indemnifiable (the “Holdback Amount”). The Holdback Amount will be subject to adjustment by the CDI.

In connection with the M-Trix Acquisition, the Company entered into a credit agreement with Banco J.P. Morgan S.A. on July 28, 2025, whereby the Company received BRL150.0 million (equivalent to approximately $26.8 million USD) to finance the transaction (the “BRL Loan”). The BRL Loan was subject to interest at the CDI rate plus a spread of 280 basis points. The Company settled the BRL Loan, including the accrued interest, during the third quarter of 2025.

The total fair value of consideration transferred for the acquisition of M-Trix consisted of the following:


(in millions)
Cash consideration, net of working capital adjustments	$	26.7
Short-term deferred consideration	9.4
Long-term deferred consideration	14.5
Holdback Amount	3.6
Total consideration transferred	$	54.2

The Company will accrete and accrue interest, within interest expense, at the prevailing CDI rate each quarter related to the deferred consideration and Holdback Amount, respectively. For the year ended December 31, 2025, the Company recognized accretion and interest of $1.5 million to interest expense, net.

The M-Trix Acquisition was accounted for as a business combination using the acquisition method. Under the acquisition method of accounting, the purchase consideration was allocated to the identified assets acquired and liabilities assumed based on their respective acquisition date fair value, with any excess allocated to goodwill. The purchase accounting for the M-Trix acquisition is preliminary and subject to change during the measurement period as the Company finalizes the valuation of intangible assets and obtains additional information related to facts and circumstances that existed at the acquisition date.

The following table sets forth the preliminary allocation of the purchase consideration to the respective fair value of assets acquired and liabilities assumed:


(in millions)
Current assets	$	3.2
Property and equipment, net	0.1
Operating lease right-of-use assets	0.3
Intangible assets	19.9
Goodwill	38.5
Total assets acquired	62.0
Current liabilities	0.9
Deferred income taxes	6.8
Operating lease liabilities	0.1
Total liabilities assumed	7.8
Total consideration transferred	$	54.2

The resulting goodwill primarily reflects future client relationships and the development of new technologies.

The acquired identifiable intangible assets were as follows:


(in millions)	Fair Value		Weighted Average Useful Life (in years)
Client relationships	$	12.3	10
Developed technology	5.2		7
Trademark	2.4		9
Total identifiable intangible assets	$	19.9

The fair value estimates for assets acquired and liabilities assumed were based on income, market and cost valuation methods using primarily unobservable inputs developed by management, which are categorized as Level 3 in the fair value hierarchy. Specifically, the fair values of identified intangible assets were estimated using the following valuation methodologies:

•Client relationships – the multi-period excess earnings method

•Developed technology – the relief-from-royalty method

•Trademark – the relief-from-royalty method

Significant inputs used to value the identifiable intangible assets included projected revenues and expected operating margins, client attrition rates, discount rates, royalty rates and applicable income tax rates.

ACQUISITIONS

3. ACQUISITIONS

GfK Combination

As described in Note 1. “Organization”, on July 10, 2023, the Company completed a transaction to combine with GfK. GfK is a global information services company which provides technology-driven data and services to its clients in the consumer technology and durables and retail industries. The combination of NIQ and GfK brought together two companies with highly compatible capabilities and created a global leader in consumer intelligence.

Pursuant to the transaction, the Company paid $1.1 billion in cash consideration to the equity holders of GfK plus issued shares equal to 28% of the equity of the post-combination value of an indirect Parent of the Company. In addition, the Company repaid GfK’s closing indebtedness of $458.4 million. The cash consideration was funded with the proceeds from new term loans (as further described in Note 10. “Debt”) as well as borrowings under the Revolver.

The estimated fair value of the equity consideration was determined to be approximately $1.0 billion using a combination of an income approach and a market-based approach. These valuation methods used primarily unobservable inputs developed by management, which are categorized as Level 3 in the fair value hierarchy. Specifically, significant inputs included projected revenues and expected operating margins, discount rates and applicable income tax rates. The equity consideration was treated as an equity contribution from Parent and is included in paid-in capital within the consolidated balance sheet.

Prior to the acquisition date, the Company accounted for an interest in a GfK subsidiary as an equity-method investment. The acquisition-date fair value of the previously held equity interest was included in the measurement of the consideration transferred, and the Company recognized a gain of $15.1 million as a result of remeasuring its prior equity interest held before the business combination. The gain is reported as a component of nonoperating expense, net for the year ended December 31, 2023.

The total fair value of consideration transferred for the GfK Combination consisted of the following:


(in millions)
Cash consideration	$	1,056.3
Fair value of equity consideration	1,010.4
Closing indebtedness	458.4
Fair value of previously held equity interest	21.6
Total consideration transferred	$	2,546.7
Supplemental cash flow disclosure related to acquisitions:
Cash paid for acquisition(1)	$	1,514.7
Less: Cash acquired(2)	(107.2)
Cash paid for acquisition, net of cash acquired	$	1,407.5

(1)Cash paid for acquisition consists of $1,534.9 million during the third quarter of 2023, partially offset by the receipt of $20.2 million post-closing working capital adjustment during the first quarter of 2024. The post-closing working capital adjustment was presented as a component of other receivables in the consolidated balance sheet as of December 31, 2023.

(2)Cash acquired includes cash classified as current assets held for sale, as further described in Note 4. “Discontinued Operations and Disposals”.

The GfK Combination was accounted for as a business combination using the acquisition method. Under the acquisition method of accounting, the purchase consideration was allocated to the identified assets acquired and liabilities assumed based on their respective acquisition date fair value, with any excess allocated to goodwill. The Company acquired $27.7 million of goodwill that is deductible for income tax purposes. The resulting goodwill primarily reflects future client relationships and retail partnerships, as well as any technology developed in the future, the value of the acquired workforce and integration synergies.

The following table sets forth the allocation of the purchase consideration to the respective fair value of assets acquired and liabilities assumed for the acquisition:


(in millions)

Cash and cash equivalents	$	105.5
Trade receivables	131.0
Other receivables	18.7
Prepaid expenses and other current assets	25.0
Current assets held for sale(1)	347.0
Property and equipment	71.4
Operating lease right-of-use assets	111.4
Intangible assets	1,027.7
Goodwill	1,586.0
Deferred income taxes	8.1
Other noncurrent assets	68.5
Total assets acquired	$	3,500.3


Accounts payable	75.1
Accrued expenses	130.4
Deferred revenues	92.8
Other current liabilities	34.7
Current liabilities held for sale(1)	44.8
Operating lease liabilities	91.6
Deferred income taxes	153.9
Other noncurrent liabilities	77.3
Total liabilities assumed	$	700.6

Fair value of net assets acquired, including goodwill and intangible assets	$	2,799.7
Noncontrolling interests measured at fair value	(253.0)
Total consideration transferred	$	2,546.7

(1)The assets and liabilities of the GfK Consumer Panel business were classified as held for sale upon acquisition, as further described in Note 4. “Discontinued Operations and Disposals”.

The purchase price allocation to acquired identifiable intangible assets was as follows:


(in millions)	Fair Value		Weighted Average Useful Life (in years)
Client relationships	$	610.5	11
Retail partnerships	143.0		10
Computer software	114.7		3
Trade names and trademarks	71.5		8
Consumer panels	55.0		8
Database	33.0		3
Total identifiable intangible assets	$	1,027.7

The fair value estimates for assets acquired, liabilities assumed and noncontrolling interests were based on income, market and cost valuation methods using primarily unobservable inputs developed by management, which are categorized as Level 3 in the fair value hierarchy. Specifically, the fair values of identified intangible assets were estimated using the following valuation methodologies:

•Client relationships – the multi-period excess earnings method

•Retail partnerships – the with-and-without method

•Computer software – the relief-from-royalty method

•Trade names and trademarks – the relief-from-royalty method

•Consumer panels – the cost approach

•Database – the cost approach

Significant inputs used to value the identifiable intangible assets included projected revenues and expected operating margins, client attrition rates, discount rates, royalty rates and applicable income tax rates.

The results of operations of GfK are included in the consolidated financial statements beginning on July 10, 2023, the transaction date. The results for the year ended December 31, 2023 include approximately $430.2 million of revenues and $7.8 million of operating income for GfK, excluding results of the GfK Consumer Panel business which are presented as discontinued operations.

For the year ended December 31, 2023, NIQ incurred $37.6 million of costs related to the GfK Combination, which primarily consisted of advisory, legal and other costs. These costs are included in selling, general and administrative expenses. NIQ also incurred $52.5 million in costs associated with the financing activities for the year ended December 31, 2023, which were in relation to executing term loans and amendments for the Revolver to fund the GfK Combination. These costs either reduced the proceeds received or were capitalized as an asset, as further discussed in Note 10. “Debt”.

Pro Forma Financial Information (Unaudited)

The following unaudited pro forma financial information presents combined results of operations for the periods presented, as if the Company had completed the GfK Combination on January 1, 2022. The unaudited pro forma financial information reflects adjustments for debt incurred to complete the GfK Combination, the impact of the fair value of intangible assets acquired and related amortization and other adjustments the Company believes are reasonable for the pro forma presentation. The unaudited pro forma financial information presented below is not necessarily indicative of consolidated results of operations had the GfK Combination occurred at the beginning of 2022, nor is it necessarily indicative of future results of operations of the combined company.


(in millions)	Year Ended December 31, 2023
Revenues	$	3,830.7
Loss from continuing operations attributable to NIQ	$	(612.7)

The unaudited supplemental pro forma financial information in the table above contains material nonrecurring pro forma adjustments related to (i) removal of interest expense on GfK’s debt of $22.5 million for the year ended December 31, 2023, as it is assumed that the business combination occurred and the debt was paid off on January 1, 2022 and (ii) reclassification of a $15.1 million gain from the year ended December 31, 2023 to the year ended December 31, 2022, which relates to the remeasurement of a GfK subsidiary that was accounted for as an equity method investment prior to the acquisition date.

Acquisition of Gastrograph

On April 21, 2025, the Company completed the acquisition of certain assets and liabilities of Analytical Flavor Systems, Inc. (dba Gastrograph AI) (“Gastrograph”), a market-leading discovery and inquiry platform for sensory insights, for cash consideration of $12.5 million (the “Gastrograph Acquisition”), subject to certain working capital adjustments. The Company accounted for the transaction as an asset acquisition as substantially all of the fair value of the assets acquired was concentrated in Gastrograph’s developed technology, which includes applications, models and the underlying database. The Company used the cost accumulation model, whereby the majority of the total acquisition cost, inclusive of direct transaction costs, was allocated to the acquired asset developed technology, which is estimated to have a useful life of three years. The Company believes the Gastrograph Acquisition further strengthens NIQ’s artificial intelligence (“AI”) capabilities and competitive differentiation to provide consumer packaged goods companies with The Full ViewTM.

Acquisition of M-Trix

On July 10, 2025, the Company entered into a definitive agreement to acquire 100% of the share capital of M-Trix, a data intelligence and market analytics company based in Brazil. The transaction closed on August 1, 2025 for total cash consideration of approximately BRL340.0 million (equivalent to approximately $54.2 million USD), subject to customary purchase price adjustments, of which BRL150.0 million (equivalent to approximately $26.8 million USD) was paid upon the closing (the “M-Trix Acquisition”).

The remaining BRL190.0 million will be paid as follows: (i) BRL60.0 million upon the first anniversary of the closing, (ii) BRL BRL60.0 million upon the second anniversary of the closing, (iii) BRL50.0 million upon the third anniversary of the closing and (iv) BRL20.0 million following the sixth anniversary of the closing, subject to any ongoing claims for which M-Trix is held indemnifiable (the “Holdback Amount”). The Holdback Amount will be subject to adjustment by the CDI.

In connection with the M-Trix Acquisition, the Company entered into a credit agreement with Banco J.P. Morgan S.A. on July 28, 2025, whereby the Company received BRL150.0 million (equivalent to approximately $26.8 million USD) to finance the transaction (the “BRL Loan”). The BRL Loan was subject to interest at the CDI rate plus a spread of 280 basis points. The Company settled the BRL Loan, including the accrued interest, during the third quarter of 2025.

The total fair value of consideration transferred for the acquisition of M-Trix consisted of the following:


(in millions)
Cash consideration, net of working capital adjustments	$	26.7
Short-term deferred consideration	9.4
Long-term deferred consideration	14.5
Holdback Amount	3.6
Total consideration transferred	$	54.2

The Company will accrete and accrue interest, within interest expense, at the prevailing CDI rate each quarter related to the deferred consideration and Holdback Amount, respectively. For the year ended December 31, 2025, the Company recognized accretion and interest of $1.5 million to interest expense, net.

The M-Trix Acquisition was accounted for as a business combination using the acquisition method. Under the acquisition method of accounting, the purchase consideration was allocated to the identified assets acquired and liabilities assumed based on their respective acquisition date fair value, with any excess allocated to goodwill. The purchase accounting for the M-Trix acquisition is preliminary and subject to change during the measurement period as the Company finalizes the valuation of intangible assets and obtains additional information related to facts and circumstances that existed at the acquisition date.

The following table sets forth the preliminary allocation of the purchase consideration to the respective fair value of assets acquired and liabilities assumed:


(in millions)
Current assets	$	3.2
Property and equipment, net	0.1
Operating lease right-of-use assets	0.3
Intangible assets	19.9
Goodwill	38.5
Total assets acquired	62.0
Current liabilities	0.9
Deferred income taxes	6.8
Operating lease liabilities	0.1
Total liabilities assumed	7.8
Total consideration transferred	$	54.2

The resulting goodwill primarily reflects future client relationships and the development of new technologies.

The acquired identifiable intangible assets were as follows:


(in millions)	Fair Value		Weighted Average Useful Life (in years)
Client relationships	$	12.3	10
Developed technology	5.2		7
Trademark	2.4		9
Total identifiable intangible assets	$	19.9

The fair value estimates for assets acquired and liabilities assumed were based on income, market and cost valuation methods using primarily unobservable inputs developed by management, which are categorized as Level 3 in the fair value hierarchy. Specifically, the fair values of identified intangible assets were estimated using the following valuation methodologies:

•Client relationships – the multi-period excess earnings method

•Developed technology – the relief-from-royalty method

•Trademark – the relief-from-royalty method

Significant inputs used to value the identifiable intangible assets included projected revenues and expected operating margins, client attrition rates, discount rates, royalty rates and applicable income tax rates.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

DISCONTINUED OPERATIONS AND DISPOSALS

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS AND DISPOSALS

4. DISCONTINUED OPERATIONS AND DISPOSALS

Sale of GfK Consumer Panel Business

On January 9, 2024 (the “Transaction Date”), the Company completed the sale of GfK’s Consumer Panel business for cash consideration of €316.6 million (equivalent to approximately $350.0 million USD), subject to final closing adjustments. The Company received proceeds, net of cash disposed, of €278.4 million (equivalent to approximately $301.7 million USD) on the Transaction Date, which were primarily used to repay outstanding borrowings under the Revolver. The Company received an additional €10.0 million (equivalent to approximately $10.9 million USD) during the second quarter of 2024, an additional €3.0 million (equivalent to approximately $3.3 million USD) during the third quarter of 2024, and an additional €10.5 million (equivalent to approximately $10.9 million USD) during the first quarter of 2025, as a result of certain closing adjustments. The Company recognized a gain from the sale in the amount of $12.4 million during the year ended December 31, 2024. The gain from the sale is recorded within discontinued operations.

Deconsolidation of Russian Entities

The evolving regulatory environment in Russia, including economic sanctions from the United States, European Union and other governments as well as a series of local laws issued in Russia, impacted the Company’s operations in Russia. As a result, the Company experienced significantly reduced communication with operations in Russia, and the Russian operations disconnected from the Company’s central systems. Although the Company continues to be the record holder of the shares in subsidiaries that operate in Russia, these subsidiaries are overseen solely by management within Russia without day-to-day or other supervision by the Company. While those subsidiaries continue to operate independently in Russia, the Company does not have the power to direct the activities that most significantly impact the economic performance of the Russia operations. As a result, the Company determined that it no longer exercised control over these entities and deconsolidated its Russia businesses in the second and third quarters of 2024. During the year ended December 31, 2024, a loss on deconsolidation of $57.8 million was included in nonoperating expense, net and during the year ended December 31, 2025, a gain of $5.2 million was included in nonoperating expense, net related to certain adjustments following the deconsolidation.

Sale of Netquest

On December 17, 2024, the Company entered into an agreement to sell its ownership interest in Netquest, a panel provider acquired through the GfK Combination. On February 3, 2025, the Company completed the sale for cash consideration of €58.1 million (equivalent to approximately $60.3 million USD), subject to final closing adjustments. The Company received an additional €5.0 million (equivalent to approximately $5.9 million USD) in May 2025, related to the settlement of escrow. The Company recognized a gain from the sale of $4.9 million, after related transaction costs, during the year ended December 31, 2025, which is recorded within selling, general and administrative expenses.

Beginning with the December 17, 2024 agreement date, the Netquest business was classified as held for sale. The sale of Netquest did not represent a strategic shift that had a major effect on the Company’s operations and financial results, and therefore did not meet the criteria to be classified as discontinued operations. The Netquest business was reported within the EMEA reportable segment prior to the sale.

The assets and liabilities classified as held for sale were recorded at cost, as follows:


(in millions)	December 31, 2024
Cash and cash equivalents	$	1.9
Trade receivables, net	7.9
Other current assets	1.9
Intangible assets, net	22.2
Goodwill	21.1
Other noncurrent assets	7.8
Current assets held for sale	$	62.8

Accounts payable	$	2.8
Accrued expenses	8.2
Other current liabilities	1.2
Other noncurrent liabilities	5.1
Current liabilities held for sale	$	17.3

REVENUE

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

5. REVENUE

NIQ provides data and analytical services through its Intelligence and Activation offerings to clients globally in various end markets within its reportable segments, which consist of Americas, EMEA and APAC. NIQ’s revenue streams are characterized by multi-year contracts, high contract renewal rates and client diversity. The Company’s top five clients represented approximately 10%, 11% and 13% of its revenues for the years ended December 31, 2025, 2024 and 2023, respectively, with no single client accounting for more than 5% of NIQ’s revenues.

The following table disaggregates revenue by reportable segment:


	Year Ended December 31,
(in millions)	2025		2024		2023
Americas	$	1,632.2	$	1,550.2	$	1,348.6
EMEA	1,864.5		1,731.5		1,406.6
APAC	701.7		690.9		586.1
Total revenues	$	4,198.4	$	3,972.6	$	3,341.3

The following table disaggregates revenue by major product offerings and by timing of revenue recognition:


	Year Ended December 31,
(in millions)	2025		2024		2023
Major product offerings
Intelligence	$	3,394.0	$	3,184.9	$	2,649.9
Activation	804.4		787.7		691.4
Total revenues	$	4,198.4	$	3,972.6	$	3,341.3

Timing of revenue recognition
Data and services transferred over time	$	3,483.0	$	3,235.8	$	2,818.3
Data and services transferred at a point in time	715.4		736.8		523.0
Total revenues	$	4,198.4	$	3,972.6	$	3,341.3

Revenues in the United States represented approximately 24% of total revenues for the years ended December 31, 2025, 2024 and 2023. No other individual country’s revenues were greater than 10% of total revenues during these periods. Revenues in Ireland, the Company’s country of domicile, represented approximately 1% of total revenues for the years ended December 31, 2025, 2024 and 2023.

At the inception of a contract, NIQ generally expects the period between when it transfers its data and services to its clients and when the client pays for such services will be one year or less.

Contract assets represent NIQ’s rights to consideration in exchange for services transferred to a client that have not been billed as of the reporting date. While the Company’s rights to consideration are generally unconditional at the time its performance obligations are satisfied, under certain circumstances the related billing occurs in arrears. At December 31, 2025 and December 31, 2024, $133.9 million and $122.8 million, respectively, of contract assets were recorded as a component of trade receivables, net in the consolidated balance sheets.

Deferred revenues relate to advance consideration received or the right to consideration that is unconditional from clients for which revenue is recognized when the performance obligation is satisfied and control is transferred to the client. At December 31, 2024, $273.4 million of deferred revenues were recorded in the consolidated balance sheets, of which substantially all was recognized as revenue during the year ended December 31, 2025. At December 31, 2025, the balance of deferred revenues was $262.0 million.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring data or services. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions and contractual obligations. Revenue is recorded net of client discounts, credits and similar charges. The Company periodically provides price concessions or cancellations and uses historical experience to establish a liability for the estimate of expected price adjustments and cancellations, which was $2.1 million and $6.4 million at December 31, 2025 and 2024, respectively.

Remaining performance obligations include both amounts recorded as deferred revenue on the balance sheet as of December 31, 2025 as well as amounts not yet invoiced to clients as of December 31, 2025, largely reflecting future revenue related to signed multi-year arrangements. The Company excludes from its calculation of remaining performance obligations those contracts with a term of less than 12 months or a termination for convenience clause. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1.6 billion. The Company expects to recognize into revenue approximately 54% of this balance within one year, approximately 28% of this balance between one to two years and the remaining amount thereafter.

Incremental direct costs incurred to build the infrastructure to service new contracts are deferred as a contract cost. The balances of such deferred costs were insignificant as of December 31, 2025 and December 31, 2024. These costs are typically amortized through cost of revenues over the original contract period beginning when the infrastructure is ready for its intended use. For the years ended December 31, 2025, 2024 and 2023, the amortization of these costs was $0.5 million, $1.6 million and $5.5 million, respectively. There was no impairment loss recorded in any of the periods presented.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

6. GOODWILL AND INTANGIBLE ASSETS

Goodwill

Prior to the completion of the GfK Combination, NIQ had three reportable segments consisting of North America & Global Accounts, International and Consumer Insights. Effective on the date of the GfK Combination, the Company added GfK as a reportable segment. During the third quarter of 2024, the Company transitioned into its new reporting structure which resulted in changes to the Company’s operating segments and reporting units. The goodwill of the Company’s historical reporting units were reallocated to the new reporting units on a relative fair value basis as of the date of the reorganization, as it is impractical to reallocate goodwill in prior periods. Upon the reorganization, the Company’s operating segments now consist of North America and Latin America within the Americas reportable segment, Western Europe and Eastern Europe, Middle East and Africa within the EMEA reportable segment and APAC. The Company assessed goodwill for impairment immediately before and immediately after the reorganization and concluded that there was no goodwill impairment.

The table below summarizes the changes in the carrying amount of goodwill by reportable segment during the periods presented:


(in millions)	Americas		EMEA		APAC		North America & Global Accounts		International		Consumer Insights		GfK		Total
Balance at December 31, 2023	$	—	$	—	$	—	$	225.4	$	535.4	$	20.3	$	1,584.8	$	2,365.9
Adjustments to goodwill for disposals(1)	—		—		—		—		—		—		(22.3)		(22.3)
Foreign currency exchange rate changes	—		—		—		(0.2)		0.9		—		3.7		4.4
Reporting unit reallocation(2)	608.0		1,209.0		531.0		(225.2)		(536.3)		(20.3)		(1,566.2)		—
Balance at September 30, 2024	608.0		1,209.0		531.0		—		—		—		—		2,348.0
Adjustments to goodwill for disposals(3)	—		(21.1)		—		—		—		—		—		(21.1)
Foreign currency exchange rate changes	(9.0)		(91.0)		(17.4)		—		—		—		—		(117.4)
Balance at December 31, 2024	599.0		1,096.9		513.6		—		—		—		—		2,209.5
Adjustments to goodwill for acquisition of M-Trix (4)	38.5		—		—		—		—		—		—		38.5
Foreign currency exchange rate changes	32.0		124.9		26.8		—		—		—		—		183.7
Balance at December 31, 2025	$	669.5	$	1,221.8	$	540.4	$	—	$	—	$	—	$	—	$	2,431.7

(1)Adjustments due to the deconsolidation of Russia businesses, as disclosed in Note 4. “Discontinued Operations and Disposals”.

(2)Represents the reallocation of goodwill as a result of the Company reorganizing its segments.

(3)Adjustments related to the Netquest business classified as held for sale, as further described in Note 4. “Discontinued Operations and Disposals”.

(4)Adjustments to goodwill for acquisition of M-Trix, as disclosed in Note 3. “Acquisitions”.

Intangible Assets

The table below summarizes the carrying value of intangible assets:


	December 31, 2025						December 31, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Computer software(1)	$	1,800.6	$	(1,181.2)	$	619.4	$	1,413.2	$	(755.2)	$	658.0
Client relationships(1)	1,148.3		(315.1)		833.2		1,056.6		(204.8)		851.8
Retail partnerships(1)	656.6		(201.5)		455.1		600.8		(140.5)		460.3
Trade names and trademarks	301.8		(96.1)		205.7		274.2		(64.4)		209.8
Consumer panels(1)	83.2		(40.9)		42.3		60.4		(22.2)		38.2
Other intangibles	88.2		(52.5)		35.7		106.8		(37.3)		69.5
	$	4,078.7	$	(1,887.3)	$	2,191.4	$	3,512.0	$	(1,224.4)	$	2,287.6

(1)The net carrying amount as of December 31, 2024 excludes $12.8 million of client relationships, $4.4 million of retail partnerships, $2.8 million of consumer panels and $2.2 million of computer software that are classified as held for sale, as disclosed in Note 4. “Discontinued Operations and Disposals”.

For the years ended December 31, 2025, 2024 and 2023, amortization expense related to intangible assets was $544.1 million, $516.8 million and $380.4 million, respectively. This amount includes amortization expense associated with computer software of $344.8 million, $319.3 million and $241.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

At December 31, 2025, the net book value of internally developed and purchased software was $616.3 million and $3.1 million, respectively. At December 31, 2024, the net book value of internally developed and purchased software was $652.7 million and $5.3 million, respectively.

The following table sets forth the estimated amortization expense for intangible assets for the next five years and thereafter:


For the year ending December 31,	(in millions)
2026	$	492.4
2027	380.0
2028	276.6
2029	194.5
2030	177.2
Thereafter	670.7
	$	2,191.4

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

7. PROPERTY AND EQUIPMENT

The following table sets forth the components of property and equipment:


	December 31,
(in millions)	2025		2024
Buildings and leasehold improvements	$	145.4	$	139.9
Information and communication equipment	353.3		271.3
Furniture, equipment and other	42.3		51.8
	541.0		463.0
Less: accumulated depreciation	(332.8)		(255.0)
	$	208.2	$	208.0

For the years ended December 31, 2025, 2024 and 2023, depreciation expense related to property and equipment was $88.4 million, $79.9 million and $80.5 million respectively.

Depreciation expense includes finance lease depreciation of $34.9 million, $22.2 million and $20.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. Finance leases, which are composed primarily of information and communication equipment, are further discussed in Note 9. “Leases”.

SUPPLEMENTAL BALANCE SHEET INFORMATION

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL BALANCE SHEET INFORMATION

8. SUPPLEMENTAL BALANCE SHEET INFORMATION

Prepaid expenses and other current assets consisted of the following:


	December 31,
(in millions)	2025		2024
Prepaid expenses	$	112.9	$	108.4

Derivative assets (Note 11)	8.1		11.1
Other	10.4		17.5
	$	131.4	$	137.0

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction of the proceeds from the offering. During the year ended December 31, 2025, the Company released $21.7 million of deferred offering costs from prepaid expenses and other current assets to paid-in capital, following the completion of the Company’s IPO. Deferred offering costs were nominal as of December 31, 2025 and 2024, respectively.

Other noncurrent assets consisted of the following:


	December 31,
(in millions)	2025		2024
Rent guarantee deposits	$	80.9	$	80.2
Equity method investments (Note 2)	59.7		58.1
Defined benefit plan assets (Note 15)	55.7		44.1
Cost method investments (Note 2)	45.1		44.8
Prepaid expenses	10.9		12.6
Debt issuance costs	6.5		6.3
Other	30.3		25.6
	$	289.1	$	271.7

Accrued expenses consisted of the following:


	December 31,
(in millions)	2025		2024
Payroll and benefit costs	$	257.6	$	288.7
Data and professional services	216.9		161.9
Accrued income taxes	58.5		37.2
Restructuring liabilities (Note 14)	51.7		74.4
Other	47.0		43.1
	$	631.7	$	605.3

Other current liabilities consisted of the following:


	December 31,
(in millions)	2025		2024
Operating lease liabilities (Note 9)	$	58.7	$	52.9
Derivative liabilities (Note 11)	30.1		6.6
Short-term deferred consideration (Note 3)	10.1		—
Other	78.6		72.0
	$	177.5	$	131.5

Other noncurrent liabilities consisted of the following:


	December 31,
(in millions)	2025		2024
Defined benefit plan liabilities (Note 15)	$	105.5	$	93.9
Derivative liabilities (Note 11)	70.7		14.1
Long-term deferred consideration (Note 3)	19.2		—
Restructuring liabilities (Note 14)	1.4		4.3
Other	145.0		139.5
	$	341.8	$	251.8

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

9. LEASES

NIQ has operating and finance leases for real estate facilities, servers, computer hardware and other equipment. The Company subleases certain real estate facilities to third parties. The Company’s leases expire at various dates through 2038, some of which include options to extend the term for up to five years, and some of which include options to terminate the leases within one year.

The components of lease cost were as follows:


	Year Ended December 31,
(in millions)	2025		2024		2023
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	34.9	$	23.0	$	21.5
Interest on lease liabilities	5.3		2.9		2.1
Total finance lease cost	40.2		25.9		23.6
Operating lease cost	71.9		71.8		59.8
Short-term lease cost	1.9		1.6		1.8
Sublease income(1)	(15.9)		(14.8)		(10.7)
Total lease cost	$	98.1	$	84.5	$	74.5

(1)Sublease income is presented as a component of other operating income, net in the consolidated statements of operations.

Supplemental balance sheet information related to leases was as follows:


	December 31,
(in millions)	2025		2024
Operating leases
Operating lease right-of-use assets	$	203.7	$	179.6

Other current liabilities	58.7		52.9
Operating lease liabilities	205.5		196.5
Total operating lease liabilities	$	264.2	$	249.4

Finance leases
Property and equipment, gross	$	204.9	$	133.4
Accumulated depreciation	(119.2)		(73.2)
Property and equipment, net	85.7		60.2

Short-term debt and current portion of long-term debt	29.5		17.3
Long-term debt	40.2		21.4
Total finance lease liabilities	$	69.7	$	38.7

The weighted-average remaining lease term and weighted-average discount rate were as follows:


	December 31,
	2025		2024
Weighted-average remaining lease term
Operating leases	6.4 years		7.3 years
Finance leases	2.8 years		2.9 years

Weighted-average discount rate
Operating leases	6.1	%	5.8	%
Finance leases	7.7	%	7.3	%

The following table sets forth supplemental cash flow information related to leases:


	Year Ended December 31,
(in millions)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	78.3	$	80.4	$	74.7
Operating cash flows from finance leases	5.3		2.9		2.1
Financing cash flows from finance leases	26.4		22.3		17.8

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	65.4		36.0		48.3
Finance leases	54.5		17.5		16.4

Annual maturities of lease liabilities are as follows:


(in millions)	Operating Leases		Finance Leases
2026	$	73.6	$	33.7
2027	57.7		27.9
2028	45.4		10.2
2029	30.0		2.6
2030	24.2		0.4
Thereafter	85.5		2.8
Total undiscounted lease payments	$	316.4	$	77.6
Less: imputed interest	(52.2)		(7.9)
Total lease liabilities	$	264.2	$	69.7

LEASES

9. LEASES

NIQ has operating and finance leases for real estate facilities, servers, computer hardware and other equipment. The Company subleases certain real estate facilities to third parties. The Company’s leases expire at various dates through 2038, some of which include options to extend the term for up to five years, and some of which include options to terminate the leases within one year.

The components of lease cost were as follows:


	Year Ended December 31,
(in millions)	2025		2024		2023
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	34.9	$	23.0	$	21.5
Interest on lease liabilities	5.3		2.9		2.1
Total finance lease cost	40.2		25.9		23.6
Operating lease cost	71.9		71.8		59.8
Short-term lease cost	1.9		1.6		1.8
Sublease income(1)	(15.9)		(14.8)		(10.7)
Total lease cost	$	98.1	$	84.5	$	74.5

(1)Sublease income is presented as a component of other operating income, net in the consolidated statements of operations.

Supplemental balance sheet information related to leases was as follows:


	December 31,
(in millions)	2025		2024
Operating leases
Operating lease right-of-use assets	$	203.7	$	179.6

Other current liabilities	58.7		52.9
Operating lease liabilities	205.5		196.5
Total operating lease liabilities	$	264.2	$	249.4

Finance leases
Property and equipment, gross	$	204.9	$	133.4
Accumulated depreciation	(119.2)		(73.2)
Property and equipment, net	85.7		60.2

Short-term debt and current portion of long-term debt	29.5		17.3
Long-term debt	40.2		21.4
Total finance lease liabilities	$	69.7	$	38.7

The weighted-average remaining lease term and weighted-average discount rate were as follows:


	December 31,
	2025		2024
Weighted-average remaining lease term
Operating leases	6.4 years		7.3 years
Finance leases	2.8 years		2.9 years

Weighted-average discount rate
Operating leases	6.1	%	5.8	%
Finance leases	7.7	%	7.3	%

The following table sets forth supplemental cash flow information related to leases:


	Year Ended December 31,
(in millions)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	78.3	$	80.4	$	74.7
Operating cash flows from finance leases	5.3		2.9		2.1
Financing cash flows from finance leases	26.4		22.3		17.8

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	65.4		36.0		48.3
Finance leases	54.5		17.5		16.4

Annual maturities of lease liabilities are as follows:


(in millions)	Operating Leases		Finance Leases
2026	$	73.6	$	33.7
2027	57.7		27.9
2028	45.4		10.2
2029	30.0		2.6
2030	24.2		0.4
Thereafter	85.5		2.8
Total undiscounted lease payments	$	316.4	$	77.6
Less: imputed interest	(52.2)		(7.9)
Total lease liabilities	$	264.2	$	69.7

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

10. DEBT

Term Loans and Revolver

The Company, through its subsidiaries, has a credit agreement (“the Credit Agreement”), comprising term loans and a revolving facility (the “Revolver”). In connection with the Credit Agreement, the Company is party to the Dutch Security Agreement and has pledged bank receivables and intercompany receivables (each as defined in the Dutch Security Agreement). Prior to January 2025, the term loans comprised 2023 tranches as defined below (“2023 USD Term Loan”, “2023 EUR Term Loan” and “2023 Liquidity Term Loan”, collectively “2023 Tranches”) issued to fund working capital and the GfK Combination and 2021 tranches as defined below (“2021 USD Term Loan” and “2021 EUR Term Loan”, collectively “2021 Tranches”) issued in connection with the Advent Acquisition (collectively, “2023 and 2021 Term Loans”).

The Company also entered into a credit agreement with Banco J.P. Morgan S.A. on July 28, 2025, whereby the Company received BRL150.0 million (equivalent to approximately $26.8 million USD) to finance the M-Trix Acquisition. The Company settled the loan, including the accrued interest, during the third quarter of 2025. See Note 3. “Acquisitions” for further detail.

2025 Debt Refinancing

On January 24, 2025, the Credit Agreement was amended to consolidate the 2023 Tranches and the 2021 Tranches into a single USD Term Loan (“USD Term Loan”) and a single EUR Term Loan (“EUR Term Loan”) (the “2025 Debt Refinancing”). The transaction resulted in a $10.3 million loss related to the write-off of unamortized debt discount and issuance costs, along with the expense of $0.3 million in third-party legal fees. The Company recorded the loss in nonoperating expense, net. The Canadian dollar tranche (“2021 CAD Term Loan”) and Revolver remain unchanged as a result of the 2025 Debt Refinancing. The term loans mature on March 5, 2028 and require quarterly principal payments equal to 0.25% of the original principal. The respective terms of each debt arrangement are further described below.

On July 11, 2025, the Credit Agreement was amended, subject to the closing of the IPO, to, among other things, (i) increase the aggregate principal amount of the Revolver to $750.0 million, (ii) extend the maturity date with respect to Revolver to July 30, 2030; provided that if by a date no later than the Modified Maturity Date (as defined below), any term loans borrowed under the Credit Agreement with an aggregate principal amount in excess of $1.0 billion are outstanding and the maturity date applicable to such term loans is earlier than the date that is 90 days after July 30, 2030 (the “Trigger Maturity Date”), such maturity date shall be the date that is 91 days prior to the Trigger Maturity Date (the “Modified Maturity Date”), (iii) reduce the interest rate spread with respect to the revolving facility to a spread of 225 to 275 basis points dependent on certain ratio levels and (iv) reduce the commitment fee rate with respect to the revolving facility to 25 to 37.5 basis points dependent on certain ratio levels. On July 24, 2025, as part of the IPO discussed in Note 1. “Organization”, the Company used approximately $533.4 million of the net proceeds from the IPO to repay all outstanding principal amounts under the Revolver.

On August 12, 2025, the Credit Agreement was amended to, among other things, (a) refinance and replace the existing USD Term Loan with a new USD term loan facility with a reduced interest rate spread of 225 to 250 basis points dependent on certain ratio levels, (b) refinance and replace the existing EUR Term Loan with a new EUR term loan facility with a reduced interest rate spread of 275 to 300 basis points dependent on certain ratio levels, (c) extend the maturity date with respect to the USD and EUR term loan facilities to October 31, 2030 and (d) reduce the interest rate spread with respect to the Revolver to a spread of 175 to 225 basis points dependent on certain ratio levels. Additionally, the Company used approximately $387.4 million of the net proceeds from the IPO to repay in full the 2021 CAD Term Loan in the amount of C$122.6 million (approximately $89.0 million USD) and to repay €255.0 million (approximately $298.4 million USD) of the EUR Term Loan, including accrued interest of $2.8 million USD and accrued interest on the USD Term Loan of $5.7 million.

In connection with both the July 11, 2025 and August 12, 2025 amendments, the Company recognized a combined loss of $24.7 million, which included $16.1 million for the write-off of unamortized discount and $8.6 million for the write-off of unamortized debt issuance costs, along with the expense of $1.3 million in third-party legal fees. The amounts associated with the write-off were included in nonoperating expense, net.

The following table sets forth the Company’s outstanding indebtedness as of December 31, 2025:



(in millions)	December 31, 2025
USD Term Loan, less unamortized discount of $60.8	$	2,192.2
EUR Term Loan, less unamortized discount of $28.3	1,304.8






Revolver	—
Other debt	33.1
Total debt	3,530.1
Finance leases	69.7
Other financing obligations	51.4
Total debt, finance leases and other financing obligations	3,651.2
Less: Unamortized debt issuance costs	(41.1)
Less: Short-term debt and current portion of long-term debt	(107.5)
Total long-term debt	$	3,502.6

USD Term Loan

On January 24, 2025, the Credit Agreement was amended to consolidate the outstanding 2021 USD Term Loan, 2023 USD Term Loan and 2023 Liquidity Term Loan into the USD Term Loan. At the time of the amendment the loans had an aggregate principal balance of $2,263.4 million. Immediately following the 2025 Debt Refinancing, the USD Term Loan had a principal balance of $2,270.0 million. The Credit Agreement was also amended to reduce the interest rate spread on the USD Term Loan to 350 basis points.

On August 12, 2025, the Credit Agreement was amended to reduce the interest rate spread on the USD Term Loan to 250 basis points and extend the maturity date to October 31, 2030. The Company used net proceeds from the IPO to repay accrued interest on the USD Term Loan of $5.7 million. During the third and fourth quarters of 2025, the Company met certain ratio levels in the Credit Agreement which resulted in a reduced interest rate spread of 225 basis points.

At December 31, 2025, the interest rate for the USD Term Loan was approximately 6.2%.

EUR Term Loan

On January 24, 2025, the Credit Agreement was amended to consolidate the outstanding 2021 EUR Term Loan and 2023 EUR Term Loan into the EUR Term Loan. At the time of the amendment the loans had an aggregate principal balance of €1,388.5 million (equivalent to approximately $1,459.3 million USD). Immediately following the 2025 Debt Refinancing, the EUR Term Loan had a principal balance of €1,390.0 million (equivalent to approximately $1,460.9 million USD). The Credit Agreement was also amended to reduce the interest rate spread on the EUR Term Loan to 350 basis points.

On August 12, 2025, the Credit Agreement was amended to reduce the interest rate spread on the EUR Term Loan to 300 basis points and extend the maturity date to October 31, 2030. The Company used net proceeds from the IPO to repay €255.0 million (approximately $298.4 million USD) of the EUR Term Loan, including accrued interest of $2.8 million USD. During the third and fourth quarters of 2025, the Company met certain ratio levels in the Credit Agreement which resulted in a reduced interest rate spread of 275 basis points.

At December 31, 2025, the interest rate for the EUR Term Loan was approximately 4.7%.

2023 and 2021 Term Loans

The respective terms of each debt arrangement are further described below. The following table sets forth the Company’s outstanding indebtedness as of December 31, 2024:



(in millions)	December 31, 2024
2023 USD Term Loan, less unamortized discount of $66.3	$	921.4
2023 EUR Term Loan, less unamortized discount of $36.7	607.3
2023 Liquidity Term Loan, less unamortized discount of $27.3	441.8
2021 USD Term Loan, less unamortized discount of $2.1	804.4
2021 EUR Term Loan, less unamortized discount of $1.3	792.4
2021 CAD Term Loan, less unamortized discount of $0.2	85.5
Revolver	364.0
Other debt	31.7
Total debt	4,048.5
Finance leases	38.7
Other financing obligations	47.4
Total debt, finance leases and other financing obligations	4,134.6
Less: Unamortized debt issuance costs	(53.8)
Less: Short-term debt and current portion of long-term debt	(121.0)
Total long-term debt	$	3,959.8

2023 USD Term Loan

On July 10, 2023, the Credit Agreement was amended to issue a U.S. Dollar term loan (“2023 USD Term Loan”) in the aggregate principal amount of $980.0 million. The 2023 USD Term Loan was issued at a price of 89.0% of the aggregate principal amount, which resulted in a discount related to underwriting fees of $107.8 million. At commencement, the 2023 USD Term Loan was subject to interest at term Secured Overnight Financing Rate (“SOFR”) plus a spread of 625 basis points.

On July 11, 2024, the Credit Agreement was amended to reduce the interest rate spread on the 2023 USD Term Loan from 625 basis points to 475 basis points. On July 18, 2024, the Credit Agreement was further amended to issue additional debt of $20.0 million within the 2023 USD Term Loan. In connection with these amendments, the Company recognized a loss of $19.6 million, which included $15.7 million for the write-off of unamortized discount and $3.9 million for the write-off of unamortized debt issuance costs. The amounts associated with the write-off were included in nonoperating expense, net.

At December 31, 2024, the interest rate for the 2023 USD Term Loan was approximately 9.3%.

2023 EUR Term Loan

On July 10, 2023, the Credit Agreement was amended to issue a Euro term loan (“2023 EUR Term Loan”) in the aggregate principal amount of €500.0 million (equivalent to approximately $550.0 million USD). The 2023 EUR Term Loan was issued at a price of 89.0% of the aggregate principal amount, which resulted in a discount related to underwriting fees of €55.0 million (equivalent to approximately $60.5 million USD). At commencement, the 2023 EUR Term Loan was subject to interest at Euro LIBOR plus a spread of 650 basis points.

On July 11, 2024, the Credit Agreement was amended to reduce the interest rate spread on the 2023 EUR Term Loan from 650 basis points to 475 basis points. On July 18, 2024, the Credit Agreement was further amended to issue additional debt of €123.5 million (equivalent to approximately $135.0 million USD) within the 2023 EUR Term Loan. In connection with these amendments, the Company recognized a loss of $6.7 million, which included $5.4 million for the write-off of unamortized discount and $1.3 million for the write-off of unamortized debt issuance costs. The amounts associated with the write-off were included in nonoperating expense, net.

At December 31, 2024, the interest rate for the 2023 EUR Term Loan was approximately 7.8%.

2023 Liquidity Term Loan

On February 28, 2023, the Credit Agreement was amended to issue a U.S. Dollar term loan (“2023 Liquidity Term Loan”) in the aggregate principal amount of $475.0 million. The 2023 Liquidity Term Loan was issued at a price of 89.0% of the aggregate principal amount, which resulted in a discount related to underwriting fees of $52.3 million. At commencement, the 2023 Liquidity Term Loan was subject to interest at term SOFR plus a spread of 625 basis points.

On July 11, 2024, the Credit Agreement was amended to reduce the interest rate spread on the 2023 Liquidity Term Loan from 625 basis points to 475 basis points. In connection with this amendment, the Company recognized a loss of $9.5 million, which included $7.6 million for the write-off of unamortized discount and $1.9 million for the write-off of unamortized debt issuance costs. The amounts associated with the write-off were included in nonoperating expense, net.

At December 31, 2024, the interest rate for the 2023 Liquidity Term Loan was approximately 9.3%.

2021 USD Term Loan

On March 5, 2021, a U.S. Dollar tranche (“2021 USD Term Loan”) was issued in the aggregate principal amount of $950.0 million. The 2021 USD Term Loan was issued at a price of 99.5% of the aggregate principal amount, which resulted in a discount related to underwriting fees of $4.8 million. From the commencement date through November 29, 2021, the 2021 USD Term Loan was subject to interest at LIBOR plus a spread of 375 to 400 basis points dependent on certain ratio levels.

On November 30, 2021, the Credit Agreement was amended to issue additional debt within the 2021 EUR Term Loan which is further described below. The Company used the proceeds to pay down the 2021 USD Term Loan by approximately $111.6 million. The amended Credit Agreement also reduced the interest rate spread to a range of 350 to 375 basis points dependent on certain ratio levels. On July 10, 2023, the Credit Agreement was amended to replace LIBOR with term SOFR.

At December 31, 2024, the interest rate for the 2021 USD Term Loan was approximately 8.4%.

2021 EUR Term Loan

On March 5, 2021, a Euro tranche (“2021 EUR Term Loan”) was issued in the aggregate principal amount of €545.0 million (equivalent to approximately $650.0 million USD). The 2021 EUR Term Loan was issued at a price of 99.5% of the aggregate principal amount, which resulted in a discount related to underwriting fees of €2.7 million (equivalent to approximately $3.3 million USD). From the commencement date through November 29, 2021, the 2021 EUR Term Loan was subject to interest at Euro LIBOR plus a spread of 350 to 400 basis points dependent on certain ratio levels.

On November 30, 2021, the Credit Agreement was amended to issue additional debt within the 2021 EUR Term Loan of €250.0 million (equivalent to approximately $283.5 million USD). The Company used the proceeds to pay down the 2021 USD Term Loan as described above and to finance other acquisitions. The amended Credit Agreement also reduced the interest rate spread for the 2021 EUR Term Loan to a range of 325 to 375 basis points dependent on certain ratio levels.

At December 31, 2024, the interest rate for the 2021 EUR Term Loan was approximately 6.8%.

2021 CAD Term Loan

On March 5, 2021, the 2021 CAD Term Loan was issued in the aggregate principal amount of C$128.0 million (equivalent to approximately $100.0 million USD). The 2021 CAD Term Loan was issued at a price of 99.5% of the aggregate principal amount, which resulted in a discount related to underwriting fees of C$0.6 million (equivalent to approximately $0.5 million USD). From the commencement date through November 29, 2021, the 2021 CAD Term Loan was subject to interest at Canadian Dollar Offered Rate (“CDOR”) plus a spread of 450 to 475 basis points dependent on certain ratio levels.

On November 30, 2021, the Credit Agreement was amended to reduce the interest rate spread to a range of 400 to 425 basis points dependent on certain ratio levels. On June 28, 2024, the Credit Agreement was amended to replace CDOR with term Canadian Overnight Repo Rate Average.

At December 31, 2024, the interest rate for the 2021 CAD Term Loan was approximately 7.9%.

On August 12, 2025, the Credit Agreement was amended to use net proceeds from the IPO to repay in full the 2021 CAD Term Loan in the amount of C$122.6 million (approximately $89.0 million USD).

Revolver

On March 5, 2021, the Company entered into a revolving facility. The maximum borrowing capacity was $350.0 million at the commencement of the facility, with the capacity being increased through subsequent amendments to the Credit Agreement. At the commencement of the Credit Agreement, the Revolver had a maturity date of March 5, 2026. On June 28, 2024, the Credit Agreement was amended to extend the maturity date of the Revolver to March 5, 2028. At December 31, 2025, the maximum borrowing capacity and available borrowing capacity under the Revolver was $750.0 million due to no outstanding borrowings as of the reported date. At December 31, 2024, the maximum borrowing capacity under the Revolver was $638.3 million with an available borrowing capacity under the Revolver of $274.3 million due to outstanding proceeds as of the reported date.

The commitment fee is 25 to 50 basis points dependent on certain ratio levels. Borrowings are subject to an interest rate spread of 325 to 375 basis points dependent on certain ratio levels. On August 31, 2022, the Credit Agreement was amended to replace LIBOR with term SOFR for borrowings denominated in U.S. dollars.

At December 31, 2024, the weighted-average interest rate for borrowings under the Revolver was approximately 8.1%.

On July 11, 2025, the Credit Agreement was amended, subject to the closing of the IPO, to, among other things, (i) increase the aggregate principal amount of the Revolver to $750.0 million, (ii) extend the maturity date with respect to Revolver to July 30, 2030; provided that if by a date no later than the Modified Maturity Date (as defined below), any term loans borrowed under the Credit Agreement with an aggregate principal amount in excess of $1.0 billion are outstanding and the maturity date applicable to such term loans is earlier than the date that is 90 days after July 30, 2030 (the “Trigger Maturity Date”), such maturity date shall be the date that is 91 days prior to the Trigger Maturity Date (the “Modified Maturity Date”), (iii) reduce the interest rate spread with respect to the revolving facility to a spread of 225 to 275 basis points dependent on certain ratio levels and (iv) reduce the commitment fee rate with respect to the revolving facility to 25 to 37.5 basis points dependent on certain ratio levels. On July 24, 2025, the Company used approximately $533.4 million of the net proceeds from the IPO to repay all outstanding principal amounts under the Revolver.

On August 12, 2025, the Credit Agreement was amended to reduce the interest rate spread with respect to the Revolver to a spread of 175 to 225 basis points dependent on certain ratio levels.

Covenant Compliance

The Credit Agreement contains various restrictive covenants that, among other things, impose limitations on: (i) the incurrence of additional indebtedness; (ii) creation of liens; (iii) dividend payments or certain other restricted payments or investments and (iv) mergers, consolidations or sales. The Credit Agreement also requires the Company to maintain a certain ratio of Consolidated First Lien Debt to Consolidated Adjusted EBITDA (as defined in the Credit Agreement) if outstanding indebtedness exceeds a certain level. In addition, the Credit Agreement requires mandatory prepayments of the term loans if the Company’s excess cash flow (as defined in the Credit Agreement) exceeds a certain level.

The Company was in compliance with all relevant covenants contained in the Credit Agreement as of December 31, 2025.

Maturity Profile

The following table sets forth the aggregate principal repayment requirements for total debt:


(in millions)
2026	$	26.7
2027	51.0
2028	22.9
2029	22.9
2030	3,495.7
Thereafter	—
Total payments on debt	3,619.2
Unamortized debt discounts	(89.1)
Total debt	$	3,530.1

Debt Issuance Costs

The Company capitalizes costs associated with the issuance of debt, and such costs are amortized over the term of the respective debt instrument. The Company incurred costs associated with executing amendments related to the term loans and Revolver of $16.0 million and $7.6 million for the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, unamortized debt issuance costs associated with the Company’s term loans totaled $41.1 million and $53.8 million, respectively, and were presented as a reduction of debt in the consolidated balance sheets. Unamortized debt issuance costs associated with the Revolver totaled $6.5 million and $9.1 million as of December 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

11. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s financial instruments primarily consist of cash and cash equivalents, trade receivable, accounts payable, outstanding indebtedness, derivative instruments and benefit plan assets. The fair value of the Company’s benefit plan assets is disclosed in Note 15. “Pension and Other Post-Retirement Benefits”. The carrying value of the Company’s financial instruments approximates fair value due to the short-term nature of the instruments, except for outstanding indebtedness, derivative instruments and other financial instruments as further discussed below.

Debt Instruments

The fair value of the Company’s debt instruments is measured using observable market information which would be considered Level 2 in the fair value hierarchy. The following table sets forth the carrying value and fair value amounts of the Company’s term loans:


	December 31, 2025				December 31, 2024
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Loans(1)(2)	$	3,586.1	$	3,599.5	$	3,786.7	$	3,798.6

(1)The carrying value of the term loans is presented on a gross basis and excludes unamortized debt discounts.

(2)The reported carrying values of other debt instruments approximate their fair values.

Derivative Instruments

The Company is exposed to cash flow interest rate risk on floating-rate debt under its Credit Agreement and periodically uses interest rate swaps, interest rate caps and interest rate collars to hedge this exposure. The Company is also exposed to fluctuations in foreign currency under its Credit Agreement as certain debt obligations are denominated in a currency other than an entity’s functional currency. The Company uses cross-currency swaps as a hedge of both the foreign currency and interest rate exposures. The interest rate derivative instruments and cross-currency swaps have expiration dates through February 2028 and February 2029, respectively, and are designated as hedges for accounting purposes.

The Company also uses cross-currency swaps to hedge foreign currency risk of its net investments in certain foreign subsidiaries. These cross-currency swaps have expiration dates through February 2029 and are designated as net investment hedges for accounting purposes.

The Company uses foreign exchange forward contracts to minimize the effect of fluctuating foreign-currency denominated accounts on its earnings, which are not designated as hedges for accounting purposes. As such, gains and losses from changes in fair value are recorded directly to earnings as a component of foreign currency exchange gain (loss), net. In December 2024, the Company settled its outstanding foreign exchange contracts prior to the expiration of their contractual maturities, resulting in the receipt of cash proceeds totaling approximately $20.8 million, which are included in operating activities in the consolidated statement of cash flows. In April 2025, the Company entered into new foreign exchange forward contracts designated as cash flow hedges for accounting purposes, with the exception of its euro currency hedges, which are not fully designated as hedges for accounting purposes. The foreign exchange forward contracts have expiration dates through November 2026.

For derivatives designated as hedges for accounting purposes, the Company reports the after-tax gain or loss from the effective portion of the hedge as a component of accumulated other comprehensive (loss) income and reclassifies it into earnings in the same period or periods in which the hedged transaction affects earnings and within the same income statement line item as the impact of the hedged transaction.

The Company regularly monitors the creditworthiness of its counterparties to ensure no issues exist that could affect the value of its derivatives. Since the counterparties to derivative instruments have investment-grade credit ratings, the Company considers the counterparty risk to be remote.

In November 2023 and July 2024, the Company settled outstanding interest rate derivative contracts and outstanding cross-currency swaps prior to the expiration of their contractual maturities through March 2025 and February 2026, respectively, resulting in the receipt of cash proceeds totaling approximately $48.3 million and $3.3 million, respectively, which are included in operating activities in the consolidated statements of cash flows. As these settled contracts were designated as hedges, the associated gains are a component of accumulated other comprehensive (loss) income and will be reclassified into earnings as the original hedged transaction affects earnings. The Company reclassified gains of $10.7 million, $34.1 million and $5.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The following table presents the notional amounts of the Company’s outstanding derivative instruments:


	December 31,
(in millions)	2025		2024
Derivatives designated as cash flow hedges
Interest rate contracts	$	2,034.0	$	1,943.3
Cross-currency swaps	529.3		196.8
Foreign exchange forward contracts	65.4		—

Derivatives designated as net investment hedges
Cross-currency swaps	$	469.2	$	288.5

Derivatives not designated as hedging instruments
Cross-currency swaps	$	140.4	$	—
Foreign exchange forward contracts	158.4		—

The following table sets forth the fair value amounts of derivatives presented in the consolidated financial statements:


	December 31, 2025				December 31, 2024
(in millions)	Derivative assets		Derivative liabilities		Derivative assets		Derivative liabilities
Derivatives designated as cash flow hedges
Interest rate contracts	$	0.4	$	3.4	$	0.3	$	9.3
Cross-currency swaps	5.6		84.8		7.1		5.5
Foreign exchange forward contracts	0.2		1.4		—		—
	$	6.2	$	89.6	$	7.4	$	14.8

Derivatives designated as net investment hedges
Cross-currency swaps	$	1.6	$	10.5	$	3.8	$	5.9

Derivatives not designated as hedging instruments
Foreign exchange forward contracts	0.6		0.7		—		—

Total derivatives	$	8.4	$	100.8	$	11.2	$	20.7

As reported in the Consolidated Balance Sheets
Prepaid expenses and other current assets	$	8.1	$	—	$	11.1	$	—
Other noncurrent assets	0.3		—		0.1		—
Other current liabilities	—		30.1		—		6.6
Other noncurrent liabilities	—		70.7		—		14.1
	$	8.4	$	100.8	$	11.2	$	20.7

The fair value of derivative instruments is measured using observable market information. These inputs would be considered Level 2 in the fair value hierarchy. While all of the Company's derivative instruments are subject to master netting arrangements with its counterparties, assets and liabilities related to these contracts are presented on a gross basis within the consolidated financial statements.

The following tables present the gains (losses) on the Company’s interest rate contracts, cross-currency swaps and foreign exchange forward contracts:


(in millions)	Beginning Accumulated Other Comprehensive Gain (Loss)		Amount of gains (losses) recognized, net of tax		Amount of gains (losses) reclassified into income, net of tax		Ending Accumulated Other Comprehensive Gain (Loss)
Year Ended December 31, 2025:
Designated as cash flow hedges:
Interest rate contracts	$	0.8	$	0.5	$	4.5	$	(3.2)
Cross-currency swaps	(3.9)		(64.7)		(62.0)		(6.6)
Foreign exchange forward contracts	—		(0.8)		0.3		(1.1)

Designated as net investment hedges:
Cross-currency swaps	$	(1.9)	$	(6.6)	$	—	$	(8.5)

Year Ended December 31, 2024:
Designated as cash flow hedges:
Interest rate contracts	$	26.7	$	15.5	$	41.4	$	0.8
Cross-currency swaps	(2.3)		18.5		20.1		(3.9)

Designated as net investment hedges:
Cross-currency swaps	$	—	$	(1.9)	$	—	$	(1.9)

Year Ended December 31, 2023:
Designated as cash flow hedges:
Interest rate contracts	$	64.5	$	2.0	$	39.8	$	26.7
Cross-currency swaps	—		2.1		4.4		(2.3)

The following table presents amounts recognized in foreign currency exchange gain (loss), net on the Company’s foreign exchange forward contracts:


	Year Ended December 31,
(in millions)	2025		2024		2023
Derivatives not designated as hedging instruments
Foreign exchange forward contracts	$	0.1	$	31.3	$	(6.2)

Warrant

Prior to the Reorganization, the Company’s Warrant was held by AI PAVE, an entity that was not previously consolidated in Dutch Holdings’ financial statements. As part of the Reorganization, NIQ Global Intelligence plc retrospectively recast its historical financial statements to present the consolidated results of Dutch Holdings and the AI PAVE Entities on a combined consolidated basis with those of NIQ Global Intelligence plc. See Note 2. “Summary of Significant Accounting Policies” for further detail.

At initial recognition, the Warrant was recorded at fair value and classified as a liability due to a contingent repurchase feature triggered by a change of control event, including an IPO. The liability was remeasured at each reporting date using the Black-Scholes valuation model, with changes in the fair value recorded as a component of nonoperating expense, net. The valuation incorporated unobservable inputs, qualifying the Warrant as a Level 3 instrument under the fair value hierarchy.

Upon the IPO, the Warrant converted to represent the right to subscribe for up to 17,725,122 ordinary shares of NIQ Global Intelligence plc at an exercise price of $16.93 per share, and the contingent repurchase obligation ceased pursuant to the terms of the Warrant. Consequently, the Warrant was reclassified from a liability to permanent equity on the consolidated balance sheets at a fair value of $231.1 million. As the Warrant is no longer subject to remeasurement, future changes in fair value will not be recognized.

The following table presents a reconciliation of the liability-classified Warrant prior to reclassification to equity:


	Year Ended December 31,
(in millions)	2025		2024
Balance at beginning of period	$	191.4	$	116.2
Change in fair value	39.7		75.2
Reclassification to equity	(231.1)		—
Balance at end of period	$	—	$	191.4

The level 3 fair value inputs used in the valuation of the liability-classified Warrant were as follows:


	July 24, 2025 (date of IPO)	December 31, 2024
Volatility	32.4%	31.5%
Risk-free rate	4.7%	4.8%
Discount for lack of marketability	—%	7.5%
Term (in years)	15.6	16.2

Phantom Awards

In connection with the Advent Acquisition on March 5, 2021, the Company, Advent and entities created to own the Company implemented a share-based employee compensation plan which permits the grant of certain share-based awards to certain employees, directors and non-employees (the “2021 Plan”). Pursuant to the 2021 Plan, awards were issued in the form of phantom shares (“Phantom Awards”) of AI PAVE. Prior to the IPO, the Phantom Awards were eligible to be cash-settled upon a change in control event or IPO and would otherwise expire if no such event occurred prior to the eighth anniversary of the grant date. Upon the IPO and pursuant to its terms, the Phantom Awards became eligible for settlement in cash or shares of the Company’s ordinary shares beginning on the second anniversary of the IPO and thereafter as such awards continue to vest in accordance with their original terms.

Upon the IPO, the Phantom Awards were classified as a liability and measured based on the Company’s share price at the closing of the IPO. This input would be considered Level 1 in the fair value hierarchy. The Company remeasures the associated liability of the Phantom Awards at fair value at each reporting period until settlement and periodically reassesses the classification of the awards based on changes in facts and circumstances. As of November 2025, the majority of the Phantom Awards could only be settled in Ordinary Shares and therefore no longer met the criteria for liability-classification. These Phantom Awards were reclassified from liability to permanent equity on the consolidated balance sheets at a fair value of $18.1 million based on the Company’s share price on the date of the reclassification.

See Note 16. “Share-Based Compensation” for further detail on the share-based compensation attributed to the Phantom Awards.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

12. EARNINGS PER SHARE

Basic loss per share is computed by dividing the loss from continuing operations attributable to NIQ by the weighted-average number of ordinary shares outstanding during the period. Diluted loss per share is computed by giving effect to all potential weighted-average dilutive ordinary share equivalents, which consist of the Company’s Warrant, Restricted Stock Units (“RSUs”) and phantom awards (“the Phantom Awards”), using the treasury stock method. For the years ended December 31, 2025, 2024 and 2023, the Company had no potentially dilutive shares, as the inclusion of such instruments would have been antidilutive (i.e., would have increased income per share or decreased loss per share). Accordingly, they are excluded from the diluted earnings per share calculation.

Prior to the Reorganization, NIQ Global Intelligence plc had 100 ordinary shares outstanding. Following the Reorganization (and prior to the IPO), NIQ Global Intelligence plc had 245,000,000 ordinary shares outstanding, resulting in an effective share split of 1:2,450,000. For purposes of calculating loss per share, the effective share split has been applied retrospectively as though the Reorganization had occurred at the beginning of the earliest period presented, reflecting the common control relationship among the entities involved.

The following table sets forth the computation of basic and diluted loss per share for the periods presented:


	Year Ended December 31,
(in millions, except share and per share data)	2025		2024		2023
Numerator:
Loss from continuing operations	$	(345.3)	$	(804.2)	$	(564.6)
Less: Net income attributable to noncontrolling interests	8.0		6.3		3.8
Loss from continuing operations attributable to NIQ	(353.3)		(810.5)		(568.4)

Income (loss) from discontinued operations	—		12.5		(9.0)
Net loss attributable to NIQ	$	(353.3)	$	(798.0)	$	(577.4)

Denominator:
Weighted average basic and diluted NIQ ordinary shares outstanding	266,917,808		245,000,000		245,000,000

Basic and diluted loss per share from:
Loss attributable to NIQ	$	(1.32)	$	(3.31)	$	(2.32)
Income (loss) from discontinued operations	—		0.05		(0.03)
Net loss attributable to NIQ	$	(1.32)	$	(3.26)	$	(2.35)


Antidilutive securities excluded from the calculation of diluted earnings per share
Warrant	1,985,932	3,853,207	3,853,207
RSUs	134,431	—	—
Phantom Awards	435,374	—	—
Total excluded antidilutive securities	2,555,737	3,853,207	3,853,207

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

13. INCOME TAXES

The following table sets forth the components of loss from continuing operations before income taxes by jurisdiction:


	Year Ended December 31,
(in millions)	2025		2024		2023
Ireland (2025), Netherlands (2024-2023)	$	0.3	$	(258.7)	$	(199.3)
Non-Ireland (2025), Non-Netherlands (2024-2023)	(210.1)		(431.8)		(313.5)
Loss from continuing operations before income taxes	$	(209.8)	$	(690.5)	$	(512.8)

The following table sets forth the components of income tax expense from continuing operations:


	Year Ended December 31,
(in millions)	2025		2024		2023
Current taxes:
Ireland (2025), Netherlands (2024-2023)	$	0.4	$	2.7	$	0.9
Non-Ireland (2025), Non-Netherlands (2024-2023)	141.2		146.6		89.6
Total	141.6		149.3		90.5
Deferred taxes:
Ireland (2025), Netherlands (2024-2023)	—		(0.1)		(5.2)
Non-Ireland (2025), Non-Netherlands (2024-2023)	(6.1)		(35.5)		(33.5)
Total	(6.1)		(35.6)		(38.7)
Income tax expense from continuing operations	$	135.5	$	113.7	$	51.8

The Company’s income tax expense from continuing operations was different from the amount computed by applying the Ireland (2025) and the Netherlands (2024-2023) statutory tax rate to the underlying loss from continuing operations before income taxes as a result of the following:


	Year Ended December 31, 2025
(in millions)	$		%
Income taxes at Ireland statutory tax rate	$	(26.2)	12.5	%
Ireland reconciling items
Valuation allowance	0.5		(0.2)	%
Other	(0.2)		0.1	%
Foreign reconciling items
Brazil
Withholding tax	9.1		(4.3)	%
Other	0.8		(0.4)	%
Germany

Changes in valuation allowance	(42.5)		20.3	%

Interest carryforward	54.4		(25.9)	%
Other	(2.6)		1.2	%



Netherlands


Warrant	10.3		(4.9)	%
Other	(5.0)		2.4	%



Switzerland
Changes in valuation allowance	11.9		(5.7)	%
Other	(1.3)		0.6	%
United States
Tax rate differential	(17.9)		8.5	%
Nontaxable and nondeductible items, net	11.7		(5.6)	%
Changes in valuation allowance	24.5		(11.7)	%
Stock compensation	8.3		(4.0)	%
Other	3.6		(1.7)	%

Mexico	10.2		(4.9)	%
India	10.7		(5.1)	%
Other jurisdictions	61.5		(29.3)	%
Changes in unrecognized tax benefits	13.7		(6.5)	%
Global effective tax rate	$	135.5	(64.6)	%


	Year Ended December 31,
(in millions)	2024			2023
Loss from continuing operations before income taxes	$	(690.5)		$	(512.8)
Netherlands statutory tax rate	25.8		%	25.8		%
Benefit for income taxes at the Netherlands statutory rate	$	(178.1)		$	(132.6)
Foreign tax rate differential	24.4			20.2
U.S. state and local taxation	0.5			0.9
Changes in valuation allowance	180.7			92.4
Withholding taxes	32.5			38.4
Non-deductible transaction costs	4.1			6.8
Gain on equity interest remeasurement	—			(3.4)
Russian deconsolidation	9.0			—
Change in unrecognized tax benefits	30.7			(4.8)
Return to provision adjustment	(1.2)			4.8
Tax credits	(5.2)			(3.3)
Warrant	19.4			26.1
Other, net	(3.1)			6.3
Income tax expense from continuing operations	$	113.7		$	51.8
Effective tax rate	(16.5)		%	(10.1)		%

The following table sets forth deferred income tax assets and liabilities:


	December 31,
(in millions)	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	326.2	$	285.6
Interest	183.4		236.7
Accrued expenses	39.7		42.0
Employee benefits	33.3		42.9
Tax credit carryforward	17.7		13.9

Lease liabilities	64.8		64.5
Other assets	48.7		37.6
Total deferred tax asset	713.8		723.2
Valuation allowances	(527.8)		(530.8)
Deferred tax assets, net of valuation allowances	186.0		192.4
Deferred tax liabilities:
Intangible assets	(161.4)		(161.7)

Right-of-use assets	(64.6)		(59.1)
Accrued withholding taxes	(15.0)		(13.5)
Deferred gains	(34.4)		(42.8)
Other	(6.2)		(2.2)
Total deferred tax liability	(281.6)		(279.3)
Net deferred tax liability	$	(95.6)	$	(86.9)

Realization of deferred tax assets is based, in part, on the Company’s judgment and various factors including reversal of deferred tax liabilities, the Company’s ability to generate future taxable income in jurisdictions where such assets have arisen and potential tax planning strategies. Valuation allowances are recorded in order to reduce the deferred tax assets to the amount expected to be realized in the future.

At December 31, 2025 and 2024, the Company had gross net operating loss carryforwards of approximately $1.6 billion and $1.3 billion, respectively. Additionally, the Company had net operating loss carryforwards of approximately $326.2 million and $285.6 million at December 31, 2025 and 2024, respectively. Approximately three-fifths of the net operating loss carryforwards are indefinite, while the remainder expire over varying periods. In addition, the Company had tax credit carryforwards of approximately $17.7 million and $13.9 million at December 31, 2025 and 2024, respectively, which begin to expire in 2026.

In certain jurisdictions, the Company has operating losses and other tax attributes that, due to the uncertainty of achieving sufficient profits to utilize these operating loss carryforwards and tax credit carryforwards, the Company currently believes it is more likely than not that a portion of these losses will not be realized. Therefore, the Company has a valuation allowance of approximately $527.8 million and $530.8 million at December 31, 2025 and 2024, respectively, related to net operating loss carryforwards, tax credit carryforwards and deferred tax assets related to other temporary differences. For the year ended December 31, 2025, the valuation allowance decreased by $3.0 million, of which, $34.1 million through tax expense and the remainder through changes in other comprehensive loss or foreign currency exchange rates. For the year ended December 31, 2024, the valuation allowance increased by $154.1 million, of which, $166.2 million through tax expense, and the remainder through changes in other comprehensive loss or foreign currency exchange rates.

With respect to the outside basis differences of “domestic” subsidiaries, in each taxing jurisdiction where a tiered ownership structure exists, the Company has confirmed that one or more viable tax planning strategies exists in each separate taxing jurisdiction that it could, and would—if required—employ to eliminate any income tax liability on such outside basis differences. In addition, the Company does not assert that all foreign undistributed earnings will be permanently reinvested, but rather the Company will, periodically, remit foreign earnings and has provided for withholding taxes of $15.0 million and $13.5 million at December 31, 2025 and 2024, respectively, related to those earnings.

A reconciliation of the beginning and ending amount of gross uncertain tax positions is as follows:


	Year Ended December 31,
(in millions)	2025		2024
Balance as of the beginning of period	$	69.0	$	64.4

Additions for current year positions	4.1		4.1
Additions for prior year positions	7.0		24.6
Reductions for prior year positions	(0.6)		(9.1)
Reductions for expiration of statute of limitations	(0.1)		—
Settlements	(12.1)		(11.6)
Foreign currency exchange rate changes	5.7		(3.4)
Balance as of the end of the period	$	73.0	$	69.0

At December 31, 2025 and 2024, the Company had gross uncertain tax positions of $73.0 million and $69.0 million, respectively. The amount of unrecognized tax benefits that would affect the effective tax rate if recognized in the consolidated financial statements as of December 31, 2025 and 2024 was $73.0 million and $64.9 million, respectively. Amounts relating to years prior to 2021 are covered under an indemnification agreement with Nielsen as a result of the Advent Acquisition and, therefore, the Company has recorded a corresponding indemnification asset of $20.8 million and $12.1 million as of December 31, 2025 and 2024, respectively.

Estimated interest and penalties related to unrecognized tax benefits is classified as a component of provision for income taxes in the consolidated statement of operations. For the years ended December 31, 2025, 2024 and 2023, the Company recognized interest expense/(income) on unrecognized tax benefits of $3.5 million, $(8.3) million and $3.5 million, respectively, which primarily related to the expiration of a position’s statute of limitations during the period. As of December 31, 2025 and 2024, the Company had a liability of $16.4 million and $12.4 million, respectively, for interest expense related to unrecognized tax benefits. Penalties recorded in the provision for income taxes were a benefit of $0.1 million and $0.1 million for the years ended December 31, 2025 and 2024, respectively. Amounts relating to years prior to 2021 are covered under an indemnification agreement with Nielsen as a result of the Advent Acquisition and, therefore, the Company has recorded a corresponding indemnification asset of $13.3 million and $10.9 million as of December 31, 2025 and 2024, respectively.

The NIQ business files numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and in many state and foreign jurisdictions. The Company is periodically audited by various foreign taxing authorities. The Company will not be subject to any U.S. federal or state income tax examinations for years prior to 2021 due to the acquisition by Advent. The Company has subsidiaries in Canada, China, Indonesia and other various jurisdictions that are currently under audit for years ranging from 2007 through 2022. As of December 31, 2025, the Company does not believe it is more likely than not that these audits will result in tax liabilities exceeding the amounts already recognized. However, the ultimate resolutions of tax audits are inherently unpredictable. As such, the Company's financial condition and results of operations could be adversely affected in any particular period by the unfavorable resolution of one or more of these audits.

The following table sets forth total tax payments by jurisdiction:


	Year Ended December 31,
(in millions)	2025
Ireland	$	0.4
Brazil	18.0
China	5.8
Colombia	5.2
France	4.5
India	10.9
Indonesia	12.5
Italy	4.1
Mexico	6.7
Other jurisdictions	63.4
Total tax payments	$	131.5

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

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-Topic 235
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

RESTRUCTURING ACTIVITIES

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

RESTRUCTURING ACTIVITIES

14. RESTRUCTURING ACTIVITIES

The following table summarizes activity related to liabilities associated with restructuring activities:


(in millions)	Cost Efficiency Program(1)		GfK Integration(2)		Total
Balance as of December 31, 2023	$	36.1	$	4.7	$	40.8
Charges	20.9		77.6		98.5
Non-cash charges and other adjustments	(1.3)		—		(1.3)
Payments	(41.6)		(17.7)		(59.3)
Balance as of December 31, 2024	$	14.1	$	64.6	$	78.7
Charges	28.1		15.9		44.0
Non-cash charges and other adjustments	6.3		(1.4)		4.9
Payments	(40.0)		(34.5)		(74.5)
Balance as of December 31, 2025	$	8.5	$	44.6	$	53.1

(1)As part of the Company’s Transformation Program, the Cost Efficiency Program centers on insourced activity from, and restructured expenses with, third party providers, technology and operational process redesign, labor arbitrage and rationalization and reduction in non-client-impacting expense.

(2)GfK Integration reflects actions to drive permanent cost savings and operational efficiencies in connection with the GfK Combination.

All restructuring charges have been recorded at Corporate, as these programs are centrally directed and are not included in internal measures of segment operating performance. Of the $53.1 million in remaining liabilities for restructuring actions, $51.7 million is expected to be paid within one year and is included in accrued expenses within the consolidated balance sheet as of December 31, 2025.

PENSION AND OTHER POST-RETIREMENT BENEFITS

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

PENSION AND OTHER POST-RETIREMENT BENEFITS

15. PENSION AND OTHER POST-RETIREMENT BENEFITS

Defined Benefit Plans

The Company sponsors both funded and unfunded defined benefit pension plans (the “Pension Plans” or “plans”) for certain of its employees. This includes various defined benefit plans covering employees in North America, Europe and Asia (together, the “Other” plans). Where permitted by applicable law, the Company reserves the right to change, modify or discontinue the pension plans.

In 2023, the Company completed a settlement of its plan in the Netherlands, the Company’s former country of domicile prior to the Reorganization and IPO, by finalizing an agreement for issuance of a buy-out policy. Accumulated other comprehensive losses of approximately $6.3 million were realized as a result of the settlement, and are reflected as a component of nonoperating expense, net in the consolidated statements of operations.

The following table presents the changes in benefit obligations, plan assets and funded status for the defined benefit plans:


	Year Ended December 31,
(in millions)	2025		2024
Change in projected benefit obligation
Beginning balance	$	549.9	$	615.0
Service cost	10.3		9.8
Interest cost	21.7		22.9
Plan participants’ contributions	1.7		1.6
Actuarial gain	(8.1)		(19.2)
Benefits paid	(32.6)		(34.8)
Other	0.2		(3.3)
Curtailments	—		(0.7)
Settlements	(7.1)		(10.5)
Amendments	0.7		(0.3)
Foreign currency exchange rate changes	52.7		(30.6)
Ending balance	$	589.4	$	549.9

Change in plan assets
Beginning balance	$	494.3	$	540.2
Actual return on plan assets	19.0		9.5
Employer contributions	12.4		14.2
Plan participants’ contributions	1.7		1.6
Benefits paid	(32.6)		(34.8)

Settlements	(7.1)		(10.5)
Foreign currency exchange rate changes	48.4		(25.9)
Ending balance	$	536.1	$	494.3

Funded status	$	(53.3)	$	(55.6)

The following table presents the amounts recognized in the consolidated balance sheets and weighted-average assumptions used to determine benefit obligations:


	December 31,
(in millions)	2025		2024
Amounts recognized in the Consolidated Balance Sheets
Other noncurrent assets	$	55.7	$	44.1
Accrued expenses	(5.9)		(5.8)
Other noncurrent liabilities	(103.1)		(93.9)
Net amount recognized	$	(53.3)	$	(55.6)


Weighted-average assumptions used to determine benefit obligations
Discount rate	4.3	%	4.1	%
Rate of compensation increase	3.0	%	3.0	%

The measurement date for all plans is December 31st. Accordingly, at the end of each fiscal year, the Company determines the discount rate to measure the plan liabilities at their present value. The discount rate is an estimate of the rate at which the benefit obligations could be effectively settled. The discount rate is set by reference to specific analyses using market yields on high-quality corporate bonds and each plan’s specific cash flows.

The Company uses the spot-rate approach for its significant retirement benefit plans. Under the spot-rate approach, the Company uses individual spot rates along the yield curve that correspond with the timing of each expected future cash outflow for benefit payments in order to calculate interest cost and service cost within net periodic benefit costs.

The PBO at December 31, 2025 and 2024, was $589.4 million and $549.9 million, respectively. The Company had 31 plans at December 31, 2025 and 36 plans at December 31, 2024 for which the PBO was in excess of the fair value of plan assets. For these plans, the aggregate PBO at December 31, 2025 and 2024 was $174.4 million and $210.8 million, respectively, and the aggregate fair value of plan assets at December 31, 2025 and 2024 was $65.4 million and $111.1 million, respectively.

At December 31, 2025 and 2024, the accumulated benefit obligation was $560.5 million and $525.4 million, respectively. The Company had 31 plans at December 31, 2025 and 35 plans at December 31, 2024 for which the accumulated benefit obligation was in excess of the fair value of plan assets. For these plans, the aggregate pension accumulated benefit obligation at December 31, 2025 and 2024 was $151.8 million and $188.2 million, respectively, and the aggregate fair value of plan assets at December 31, 2025 and 2024 was $65.4 million and $106.0 million, respectively.

The following table presents the components of net periodic pension cost:


	Netherlands(1)						Other						Total
(in millions)	2025		2024		2023		2025		2024		2023		2025		2024		2023
Service cost	$	—	$	—	$	—	$	10.3	$	9.8	$	8.1	$	10.3	$	9.8	$	8.1
Interest cost	—		—		1.2		21.7		22.9		22.3		21.7		22.9		23.5
Expected return on plan assets	—		—		(1.0)		(25.2)		(24.7)		(20.5)		(25.2)		(24.7)		(21.5)
Amortization of net gain	—		—		—		(0.7)		(0.4)		(1.0)		(0.7)		(0.4)		(1.0)
Amortization of prior service credit	—		—		—		—		—		(0.1)		—		—		(0.1)
Curtailments	—		—		—		—		(0.5)		—		—		(0.5)		—
Settlements	—		—		6.3		0.2		0.2		(0.2)		0.2		0.2		6.1
Special and contractual termination benefits	—		—		—		0.2		—		—		0.2		—		—
Net periodic pension cost	$	—	$	—	$	6.5	$	6.5	$	7.3	$	8.6	$	6.5	$	7.3	$	15.1

(1)As described above, the Company completed a settlement of the Netherlands plan in 2023.

Service cost is reported as a component of selling, general and administrative expenses. The other components of net periodic pension cost totaling net benefits of $3.8 million and $2.5 million for the years ended December 31, 2025 and 2024, respectively, and net costs of $7.0 million for the year ended December 31, 2023 were presented as a component of nonoperating expense, net.

The following weighted-average actuarial assumptions were used to determine net periodic pension cost:


	Netherlands(1)				Other						Total
	2025	2024	2023		2025		2024		2023		2025		2024		2023
Discount rate	N/A	N/A	4.2	%	4.1	%	3.9	%	4.7	%	4.1	%	3.9	%	4.7	%
Rate of compensation increase	N/A	N/A	N/A		3.0	%	3.0	%	3.3	%	3.0	%	3.0	%	3.3	%
Expected return on plan assets	N/A	N/A	4.2	%	5.2	%	5.3	%	4.8	%	5.2	%	5.3	%	4.8	%

(1)As described above, the Company completed a settlement of the Netherlands plan in 2023.

The expected long-term rate of return on pension plan assets were based on a review of the historical returns of the asset classes in which the assets of the Pension Plans are invested and long-term economic forecast for the type of investments held by the plans. The historical returns on these asset classes were weighted based on the expected long-term allocation of the assets of the Pension Plans.

The actual return on plan assets will vary year to year from this assumption. The difference between the expected return and actual return on plan assets is amortized into expense over the service lives of the plan participants. These amounts are reflected on the consolidated balance sheets through charges to accumulated other comprehensive loss, a component of shareholders’ equity.

The following tables set forth the changes and the end of year components of accumulated other comprehensive (loss) income for the defined benefit plans:


(in millions)
Changes to balance:
Balance at December 31, 2023, before tax effect	$	25.4
Prior service credit	(0.4)
Net actuarial gain	(7.4)
Curtailments	0.6
Settlements	(0.2)
Amortization of actuarial loss	0.7
Foreign currency exchange rate changes	(1.8)
Balance at December 31, 2024, before tax effect	$	16.9
Prior service cost	0.7
Net actuarial gain	(2.1)

Settlements	(0.2)
Amortization of actuarial loss	1.3

Foreign currency exchange rate changes	1.0
Balance at December 31, 2025, before tax effect	$	17.6


	December 31,
(in millions)	2025		2024
Components of balance:
Prior service cost	$	0.9	$	0.1
Net actuarial loss	16.7		16.8
Ending balance, before tax effect	$	17.6	$	16.9
Tax effect	1.3		1.7
Ending balance, after tax effect	$	18.9	$	18.6

Estimated future benefit payments are as follows:


(in millions)	Benefit Payments
For the year ending December 31,
2026	$	39.8
2027	41.4
2028	38.4
2029	40.5
2030	42.5
2031-2035	219.7

The Company expects to contribute approximately $3.3 million to pension plans in 2026.

The primary objective with regard to the investment of the Pension Plans’ assets is to ensure that in each individual plan, sufficient funds are available to satisfy future benefit obligations. For this purpose, asset and liability management studies are made periodically at each pension fund. For each of the Pension Plans, an appropriate mix is determined on the basis of the outcome of these studies, taking into account the national rules and regulations.

The Pension Plans’ asset mixes for such plans are summarized as follows:


	December 31,
	2025		2024
Equity securities	23.4	%	22.6	%
Fixed income securities	26.2	%	34.8	%
Insurance	29.5	%	29.6	%
Other	20.9	%	13.0	%
Total	100.0	%	100.0	%

The following tables set forth the fair value of the Pension Plans’ assets by asset category:


	December 31, 2025
(in millions)	Level 1		Level 2		Level 3		NAV(1)		Total
Cash and equivalents	$	12.0	$	—	$	—	$	58.4	$	70.4
Equity securities	3.2		101.6		—		20.5		125.3
Fixed income securities:
Corporate bonds	0.2		26.8		—		5.1		32.1
Government issued debt	6.3		53.3		—		2.3		61.9
Liability driven investments	—		—		—		46.7		46.7
Insurance	—		75.6		—		82.3		157.9
Private equity and hedge funds	—		5.2		—		8.5		13.7
Real estate	—		27.6		—		0.5		28.1
Total investments	$	21.7	$	290.1	$	—	$	224.3	$	536.1

(1) Investments measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The amounts presented in the table are intended to reconcile the fair value hierarchy to the total fair value of plan assets.


	December 31, 2024
(in millions)	Level 1		Level 2		Level 3		NAV(1)		Total
Cash and equivalents	$	10.9	$	—	$	—	$	4.4	$	15.3
Equity securities	2.3		92.6		—		17.0		111.9
Fixed income securities:
Corporate bonds	0.4		24.6		—		2.9		27.9
Government issued debt	4.9		47.3		—		—		52.2
Liability driven investments	—		—		—		91.6		91.6
Insurance	—		70.3		—		76.2		146.5
Private equity and hedge funds	—		4.0		—		18.6		22.6
Real estate	—		25.6		—		0.7		26.3
Total investments	$	18.5	$	264.4	$	—	$	211.4	$	494.3

(1)Investments measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The amounts presented in the table are intended to reconcile the fair value hierarchy to the total fair value of plan assets.

The Pension Plans' assets are measured at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities are classified in the fair value hierarchy based on the lowest level of any input that is significant to the measurement of fair value. Investments for which fair value is measured using the NAV per share practical expedient are not classified in the fair value hierarchy. These funds are valued at the net asset value of shares held in the underlying funds.

Defined Contribution Plans

The Company offers defined contribution plans to certain participants, including in the United States. In the United States, the Company contributes cash to each employee’s retirement account in an amount up to 3% of eligible compensation. For the years ended December 31, 2025, 2024 and 2023, total expenses for all defined contribution plans were $32.4 million, $41.0 million and $30.5 million, respectively.

Deferred Compensation Plan

The Company participates in a deferred compensation plan that permits select employees to make pre-tax deferrals of compensation. Employees have the option to transfer deferral balances into a variety of investment options. As of December 31, 2025 and 2024, the Company’s obligation under the deferred compensation plan was $3.7 million and $3.2 million, respectively, which was included in other noncurrent liabilities in the consolidated balance sheets.

A Rabbi Trust arrangement has been established to provide for the liabilities associated with the deferred compensation plan. The assets are composed of investments in mutual funds. As of December 31, 2025 and 2024, $3.6 million and $3.2 million, respectively, was recorded in other assets in the consolidated balance sheets for this arrangement.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
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-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

16. SHARE-BASED COMPENSATION

In connection with the Advent Acquisition, the Company, Advent and entities created to own the Company implemented the 2021 Plan. At the commencement of the 2021 Plan, the maximum number of units or shares authorized were 282,353, which was subsequently amended to increase the maximum number of authorized units or shares to 343,782. At December 31, 2024, the aggregate pool of shares outstanding for the awards under the 2021 Plan totaled 295,074 shares.

In connection with the IPO, the Board of Directors adopted the NIQ Global Intelligence plc 2025 Equity Incentive Plan (the “2025 Plan”). If any award granted under the 2025 Plan is cancelled, forfeited or acquired (pursuant to a call, redemption or other right), the units or shares subject to such award will again be available for issuance under the plan. At the commencement of the 2025 Plan, the maximum number of units or shares authorized under the 2021 Plan and 2025 Plan was 41,794,552. At December 31, 2025, the aggregate pool of shares outstanding for the awards under the 2021 Plan and 2025 Plan totaled 21,833,073 shares.

Pursuant to the IPO, the maximum number of units or shares authorized and aggregate pool of shares outstanding for the awards under the 2021 Plan and 2025 Plan were converted into ordinary shares and RSUs of the Company and will continue to vest in accordance to the terms of their plans as further discussed below.

Incentive Awards

Pursuant to the 2021 Plan, shares were issued in the form of Class B, Class C, Class D and Class E shares (collectively, the “Incentive Awards”) of AI PAVE, interests in which are subject to the terms of incentive awards. The Incentive Awards received distributions after Advent and others received their invested capital. Upon the IPO, all vested Class Incentive Awards were automatically converted to ordinary shares of the Company, and any unvested Class Incentive Awards were converted to RSUs under the 2025 Plan, subject to the awards’ original terms.

The Incentive Awards were comprised of time-based awards and performance-based awards. Time-based awards generally vest quarterly in equal amounts over a four or five-year period. The performance-based awards are accounted for as awards with both performance and market conditions and the compensation cost is deferred until the performance conditions will be achieved.

The fair values of the awards were estimated using the Monte Carlo simulation model and included the following assumptions:


	Year Ended December 31,
	2024	2023
Expected term (in years)	2.5	3.8
Expected volatility	30.0%	32.0%
Discount for lack of marketability	12.5%	15.0%
Risk-free interest rate	4.3%	4.2%

The following tables set forth a summary of time-based awards and performance-based awards, respectively, prior to the IPO:


Time-based Incentive Awards	Awards	Weighted Average Grant Date Fair Value
Unvested at December 31, 2022	82,440	$	200.85
Granted	12,795	$	181.78
Vested	(21,552)	$	201.48
Forfeited	(11,141)	$	184.24
Unvested at December 31, 2023	62,542	$	199.90
Granted	22,177	$	99.62
Vested	(26,063)	$	179.78
Forfeited	(10,179)	$	157.19
Unvested at December 31, 2024	48,477	$	177.50


Performance-based Incentive Awards	Awards	Weighted Average Grant Date Fair Value
Unvested at December 31, 2022	145,563	$	157.29
Granted	17,068	$	57.83

Forfeited	(10,889)	$	166.94
Unvested at December 31, 2023	151,742	$	147.34
Granted	14,648	$	48.08

Forfeited	(9,057)	$	120.82
Unvested at December 31, 2024	157,333	$	139.69

There were no grants of Incentive Awards during 2025. See below for further detail on the Incentive Awards activity, as converted to RSUs upon the IPO, for the year ended December 31, 2025.

Restricted Stock Units

May 2025 Grants

In May 2025, the Board of Directors approved and granted a new class of RSUs under the 2021 Plan. The awards include both time-based and performance-based RSUs, each subject to dual vesting conditions and continued employment of the participant.

Time-based RSUs vest upon the satisfaction of both a service condition and a performance condition (liquidity event, such as an IPO or a change of control). In the event of a change of control, all unvested time-based RSUs are subject to accelerated vesting, and any previously unrecognized compensation expense will be recognized at that time. Upon the IPO, the vested time-based RSUs converted into fully vested ordinary shares, while the unvested time-based RSUs remain subject to the original time-based vesting schedule.

Performance-based RSUs also require both a performance condition (liquidity event) and a market condition (return of invested capital). These RSUs vest in tranches as specific capital return thresholds are met. Upon the IPO, any vested performance-based RSUs converted into fully vested ordinary shares. Unvested performance-based RSUs converted into time-based RSUs and continue to vest based on the applicable time-based vesting schedule.

The fair values of the RSUs were estimated using the Monte Carlo simulation model and included the following assumptions as of the RSU grant date:


Expected term (in years)			4.0
Expected volatility			31.7%
Discount for lack of marketability			7.3%
Risk-free interest rate			4.2%

August and November 2025 Grants

On August 20, 2025 and November 19, 2025, the Board of Directors approved and granted RSUs under the 2025 Plan. The number of shares granted was determined by dividing the target award value by the closing price of the Company’s ordinary shares on the date of grant, with amounts rounded to the nearest whole share. The awards consist solely of time-based RSUs that vest annually over four years, subject to continued service. In the event of a change of control, all unvested time-based RSUs are subject to accelerated vesting, and any previously unrecognized compensation expense will be recognized at that time.

RSU Activity

The following table sets forth a summary of the time-based RSUs:


Time-based RSUs	RSUs	Weighted Average Grant Date Fair Value
Unvested at July 24, 2025 (date of IPO)1	14,248,282	$	5.78
Granted	2,490,804	$	17.18
Vested	(8,148,420)	$	4.63
Forfeited	(368,623)	$	11.67
Unvested at December 31, 2025	8,222,043	$	10.11

(1)Includes the Incentive Awards, as converted to RSUs upon the IPO, and the May 2025 grants.

In addition to the time-based RSUs, the Company also had 5,523,014 of unvested performance-based RSUs, with a weighted average grant date fair value of $2.32, as of December 31, 2025, none of which were granted, vested or forfeited during the period. The vesting for these awards is dependent upon certain performance conditions as set forth in the award agreement that will only be achieved on change of control or another liquidity event based on Advent’s return on its aggregate invested capital.

As of December 31, 2025, there was $55.9 million of unrecognized compensation expense related to the RSUs, which is expected to be recognized over a weighted average period of 3.2 years.

Share-based Compensation Expense

The Company incurred total share-based compensation expense of $61.1 million, $4.7 million and $4.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, which is included in selling, general and administrative expenses for such periods. During the third quarter of 2025, the Company recognized a cumulative catch-up of share-based compensation expense primarily driven by the completion of its IPO and the satisfaction of certain conditions associated with RSUs and the Phantom Awards agreements. This adjustment reflects the recognition of previously unrecognized share-based compensation expense related to awards that became probable of vesting upon meeting the specified criteria. Of the shared-based compensation recognized during the year ended December 31, 2025, approximately $42.2 million represents the cumulative catch-up adjustment, inclusive of approximately $18.1 million affiliated with the Phantom Awards.

REPORTABLE SEGMENTS

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

REPORTABLE SEGMENTS

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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

NONOPERATING EXPENSE, NET

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NONOPERATING EXPENSE, NET

18. NONOPERATING EXPENSE, NET

The following table sets forth the components of nonoperating expense, net:


	Year Ended December 31,
(in millions)	2025		2024		2023
Remeasurement of Warrant to fair value (Note 11)	$	(39.7)	$	(75.2)	$	(101.1)
Write-off of unamortized debt discount and debt issuance costs (Note 10)	(35.0)		(35.8)		—
Factoring fees	(11.8)		(14.7)		(15.0)
Gain from remeasurement of previously held equity interest (Note 3)	—		—		15.1
Earnings from equity method investments, net	3.6		4.7		1.8
Net periodic benefit (cost), other than service cost (Note 15)	3.8		2.5		(7.0)
Deconsolidation of subsidiaries (Note 4)	5.2		(57.8)		—
Income from transition services agreement	8.4		10.9		—
Settlement of tax indemnification	11.3		21.2		(3.5)
Other	(1.6)		(1.7)		0.5
Nonoperating expense, net	$	(55.8)	$	(145.9)	$	(109.2)

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

19. COMMITMENTS AND CONTINGENCIES

The Company is subject to litigation and other claims in the ordinary course of business. As of December 31, 2025, the Company does not believe there is a reasonable possibility that any material loss exceeding the amounts already recognized for such legal matters has been incurred. However, the ultimate resolutions of these legal matters are inherently unpredictable. As such, the Company’s financial condition and results of operations could be adversely affected in any particular period by the unfavorable resolution of one or more of these legal matters.

The Company has entered into contractual obligations related to agreements to purchase data, data processing, cloud services, information technology services, building maintenance, equipment purchasing and various outsourcing contracts. These agreements are not unilaterally cancellable by the Company, are legally enforceable with respect to the Company and the counterparties, and specify fixed or minimum amounts or quantities of goods or services at fixed or minimum prices. The amounts presented below include the minimum annual payments under the Company’s purchase obligations that have initial or remaining non-cancelable terms in excess of one year.


(in millions)	Contractual Obligations
For the year ending December 31,
2026	$	298.7
2027	185.4
2028	154.3
2029	132.4
2030	18.3
Thereafter	55.5
Total	$	844.6

The Company also has minimum commitments under non-cancelable operating and finance leases. See Note 9. “Leases” for payments required under operating and finance leases.

As of December 31, 2025, the Company had $15.1 million in outstanding letters of credit.

As of December 31, 2025, the consolidated balance sheet included a receivable to Nielsen of $3.2 million within prepaid expenses and other current assets and a payable to Nielsen of $25.3 million within other noncurrent liabilities. As of December 31, 2024, the consolidated balance sheet included a receivable from Nielsen of $5.9 million within prepaid expenses and other current assets and a payable to Nielsen of $35.3 million within other current liabilities and other noncurrent liabilities. These balances are estimated under tax indemnification arrangements, pursuant to the purchase and sale agreement with Advent, for certain liabilities to various taxing authorities that are expected to be settled in future periods.

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

20. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

The following table sets forth the changes in each component of accumulated other comprehensive (loss) income, net of tax:


(in millions)	Foreign Currency Translation		Defined Benefit Plans		Cash Flow Hedges		Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2022	$	11.7	$	(1.1)	$	64.5	$	75.1
Foreign currency translation adjustments	69.5		—		—		69.5
Defined benefit plan adjustments, net of tax of $(3.7)	—		(23.8)		—		(23.8)
Cash flow hedges, net of tax of $—	—		—		(40.1)		(40.1)
Balance as of December 31, 2023	81.2		(24.9)		24.4		80.7
Foreign currency adjustments:
Foreign currency translation adjustments	(95.3)		—		—		(95.3)
Net investment hedges	(1.9)		—		—		(1.9)
Defined benefit plan adjustments, net of tax of $2.2	—		6.3		—		6.3
Cash flow hedges, net of tax of $—	—		—		(27.5)		(27.5)
Balance as of December 31, 2024	(16.0)		(18.6)		(3.1)		(37.7)
Foreign currency adjustments:
Foreign currency translation adjustments	20.4		—		—		20.4
Net investment hedges	(6.6)		—		—		(6.6)
Defined benefit plan adjustments, net of tax of $0.4	—		(0.3)		—		(0.3)
Cash flow hedges, net of tax of $—	—		—		(7.8)		(7.8)
Balance as of December 31, 2025	$	(2.2)	$	(18.9)	$	(10.9)	$	(32.0)

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	21. SUBSEQUENT EVENTS In February 2026, the Company approved an incremental cost realignment program (the “2026 Program”) intended to further streamline the organization and drive operational efficiency. The 2026 Program is designed to generate additional annualized cost savings of approximately $55 million to $65 million by the end of fiscal year 2026. The 2026 Program supports the Company’s ongoing efforts to enhance margin performance through continued optimization of its workforce, enhancements to its sales organization and other support functions, and simplification of overall business processes. Investments in automation and artificial intelligence (“AI”) are anticipated to accelerate the Company’s optimization efforts as it begins its journey to operationalize these digital tools throughout the organization. Collectively, these actions are expected to improve efficiency, customer satisfaction, product innovation and productivity. The 2026 Program is intended to further reduce costs primarily within selling, general and administrative expenses. The Company expects to incur total pre-tax restructuring charges of approximately $50 million to $60 million, the substantial majority of which would result in cash expenditures. The Company expects that execution of the 2026 Program will occur primarily in the first half of 2026, subject to local laws and consultation requirements.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have developed and implemented a cybersecurity strategy and risk management program designed to protect the confidentiality, integrity and availability of our systems and information. This program is integrated into our enterprise risk management framework and informed by recognized industry practices, including the NIST Cybersecurity Framework, CIS Critical Security Controls and the ISO/IEC 27001:2022 Framework. The key elements of our cybersecurity risk management program are described below: We utilize internal information technology resources for the primary aspects of our cybersecurity program. Our internal team is supported by external service providers and consultants as needed. We conduct ongoing cybersecurity program maturity assessments and business impact analyses to identify critical processes, sensitive data and potential operational disruptions. These assessments help us prioritize risks from cybersecurity threats and allocate resources effectively. We perform ongoing vulnerability assessments of our internal and external environments along with independent pressure testing (including penetration testing) by third-party organizations to independently evaluate the real-world efficacy of our cybersecurity program. These assessments supplement our internal reviews and are designed to ensure the effectiveness of our controls and risk mitigation of new cybersecurity vulnerabilities. We utilize third-party service providers for certain business operations. We have established processes to assess and monitor cybersecurity risks associated with these service providers. Our reviews include evaluating providers’ SOC 2 Type II, or other relevant security audit reports, assessing incident response strategies and conducting ongoing monitoring of significant changes throughout our relationship with the provider. Our risk management program monitors for risk to our systems and services presented by these service providers and promotes strategies to address any threats identified. We employ a multi-layered defense approach to cybersecurity leveraging our people, external resources, controls, tools and automated platforms to reduce the risk that could result from a cybersecurity incident. We maintain a documented cybersecurity incident response plan that outlines the steps to respond to cybersecurity incidents. This plan is periodically tested, and we retain external forensic support, if required, for material incidents. Finally, we provide recurring cybersecurity training and awareness programs for employee, leveraging actual scenarios to validate and improve our cybersecurity incident response plan and ensure that our management understands its roles and responsibilities if a cybersecurity incident were to occur. Our cybersecurity strategy and risk management program interfaces with other functional areas within the NIQ, including our business segments, legal, compliance, human resources and internal audit departments, and is overseen by management as part of our enterprise risk management process. We have not identified incidents from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected our business or financial condition. However, there can be no assurance that we will not suffer a significant event in the future as we continue to face ongoing risks from cybersecurity threats that, if realized, could be reasonably likely to materially affect us, including our operations, business strategy, results of operations, financial condition or cash flows. For more information on how cybersecurity risk may materially affect our business, financial positions, results of operations or cash flows, please see Part I, Item 1A. Risk Factors hereof.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed and implemented a cybersecurity strategy and risk management program designed to protect the confidentiality, integrity and availability of our systems and information. This program is integrated into our enterprise risk management framework and informed by recognized industry practices, including the NIST Cybersecurity Framework, CIS Critical Security Controls and the ISO/IEC 27001:2022 Framework.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	ur Board of Directors oversees cybersecurity risk as part of its broader risk oversight responsibilities. The Audit Committee has primary responsibility for evaluating our cybersecurity risk management program, monitoring major cybersecurity risk exposures and reviewing the steps management has taken to assess, identify and manage these exposures, including policies and procedures for risk mitigation and compliance with applicable legal and regulatory requirements. Management is responsible for implementing cybersecurity strategy and managing day-to-day risks. Key roles include our Chief Security Officer and our CTO, who reports directly to our CEO. The Chief Security Officer leads our cybersecurity risk management program, ensuring alignment with business objectives and strategy and supervising internal cybersecurity personnel and external cybersecurity service providers. The CTO provides strategic oversight of the Chief Security Officer’s duties, technology infrastructure and execution of cybersecurity initiatives. Both the Chief Security Officer and CTO have over 15 years of experience in cybersecurity leadership roles, including prior positions at publicly traded companies. Our Chief Security Officer has extensive experience developing and implementing cybersecurity programs in banking and the credit reporting industry and holds relevant industry certifications, including the Digital Directors Network Qualified Technology Expert (“QTE”) certification, while our CTO previously served as CTO and Chief Information Officer (“CIO”) for a NYSE listed credit reporting agency prior to joining the NIQ. As part of our defined cybersecurity policies and cybersecurity incident response plan, management is regularly updated on the status of the execution of our cybersecurity strategy and daily operations of the program. This includes regular reporting and evaluation of significant cybersecurity incidents. Updates on cybersecurity program performance, incident response readiness and emerging threats are provided to the appropriate internal risk committees as needed. Our CTO, supported by our Chief Security Officer, provides quarterly reports to the Audit Committee, which generally include: •Our current cybersecurity risk profile; •Any changes to our cybersecurity strategy; •Status of the execution of the cybersecurity strategy; and •A summary of any material cybersecurity incidents, including nature, impact and remediation. In the event of a material cybersecurity incident, communication to the Audit Committee of the Board of Directors occurs promptly, pursuant to our cybersecurity incident response plan.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	ur Board of Directors oversees cybersecurity risk as part of its broader risk oversight responsibilities. The Audit Committee has primary responsibility for evaluating our cybersecurity risk management program, monitoring major cybersecurity risk exposures and reviewing the steps management has taken to assess, identify and manage these exposures, including policies and procedures for risk mitigation and compliance with applicable legal and regulatory requirements.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CTO, supported by our Chief Security Officer, provides quarterly reports to the Audit Committee, which generally include: •Our current cybersecurity risk profile; •Any changes to our cybersecurity strategy; •Status of the execution of the cybersecurity strategy; and •A summary of any material cybersecurity incidents, including nature, impact and remediation. In the event of a material cybersecurity incident, communication to the Audit Committee of the Board of Directors occurs promptly, pursuant to our cybersecurity incident response plan.
Cybersecurity Risk Role of Management [Text Block]	Management is responsible for implementing cybersecurity strategy and managing day-to-day risks. Key roles include our Chief Security Officer and our CTO, who reports directly to our CEO. The Chief Security Officer leads our cybersecurity risk management program, ensuring alignment with business objectives and strategy and supervising internal cybersecurity personnel and external cybersecurity service providers. The CTO provides strategic oversight of the Chief Security Officer’s duties, technology infrastructure and execution of cybersecurity initiatives.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Chief Security Officer leads our cybersecurity risk management program, ensuring alignment with business objectives and strategy and supervising internal cybersecurity personnel and external cybersecurity service providers. The CTO provides strategic oversight of the Chief Security Officer’s duties, technology infrastructure and execution of cybersecurity initiatives.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Both the Chief Security Officer and CTO have over 15 years of experience in cybersecurity leadership roles, including prior positions at publicly traded companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	As part of our defined cybersecurity policies and cybersecurity incident response plan, management is regularly updated on the status of the execution of our cybersecurity strategy and daily operations of the program. This includes regular reporting and evaluation of significant cybersecurity incidents. Updates on cybersecurity program performance, incident response readiness and emerging threats are provided to the appropriate internal risk committees as needed.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission.

Prior to the effects of the Reorganization and IPO, the historical financial statements presented the financial information of Dutch Holdings. Subsequent to the Reorganization and IPO as described above in Note 1. “Organization”, the financial statements were recast to reflect the consolidated financial statements of NIQ Global Intelligence plc and its consolidated subsidiaries, including Dutch Holdings and the AI PAVE Entities, as a transaction between entities under common control. The recast presentation began with the condensed consolidated financial statements as of and for the nine months ended September 30, 2025, the first reporting period following the Reorganization and IPO. All subsequent reporting periods, including the accompanying consolidated financial statements herein, will similarly reflect the recast presentation. Prior to the Reorganization, NIQ Global Intelligence plc had no material assets and conducted no operations (other than activities incidental to its formation, the Reorganization and the IPO). Aside from the impact of the Warrant (as further described below), the Company has assessed the impact to the consolidated financial statements of NIQ Global Intelligence plc as a result of the Reorganization to be immaterial.

In addition to the Reorganization and IPO, the Company notes the following transactions, which resulted in an impact to the basis of presentation within these consolidated financial statements:

Basis of Presentation

Intercompany transactions and balances have been eliminated. Noncontrolling interests are recorded for entities that are consolidated, but for which NIQ owns less than 100% of the equity interests.

Reclassification