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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Verve Group
Verve Group (VRV) investor relations material
Verve Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Q4 2025 delivered strong results with 9.9% like-for-like revenue growth to €193.8–194 million, driven by platform unification, operational efficiencies, and sales force expansion.
Platform unification completed, resulting in improved scalability, efficiency, and a stable foundation for future growth.
Strategic acquisitions (Captify, Acardo) contributed to growth and were successfully integrated.
Customer base expanded, with software clients up 6.8% quarter-on-quarter, large clients up 5.3%, and client retention reaching a record 99% in Q4.
Strategic focus areas include expanding sales, leveraging AI, and operational excellence, with significant investments in technology and sales force.
Financial highlights
Q4 2025 revenue reached €193.8–194 million, up 9.9% like-for-like year-over-year; reported revenue up 34% YoY.
Adjusted EBITDA was €48.6–49 million (25–25.1% margin), up sequentially but down YoY due to sales investments.
Gross margin improved to 44.6–45% in Q4, up from 36.6% in Q3 and 40–40.4% in Q4 2024.
Operating cash flow before working capital was €45.6 million, but total operating cash flow was €20.1 million due to working capital needs.
Net debt increased to €445.9 million, mainly due to acquisitions and working capital build-up.
Outlook and guidance
FY 2026 revenue guidance: €680–730 million; adjusted EBITDA: €145–175 million.
Conservative outlook with a robust safety margin, considering market unpredictability, FX headwinds, and timing of sales productivity inflection.
Market expected to grow 5.1–9.1% in 2026, with boosts from major events like the FIFA World Cup and US elections.
Front-loaded sales investments expected to impact H1 2026 margins, with stronger growth in H2.
Sales force investment: When is full productivity?
Working capital impact: How to reduce in 2026?
NDER recovery: What drives 9-12 month timeline?
Given growth, how will securitization capacity expand?
When will 2026 sales investments yield revenue?
How will AI affect CPMs and auction dynamics?
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Next Verve Group earnings date
CMD 202616 May, 2026
Verve Group
Next Verve Group earnings date
CMD 202616 May, 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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