semrush_2024xarxv5

2024 ANNUAL REPORT

Semrush 2024 Annual Report Dear Shareholders, Sixteen years ago we launched Semrush as dreamers, with a single SEO solution in an emerging market. Our vision was and remains to democratize marketing by making it simpler for businesses of all sizes to compete online. Over time, we have evolved that single solution into a comprehensive platform covering every major digital marketing channel. Today, we have strengthened our leadership position in online visibility, serving everyone from small businesses to the world’s largest enterprises, and have extended our reach with a new enterprise-focused solution to a growing number of the world’s largest businesses. Our platform now covers Search Engine Optimization, Paid Advertising, Social Media, Local Marketing, Brand Marketing, Content Marketing, and Data and Intelligence. Importantly, we are successfully combining strong durable growth with improving profitability and free cash flow generation. Semrush had an outstanding 2024, and our record numbers underscore our execution. We began the year with a clear set of goals, and we delivered on both achieving our financial commitments and executing our strategic objectives — including expanding our customer base, increasing our average ARR per customer, and broadening our product portfolio. We reported full year revenue growth of 22% year-over-year, and Annual Recurring Revenue (“ARR”) as of December 31, 2024 increased to $411.6 million, up 22% from the year prior. For the full year 2024, our Operating Margin increased to 2.2% and our Non-GAAP Operating Margin increased to 12.2%, we generated net cash from operating activities of $47.0 million, and we ended the year with cash, cash equivalents and short term investments of $235.6 million. During 2024, we continued our strong track record of success in product development and integration. We innovated and expanded our product offering to help companies create brand awareness, generate traffic, and ultimately convert traffic to paying customers, all while also successfully integrating several acquisitions we made throughout the year. We also extended the capabilities of our social media offerings, adding new AI features that we have started to monetize. I am particularly impressed by our enterprise sales traction, where we saw momentum build each quarter following the mid-year release. I couldn’t be prouder of our team for what they have accomplished and importantly, for what lies ahead. As of December 31, 2024, just six months since the launch of our Enterprise SEO solution, we had onboarded 144 Enterprise SEO customers — an achievement that underscores both market demand and our team’s execution. We also see substantial runway in upmarket expansion, given we already have thousands of larger companies using our platform today. Looking to 2025, we plan to further evolve our platform and are focused on adding product depth and enterprise-grade features across our portfolio. Our enterprise future is not just SEO — our ultimate plan and vision is to extend our reach even further. We are realizing the benefits of investing in sophisticated solutions across channels so that large-scale organizations can seamlessly manage their entire digital marketing ecosystem within Semrush. As we expand our product portfolio, we will continue to pay close attention to AI including AI optimization, or “AIO.” By leading with AI, we believe we can bring the best of generative AI, predictive analytics, and automation into a single platform that helps marketers not only gather data but also translate insights into impactful actions. We believe these investments will ensure our customers have access to the most predictive and actionable digital marketing platform. With AI reshaping the landscape, Semrush is uniquely positioned to lead. My passion has always been at the intersection of product innovation and emerging technologies. As I focus on driving Semrush’s next wave of AI-powered technology breakthroughs, I decided to transition from my CEO responsibilities to a dedicated technology leadership position.

Semrush 2024 Annual Report Oleg Shchegolev, Founder and Previous CEO, Semrush I’m honored and excited to step into the CEO role at Semrush and work side-by-side with Oleg and the leadership team as we execute the Company’s ambitious strategy. We remain committed to the strategy outlined at the Company’s recent Investor Day and to delivering the premier AI- powered platform to help businesses maximize their online visibility. As a former Chief Marketing Officer, I understand the complexity of digital marketing and the need to unify fragmented point solutions, simplify execution, and seamlessly integrate campaigns across multiple digital marketing channels. This firsthand experience drives my conviction that Semrush’s comprehensive, AI-powered platform is uniquely positioned to simplify and amplify digital marketing for businesses of every size. We are seeing our strong positive momentum in 2024 continue into 2025, as we further extend our enterprise capabilities, grow and invest in enterprise go-to-market, and launch new products. I am confident in Semrush’s potential, and I am excited to bring my experience to the CEO role and work with Oleg and the rest of the management team to execute our strategy, accelerate innovation, and continue to drive sustainable and profitable growth. Bill Wagner, CEO and Board Member Effective March 10, 2025, I stepped into the role of Chief Technology Officer, dedicating my full attention to product innovation while remaining on Semrush’s board. This allows me to channel my passion for data, AI, and product design, ensuring we stay on the cutting edge of digital marketing solutions. To ensure a seamless transition and sustain our market leadership, our Board, after careful consideration, appointed Bill Wagner — an experienced leader and current Semrush board member — to take the helm as CEO. Bill’s track record, vision, and deep understanding of our culture make him the perfect fit to lead us through our next phase of growth. We would not be where we are today, or where we are going in the future, without the continued support of our loyal customers, talented employees, and supportive shareholders. Thank you all I believe the best is yet to come. Sincerely, y, Sincerel

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Semrush 2024 Annual Report Performance Graph The following performance graph shall not be deemed soliciting material or to be filed with the SEC for purposes of Section 18 of the Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall such information be incorporated by reference into any of our other filings under the Exchange Act or the Securities Act of 1933, as amended. The graph below compares the cumulative total stockholder return on our Class A common stock with the cumulative total return on the S&P 500 Index and the Nasdaq Computer Index. The graph assumes an initial investment of $100 in our Class A common stock at the market close on March 25, 2021, which was our initial trading day. Data for the S&P 500 Index and the Nasdaq Computer Index assume reinvestment of dividends. The comparisons in the graph below are based upon historical data and are not indicative of, nor intended to forecast, future performance of our Class A common stock. March 25, 2021 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 Semrush Holdings, Inc. $ 100 185.83 72.55 121.75 105.88 S&P 500 $ 100 123.21 100.89 127.42 159.30 Nasdaq Computer Index $ 100 136.92 87.94 146.39 199.62

Semrush 2024 Annual Report Corporate Information Board of Directors Executive Management Team Steven Aldrich former Chief Product Officer, GoDaddy, Inc. William (Bill) Wagner * Chief Executive Officer Anna Baird former Chief Revenue Officer, Outreach Corporation Eugene Levin * President Dmitry Melnikov Co-Founder and former Chief Operating Officer, Semrush Holdings, Inc. David Mason * Chief Legal Officer Dylan Pearce Partner, Greycroft Partners Veronique Montreuil Chief Customer and Data Officer Oleg Shchegolev Co-Founder, Chief Technology Officer, and former Chief Executive Officer, Semrush Holdings, Inc. Brian Mulroy * Chief Financial Officer and Treasurer Trynka Shineman Blake former Chief Executive Officer, Vistaprint Vitalii Obishchenko Chief Product Officer Mark Vranesh Chairperson of Board, Semrush Holdings, Inc., former Interim Chief Financial Officer Halborn Inc. and former Chief Financial Officer of TuneIn, Inc. Tommie O’Brien Chief Sales Officer William (Bill) Wagner Chief Executive Officer, Semrush Holdings, Inc. Oleg Shchegolev * Co-Founder and Chief Technology Officer Tatiana Starikova Chief Human Resource Officer Alex Sukennik Chief Information Officer Andrew Warden * Chief Marketing Officer * Executive Officer for SEC reporting purposes

Semrush 2024 Annual Report Additional Corporate Information Corporate Headquarters: 800 Boylston Street, Suite 2475 Boston, MA USA 02199 2025 Annual Meeting of Stockholders: Our Annual Meeting of Stockholders is being held on June 5, 2025 at 10:00 am Eastern Time via a live interactive audio webcast on the Internet at www.virtualshareholdermeeting.com/SEMR2025 Stock Exchange Listing: Our Class A common stock is listed on the New York Stock Exchange under the symbol “SEMR”. Requests for Reports and Other Stockholder Requests: Our quarterly and annual reports, including Forms 10- Q and 10-K, are available on the investor relations section of our website, https://investors.semrush.com. You also may obtain, free of charge, a copy of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and make other stockholder inquiries upon written request to: Semrush Holdings, Inc. Attention: Investor Relations 800 Boylston Street, Suite 2475 Boston, MA 02199 (800) 851-9959 If you would like us to send you a copy of the exhibits listed on the exhibit index of our 2024 Annual Report, we will do so upon your payment of our reasonable expenses in furnishing a requested exhibit. Stock Transfer Agent: Computershare Trust Company N.A. 250 Royall Street, Canton, MA USA 02021 Independent Registered Public Accounting Firm: Ernst & Young LLP Boston, MA USA

Semrush 2024 Annual Report Forward-Looking Statements This Annual Report contains statements reflecting our views about our future performance that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Statements that constitute forward-looking statements within the meaning of the Reform Act are generally identified through the inclusion of words such as "anticipate," "believe," "estimate," "expect," "confident," "forecast," "future," "goal," "guidance," "intend," "may," "objective," "outlook," "plan," "position," "potential," "project," "seek," "should," "strategy," "target," "will" or similar statements or variations of such words and other similar expressions. Forward-looking statements include, but are not limited to, statements about our future operating results and financial performance, our ability to attract and retain talent, changes to our executive management team, expectations regarding demand for our new and existing products, including demand from new and existing customers, development and adoption of and demand for new products and features, our ability to adopt and enhance our technological capabilities, including the use of artificial intelligence, our addressable market size, and growth of our business, statements about expansion of our platform, the effectiveness of our products and our competitive advantages, and statements addressing events and developments that we expect or anticipate will occur in the future. These forward-looking statements are based on currently available information, operating plans and projections about future events and trends. They inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in any such forward-looking statement. These risks and uncertainties include, but are not limited to, those more fully described in our filings with the Securities and Exchange Commission ("SEC"), including in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our filings with the SEC, including our most recent annual report on Form 10-K included herewith, and our subsequently filed quarterly reports and other SEC filings. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.