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Executive Summary · Apr YTD 2026 · Travel · Fin Services · Automotive

1. YoY Comparison

EUI revenue +76% YoY ('26 YTD $1,654Mn vs '25 YTD $938Mn). 🚗 Auto +60% — fully on target (60% goal, 100% attainment). ✈️ Travel +51% and 💳 FS +66% are growing strongly but tracking below '26 growth target (Travel 87% / FS 95% attainment). Travel gap is a single-account effect — Booking Holdings (46% of Travel) growing only +16%; ex-Booking Travel is +97%, well above target. FS gap is more diffuse, with Revolut (largest account, +26% on $16M base) the main soft spot.
Profitability improved despite the revenue gap, most visibly in 💳 FS: FS E/R compressed −1.1pp YoY (8.0% → 6.9%) on FS revenue of $100.9M (+66% YoY).

2. HC Costs (Labor / Bus Hospitality / Travel)

🚗 Auto Rev/V-FTE = $1,656K vs blended $1,993K (−17%) — Auto is below blended in all 7 teams (IL −34%, UKIBNL −20%, FRITES −13%, DACH −8%, CEU −8%, SMB −3%, Nordics −1%). Right-size Auto coverage in IL/UKIBNL/FRITES where the gap is widest.
Bus Hospitality coverage is mis-matched to top revenue: across the 60 top-revenue advertisers per priority vertical, ~29 have $0 Bus Hospitality and only ~3 sit above their team E/R. Booking Holdings ($38.7M), Revolut ($8.1M), Trade Republic ($4.6M), Stellantis (UKIBNL & FRITES), Airbnb, Whitbread all under-served.
Vertical-specific BH projects are thin: only 5 dedicated (>50% allocation) projects across the three priority verticals (~$30K total). Travel = 0 dedicated, Auto = 0 dedicated, FS = 5 (~$20K, of which the DACH C-level FS event $7K and Digitas MarTec OMR breakfast $10K are the only meaningful FS-purpose investments). Add 1 vertical-purpose flagship per priority × region in H2.

3. Incentives (JBP / STI / Agency)

JBP coverage on Top-20 advertisers (NAL-canonical match): Auto 2/20 (Stellantis FRITES + UKIBNL), Travel 4/20 (Booking, RIU, Melia, eDreams), FS 3/20 (Revolut, Trade Republic, Lloyds). Total 9 of 60 top-revenue accounts JBP-supported.
7 advertisers pass both new JBP qualification flags (≥50% YTD growth AND ≥$7M projected '26 spend) but have no JBP today: Meet Cleo ($3.30M, no coverage), Tui ($3.10M), Airbnb ($2.72M, NEW vs '25), Volkswagen ($2.47M), REMITLY ($2.34M), Lemonade ($2.26M, no coverage), Caixabank ($2.00M). Convert to JBP for FY '26 — the spend is already happening at JBP-deal scale.
STI is less effective in FS: where the FS Top-20 has no JBP today (Meet Cleo, Sainsbury, Monzo, Amex, Wise, Visa, etc.), team STI ROI is materially weaker than CLP. Prioritize JBP conversion over STI in FS; reserve STI for the proven team-vertical cells (UKIBNL FS 15.9× and FRITES Auto 35.4×). FS STI low-ROI is concentrated in one program — Q1-26 Discretionary Fund / Seller-Led — driving 94% of FS STI loss ($211.4K of $225.7K) across CEU/IL/DACH; reroute the freed envelope to UKIBNL FS standard STI and FRITES FS Product-Adoption.
↗ Stellantis cross-region appetite (UKIBNL): Stellantis JBP exists today only for Stellantis-EUI-FRSEU-IT. Stellantis UKIBNL ($1.13M YTD · +137% YoY) is therefore not JBP-supported under the strict NAL match. Recommend confirming with the FRSEU GAM / holding group whether the JBP can be extended to UKIBNL (and DACH) for FY '26.
11 zero-coverage top-revenue advertisers (no JBP / no STI / no Agency) — FS dominates: Meet Cleo, Monzo, Scalable, Digital Moneybox, WorldRemit, Lemonade. Move the qualifying ones to UKIBNL FS / DACH FS STI in H2.
↗ Commercial Deal — torso / long-tail capture lever: a lower-bar incentive (growth >70% AND projected '26 ≥ $3.5M) catches 11 fast-growing $3.5–7M accounts that fall below the territory JBP threshold but are too valuable to leave on Agency-only. FS is the biggest unlock (6 of 11) — Scalable GmbH (DACH, +395%, $6.6M proj., zero coverage) is the top FS target; IHG (UKIBNL Travel, +13,732%, $3.9M proj., zero coverage) is the top Travel target; Stellantis & RNM Alliance (UKIBNL Auto) are best served by extending existing FRSEU-IT / FRITES JBPs into UKIBNL rather than opening new territory deals.

4. CLP (Commercialization Costs)

CLP is more effective in Travel (11.17×) and Fin Services (5.62×) than in Automotive (2.24×). Auto CLP is a 5-order book — 2 orders ($90K, 54% of Auto CLP cost) returned just $18.6K: UKIBNL Citroen UK C5AC ($45K · 0.00×) and DACH KIA Q1/26 EV4/EV5 Faststart ($45K · 0.41×). Both are OEM EV-launch creative production where the rev window (Above-60-Days) is shorter than the EV consideration cycle. Strip these and the residual Auto book runs at 4.48× ROI. Fix: gate future OEM EV-launch CLP on a 90-day rev checkpoint or co-fund with the OEM agency.

5. Marketing (Vertical-Specific Events ROI)

Total Marketing ROI = 16.85× (cost $1.9Mn · IR $32.0Mn) — clears the consolidated 12× target. Per-team rows show vertical-specific events only ($9.89M IR / $964K cost); the Total reconciles across the full FY '25 marketing book (vertical-specific + cross-vertical platform + webinars + non-event spend).
Only Fin Services has measurable vertical-specific event ROI worth scaling; Travel and Auto run on $0-cost webinars without a measurable cost denominator. Commission 2–3 cost-measurable Top-Table / Summit / Showcase events per priority vertical per EU5 region in FY '26 so Travel-style ROI evidence can be built for FS and Auto.

EUI Finance · Vertical Deep Dive

Travel, Fin Services & Automotive — April YTD

YoY Comparison & Cost Account breakdown

Filter by Team Showing all teams

YoY Comparison

Attainment vs '26 Growth Target = '25 Revenue × Vertical Growth Rate

Source: EUI Performance Lite Dataset

Vertical	'26 YTD Revenue ($Mn)	YoY Growth % '26 YTD vs '25 YTD	'26 Global Vertical Growth Target %	pp Variance YoY − Target	'26 YTD E/R	'25 FY E/R	E/R Variance
✈️ Travel	83.6	+50.5%	73%	−22.5 pp	9.0%	9.1%	−0.1 pp
💳 Fin Services	100.9	+65.9%	74%	−8.1 pp	6.9%	8.0%	−1.1 pp
🚗 Automotive	22.3	+60.0%	60%	+0.0 pp	13.1%	13.1%	−0.1 pp

YoY Growth % = ('26 YTD Revenue ÷ '25 YTD Revenue) − 1. '26 Global Vertical Growth Targets set centrally: ✈️ Travel 73% · 💳 Fin Services 74% · 🚗 Automotive 60%. pp Variance = YoY Growth % − Global Target %.

Improving / on-track Watch

Assumptions

(a) Average costs are attributed equally across all HC; (b) SMB only got moved into EUI in 2026 — for YoY-consistent E/R comparison, 2025 SMB labor is synthesized using a labor-share method: (2026 SMB labor YTD ÷ 2026 EUI labor YTD ex-SMB) × 2025 EUI labor FY ex-SMB = $1.22M / $190.76M × $393.84M = $2.51M FY 2025 (vertical mix carried from 2026 SMB %), avoiding a YoY scope shift; and (c) only costs that are controllable / directly attributable to a vertical and capable of supporting growth were taken into consideration.

Key takeaways

          🚗 Automotive is in line with target (+60% YoY vs 60% goal · 100% attainment), while ✈️ Travel and 💳 Fin Services are growing strongly but tracking below '26 Growth Target ambitions (87% and 95% attainment respectively).
          The shortfall is concentrated, not broad-based:
          ✈️ Travel: Booking Holdings is 46% of YTD Travel revenue ($77.3M of $169.2M) and growing only +15.6% YoY — well below the 73% target. Stripped of Booking, the rest of Travel is growing +97%, comfortably above target. Travel attainment is therefore a single-account anchor effect, not a portfolio issue.
💳 Fin Services: no equivalent single-name anchor — gap is more diffuse. Largest account Revolut (+26% YoY on $16M base) is the main soft spot but only 8% of FS revenue; ex-Revolut FS is +65% (still −9pp vs target). Drag spread across mature payment / banking accounts (Monzo +1.5%, eToro +29%) being only partially offset by hyper-growth challengers (Lloyds +205%, Trade Republic +67%, Scalable +395%).

          However, profitability has improved despite the revenue gap — most visibly in 💳 Fin Services, with FS E/R compressing
          −1.1 pp YoY (8.0% → 6.9%) on FS revenue of $100.9M.
          The FS cost stack is dominated by two lines:
          Labor ($3.7M · ~54% of FS cost · incl SMB) and
          Sales Incentives (Agency $1.5M + JBP $1.1M + STI $0.3M = $2.9M · ~42% of FS cost) — together ~96% of the FS cost base. The −1.1pp move is therefore essentially a story of the FS revenue line (+66% YoY) growing materially faster than these two cost lines, rather than absolute cost reductions:
          
Labor scale leverage: FS-attributed Labor E/R sits at 3.65% ('26 YTD) vs the EUI blended 3.89% — Labor has not grown in line with the +66% FS revenue uplift, producing the bulk of the −1.1pp compression.
            

Incentive lines remain stable as a % of FS revenue: Agency 1.47%, JBP 1.10%, STI 0.32% — modest dilution on a fast-growing top line, but no major rate reductions on FS specifically. The FS STI line in particular is held back by the Q1-26 Discretionary Fund / Seller-Led programme which alone drives 94% of FS STI loss ($211.4K of $225.7K) across CEU/IL/DACH (see Section E).
            

CLP and CPS stay small ($0.2M / 0.21% E/R combined) — FS CLP runs at 5.62× ROI, the strongest of the priority verticals, but the absolute envelope is too small to materially move FS E/R either way.
            

Costs Overview

Cost Line × Vertical · Cost $Mn and E/R % side-by-side

▸ Source & methodology — what's behind each cost line (click to expand)

Cost Line	Timing of actuals	Source (base `Vi8Wbq3mua1a4bsWJdYlbcR1gvh`)
Labor (inc Benefits)	Q1 actuals + April M4 budget (April actuals not yet closed). Excludes BH and Travel (separate lines below).	`Summary - Labor (inc benefits) Vertical 2026`
Bus Hospitality	Reimbursements Jan–Apr actuals + PJ Q1 actuals + PJ April estimate (open balance to materialize in 8 months).	`Summary - BH Vertical 2026`
Travel	Q1 travel actuals + April travel-expenses detail.	`Summary - Travel Vertical 2026`
Agency / JBP	Q1 accruals + April accrual file for incentives.	`Summary - Agency Deals Vertical 2026` · `Summary - JBP Deals Vertical 2026`
STI	'26 YTD actuals only — excludes prior-year catch-up impacts.	`Summary - STI Vertical 2026`
CLP / CPS	CLP: completed orders only. CPS: project costs spread across start–end date with YTD portion booked.	`Summary - Comm Costs (CLP / CPS) Vertical 2026`
Marketing	FY '25 reference — vertical-specific events only; cross-vertical platform spend, $0-cost webinars and non-event marketing excluded from per-vertical rows.	`Summary - GLT Vertical 2026` · `Summary - Marketing ROI (2025)`

Vertical attribution: applied only to headcount-related costs (Labor, BH, Travel) — split by the vertical mix of accounts mapped to each sales individual. All other lines (Agency, JBP, STI, CLP, CPS, Marketing) use the native vertical tag on the source transaction.

Cost Line	Costs $Mn				Costs E/R %				ROI (Rev / Cost)
Cost Line	Total	✈️ Travel	💳 Fin Services	🚗 Automotive	Total	✈️ Travel	💳 Fin Services	🚗 Automotive	Total	✈️ Travel	💳 Fin Services	🚗 Automotive
Total	130.4	7.5	7.0	2.9	7.89%	8.96%	6.90%	13.05%	—	—	—	—
Labor Costs inc Benefits	64.2	3.1	3.7	1.0	3.89%	3.74%	3.65%	4.69%	—	—	—	—
Bus Hospitality	1.4	0.1	0.0	0.0	0.09%	0.09%	0.04%	0.07%	—	—	—	—
Travel	2.6	0.4	0.1	0.0	0.16%	0.44%	0.09%	0.15%	—	—	—	—
Agency Incentives	35.7	0.9	1.5	1.2	2.16%	1.06%	1.47%	5.19%	—	—	—	—
JBP Incentives	15.7	2.4	1.1	0.1	0.95%	2.91%	1.10%	0.52%	—	—	—	—
STI Incentives	3.9	0.2	0.3	0.1	0.24%	0.20%	0.32%	0.64%	9.37x	9.16x	3.36x	5.85x
CLP	5.8	0.4	0.2	0.3	0.35%	0.51%	0.21%	1.30%	5.08x	11.17x	5.62x	2.24x
CPS	0.6	0.0	0.0	0.1	0.03%	0.02%	0.00%	0.46%	—	—	—	—
Marketing	0.3	0.0	0.0	0.0	0.02%	0.00%	0.01%	0.00%	16.85x FY '25	23.9x FY '25	n/a* FY '25	n/a* FY '25

How to read: Each E/R % = (Cost Line spend allocated to vertical) ÷ (EUI vertical revenue). FY '25 Marketing ROI is FY '25 reference — '26 vertical-specific event spend has not been booked yet, so all other lines are '26 YTD basis while the Marketing ROI column carries forward the FY '25 benchmark.

Headcount-related (Labor, Bus Hospitality, Travel) Sales incentives (Agency, JBP, STI) Commercialization Costs (CLP, CPS) Marketing

HC Related Costs · Labor inc Benefits, Bus Hospitality & Travel

Revenue per FTE per vertical · Top-20 advertisers vs team Bus Hospitality benchmark · Vertical-specific projects · Travel × Bus Hospitality timing · Auto local-entertainment pattern

3.1 · Revenue per FTE — Total & Priority Verticals (Vertical-FTE)

Team	Total Rev/FTE ($K) Blended	✈️ Travel		💳 Fin Services		🚗 Automotive
Team	Total Rev/FTE ($K) Blended	Rev/FTE ($K)	Δ vs Team Blended	Rev/FTE ($K)	Δ vs Team Blended	Rev/FTE ($K)	Δ vs Team Blended
UKIBNL	2,491	2,993	+20%	2,761	+11%	1,997	−20%
DACH	1,715	1,699	−1%	1,764	+3%	1,580	−8%
FRITES	1,597	1,783	+12%	1,735	+9%	1,392	−13%
Nordics	1,816	2,170	+20%	2,122	+17%	1,801	−1%
CEU	1,259	1,637	+30%	1,310	+4%	1,161	−8%
IL	3,300	2,631	−20%	2,911	−12%	2,179	−34%
SMB	2,890	2,888	−0%	2,881	−0%	2,813	−3%
EUI (Total)	1,993	2,074	+4%	2,121	+6%	1,656	−17%

▲ Callout · 🚗 Automotive Rev/Headcount

🚗 Automotive Revenue per Headcount sits below every other priority vertical and below the EUI blended average. At EUI level Auto Rev/V-FTE is $1,656K vs blended $1,993K (−17%), against ✈️ Travel $2,074K (+4%) and 💳 FS $2,121K (+6%).

Broad-based under-performance: Auto trails team blended in all 7 teams — IL −34%, UKIBNL −20%, FRITES −13%, DACH −8%, CEU −8%, SMB −3%, Nordics −1%.
No team beats blended on Auto: closest performers are Nordics and SMB (within −3pp of own blended) — but neither is a positive contributor relative to other priority verticals.
Structural Labor anomaly confirmed: Auto absorbs ~1.6% of EUI Labor headcount but generates ~1.3% of revenue — the imbalance is regional, not single-team.
Recommended actions: (i) right-size Auto coverage in IL, UKIBNL, FRITES where the ratio is most distorted; (ii) study Nordics / SMB Auto playbook (closest to break-even within team blended).

3.2 · Business Hospitality — Top 20 Advertisers vs Bus Hospitality Spend

Top 20 advertisers ranked by 2026 YTD revenue per vertical, joined to Bus Hospitality spend = Reimbursements (Expense Type L1 = 业务招待) + Project allocations, both pro-rated by Vertical Attribution. Each row's Bus Hospitality / Rev (%) is benchmarked against its team's overall E/R (sum Bus Hospitality ÷ sum Revenue across all clients in that team). Above team E/R = advertiser is over-served on hospitality vs the team norm; Below team E/R = advertiser is under-served; No Bus Hospitality spend = zero matched Bus Hospitality on a Top-20 account.

Vertical:

#	Advertiser	Team	'26 YTD Rev ($Mn)	Bus Hospitality Spend ($)	Bus Hospitality / Rev (%)	Team E/R (%)	Flag
1	Volkswagen	FRITES	2.47	$211	0.01%	0.16%	Below team E/R
2	Stellantis	UKIBNL	1.13	$0	0.00%	0.16%	No Bus Hospitality spend
3	Hyundai	FRITES	1.05	$598	0.06%	0.16%	Below team E/R
4	Jaguar & Land Rover	UKIBNL	0.95	$0	0.00%	0.16%	No Bus Hospitality spend
5	Autoscout24	DACH	0.95	$0	0.00%	0.16%	No Bus Hospitality spend
6	Renault–Nissan–Mitsubishi Alliance	UKIBNL	0.93	$518	0.06%	0.16%	Below team E/R
7	Autodoc	CEU	0.74	$0	0.00%	0.04%	No Bus Hospitality spend
8	Volkswagen (VW, Audi, Skoda, Porsche, Lamborghini, Bentley)	UKIBNL	0.73	$43	0.01%	0.16%	Below team E/R
9	Daimler	UKIBNL	0.72	$0	0.00%	0.16%	No Bus Hospitality spend
10	Renault–Nissan–Mitsubishi Alliance	FRITES	0.63	$94	0.01%	0.16%	Below team E/R
11	Toyota	FRITES	0.52	$0	0.00%	0.16%	No Bus Hospitality spend
12	Toyota	DACH	0.52	$0	0.00%	0.16%	No Bus Hospitality spend
13	Hyundai	DACH	0.52	$556	0.11%	0.16%	Below team E/R
14	Stellantis	FRITES	0.51	$0	0.00%	0.16%	No Bus Hospitality spend
15	Carly Solutions GmbH & Co. KG	DACH	0.50	$0	0.00%	0.16%	No Bus Hospitality spend
16	OMODA & JAECOO UK LIMITED	UKIBNL	0.48	$905	0.19%	0.16%	Above team E/R
17	CARASSO MOTORS LTD	IL	0.47	$0	0.00%	0.04%	No Bus Hospitality spend
18	Blocket	Nordics	0.39	$0	0.00%	0.11%	No Bus Hospitality spend
19	Greenlight Motors	EUI-SMB	0.38	$0	0.00%	0.00%	No Bus Hospitality spend
20	Ford	FRITES	0.36	$180	0.05%	0.16%	Below team E/R

Top-20 Rev $61.67Mn Top-20 Bus Hospitality $13.9K Blended Bus Hospitality / Rev 0.02% Above team E/R 2 / 20 Zero Bus Hospitality 9 / 20

#	Advertiser	Team	'26 YTD Rev ($Mn)	Bus Hospitality Spend ($)	Bus Hospitality / Rev (%)	Team E/R (%)	Flag
1	Booking Holdings	UKIBNL	38.66	$4,212	0.01%	0.16%	Below team E/R
2	Tui	UKIBNL	3.10	$356	0.01%	0.16%	Below team E/R
3	Airbnb	UKIBNL	2.72	$0	0.00%	0.16%	No Bus Hospitality spend
4	RIU Hotels	FRITES	2.71	$37	0.00%	0.16%	Below team E/R
5	Melia Hotels International	FRITES	2.22	$1,383	0.06%	0.16%	Below team E/R
6	eDreams Odigeo	FRITES	1.30	$172	0.01%	0.16%	Below team E/R
7	EasyJet	UKIBNL	1.13	$310	0.03%	0.16%	Below team E/R
8	WHITBREAD PLC	UKIBNL	1.08	$0	0.00%	0.16%	No Bus Hospitality spend
9	International Hotel Group (IHG)	UKIBNL	1.00	$0	0.00%	0.16%	No Bus Hospitality spend
10	Trainline	UKIBNL	0.95	$1,419	0.15%	0.16%	Below team E/R
11	Jet2	UKIBNL	0.91	$0	0.00%	0.16%	No Bus Hospitality spend
12	DRIVE REVEL SL.	FRITES	0.89	$0	0.00%	0.16%	No Bus Hospitality spend
13	Hilton	UKIBNL	0.76	$1,904	0.25%	0.16%	Above team E/R
14	British Airways	UKIBNL	0.75	$32	0.00%	0.16%	Below team E/R
15	Carnival Corp.	FRITES	0.70	$0	0.00%	0.16%	No Bus Hospitality spend
16	Landal GreenParks	UKIBNL	0.58	$0	0.00%	0.16%	No Bus Hospitality spend
17	Marriott & Starwood Hotels	UKIBNL	0.57	$3,702	0.65%	0.16%	Above team E/R
18	Accor	FRITES	0.55	$328	0.06%	0.16%	Below team E/R
19	Mulliez Group - Retail	FRITES	0.54	$0	0.00%	0.16%	No Bus Hospitality spend
20	Cabify	FRITES	0.52	$0	0.00%	0.16%	No Bus Hospitality spend

#	Advertiser	Team	'26 YTD Rev ($Mn)	Bus Hospitality Spend ($)	Bus Hospitality / Rev (%)	Team E/R (%)	Flag
1	Revolut	UKIBNL	8.06	$0	0.00%	0.16%	No Bus Hospitality spend
2	Trade Republic	DACH	4.64	$298	0.01%	0.16%	Below team E/R
3	Meet Cleo	UKIBNL	3.30	$0	0.00%	0.16%	No Bus Hospitality spend
4	Lloyds Bank Plc (Halifax)	UKIBNL	3.16	$255	0.01%	0.16%	Below team E/R
5	Sainsbury / Argos	UKIBNL	2.87	$0	0.00%	0.16%	No Bus Hospitality spend
6	REMITLY U.K.	UKIBNL	2.34	$369	0.02%	0.16%	Below team E/R
7	LEMONADE INSURANCE AGENCY, LLC	IL	2.26	$1,566	0.07%	0.04%	Above team E/R
8	Monzo Bank	UKIBNL	2.08	$699	0.03%	0.16%	Below team E/R
9	Caixabank	FRITES	2.00	$413	0.02%	0.16%	Below team E/R
10	eToro Group ltd	IL	1.80	$20	0.00%	0.04%	Below team E/R
11	Scalable GmbH	DACH	1.72	$676	0.04%	0.16%	Below team E/R
12	SumUp Payments	FRITES	1.72	$132	0.01%	0.16%	Below team E/R
13	American Express	UKIBNL	1.65	$470	0.03%	0.16%	Below team E/R
14	RIA PAYMENT INSTITUTION EP SA	FRITES	1.38	$307	0.02%	0.16%	Below team E/R
15	Zurich Insurance Group 2	DACH	1.38	$0	0.00%	0.16%	No Bus Hospitality spend
16	Transferwise	UKIBNL	1.26	$542	0.04%	0.16%	Below team E/R
17	Visa	UKIBNL	1.19	$0	0.00%	0.16%	No Bus Hospitality spend
18	Credit Agricole	FRITES	1.17	$0	0.00%	0.16%	No Bus Hospitality spend
19	DIGITAL MONEYBOX LIMITED	UKIBNL	1.12	$0	0.00%	0.16%	No Bus Hospitality spend
20	WorldRemit	UKIBNL	1.07	$0	0.00%	0.16%	No Bus Hospitality spend

3.3 · Vertical Specific Business Hospitality Projects

From Data - Projects 2026. A project is treated as vertical-specific only when its Vertical Attribution assigns more than 50% to a single priority vertical (Auto / Travel / FS). Projects allocated 50/50 across two verticals (e.g. SWAG, Cannes, Six Nations) are excluded as they are mainly cross-vertical platform investments.

Vertical:

Project Name	Team	Vertical Allocation %	Total PJ Amount (USD)	Tag (Group)
No projects with > 50% allocation to this vertical found in 2026 YTD project register.

0 projects > 50% allocation Total $ $0 Allocated to ✈️ $0

Project Name	Team	Vertical Allocation %	Total PJ Amount (USD)	Tag (Group)
No projects with > 50% allocation to this vertical found in 2026 YTD project register.

Project Name	Team	Vertical Allocation %	Total PJ Amount (USD)	Tag (Group)
202605 Digitas MarTec OMR Breakfast	DACH	83%	$10.5K	OMR
C level Fin Services client event	DACH	59%	$7.1K	Industry - Fin Services
Catering for creative workshops PKO BP	CEU	100%	$1.7K	Workshop / Training
Holiday gifts - finance	CEU	100%	$660	Industry - Fin Services
TechTelco business hospitality	CEU	100%	$0	Industry - Tech & Telco

▲ Callout · Dedicated Vertical Programming Is Thin

Across all three priority verticals only 5 projects are dedicated (>50% allocation) — total allocated value $<30K. The vast majority of project spend (e.g. Six Nations, Wimbledon, Cannes Lunches, OMR Q2, Showtime Q1) is allocated across multiple verticals and so does not qualify as vertical-specific by this rule.

💳 Fin Services: 5 dedicated projects totalling ~$19.9K. The DACH C-level Fin Services event ($7K, 59% allocation) and Digitas MarTec OMR breakfast ($10K, 83%) are the only meaningful FS-purpose investments — far below the FS revenue weight in the book.

Incentives · Agency, JBP & STI — Top 20 Advertisers per Priority Vertical

For each top-revenue advertiser: 2026 YTD growth (vs Jan-Apr 2025) · projected '26 spend (FY 25 × growth) · whether they qualify for a 2026 JBP (growth ≥ 50% AND projected '26 spend ≥ $7M) · whether they qualify for a Commercial Deal (growth > 70% AND projected '26 spend ≥ $3.5M) · whether they are currently supported by JBP, STI or an Agency · with investment recommendations

YTD growth = (Jan-Apr 2026 Rev − Jan-Apr 2025 Rev) / Jan-Apr 2025 Rev, where Jan-Apr 2025 = Fixed base original value of Revenue - USD w/o margin (Current Fx) on Data - List Advertisers 2026. Projected '26 Spend (size proxy, value not displayed) = Jan-Apr 2026 actual revenue ÷ 26% (time-progress annualization — Apr ≈ 26% of FY). Qualifies JBP (≥50% growth) = YTD growth ≥ 50% (uniform across verticals). Qualifies JBP (≥$7M proj.) = Projected '26 Spend ≥ $7M. The two JBP flags are independent; passing both counts toward the "Qualifies for JBP (both)" KPI. Qualifies Commercial Deal (>70% growth) = YTD growth > 70% (a tighter growth bar than the territory JBP rule). Qualifies Commercial Deal (≥$3.5M proj.) = Projected '26 Spend ≥ $3.5M (a lower size bar than the JBP $7M rule). Passing both flags counts toward the "Qualifies for Commercial Deal (both)" KPI — a Commercial Deal is the natural lever for the torso / long-tail accounts: fast-growing mid-size advertisers that are too small for territory JBP but too important to leave on Agency-only support. Supported by JBP = matched in Mapping - JBP Deals 2026 (any non-voided status). Supported by STI = matched in Data - STI 2026. Supported by Agency = Agency Customer Name (NAL First) not null in Data - List Advertisers 2026.

Vertical:

#	Advertiser	Team	Tier	'26 YTD Rev	YoY %	Qualifies JBP (≥50% growth)	Qualifies JBP (≥$7M proj.)	Qualifies Commercial Deal (>70% growth)	Qualifies Commercial Deal (≥$3.5M proj.)	Supported by JBP	Supported by STI	Supported by Agency	Coverage
1	Volkswagen	FRITES	Tier 3	$2.47Mn	+126%	Y	Y	Y	Y	—	—	Y	—
2	Stellantis ^†	UKIBNL	Tier 4	$1.13Mn	+137%	Y	—	Y	Y	—	—	Y	—
3	Hyundai	FRITES	Tier 4	$1.05Mn	+70%	Y	—	—	Y	—	Y	Y	—
4	Jaguar & Land Rover	UKIBNL	Tier 3	$0.95Mn	-26%	—	—	—	Y	—	—	Y	—
5	Autoscout24	DACH	Tier 3	$0.95Mn	+25%	—	—	—	Y	—	Y	Y	—
6	Renault–Nissan–Mitsubishi Alliance	UKIBNL	Tier 3	$0.93Mn	+180%	Y	—	Y	Y	—	—	Y	—
7	Autodoc	CEU	Tier 2	$0.74Mn	+19%	—	—	—	—	—	—	Y	—
8	Volkswagen (VW, Audi, Skoda, Porsche, Lamborghini, Bentley)	UKIBNL	Tier 3	$0.73Mn	+47%	—	—	—	—	—	—	Y	—
9	Daimler	UKIBNL	Tier 3	$0.72Mn	+12%	—	—	—	—	—	—	Y	—
10	Renault–Nissan–Mitsubishi Alliance	FRITES	Tier 3	$0.63Mn	+62%	Y	—	—	—	—	—	Y	—
11	Toyota	FRITES	Tier 3	$0.52Mn	+192%	Y	—	Y	—	—	Y	Y	—
12	Toyota	DACH	Tier 4	$0.52Mn	+145%	Y	—	Y	—	—	Y	Y	—
13	Hyundai	DACH	Tier 3	$0.52Mn	-42%	—	—	—	—	—	Y	Y	—
14	Stellantis	FRITES	Tier 4	$0.51Mn	+10%	—	—	—	—	Y	—	Y	—
15	Carly Solutions GmbH & Co. KG	DACH	Tier 3	$0.50Mn	-35%	—	—	—	—	—	—	Y	—
16	OMODA & JAECOO UK LIMITED	UKIBNL	Tier 4	$0.48Mn	—	—	—	—	—	—	—	Y	—
17	CARASSO MOTORS LTD	IL	Tier 3	$0.47Mn	+77%	Y	—	Y	—	—	—	Y	—
18	Blocket	Nordics	Tier 4	$0.39Mn	+78%	Y	—	Y	—	—	—	Y	—
19	Greenlight Motors	EUI-SMB	Tier 4	$0.38Mn	+670%	Y	—	Y	—	—	—	—	⚠ No coverage
20	Ford	FRITES	Tier 4	$0.36Mn	+605%	Y	—	Y	—	—	—	Y	—

JBP rule ≥50% YTD growth & ≥$7M proj. spend Qualifies for JBP (both) 3 / 20 Qualifies for Commercial Deal (both) 6 / 20 Qualifies · Growth ≥50% 11 / 20 Qualifies · Size ≥$7M 5 / 20 JBP-supported 4 / 20 STI-supported 2 / 20 Agency-supported 13 / 20 ⚠ No JBP/STI/Agency 4 / 20

#	Advertiser	Team	Tier	'26 YTD Rev	YoY %	Qualifies JBP (≥50% growth)	Qualifies JBP (≥$7M proj.)	Qualifies Commercial Deal (>70% growth)	Qualifies Commercial Deal (≥$3.5M proj.)	Supported by JBP	Supported by STI	Supported by Agency	Coverage
1	Booking Holdings	UKIBNL	Tier 1	$38.66Mn	+16%	—	Y	—	Y	Y	—	—	—
2	Tui	UKIBNL	Tier 2	$3.10Mn	+143%	Y	Y	Y	Y	—	Y	Y	—
3	Airbnb	UKIBNL	Tier 3	$2.72Mn	—	—	Y	—	Y	—	—	Y	—
4	RIU Hotels	FRITES	Tier 2	$2.71Mn	+223%	Y	Y	Y	Y	Y	—	—	—
5	Melia Hotels International	FRITES	Tier 2	$2.22Mn	+171%	Y	Y	Y	Y	Y	Y	Y	—
6	eDreams Odigeo	FRITES	Tier 2	$1.30Mn	+42713%	Y	—	Y	Y	Y	—	—	—
7	EasyJet	UKIBNL	Tier 4	$1.13Mn	+517%	Y	—	Y	Y	—	—	Y	—
8	WHITBREAD PLC	UKIBNL	Tier 3	$1.08Mn	+42%	—	—	—	Y	—	—	Y	—
9	International Hotel Group (IHG)	UKIBNL	Tier 4	$1.00Mn	+13732%	Y	—	Y	Y	—	—	—	⚠ No coverage
10	Trainline	UKIBNL	Tier 3	$0.95Mn	+20%	—	—	—	Y	—	—	Y	—
11	Jet2	UKIBNL	Tier 2	$0.91Mn	-35%	—	—	—	Y	—	—	—	⚠ No coverage
12	DRIVE REVEL SL.	FRITES	Tier 2	$0.89Mn	+5%	—	—	—	—	—	—	—	⚠ No coverage
13	Hilton	UKIBNL	Tier 3	$0.76Mn	+175%	Y	—	Y	—	—	—	Y	—
14	British Airways	UKIBNL	Tier 3	$0.75Mn	+128%	Y	—	Y	—	—	—	Y	—
15	Carnival Corp.	FRITES	Tier 2	$0.70Mn	+59%	Y	—	—	—	—	—	Y	—
16	Landal GreenParks	UKIBNL	Tier 4	$0.58Mn	+1845%	Y	—	Y	—	—	—	Y	—
17	Marriott & Starwood Hotels	UKIBNL	Tier 3	$0.57Mn	-2%	—	—	—	—	—	—	Y	—
18	Accor	FRITES	Tier 2	$0.55Mn	+122%	Y	—	Y	—	—	—	Y	—
19	Mulliez Group - Retail	FRITES	Tier 2	$0.54Mn	-7%	—	—	—	—	—	—	Y	—
20	Cabify	FRITES	Tier 3	$0.52Mn	+18%	—	—	—	—	—	—	—	⚠ No coverage

Projected '26 spend (used for the ≥$7M qualification, not displayed) = Jan-Apr 2026 actual revenue ÷ 26% (time-progress annualization based on Apr being 26% of FY).

#	Advertiser	Team	Tier	'26 YTD Rev	YoY %	Qualifies JBP (≥50% growth)	Qualifies JBP (≥$7M proj.)	Qualifies Commercial Deal (>70% growth)	Qualifies Commercial Deal (≥$3.5M proj.)	Supported by JBP	Supported by STI	Supported by Agency	Coverage
1	Revolut	UKIBNL	Tier 1	$8.06Mn	+26%	—	Y	—	Y	Y	—	—	—
2	Trade Republic	DACH	Tier 1	$4.64Mn	+67%	Y	Y	—	Y	Y	—	—	—
3	Meet Cleo	UKIBNL	Tier 2	$3.30Mn	+53%	Y	Y	—	Y	—	—	—	⚠ No coverage
4	Lloyds Bank Plc (Halifax)	UKIBNL	Tier 3	$3.16Mn	+205%	Y	Y	Y	Y	Y	—	Y	—
5	Sainsbury / Argos	UKIBNL	Tier 1	$2.87Mn	+41%	—	Y	—	Y	—	—	Y	—
6	REMITLY U.K.	UKIBNL	Tier 2	$2.34Mn	+138%	Y	Y	Y	Y	—	Y	—	—
7	LEMONADE INSURANCE AGENCY, LLC	IL	Tier 2	$2.26Mn	+130%	Y	Y	Y	Y	—	—	—	⚠ No coverage
8	Monzo Bank	UKIBNL	Tier 2	$2.08Mn	+1%	—	Y	—	Y	—	—	—	⚠ No coverage
9	Caixabank	FRITES	Tier 2	$2.00Mn	+105%	Y	Y	Y	Y	—	—	Y	—
10	eToro Group ltd	IL	Tier 2	$1.80Mn	+29%	—	—	—	Y	—	—	Y	—
11	Scalable GmbH	DACH	Tier 3	$1.72Mn	+395%	Y	—	Y	Y	—	—	—	⚠ No coverage
12	SumUp Payments	FRITES	Tier 2	$1.72Mn	+134%	Y	—	Y	Y	—	—	Y	—
13	American Express	UKIBNL	Tier 3	$1.65Mn	+60%	Y	—	—	Y	—	—	Y	—
14	RIA PAYMENT INSTITUTION EP SA	FRITES	Tier 2	$1.38Mn	+696%	Y	—	Y	Y	—	—	Y	—
15	Zurich Insurance Group 2	DACH	Tier 3	$1.38Mn	+317%	Y	—	Y	Y	—	—	Y	—
16	Transferwise	UKIBNL	Tier 3	$1.26Mn	+87%	Y	—	Y	Y	—	—	Y	—
17	Visa	UKIBNL	Tier 4	$1.19Mn	+159%	Y	—	Y	Y	—	—	Y	—
18	Credit Agricole	FRITES	Tier 2	$1.17Mn	+41%	—	—	—	Y	—	—	Y	—
19	DIGITAL MONEYBOX LIMITED	UKIBNL	Tier 3	$1.12Mn	+13%	—	—	—	Y	—	—	—	⚠ No coverage
20	WorldRemit	UKIBNL	Tier 4	$1.07Mn	—	—	—	—	Y	—	—	—	⚠ No coverage

Commercial Deal — Where the Lower Bar Adds Coverage

A Commercial Deal bar (growth > 70% AND projected '26 spend ≥ $3.5M) is deliberately tighter on growth but lower on size than the territory JBP rule. The intent is to capture the torso / long-tail accounts — fast-growing mid-size advertisers that don't yet hit the $7M JBP threshold but are too important to leave on Agency-only support. This is the layer that sits below the territory JBP top-of-the-house deals and above pure Agency / self-serve coverage. Across the three Top-20 panels, 11 advertisers qualify for a Commercial Deal but not for both JBP flags — these are the prime conversion targets for a Commercial Deal incentive in '26:

Vertical	Advertiser	Team	YoY %	Proj. '26	JBP gap	Current support
🚗 Auto	Stellantis	UKIBNL	+137%	$4.4M	Size below $7M	Agency only — UKIBNL not on the existing FRSEU-IT JBP
🚗 Auto	Renault–Nissan–Mitsubishi Alliance	UKIBNL	+180%	$3.6M	Size below $7M	Agency only
✈️ Travel	eDreams Odigeo	FRITES	+42,713%	$5.0M	Size below $7M	JBP (already in JBP map)
✈️ Travel	EasyJet	UKIBNL	+517%	$4.4M	Size below $7M	Agency only
✈️ Travel	International Hotel Group (IHG)	UKIBNL	+13,732%	$3.9M	Size below $7M	⚠ No JBP/STI/Agency
💳 FS	Scalable GmbH	DACH	+395%	$6.6M	Size below $7M	⚠ No JBP/STI/Agency
💳 FS	SumUp Payments	FRITES	+134%	$6.6M	Size below $7M	Agency only
💳 FS	RIA Payment Institution	FRITES	+696%	$5.3M	Size below $7M	Agency only
💳 FS	Zurich Insurance Group 2	DACH	+317%	$5.3M	Size below $7M	Agency only
💳 FS	Transferwise	UKIBNL	+87%	$4.8M	Size below $7M	Agency only
💳 FS	Visa	UKIBNL	+159%	$4.6M	Size below $7M	Agency only

Why this matters — torso/long-tail capture: territory JBPs are calibrated for the head of the distribution ($7M+ accounts). Once you go beyond the top ~5–10 per vertical, you fall off a cliff into Agency-only or no-coverage, which means Sales has no programmatic incentive lever for accounts in the $3.5–7M projected range. The Commercial Deal threshold deliberately catches this torso band (and the upper end of the long tail) where growth is strongest and conversion economics are still attractive.
FS is the biggest unlock: 6 of the 11 Commercial-Deal-only candidates are FS (Scalable, SumUp, RIA Payment, Zurich, Transferwise, Visa) — all UKIBNL/DACH/FRITES, all growing >87%, all sized $4.6–6.6M projected. Scalable GmbH (DACH, +395%, $6.6M proj.) currently has no JBP/STI/Agency at all — should be the top FS Commercial Deal target.
Auto: two UKIBNL accounts (Stellantis +137% / RNM Alliance +180%) sit just below the JBP size bar. Stellantis already has an EUI-FRSEU-IT JBP — a Commercial Deal extension into UKIBNL avoids opening a full territory JBP for a $4.4M run-rate.
Travel: IHG stands out — explosive growth (+13,732% off a tiny base, projected $3.9M) AND no JBP / STI / Agency support. Commercial Deal is the right entry vehicle before either letting it churn back to baseline or committing to a full JBP.
Note on EasyJet (UKIBNL Travel): +517% / $4.4M proj., currently Agency-only. A Commercial Deal would lock in 2026 spend before the typical Q3 budget review window in airline marketing.

STI 2026 ROI · Open Up by Team × Priority Vertical

From Data - STI 2026, filtered for ROI = Y. ROI = Incremental Dollar Revenue ÷ Incentive Recharge. The blended STI ROI hides large team-level dispersion — most relevant for the FS investment recommendation.

Vertical:

Team	# Programs	Incentive Recharge (Cost)	Incremental Revenue	ROI
DACH	3	$128.1K	$315.5K	2.46x
FRITES	2	$14.7K	$520.5K	35.37x

Team	# Programs	Incentive Recharge (Cost)	Incremental Revenue	ROI
UKIBNL	2	$53.7K	$468.1K	8.71x
DACH	2	$38.9K	$211.1K	5.42x
FRITES	2	$24.6K	$160.9K	6.54x
Nordics	1	$5.7K	$90.1K	15.77x

Team	# Programs	Incentive Recharge (Cost)	Incremental Revenue	ROI
CEU	9	$188.8K	$2.7K	0.01x
UKIBNL	2	$62.6K	$994.6K	15.90x
FRITES	2	$34.7K	$88.5K	2.55x
IL	2	$23.0K	$42	0.00x
DACH	2	$13.9K	$0	n/a

▲ Insights · Where to Add JBP & STI Coverage

Benchmark. 44 active 2026 JBP deals carry a median Ad-Spend Target of $11.78M FY (≈ $3.92M Jan–Apr equivalent). We compare un-supported top-20 advertisers against this signed-deal floor: anyone already running at signed-JBP-deal scale should be a JBP this year, not a hunter target. The remainder are STI candidates (STI is the right lever for non-JBP accounts where the team has a proven ROI track record).

(A) Already at signed-JBP-deal revenue scale — but no JBP yet

Advertisers that pass both new JBP qualification flags (≥50% YTD growth AND ≥$7M projected '26 spend).

Meet Cleo (💳 FS · UKIBNL · $3.30M · +53%) — no coverage · proj '26 = $12.69M
Tui (✈️ Travel · UKIBNL · $3.10M · +143%) — agency-supported · proj '26 = $11.92M
Airbnb (✈️ Travel · UKIBNL · $2.72M · NEW vs '25) — agency-supported · proj '26 = $10.46M (size flag only — no '25 base for YoY %, but YTD scale already at JBP-deal level)
Volkswagen (🚗 Auto · FRITES · $2.47M · +126%) — agency-supported · proj '26 = $9.49M
REMITLY U.K. (💳 FS · UKIBNL · $2.34M · +138%) — no agency · proj '26 = $8.99M
LEMONADE INSURANCE AGENCY, LLC (💳 FS · IL · $2.26M · +130%) — no agency · proj '26 = $8.68M
Caixabank (💳 FS · FRITES · $2.00M · +105%) — agency-supported · proj '26 = $7.69M

(B) STI candidates · NON-JBP advertisers in teams with strong STI ROI track record

Top-20 advertisers without a JBP today, in (vertical × team) cells where current STI ROI ≥ 2×. STI is the right instrument here because (i) deal economics on the existing book don't justify a JBP, (ii) we have proven incremental ROI in the same team-vertical cell. UKIBNL FS (15.9× ROI) and FRITES Auto (35.4× ROI) are the two strongest plays.

Advertiser (no JBP today)	Vertical	Team	'26 YTD Rev	YoY %	Team STI ROI	Growth qualifies JBP	Other coverage
Volkswagen	🚗 Auto	FRITES	$2.47M	+126%	35.4x	Y	agency-only today
Meet Cleo	💳 FS	UKIBNL	$3.30M	+53%	15.9x	—	no coverage at all
Sainsbury / Argos	💳 FS	UKIBNL	$2.87M	+41%	15.9x	—	agency-only today
Monzo Bank	💳 FS	UKIBNL	$2.08M	+1%	15.9x	—	no coverage at all
American Express	💳 FS	UKIBNL	$1.65M	+60%	15.9x	—	agency-only today
Airbnb	✈️ Travel	UKIBNL	$2.72M	NEW	8.7x	—	agency-only today
Renault–Nissan–Mitsubishi Alliance	🚗 Auto	FRITES	$0.63M	+62%	35.4x	Y	agency-only today
Transferwise	💳 FS	UKIBNL	$1.26M	+87%	15.9x	Y	agency-only today
Visa	💳 FS	UKIBNL	$1.19M	+159%	15.9x	Y	agency-only today
DIGITAL MONEYBOX LIMITED	💳 FS	UKIBNL	$1.12M	+13%	15.9x	—	no coverage at all
WorldRemit	💳 FS	UKIBNL	$1.07M	NEW	15.9x	—	no coverage at all
Ford	🚗 Auto	FRITES	$0.36M	+605%	35.4x	Y	agency-only today

⚠ (C) Zero-coverage spotlight · No JBP, No STI, No Agency

11 top-revenue advertisers are commercially un-managed (no JBP, no STI, no agency relationship). FS dominates the list — these accounts have material revenue and high YoY but no commercial lever. Cross-reference with (A)/(B) above — most "no-coverage + qualifies-growth" rows are direct STI targets and should be moved to UKIBNL FS or DACH FS STI in H2 (where ROI economics support it).

💳 FS (6)

Meet Cleo (UKIBNL · $3.30M · +53%) size qualifies
LEMONADE INSURANCE AGENCY, LLC (IL · $2.26M · +130%) growth qualifies
Monzo Bank (UKIBNL · $2.08M · +1%)
Scalable GmbH (DACH · $1.72M · +395%) growth qualifies
DIGITAL MONEYBOX LIMITED (UKIBNL · $1.12M · +13%)
WorldRemit (UKIBNL · $1.07M · NEW)

✈️ Travel (4)

International Hotel Group (IHG) (UKIBNL · $1.00M · +13732%) growth qualifies
Jet2 (UKIBNL · $0.91M · -35%)
DRIVE REVEL SL. (FRITES · $0.89M · +5%)
Cabify (FRITES · $0.52M · +18%)

🚗 Auto (1)

Greenlight Motors (EUI-SMB · $0.38M · +670%) growth qualifies

↗ (D) Cross-region JBP appetite — Stellantis

Stellantis is currently signed on a single regional JBP (Stellantis-EUI-FRSEU-IT). Stellantis UKIBNL ($1.13Mn YTD · +137% YoY) is therefore not JBP-supported under the strict NAL match — the IT deal does not extend to UKIBNL legal entities. Recommend confirming with the FRSEU GAM whether the holding-group has appetite to extend the JBP to UKIBNL (and potentially DACH) for FY '26: the UKIBNL row already qualifies on growth (+137% > 60% Auto threshold) and has agency relationship in place.

⚠ (E) What is dragging FS STI ROI down — clients & program type

Source: Data - STI 2026 (Filter for ROI = Y, Customer Vertical = Financial Services). 17 FS STI rows in total. The three loss-making teams (CEU 0.01× · IL 0.00× · DACH 0.00×) burned a combined $225.7K for $2.7K incremental revenue — and they share one root cause: 11 of 13 rows are the same program — Q1-26 Discretionary Fund (Seller-Led) (taxonomy DISCRETIONARY_FUND). The other two CEU rows are Ukraine agency payouts (CLIENT_ACTIVATION), also near-zero ROI. By contrast FRITES (2.55× ROI) uses PRODUCT_ADOPTION + REVENUE_ENABLEMENT programs, and UKIBNL (15.9× ROI) uses standard incentive plays — no Discretionary Fund spend in either.

Team	Customer (NAL)	Tier	Program	Taxonomy L1	Cost	Incr. Rev	ROI
CEU	CHILLI CHILL INC.-Gaming-EMEA	T5	Q1-26 Discretionary Fund (Seller-Led)	`DISCRETIONARY_FUND`	$50.0K	$0	0.00x
CEU	CHILLI CHILL INC.-Gaming-EMEA	T5	Q1-26 Discretionary Fund (Seller-Led)	`DISCRETIONARY_FUND`	$35.4K	$0	0.00x
CEU	Teva-EUI-CEU-PL	T5	Q1-26 Discretionary Fund (Seller-Led)	`DISCRETIONARY_FUND`	$30.0K	$0	0.00x
CEU	Tivania OU	T3	Q1-26 Discretionary Fund (Seller-Led)	`DISCRETIONARY_FUND`	$27.6K	$0	0.00x
CEU	CHILLI CHILL INC.-Gaming-EMEA	T3	Q1-26 Discretionary Fund (Seller-Led)	`DISCRETIONARY_FUND`	$17.0K	$0	0.00x
CEU	MINIO STUDIO SRL	T5	Q1-26 Discretionary Fund (Seller-Led)	`DISCRETIONARY_FUND`	$10.0K	$0	0.00x
CEU	A.B. DIGITAL HORIZON SYNDICATE LTD	T5	Ukraine agency payouts Q4	`CLIENT_ACTIVATION`	$9.6K	$0	0.00x
CEU	PrivatBank UA-EUI-CEU	T4	Ukraine agency payouts Q4	`CLIENT_ACTIVATION`	$4.8K	$2.7K	0.57x
CEU	CHILLI CHILL INC.-Gaming-EMEA	T5	Q1-26 Discretionary Fund (Seller-Led)	`DISCRETIONARY_FUND`	$4.5K	$0	0.00x
IL	360 AFFILIATE LTD-EUI-IL	T5	Q1-26 Discretionary Fund (Seller-Led)	`DISCRETIONARY_FUND`	$20.0K	$0	0.00x
IL	DIDIDESK LTD-EUI-IL	T4	Q1-26 Discretionary Fund (Seller-Led)	`DISCRETIONARY_FUND`	$3.0K	$0	0.01x
DACH	Ergo-EUI-DACH-DE	T3	Q1-26 Discretionary Fund (Seller-Led)	`DISCRETIONARY_FUND`	$11.6K	$0	0.00x
DACH	Monet Financial Technologies GmbH	T4	Q1-26 Discretionary Fund (Seller-Led)	`DISCRETIONARY_FUND`	$2.3K	$0	0.00x

Common thread (the answer to the question): $211.4K of the $225.7K loss-making FS STI spend (94%) is one program — Q1-26 Discretionary Fund (Seller-Led). It runs in CEU, IL and DACH and has produced essentially zero attributable incremental revenue across 11 rows.
Single-client concentration: CHILLI CHILL INC. alone absorbed $106.9K (47% of CEU FS Discretionary spend) across 4 separate Discretionary Fund payouts — and it is mis-tagged Customer Vertical = Financial Services but Customer Name suggests Gaming-EMEA, worth a data-quality check with the CEU GAM.
Tier mix is bottom-heavy: 9 of 11 Discretionary Fund FS rows are Tier 4–5 (long-tail / torso). Discretionary Fund as currently deployed is functioning as a Tier-5 retention subsidy in CEU, not as a true incentive lever.

Commercialization Costs · CLP — Open Up by Team & Priority Vertical

Creative Lab Programme (CLP) 2026 ROI broken out by GBS team to show where investment is paying back, plus team × priority-vertical detail and recommended re-allocation of H2 budget.

CLP 2026 — Team × Priority Vertical

Vertical:

Team	# Orders	Cost (allocated)	Revenue (allocated)	ROI
FRITES	1	$68.0K	$329.2K	4.84x
DACH	1	$45.0K	$18.6K	0.41x
UKIBNL	1	$45.0K	$0	0.00x
CEU	2	$9.6K	$28.3K	2.95x
Total	5	$167.6K	$376.0K	2.24x

Team	# Orders	Cost (allocated)	Revenue (allocated)	ROI
UKIBNL	4	$178.5K	$2.52Mn	14.09x
FRITES	2	$75.0K	$313.0K	4.17x
CEU	1	$5.0K	$59.6K	11.93x
Total	7	$258.5K	$2.89Mn	11.17x

Team	# Orders	Cost (allocated)	Revenue (allocated)	ROI
FRITES	2	$17.3K	$75.8K	4.38x
CEU	2	$10.0K	$63.1K	6.31x
DACH	1	$10.0K	$70.8K	7.08x
Total	5	$37.3K	$209.6K	5.62x

Method: Filtered to Order Status = Completed AND Completation time = Above 60 Days (excludes JBP Funds=Y, Tentopole=Y). Costs and revenue pro-rated by Vertical Allocation %. Same methodology as Costs Overview row, EUI total = $2.11Mn cost / $10.73Mn revenue / 5.08x.

Marketing · Vertical-Specific Events ROI

Source: Summary - Marketing ROI (2025) · 31 vertical-specific events with measurable cost · Inc Revenue ÷ business_cost (FY '25). Cross-vertical platform events (Showtime, NewFronts, Cannes, etc.) excluded from this view.

A- Marketing vs Targets · consolidated 12x target across all teams

Team	Events	Inc Revenue	Cost	ROI	Target	vs Target
FRITES	9	$5.62Mn	$417K	13.50x	12.0x	+1.50x ✓
UKIBNL	5	$3.04Mn	$281K	10.82x	12.0x	-1.18x ⚠
DACH	1	$70K	$16K	4.40x	12.0x	-7.60x ✗
CEU	1	$580K	$25K	23.20x	12.0x	+11.20x ✓
Israel	2	$571K	$225K	2.54x	12.0x	-9.46x ✗
Nordics	0 vertical-specific	—	—	—	12.0x	No data
Total Marketing	18 vertical-specific (full marketing book reconciled)	$32.0Mn	$1.9Mn	16.85x	12.0x	+4.85x ✓

Target: 12x ROI applied uniformly across all teams. Total Marketing row is reconciled to §1 Costs Summary (cost $1.9Mn · ROI 16.85x · IR $32.0Mn): it covers the full FY '25 marketing book (vertical-specific events $9.89Mn IR, cross-vertical platform events $5.3Mn IR, webinars $15.0Mn IR with $0 reported cost, plus residual non-event marketing spend). Per-team rows above show vertical-specific events only; teams without measurable cost (Nordics) report no ROI.

B · Priority Vertical ROI · ✈️ Travel · 💳 Fin Services · 🚗 Automotive

Vertical	Events	Inc Revenue	Cost	ROI	Read
✈️ Travel	3 events (UK · FR · DACH)	$703K	$96.5K	7.29x	UK 7.5x · FR 10.4x · DACH 4.4x — only priority vertical with reliable measurement
💳 Fin Services	1 event (UK TTA Webinar)	$445K	$0 (n/a)	n/a*	Webinar reported with $0 business_cost — meaningful IR but ROI not computable
🚗 Automotive	1 event (UK TikTok Academy)	$63K	$0 (n/a)	n/a*	Webinar reported with $0 business_cost — small IR; opportunity to expand FY '26 calendar
Priority verticals subtotal	5 events	$1.21Mn	$96.5K	12.55x	Travel-driven; FS / Auto webinars excluded from ROI denominator

Methodology: Total ROI = Σ Inc Revenue / Σ business_cost across vertical-specific events with measurable cost. Events with business_cost = $0 (typically webinars) are excluded from the ROI denominator but their IR is reported separately.

Read · Priority Verticals

✈️ Travel is the only priority vertical with reliable measurement — 3 events at 7.29x blended ROI ($703K IR / $96.5K cost). FR Top Table Travel (10.4x) is the format to scale; DACH Top Table Travel (4.4x) underperforms and needs a reformat or replacement before FY '26 booking.
💳 Fin Services and 🚗 Automotive ROI is not currently measurable — both run on a single $0-cost webinar each ($445K and $63K IR respectively). The IR is real but no cost denominator exists. FY '26 priority: commission at least 2-3 cost-measurable events per priority vertical per EU5 region (Top Table / Summit / Showcase format), so Travel-style ROI evidence can be built for FS and Auto.
Priority subtotal of 12.55x clears the EU5 12x target, but it is entirely Travel-driven and the FS/Auto contribution (n/a) means the headline number is not yet defensible across all three priority verticals. Expanding measurable Auto and FS events is the single most important FY '26 marketing-mix decision.