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Visual21 Nov 2025
Data center suppliers
Verve Group (VRV) investor relations material
Verve Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Q3 2025 marked a pivotal period with the completion of in-app platform unification, driving cost efficiencies, increased yield, and improved performance, setting up positive momentum for Q4.
Strategic acquisitions of Captify Technologies, Acardo, and Viewento expanded demand-side capabilities, geographic reach, and data solutions.
Investments continued in product, data, AI, and sales expansion to support long-term growth.
Revenue and EBITDA declined year-over-year due to platform unification, market softness, and absence of political ad spend, but late-quarter momentum and efficiency gains set up a strong Q4.
Inclusion in the SDAX index and executive team expansion signal strengthened market position and leadership.
Financial highlights
Q3 2025 reported revenue grew 25% year-over-year to €141.9m–€142m, but like-for-like revenue declined 3% to €110m due to revenue recognition changes.
Adjusted EBITDA was €26m–€26.1m, down 22% year-over-year, with an adjusted EBITDA margin of 18% (reported) or 24% (like-for-like).
Gross margin improved to 37%, up 2 percentage points versus Q2 and Q3 2024.
Operating cash flow was €4.7m–€34.3m, significantly lower than prior year due to working capital changes and acquisition-related liabilities.
Total net debt increased to €421.2m, with a cash position of €111.9m.
Outlook and guidance
Full-year 2025 net revenue guidance reaffirmed and updated to €560–580m, including M&A and revenue recognition effects.
Adjusted EBITDA guidance maintained at €125–140m, reflecting ongoing investments.
Q4 expected to deliver net revenues of €200m–€223m and EBITDA between €39m–€54m.
Management expects a strong Q4 and successful 2026, with positive contributions from acquisitions and efficiency measures.
Guidance reflects continued FX headwinds and softer market conditions, especially in political ad spend.
Assess net Q3 impact of platform unification
How will leverage be managed given recent acquisitions?
How do acquisitions enhance ID-less strategy and AI?
Q4 revenue uplift from platform unification
Long-term strategy for CTV growth
Plan to reduce net leverage ratio
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Next Verve Group earnings date
Q4 202527 Feb, 2026
Next Verve Group earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Verve Group SE is a technology company that operates in the digital advertising industry, offering a suite of solutions for advertisers and publishers. Its services include programmatic advertising platforms, demand-side and supply-side technologies, and tools for audience targeting, data analytics, and campaign optimization. The company focuses on enabling data-driven advertising across mobile, desktop, connected TV, and other digital formats. It is headquartered in Hamburg, Germany, and its shares are listed on the XETRA and the Stockholm Stock Exchange.
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