PINS

• Foreign currency risk arises from revenue and expenses denominated in non-U.S. dollar currencies, with transaction gains/losses from revaluing certain balances.
• The company has not hedged foreign currency exposure and states a 10% USD move would not materially affect gains/losses for the periods ended June 30, 2026.
• Interest rate risk primarily impacts the fair value of the $1,274.9 million cash equivalents and marketable securities portfolio.
• A hypothetical 100 basis point rate increase would reduce the market value of cash equivalents and marketable securities by $5.0 million as of June 30, 2026.
• The $981.1 million in Notes carry fixed rates and are held at amortized cost, so interest expense is unaffected by rate changes, though fair value fluctuates.

We are currently involved in, and may in the future be involved in, actual and threatened legal proceedings, claims, investigations and government inquiries arising in the ordinary course of our business, including legal proceedings, claims, investigations and government inquiries involving intellectual property, data privacy and data protection, privacy and other torts, illegal or objectionable content, consumer protection, securities, corporate governance, employment, workplace culture, contractual rights, civil rights infringement, false or misleading advertising or other legal claims relating to content or information that is provided to us or published or made available on our service. This risk is enhanced in certain jurisdictions outside of the U.S. where our protection from liability for content published on our platform by third parties may be unclear and where we may be less protected under local laws than we are in the U.S. For information on certain litigation we are involved in, see "Legal Matters" in Note 6 of the accompanying notes to our condensed consolidated financial statements, which is incorporated herein by reference. Although the results of the actual and threatened legal proceedings, claims, investigations and government inquiries in which we currently are involved cannot be predicted with certainty, we do not believe that there is a reasonable possibility that the final outcome of these matters will have a material adverse effect on our business or financial results. Regardless of the final outcome, however, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, harm to our reputation and brand and other factors. 47

• Substantially all revenue depends on advertising, with a small number of advertisers concentrated in retail and CPG verticals, and reduced spending has already occurred due to tariffs.
• A new global restructuring plan initiated in Q1 2026 to reallocate resources to AI-focused roles may fail to deliver intended benefits and could disrupt operations.
• Intensifying competition from large platforms like Meta, Google, and TikTok, along with new AI-powered search methods, threatens user growth and advertiser spend.
• Evolving data privacy laws (GDPR, CCPA) and platform changes (Apple's ITP) increasingly limit the ability to target ads and measure campaign effectiveness.
• The company's dual-class stock structure concentrates approximately 75.3% of voting power with Class B holders, limiting public investors' influence on corporate matters.