Slide 1: Verve Group Q4 Report 2025
February 2026 Verve Group Q4 Report 2025
Slide 2: Disclaimer
Disclaimer THE INFORMATION CONTAINED IN THIS PRESENTATION IS STRICTLY CONFIDENTIAL. ACCORDINGLY, THE INFORMATION INCLUDED HEREIN MAY NOT BE REFERRED TO, QUOTED OR OTHERWISE DISCLOSED BY YOU, NEITHER DIRECTLY OR INDIRECTLY NOR WHOLLY OR PARTLY. BY REVIEWING THIS INFORMATION, YOU ARE ACKNOWLEDGING THE
Slide 3: Q4 Performance Highlights
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Slide 4: Q4 2025 - Key Metrics Signal Accelerating Growth Momentum for 2026
Q4 2025 - Key Metrics Signal Accelerating Growth Momentum for 2026 Key overview Q4 2025 and guidance FY 2026 1 2 Unified Supply-Side Platform runs smoothly and Significantly increased Gross Margin due to better delivers expected structural performance margin control following platform unification an
Slide 5: A Leading Mobile Ad-Tech Company
A Leading Mobile Ad-Tech Company Unparalleled capabilities in matching advertisers and publishers and reaching end consumers worldwide 1124 Large software clients2 5% +65,000 12% App integrations 12% Revenue Revenue by Device by Region +2.5 Billion Q4 2025 Q4 2025 Consumer reach1 76% 95% 1.1 Trillio
Slide 6: Strong Revenue Momentum, Margin Expansion and Stable EBITDA in Q4
Strong Revenue Momentum, Margin Expansion and Stable EBITDA in Q4 Revenue growth and margin expansion reflect unified platform benefits and growth investments while offsetting a FX headwind Impact from Revenue Recognition DSP SSP +10% +5pp +0.3% €m USD/EUR LfL -9.0% YoY €m In Q4’25 45% 48 49 194 40%
Slide 7: Strong Customer Growth Finalized Platform Unification and Invest in Sales Force
Strong Customer Growth Finalized Platform Unification and Invest in Sales Force Strong retention, strong customer growth, net dollar expansion rate rebouncing Ad Impressions (billions) Number of Software Clients3 Total +13% 3,495 3,734 310 274 288 2,842 2,948 3,056 3,079 248 259 >100k $ 1,076 1,140
Slide 8: Strategic Focus Commerce & Market Expansion
Strategic Focus Commerce & Market Expansion 61% As Q4 proved the successful completion of our platform unification, YoY Demand Side we are now fully focused on scaling both the Supply and Demand Growth sides to capitalize on our business momentum. 68% We are prioritizing scaling in 2026 to further s
Slide 9: Strategic Focus Engineering, Product and AI
Strategic Focus Engineering, Product and AI 96% Revenue migrated Our roadmap centers on AI-driven Performance and ID-less Scalability, addressing the structural shift driven by 97% of users demanding data clarity1 and enforced by players like Apple. We are deep-integrating AI to disrupt traditional
Slide 10: Strategic Focus Efficiency and Financial Discipline
Strategic Focus Efficiency and Financial Parallel to our growth, we are institutionalizing financial discipline and 4.2% YoY Gross Margin points operational excellence. By implementing AI to drive higher Improvements productivity and unifying teams from recent acquisitions, we are building a lean, e
Slide 11: Verve's Receivables Securitization Program
Verve‘s Receivables Securitization Program Why our strong growth leads to intense Net Working Capital build-up... ...and how this will evolve Offering highly attractive payment terms for clients in an Emerging Channel: "Liquidity as a Moat" - Demand Side pay after 90 days Liquidity + Scalability Hig
Slide 12: Structural Moats in the AI Era: Why Transactional Scale Outmuscles Generative Code
Structural Moats in the AI Era: Why Transactional Scale Outmuscles Generative Code Proprietary data scale ensures our market dominance where software becomes a commodity MARKET FEARS vs. VERVE REALITY Ecosystem over code "Will AI be able to replicate your entire Code is a commodity; connectivity is
Slide 13: Financials
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Slide 14: Fourth Quarter Financial Highlights
Fourth Quarter Financial Highlights Strong like-for-like revenue growth of 9.9% YoY, and return to attractive adjusted EBITDA margin of 25% in Q4 Q4 2025 Revenues and Adj. EBITDA Q4 2025 Margins and Cash Flows +34.4% +9.9% +5.3% Profits back on track after temporary decline Reported LfL Revenue Org
Slide 15: Gross Profit Margin Increased in Q4 YoY and QoQ
Gross Profit Margin Increased in Q4 YoY and QoQ Unified Supply Side platform more cost efficient and better at dynamic margin management, aided by seasonal pricing tailwinds Gross Profit Margin Like-for-Like1 +8.0%-pts +4.2%-pts Q4’25 vs Q3’25 Q4’25 vs Q4’24 Gross Profit = Revenues – Purchased Servi
Slide 16: Net Working Capital Development Affected by Business Growth
Net Working Capital Development Affected by Business Growth Accounts payable drive NWC usage based on company growth Quarterly development in Trade Receivables and Trade Payables 2024-2025 Strong revenue billing in Q4 adding 52 €m vs. Q3 2025, 194 leading to an increase in NWC of 25.5 €m during Q4 2
Slide 17: Cashflow Development Before and After NWC Changes
Cashflow Development Before and After NWC Changes Accelerating topline drove a temporary build-up in receivables; weighing on cash conversion compared to prior years Yearly Operating Cash Flow Development1 €m Cash generation before NWC in 2025 matched 2024 level at 116 €m, despite weaker revenue gro
Slide 18: Capex Development
Capex Development €42m Maintenance / Expansion capex in line with previous years. €41m acquisition activity Capex Development €m Expansion and maintenance CAPEX for 2025 totaled 11% 42 €m, in line with 2024 10% Maintenance/expansion CAPEX remained stable from 2023 to 2025, but decreased as a percent
Slide 19: Balancing Growth and Deleveraging
Balancing Growth and Deleveraging Acquisition and NWC driven debt increase, stable Leverage, interest coverage significantly improved Adjusted Leverage Ratio Interest Coverage Ratio €m €m 1 2 446 147 146 421 1341 351 295 95 3.1x 3.1x 3.0x 2.4x 4.3x 3.3x 3.5x 2.5x 2023 2024 LTM Sep- 2025 2023 2024 LT
Slide 20: Guidance FY 2026
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Slide 21: Moderate to slightly positive market environment for the Year 2026 Expected
Moderate to slightly positive market environment for the Year 2026 Expected Many special events in 2026, but consumer trust and market unpredictability require a guidance safety cushion Global Advertising Growth (HoldCo Expectations) Several large 2026 US advertising events 5.1% FIFA World Cup (Nort
Slide 22: 2026 Growth Drivers for Verve
2026 Growth Drivers for Verve We see many opportunities to take market share 7-9%-pts structural market growth + >5%-pts revenue growth from market share gain US economic and digital Consumer trends and tech Opportunity for Verve’s Significant investment in sales advertising drivers advancements lea
Slide 23: Conservative Outlook for 2026 With Robust Safety Margin Applied
Conservative Outlook for 2026 With Robust Safety Margin Applied Sales team ramp-up resulting in 'front-loaded' investment phase in H1 FY 2025 FY 2026 Actuals Guidance Revenue (like-for-like) 602 680 – 730 (in €m) Adj. EBITDA 134 145 - 175 (in €m) As exact timing of 'sales-productivity inflection poi
Slide 24: Sustained Long-Term Growth Performance Retained
Sustained Long-Term Growth Performance Retained With a strong Q4, Verve remains on a long-term growth track despite impacts of absent growth in Q2 and Q3 2025 Revenue Growth Adj. EBITDA Growth €m €m +19% +28% 705 36% CAGR 160 32% CAGR 133 134 551 437 95 93 303 1 322 71 252 140 29 28% 29% 30% 30% 28%
Slide 25: We are Continuing our Strong Profitable Growth Journey
We are Continuing our Strong Profitable Growth Journey We have been able to build a top 20 Ad-Tech platform in the US in less than six years Prioritizing long-term value creation Building strong differentiators Driving Operational Excellence via AI Balancing short term leverage & growth while Target
Slide 26: Got Questions?
Got Questions? If you have any questions, please contact: Ingo MIddelmenne ingo.middelmenne@verve.com © 2026 Verve Group, Inc.