Original-Research: Verve Group Media SE (von GBC AG): BUY - T-Online

The issuer is solely responsible for the content of this research. The

invitation to conclude certain stock exchange transactions.

half-year figures for 2026. According to these, the ad-tech group achieved

currency-related headwinds (USD depreciation). Consequently, on a

like-for-like basis, consolidated revenue rose by 2.9% to EUR 293.9 million in

the first half of the year (H1 2025: EUR 285.7 million), thanks to organic

growth, primarily driven by the expansion of the software customer base.

Reported revenue even rose significantly by 34.5% to EUR 289.5 million (H1

With regard to operating profit, Verve saw its EBITDA fall to EUR 44.9 million

(H1 2025: EUR 54.5 million) due to significant investments in expanding the

and internal structural optimisation measures. In addition to one-off

Adjusted for one-off costs and exceptional items (e.g. severance payments

and consultancy fees), adjusted EBITDA (Adj. EBITDA) remained virtually

stable compared with the previous year at EUR 58.4 million (H1 2025: EUR 59.6

million). This resulted in an adjusted EBITDA margin of 19.9%, which was

thus slightly below the previous year's level (H1 2025: 20.9%).

phase of investment and transition. This financial period is therefore also

from these areas is set to materialise with a time lag.

year stood at EUR 13.1 million, which was also virtually on a par with the

previous year's figure (H1 2025: EUR 13.3 million).

tariffs, etc.), which led to lower advertising expenditure in some sectors

important to Verve (e.g. retail, tourism and the automotive sector). These

had originally anticipated. On a like-for-like basis, consolidated revenue

in Q2 rose significantly by 6.5% year-on-year to EUR 152.31 million (Q2 2025:

EUR 143.10 million). Of the growth achieved, 3.5% was attributable to organic

growth and 4.6% to inorganic growth, whilst negative currency effects

increase in their sales team. Accordingly, the total number of software

954) respectively. The customer retention rate (relating to major software

to 99.0% (Q2 2025: 98.0%) and 95.0% (Q2 2025: 92.0%) respectively. In

234.0 billion (Q2 2025: 259 billion) by the end of the second quarter. The

relating to non-premium and low-quality advertising inventory.

quarter compared with the same quarter of the previous year to 40.0% (Q2

2025: 33.1%), thanks to the positive effects of the completed platform

standardisation. In addition to the improved platform performance resulting

on earnings, leading to a marked decline in operating profit of 22.7% to EUR

20.88 million (Q2 2025: EUR 27.00 million). These effects included, amongst

relating to the optimisation of the workforce. According to the company, the

approximately EUR 4.20 million and are expected to enable annual savings of at

(e.g. restructuring or consultancy costs), rose slightly compared with the

same quarter of the previous year to EUR 30.10 million (Q2 2025: EUR 29.50

million). At the same time, the adjusted EBITDA margin, at 19.8%, remained

has also confirmed its guidance for the current financial year. Accordingly,

EBITDA (Adj. EBITDA) of EUR 145 million to EUR 175 million.

environment (due, for example, to the Iran conflict, etc.), we have revised

our previous estimates downwards. For the current financial year, we now

expect revenue and adjusted EBITDA of EUR 684.17 million (previously: EUR 750.37

million) and EUR 146.56 million (previously: EUR 179.46 million) respectively,

and consequently expect to reach the lower end of the guidance range.

earnings, respectively, compared with the previous year's levels. Verve's

platform has improved in the current third quarter.

789.53 million (previously: EUR 875.95 million) and EUR 905.59 million

(previously: EUR 1,010.85 million) respectively. In parallel, we forecast

adjusted EBITDA (Adj. EBITDA) of EUR 192.65 million (previously: EUR 219.65

million) and EUR 230.93 million (previously: EUR 264.84 million) for these

financial periods respectively. Given the continued gradual expansion of the

previous price target to EUR 6.80 per share (previously: EUR 7.65). However,

effect', which has a price-target-raising impact. The new target price

price. In view of the current share price level, we therefore maintain our

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