Ad pepper media International N : Quarterly report Q1 2026

About this update from Ad Pepper Media International N.v.

FIRST QUARTER UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AS AT 31 MARCH 2026 2026 SELECTED GROUP KEY FIGURES Q1 2026 kEUR Q1 2025* kEUR Change in percent Gross sales 32,091 15,337 >100 Revenue 18,727 3,534 >100 Gross profit 9,713 3,495 >100 EBIT 732 -205 <-100 EBITDA 1,531 -84 <-100 Net profit/(loss) for the period 450 -126 <-100 Earnings per share for continuing operations in EUR (basic) 0.01 -0.01 <-100 *Prior year figures reflect continuing operations only and do not include the discontinued segment ad agents. 31/3/2026 kEUR 31/3/2025 kEUR Change in percent Cash and cash equivalents 27,606 20,055 38 Equity 38,960 20,498 90 Total assets 69,240 40,594 71 No. of employees 315 202 56 CONTENTS The ad pepper share 6 Interim Management Report 8 The structure of the ad pepper Group 8 General information about this management report 12 Macroeconomic framework 13 Earnings, financial and net asset position 16 Research and development activities 17 Employees 18 Risk and opportunity report 18 Outlook 19 Interim Consolidated Financial Statements (IFRS) 20 Consolidated income statement 20 Consolidated statement of comprehensive income 22 Consolidated statement of financial position 24 Consolidated statement of cash flows 28 Consolidated statement of changes in equity 32 Selected explanatory notes 36 Additional Information 48 Financial calendar 48 Investor contact 48 Imprint 49 ‌ KEY FIGURES AT A GLANCE ‌ Key data on the ad pepper share Security Identification Number (WKN) 940883 ISIN NL0000238145 Type of share Ordinary bearer shares Stock market segment (Frankfurt Stock Exchange) Prime Standard Initial public offering 9 October 2000 Designated Sponsor Pareto Securities Capital stock (EUR) 1,274,922 No. of shares 25,498,439 Sector Advertising Share price performance over the past twelve months (XETRA) 4.00 3.50 3.00 2.50 2.00 1.50 A M J J A S O N D J F M Key share figures Q1 2026 Q1 2025 Shareholder structure as at 31/3/2026 Number of shares Shareholding XETRA closing price at end of period (EUR) 2.74 2.56 in percent Highest price (EUR) 3.08 2.66 Michael Oschmann 10,260,809 40.24 Lowest price (EUR) 2.68 1.93 N.R. Rentrop 1,781,108 6.99 Market capitalisation at end of period (EUR) 69.9m 59.3m Treasury shares 1,168,628 4.58 Average no. of shares traded (XETRA) per day 9,794 8,126 Subtotal 13,210,545 51.81 Earnings per share (basic) (EUR) 0.01 -0.01 Free float 12,287,894 48.19 Net cash per share* (EUR) 1.10 0.88 Total 25,498,439 100.0 *(liquid funds - long-term debt)/number of shares outstanding ‌ THE STRUCTURE OF THE AD PEPPER GROUP ‌‌ ad pepper media International N.V. is the holding company of one of Europe's leading international groups specialising in digital performance marketing. The Group combines a pan-European network of companies focused on data-driven and technology-enabled marketing solutions. AI-driven operations and automated processes are embedded across all services, making innovation a key driver of the Group's development. Founded in 1999, ad pepper media International N.V. has been listed in the Prime Standard of the Frankfurt Stock Exchange since 2000. With eleven offices across Europe, including Germany, Italy, France, Spain, Switzerland, Poland, the United Kingdom and the Netherlands, the ad pepper Group develops performance marketing and technology solutions for its clients. The Group operates in a dynamic digital commerce environment characterised by continued growth in consumer spending and advertising investment. Digital advertising channels, including e-commerce, price comparison portals, affiliate marketing, social media, search, video and AI-enabled solutions alongside traditional display formats, continue to gain market share. The Group provides services to large corporations and leading SMEs across Europe and beyond. Its clients primarily operate in sectors such as e-commerce and consumer goods, financial and insurance services, telecommunications and IT, travel and other future-oriented industries. The Group focuses on long-term client relationships and has worked with some partners for almost two decades. The Company focuses on long-term value creation through organic growth in its existing businesses while also evaluating value-accretive acquisition opportunities. The holding company is responsible for strategic direction, knowledge transfer between the segments and the Group's overall governance, including financing and liquidity management. Each business unit maintains its own culture, client base, product portfolio and regional focus while both segments provide performance-based solutions. Advertisers therefore only pay for measurable results, including completed actions. Common performance marketing models include CPM, cost per mille, CPC, cost per click, CPO, cost per order, CPL, cost per lead and CPA, cost per acquisition. The ad pepper Group also offers a broad range of services, including consulting and strategy development for the use of digital technologies, the design and execution of digital marketing and communication solutions as well as consulting on digital media strategies, technologies and tools. Digital processes and real-time data analysis are central to the Group's operations. Success in digital marketing requires capabilities that extend beyond optimising media allocation and managing campaigns across channels. As a result, the ad pepper Group increasingly competes in certain areas with established strategy and IT consultancies offering digital marketing services. Today, the ad pepper Group is structured into two reporting segments, each operating independently in the market and in close cooperation with the holding company: solute, digital commerce and price-comparison platform Webgains, affiliate marketing network Affiliate marketing network France / Germany / Italy / Netherlands / Poland / Spain / UK Digital commerce and price comparison platform Germany The segments of the ad pepper Group solute , headquartered in Karlsruhe, is a provider of digital commerce and price-comparison solutions with a focus on technology-based performance marketing. Through its proprietary brands billiger.de, shopping.de and juhuu. at, the company provides consumers with product and pricing information while supporting retailers and partners in increasing visibility, reach and conversion performance. billiger.de is a leading price-comparison platform in Germany, providing access to millions of products, shops and prices. In addition, solute operates a B2B performance network connecting advertisers and publishers through data-driven technologies, real-time analytics and automated campaign optimisation. With several thousand listed merchants, solute has a strong market presence in Germany. Its operations are supported by quality standards designed to ensure data integrity, pricing accuracy and system stability. Automated validation processes, continuous monitoring and technology-based anomaly detection support reliable platform operations and product data quality. solute's technology infrastructure is based on a modular architecture and built largely on a modern Python-based technology stack. This enables flexible integrations as well as the use of machine-learning and AI applications. On this basis, solute maintains high system availability and manages activities across multiple channels. AI and automation are used across areas including content production, campaign management, data enrichment, price accuracy and product matching, supporting operational efficiency and scalability. Since May 2025, solute has been majority owned by the ad pepper Group and complements the Group's portfolio with technology and data-driven solutions in digital advertising and digital commerce. In July 2025, solute acquired Checkout Charlie, an international affiliate marketing publisher operating voucher and cashback portals such as Sparwelt.de, Gutscheine.de and shopmate.eu as well as white-label platforms in partnership with media brands including ntv.de, nzz.ch and 20min.ch. Offices: Karlsruhe / Berlin Webgains has been part of the ad pepper Group since 2006. Today, the affiliate network serves more than 1,800 clients worldwide, from start-ups to global brands, across more than 170 markets. In developing local and international campaigns, Webgains combines a strong publisher network with the expertise of more than 100 specialists with extensive market knowledge. In 2023, Webgains became the world's first certified B Corp affiliate network, combining globally aligned standards with high-performance operations. The Webgains platform integrates AI-driven tools to optimise affiliate partnerships and campaign performance. One of its core features, Discover, uses machine learning to match brands with suitable partners from a network of more than 250,000 vetted publishers and influencers. The current strategy focuses on a service-driven and performance-differ-entiated approach. Through continued investment in talent and technology, Webgains combines human expertise with AI-enabled processes to support scalable international campaigns. Clients benefit from high standards of data security and near real-time performance reporting. From the 2026 financial year onwards, the previously separately reported ad pepper business has been fully integrated into Webgains. ad pepper specialises in lead generation and audience-focused performance marketing and supports international campaigns in more than 50 countries worldwide. ‌Its proprietary iLead platform enables the rapid deployment of market-specific campaigns and has supported more than 30,000 campaigns and the generation of millions of qualified leads worldwide.‌‌ Offices: Nuremberg / Madrid / Bristol / London / Paris / Milan / Amsterdam / Warsaw GENERAL INFORMATION ABOUT THIS MANAGEMENT REPORT Definitions All mentions of "ad pepper media International N.V.", "ad pepper Group" or the "Group" in this management report relate to the ad pepper Group. This management report contains forward-looking statements and information based on the beliefs of and assumptions made by our management using information currently available to them. We have based these forward-look-ing statements on our current expectations, assumptions, and projections about future conditions and events. As a result, our forward-looking statements and information are subject to uncertainties and risks, many of which are beyond our control. If one or more of these uncertainties or risks materialise, or if the management's underlying assumptions prove incorrect, our actual results could differ materially from those described in or inferred from our forward-looking statements and information. We describe these risks and uncertainties in the risk report of our Annual Report 2025. The words "aim", "anticipate", "assume", "believe", "continue", "could", "counting on", "is confident", "estimate", "expect", "forecast", "guidance", "in-tend", "may", "might", "outlook", "plan", "project", "predict", "seek", "should", "strategy", "want", "will", "would" and similar expressions as they relate to us are intended to identify such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date specified or the date of this report. Unless we are required to do so by law, we accept no obligation to publicly update or revise any forward-looking statements due to new information, changed conditions, or any other future events that had not existed before the publication of this report. Internal control system Revenue and profits (EBIT, EBITDA, gross profit) are some of the parameters that the ad pepper Group analyses monthly and compares with the original business plan to control and monitor the development of individual subsidiaries. In addition, further key performance indicators are calculated each month for control purposes and are used within all the operating companies of the ad pepper Group. External indicators are also regularly analysed for company management purposes. In addition, weekly jour fixes as well as regular shareholder meetings are held with the individual subsidiaries. MACROECONOMIC FRAMEWORK According to the latest outlook published by the Kiel Institute, the German economy is gradually regaining momentum. The main impetus is expected to come from expansionary fiscal policy. However, a broad-based recovery remains unlikely, as structural weaknesses, most notably the marked loss of competitiveness, continue to weigh on economic activity. There are still few signs that companies intend to significantly expand investment or employment. Additional headwinds may arise from geopolitical tensions in the Middle East, which have contributed to a noticeable increase in commodity prices. Against this backdrop, the Kiel Institute expects GDP to grow by 0.8 percent this year, slightly below its winter forecast of 1.0 percent. For 2027, GDP growth is forecast at 1.4 percent, compared with 1.3 percent in the winter forecast. Inflation is expected to rise more sharply than previously anticipated, reaching 2.5 percent this year due to higher energy prices, compared with 1.8 percent in the winter forecast. Regarding the global economy, the Kiel Institute states that it remained robust in 2025 despite trade conflicts and increased uncertainty, entering the new year with solid momentum. However, geopolitical tensions in the Middle East now pose a risk to energy supplies, with potentially serious consequences for economic activity. Overall, and unchanged from its December forecast, the Institute expects global output to grow by 3.1 percent this year and 3.2 percent next year. Given the uncertainty surrounding developments in the Middle East, the Kiel Institute sees a significant risk of a marked slowdown in the global economy. Digital Advertising Market Europe & Germany, Review of Q1 2026 and Outlook The European digital advertising market continued its growth trajectory during the first quarter of 2026 Market analysts continue to expect further growth over the coming quarters, particularly within measurable and commerce-driven advertising environments. Compared with the prior-year period, advertising budgets continue to shift towards data-driven and conversion-oriented advertising models. Dentsu forecasts further investment in automated campaign management, AI-driven optimisation and digital commerce strategies with direct revenue attribution. The European e-commerce market remained a key growth driver during the first quarter of 2026. In Germany, the German E-commerce and Distance Selling Trade Association (bevh) reported that online retail sales increased by approximately 3.6 percent year-on-year in Q1 2026, reaching around EUR 20.4 billion. Within this environment, price comparison platforms continue to gain strategic relevance. Statista studies indicate increasing use of comparison-based shopping environments as consumers seek transparent pricing and directly comparable offers. At the same time, rising competition within e-commerce and the fragmentation of digital shopping channels are strengthening the importance of data-driven price comparison models. As a result, price comparison platforms are evolving from pure traffic suppliers into conversion-oriented commerce platforms with high purchase intent and direct proximity to conversion. Affiliate marketing also continued to develop positively during the first quarter of 2026. According to the German Association for the Digital Economy (BVDW), companies are increasingly investing in measurable and lower-risk advertising models with direct revenue attribution.. Growth continues to be supported by retail media partnerships, improved attribution technologies and the integration of price comparison and commerce models into digital advertising strategies. Artificial intelligence is simultaneously developing into a central efficiency driver within the European digital advertising market. Eurostat data show that more than one third of companies using AI technologies in Europe already apply artificial intelligence to marketing and sales processes. AI adoption is growing particularly strongly in campaign automation, audience analysis, product recommendation systems, pricing optimisation and feed optimisation. Retail media, shopping platforms and price comparison portals currently represent some of the advertising environments with the highest levels of AI integration. For the coming quarters, market analysts expect continued growth within measurable and commerce-driven advertising environments. According to forecasts published by Dentsu and IAB Europe, retail media, price comparison platforms, affiliate marketing and AI-driven advertising solutions are expected to remain among the key strategic growth areas across Europe and Germany. Sources: IAB Europe AdEx Benchmark Report 2024, Dentsu Global Ad Spend Forecast 2025, Ecommerce Europe European E-commerce Report, bevh Q1 2026 Market Data, HDE Online Monitor, Eurostat Digital Economy and AI Reports, Statista Consumer Shopping Behaviour Europe, Reuters reporting on Google Shopping and the Digital Markets Act, BVDW Affiliate Trend Reports ‌ EARNINGS, FINANCIAL AND NET ASSET POSITION ‌‌ Earnings position The Group generated revenue of EUR 18,727k (Q1 2025: EUR 3,534k), corresponding to a sixfold increase in revenue from operating continuing activities. The solute segment, which has been consolidated since 1 May 2025, generated revenue of EUR 14,770k in the first quarter, and EBITDA of EUR 1,454k. Revenue increased by around 6 percent year-on-year, while EBITDA rose by around 70 percent over the same period (both on a pro forma basis). solute therefore remains the Group's main revenue and earnings driver. The Webgains segment, which includes for the first time the activities previously reported under "ad pepper", achieved dynamic growth of 12 percent compared to the prior-year quarter, totalling EUR 3,958k (Q1 2025: EUR 3,534k). Segment EBITDA increased by about 60 percent to EUR 739k (Q1 2025: EUR 461k). At Group level, taking into account the admin segment, the first quarter delivered a strong EBITDA of EUR 1,531k (Q1 2025: EUR -84k). Financial position Gross cash flow amounted to EUR 1,652k (Q1 2025: EUR -87k) and is particu-lary driven by the strong EBITDA in the first quarter of 2026, which also resulted in an improved cash flow from operating activities of EUR -2,332k as against EUR -4,064k for the first three months of 2025. Changes in working capital remained with EUR -3,917k at the same level like in prior years first quarter (Q1 2025: EUR -4,163k). Cash inflow for investing activities amounted to EUR 2,719k (Q1 2025: EUR -48k) and includes mainly the remaining payment received of EUR 3,150k for the ad agents sale. Cash flow from financing activities amounted to EUR -121k in the first quarter 2026 (Q1 2025: EUR -85k) and consists of cash outflow for leasing payments amounting to EUR 180k made in conjunction with capitalised right-of-use assets (Q1 2025: EUR 85k) and received cash from the exercise of stock options amounting to EUR 59k (Q1 2025: EUR 0k). Net asset position Total assets decreased by EUR 7,776k to EUR 69,240k compared with 31 December 2025 (EUR 75,295k). The decrease was mainly due to lower trade receivables by EUR 3,202k and lower other financial assets, which decreased by the payment of the remaining ad agents sales price of EUR 3,150k. The decrease in total liabilities to was mainly driven by lower trade payables of EUR 5,874k and bonus payments made in the first quarter of 2026. The Group still has no liabilities to banks. Total equity stands at EUR 38,960k (31 December 2025: EUR 38,311k). The equity ratio increased to 56 percent (31 December 2025: 51 percent). RESEARCH AND DEVELOPMENT ACTIVITIES Research and development largely comprise activities in the solute and webgains segment. During the first quarter 2026 the Group had capitalised development expenditure of EUR 100k (Q1 2025: EUR 0k) in the Webgains segment and EUR 30k (Q1 2025: EUR 0k). ‌ EMPLOYEES ‌‌‌ As at 31 March 2026, the ad pepper Group had 315 employees, as against a total of 202 employees at the end of the equivalent period in the previous year. The workforce of the ad pepper Group is assigned to the following segments: 31/3/2026 31/3/2025 Number Number Solute 189 0 Webgains 110 111 ad agents 0 77 Administration 16 14 OUTLOOK In the light of the fact that the first three months of the year mark the best first quarter in the Group's history, and despite macroeconomic and geopolitical challenges, we remain confident in our operational strenght also for the three quarters ahead of us. Having said that, the ad pepper Group expects full-year EBITDA in a range between EUR 6.5 million and EUR 7.5 million, meaning that 2026 is likely to represent another record year. Nuremberg, 20 May 2026 ad pepper media International N.V. Dr Jens Körner, CEO RISK AND OPPORTUNITY REPORT There have been no material changes in the opportunity and risk situation of ad pepper media International N.V. compared with the information provided in the Annual Report as at 31 December 2025. Reference is therefore made to the information presented in the management report for the 2025 financial year. ‌CONSOLIDATED INCOME STATEMENT‌‌ Q1 2026 Q1 2025* kEUR kEUR Gross sales¹ 32,091 15,337 Media cost² -13,364 -11,804 Revenue 3 18,727 3,534 Cost of sales -9,014 -38 Gross profit 9,713 3,495 Selling and marketing expenses -5,924 -2,280 General and administrative expenses -3,024 -1,416 Other operating income 115 122 Other operating expenses -148 -125 Operating profit/(loss) 732 -205 Financial income 38 42 Financial expenses -25 -12 Income/(loss) before taxes 746 -175 Income taxes -295 -28 Net profit/(loss) from continuing operations 450 -203 Net profit/(loss) from discontinued operations 0 77 Net profit 450 -126 Attributable to shareholders of the parent company 155 -186 Attributable to non-controlling interests 295 60 Basic earnings per share on net income for the year attributable to shareholders of the parent company (EUR) 0.01 -0.01 Diluted earnings per share on net income for the year attributable to shareholders of the parent company (EUR) 0.01 -0.01 No. of shares No. of shares Weighted average number of shares outstanding (basic) 24,298,918 21,956,846 Weighted average number of shares outstanding (diluted) 24,543,213 21,956,846 *Prior year figures reflect continuing operations only. Earnings from the discontinued operations are presented in the separate line. Gross sales represents the total amount billed and billable to clients by the Group, net of discounts, VAT and other sales-related taxes. Disclosure of gross revenue information is not required under IFRS; however, it is voluntarily disclosed in the Consolidated Income Statement since management has concluded that the information is useful for users of the financial statements. Media costs relate to payments made to suppliers of ad inventory (commonly referred to as media buys and publishers). Disclosure of media cost information is not required under IFRS; however, it is voluntarily disclosed in the Consolidated Income Statement since management has concluded that the information is useful for users of the financial statements. Revenue is defined pursuant to IFRS 15. ‌CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME‌ Q1 2026 Q1 2025 kEUR kEUR Net profit/(loss) 450 -126 Items of other comprehensive income that may be reclassified subsequently to profit or loss Currency translation differences 10 -21 Subtotal of items of other comprehensive income that may be reclassified subsequently to profit or loss 10 -21 Total comprehensive income 460 -147 Attributable to non-controlling interests 295 60 Attributable to shareholders of the parent company 165 -207 ‌CONSOLIDATED STATEMENT OF FINANCIAL POSITION - ASSETS‌ 31/3/2026 kEUR 31/12/2025 kEUR Non-current assets Intangible assets 18,277 18,557 Property, plant, and equipment 1,048 955 Right-of-use assets 1,399 1,583 Other financial assets 202 671 Deferred tax assets 288 288 Total non-current assets 21,214 22,055 Current assets Trade receivables 18,914 22,116 Other receivables 939 710 Income tax receivables 327 325 Other financial assets 240 2,760 Cash and cash equivalents 27,606 27,330 Total current assets 48,026 53,241 Total assets 69,240 75,295 CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EQUITY AND LIABILITIES 31/3/2026 kEUR 31/12/2025 kEUR Equity attributable to shareholders of the parent company Issued capital* 1,275 1,275 Share premium 72,473 72,473 Legal reserves -1,361 -1,371 Other reserves -44,473 -47,755 Net profit for the period 155 3,093 Equity attributable to shareholders of the parent company 28,069 27,715 Non-controlling interests 10,891 10,596 Total equity 38,960 38,311 Non-current liabilities Other liabilities 769 980 Deferred tax liabilities 4,740 4,887 Total non-current liabilities 5,509 5,867 Current liabilities Trade payables 16,299 22,173 Contract liabilities 139 57 Other liabilities 2,130 2,049 Other financial liabilities 5,401 6,345 Income tax liabilities 802 493 Total current liabilities 24,771 31,117 Total liabilities 30,280 36,984 Total equity and liabilities 69,240 75,295 *The authorised share capital amounts to EUR 4,000,000 divided into 80,000,000 shares with a par value of EUR 0.05 each, of which 25,498,439 are issued and 24,329,811 shares were floating at 31 March 2026 (31 December 2025: 21,951,116). ‌ CONSOLIDATED STATEMENT OF CASH FLOWS - 1 / 2 ‌ 1/1 - 31/3/2026 1/1 - 31/3/2025* kEUR kEUR Net profit/(loss) from continuing operations 450 -203 Net profit from discontinued operations 0 77 Adjustments for: Depreciation and amortisation 799 120 Share-based compensation 80 41 Other financial income -14 -26 Income taxes 295 71 Income from the release of accrued liabilities -90 -155 Other non-cash expenses and income 104 65 Gross cash flow 1,652 -87 Working capital changes: Change in trade receivables 3,075 1,824 Change in other assets -432 -216 Change in trade payables -5,813 -4,602 Change in other liabilities -747 -1,169 Net cash flow from working capital changes -3,917 -4,163 Income taxes received 33 194 Income tax paid -5 -26 Interest received 36 34 Interest paid -131 -16 Net cash flow from/(used in) operating activities - continuing operations -2,332 -4,064 Net cash flow from/(used in) operating activities - discontinued operations 0 161 Net cash flow from/(used in) operation activities -2,332 -3,903 *Prior year figures reflect continuing operations only. Earnings from the discontinued operations are presented in the separate line. CONSOLIDATED STATEMENT OF CASH FLOWS - 2 / 2 1/1 - 31/3/2026 1/1 - 31/3/2025 kEUR kEUR Investing activities Purchase of intangible assets and property, plant, and equipment -431 -48 Payments received from the disposal of the ad agents segment 3,150 0 Net cash flow from/(used in) investing activities - continuing operations 2,719 -48 Net cash flow from/(used in) investing activities - discontinued operations 0 -6 Net cash flow from/(used in) investing activities 2,719 -54 Financing activities Proceeds from exercise of share options 59 0 Payment of lease liabilities -180 -85 Net cash flow from/ (used in) financing activities - continuing operations -121 -85 Net cash flow from/ (used in) financing activities - discontinued operations 0 -37 Net cash flow from/ (used in) financing activities -121 -122 Net decrease/increase in cash and cash equivalents 267 -4,079 Cash and cash equivalents at beginning of period 27,330 24,155 Effect of exchange rates on cash and cash equivalents 10 -21 Cash and cash equivalents at end of period 27,606 20,055 ‌ CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2026 ‌ Other comprehensive income Balance at 1/1/2026 Appropriation of profit/(loss) Profit/(loss) for the period Other comprehensive income Total comprehensive income Share based payment Exercise of stock options Issuance of shares Balance at 31/3/2026 Issued capital (kEUR) 1,275 0 0 0 0 0 0 0 1,275 Share premium (kEUR) 72,473 0 0 0 0 0 0 0 72,473 Legal reserves Currency translation basis of preparation differences (kEUR) -1,371 0 0 10 10 0 0 0 -1,361 Subtotal legal reserves -1,371 0 0 10 10 0 0 0 -1,361 Other reserves (kEUR) Treasury reserve (kEUR) -6,110 0 0 0 0 0 109 0 -6,001 For employee stock option plans (kEUR) 3,246 0 0 0 0 80 0 0 3,326 Other reserves (kEUR) -2,111 0 0 0 0 0 0 0 -2,111 Accumulated deficit (kEUR) -42,779 3,093 0 0 0 0 0 0 -39,686 Subtotal other reserves -47,755 3,093 0 0 0 80 109 0 -44,473 Profit/(loss) for the period 3,093 -3,093 155 0 155 0 0 0 155 Equity attributable to shareholders of the parent company (kEUR) 27,715 0 155 10 165 80 109 0 28,069 Non-controlling interests (kEUR) 10,596 0 295 0 295 0 0 0 10,891 Total equity (kEUR) 38,311 0 450 10 460 80 109 0 38,960 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2025 Other comprehensive income Balance at 1/1/2025 Appropriation of profit/(loss) Profit/(loss) for the period Other comprehensive income Total comprehensive income Share based payment Issuance of shares Balance at 31/3/2025 Issued capital (kEUR) 1,160 0 0 0 0 0 0 1,160 Share premium (kEUR) 67,149 0 0 0 0 0 0 67,149 Legal reserves Currency translation basis of preparation differences (kEUR) -1,216 0 0 -21 -21 0 0 -1,237 Subtotal legal reserves -1,216 0 0 -21 -21 0 0 -1,237 Other reserves (kEUR) Treasury reserve (kEUR) -6,138 0 0 0 0 0 28* -6,110 For employee stock option plans (kEUR) 3,167 0 0 0 0 13 0 3,180 Other reserves (kEUR) -1,633 0 0 0 0 0 0 -1,633 Accumulated deficit (kEUR) -44,854 2,074 0 0 0 0 0 -42,780 Subtotal other reserves -49,458 2,074 0 0 0 13 28 -47,342 Profit/(loss) for the period 2,074 -2,074 -186 0 0 0 0 -186 Equity attributable to shareholders of the parent company (kEUR) 19,709 0 -186 -21 -207 13 28 19,544 Non-controlling interests (kEUR) 894 0 60 0 60 0 0 954 Total equity (kEUR) 20,603 0 -126 -21 -147 13 28 20,498 *In conjunction with the exercise of stock options. ‌ SELECTED EXPLANATORY NOTES ‌ Consolidated segment information (IFRS) Q1 2026 solute Webgains admin Intersegment elimination Group kEUR kEUR kEUR kEUR kEUR Gross sales 14,770 17,321 84 -84 32,091 Revenue 14,770 3,958 84 -84 18,727 Thereof external 14,770 3,958 0 0 18,727 Thereof intersegment 0 0 84 -84 0 Gross profit 5,847 3,866 84 -84 9,713 Expenses (including cost of sales) and other income -13,996 -3,296 -787 84 -17,995 Thereof external -13,996 -3,212 -787 0 -17,995 Thereof intersegment 0 -84 0 84 0 Thereof depreciation and amortisation -680 -77 -41 0 -798 Thereof other non-cash expenses -55 -72 0 0 -127 Thereof other non-cash income 0 113 0 0 113 EBITDA 1,454 739 -662 0 1,531 Operating profit/(loss) 774 662 -703 0 732 Financial income 14 4 20 0 38 Financial expenses -13 -8 -4 0 -25 Income taxes -222 -74 0 0 -296 Net income/(loss) for the period 552 585 -687 0 450 Consolidated segment information (IFRS) Q1 2025 solute Webgains* admin Intersegment elimination Group kEUR kEUR kEUR kEUR kEUR Gross sales 0 15,337 0 0 15,337 Revenue 0 3,534 47 -47 3,534 Thereof external 0 3,534 0 0 3,534 Thereof intersegment 0 0 47 -47 0 Gross profit 0 3,495 47 -47 3,495 Expenses (including cost of sales) and other income 0 -3,159 -626 47 -3,738 Thereof external 0 -3,112 -626 0 -3,738 Thereof intersegment 0 -47 0 47 0 Thereof depreciation and amortisation 0 -86 -35 0 -121 Thereof other non-cash expenses 0 -108 0 0 -108 Thereof other non-cash income 0 192 8 0 200 EBITDA 0 461 -545 0 -84 Operating profit/(loss) 0 375 -580 0 -205 Financial income 0 8 35 0 43 Financial expenses 0 -12 0 0 -12 Income taxes 0 -28 0 0 -28 Net income/(loss) for the period 0 342 -545 0 -203 *For comparison reasons prior year figures of the ad pepper segment were included in the Webgains segment and are presented according to the new segment aggregation. Basis for the preparation of the Interim Financial Statements The current condensed interim consolidated financial statements of ad pepper media International N.V. were prepared according to the provisions of the International Financial Reporting Standards IFRS as applicable on the closing date and are presented in euros (EUR). The comparative figures from the previous year were determined according to the same principles and adjusted where necessary. The quarter-end financial statements meet the requirements of IAS 34. The condensed consolidated interim financial statements do not include all of the information required for the full annual financial statements and should therefore be read in conjunction with the consolidated Annual Report for the year ended 31 December 2025. The consolidated interim financial statements as at 31 March 2026 were authorised for issue by the Board of Directors on 20 May 2026. Accounting principles The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2025 except for the adoption of new standards effective from 1 January 2026. The Group has not prematurely adopted any other standard, interpretation or amendment that has been issued but is not yet effective. In the first quarter 2026 the authorities released the following new standard: IFRS 18 Presentation and Disclosure in Financial Statements: The new accounting standard replaces IAS 1 and standardises how companies present and disclose financial performance in their financial statements, especially the income statement. It introduces mandatory categories and sub-totals such as operating profit, requires disclosure of management-defined performance measures (like adjusted EBITDA), and aims to improve comparability and transparency for investors from 1 January 2027 onward. Consolidated Group The entities included in consolidation are as follows: Entity 31/3/2026 31/3/2025 Effective ownership, in percent Effective ownership, in percent ad pepper media GmbH, Nuremberg, Germany 100 100 ad pepper media France S.A.R.L., Paris, France 100 100 ad pepper media Spain S.A., Madrid, Spain 65 65 Webgains S.L., Madrid, Spain 65 65 Webgains Ltd., Bristol, United Kingdom 100 100 ad agents GmbH, Herrenberg, Germany 0 60 ad agents AG, Zürich, Switzerland 0 60 Webgains Italy S.r.L. SB, Milan, Italy 100 100 Webgains GmbH, Nuremberg, Germany 100 100 Webgains B.V., Amsterdam, Netherlands 100 100 Webgains Sp.z o.o., Warsaw, Poland 100 0 solute Holding GmbH & Co. KG, Frankfurt, Germany 60.15 0¹ solute GmbH, Karlsruhe, Germany 60.15² 0 solute Holding Verwaltungs GmbH, Karlsruhe, Germany 60.15² 0 Marktplatz Mittelstand Operations, Karlsruhe, Germany 60.15² 0 Checkout Charlie GmbH, Berlin, Germany 60.15³ 0 As of 31 March 2024 the Group held a 25.64 percent share, having a significant influence in solute. The investment in an associate was accounted for using the equity method. For more information, please refer to Note [4] of the Annual Report 2025. 100 % subsidiary of solute Holding GmbH & Co. KG 100 % subsidiary of solute GmbH Notes to the Interim Financial Statements Revenue from contracts with customers Set out below is a breakdown of the Group's revenue from the contracts with customers: For the three months ended 31 March 2026 Segments solute Webgains Total Geographical markets Germany 14,770 1,052 15,821 United Kingdom 0 1,588 1,588 Spain 0 953 953 Other 0 365 365 Total revenue 14,770 3,958 18,727 For the three months ended 31 March 2025 Segments solute Webgains Total Geographical markets Germany 0 947 947 United Kingdom 0 1,531 1,531 Spain 0 684 684 Other 0 372 372 Total revenue 0 3,534 3,534 Regarding results of operations, financial position and net assets, reference is made to the comments in the Interim Management Report. The following one-off items affecting the income statement occurred in the period under review: Other operating income includes reversals of EUR 23k (Q1 2025: EUR 35k) of time barred claims and income of EUR 79k (Q1 2025: EUR 82k) from reversals of non-disbursed affiliate credits in the Webgains segment that are classified by the ad pepper Group as not being likely to be paid out. The net foreign exchange loss amounts to EUR 19k, while a net foreign exchange loss of EUR 28k was posted in the equivalent prior year's period. Write downs on receivables included in other operating expenses amount to EUR 128k (Q1 2025: EUR 108k). Segment reporting according to IFRS 8 IFRS 8 requires an entity to report financial and descriptive information about its so-called "reportable segments". Reportable segments are either operating segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision-maker for the purpose of allocating resources and assessing performance. In general, financial information is required to be reported on the same basis as used internally to evaluate the operating segments (management approach). The information reported to the chief operating decision-maker for the purpose of resource allocation and assessment of segment performance is focused on the category of services delivered. In 2026 the Group decided to aggregate the operating segment ad pepper under the Webgains segment and reports performance information for both units as "webgains" (affiliate marketing and lead). Further operating segments are "solute" ("reach based marketing") and the non-operating "admin" (administration) segment. The accounting policies of the reportable segments correspond to the Group's accounting policies described in Note [2] of the consolidated Annual Report for the year ended 31 December 2025. The segment results are measured by EBIT and EBITDA for each segment without differences to IFRS. The segment results thus calculated are reported to the chief operating decision-maker for the purpose of allocating resources and assessing segment performance. The "dealing at arm's length" principle forms the basis of accounting for intersegment transactions. Geographical information The Group operates in three principal geographical areas - Germany, United Kingdom and Spain. Information on segment assets is broken down by geographical location below. Non-current assets do not include financial instruments or deferred tax assets: Non-current assets 31/3/2026 31/3/2025 kEUR kEUR Germany 20,120 829 United Kingdom 472 564 Spain 107 186 Other 25 41 Total 20,724 1,620 In the first three months of 2026, there is no single customer who accounts for 10 percent or more of the Group's total revenue (Q1 2025: none). Treasury stock Acquisition of treasury stock By a shareholders' resolution dated 24 June 2025, the Board of Directors was authorised to repurchase treasury stock of up to 50 percent of the issued capital within the following 18 months. There is currently no active share repurchase programme. As at 31 March 2026 ad pepper media International N.V. held 1,168,628 treasury shares (31 March 2025: 1,227,128) at a nominal value of EUR 0.05 each, corresponding to 4.58 percent (31 March 2025: 5.29 percent) of the share capital. According to a shareholders' resolution, these shares can be used for stock option plans or the cancellation of shares. Sale of treasury stock No treasury shares were sold during the first three months of 2026 (Q1 2025: 15,000). 58,500 shares were sold under the stock option plans (Q1 2025: 15,000). Number of shares outstanding The number of shares issued and outstanding as at 31 March 2026 totals 24,329,811 (31 March 2025: 21,966,116). Each share has a nominal value of EUR 0.05. Seasonal influences on business operations The ad pepper Group is engaged in the field of online advertising in the broadest sense. Due to the seasonal character of the advertising industry, with its traditional focus on expenditure in the fourth quarter, revenue and, thus, operating profit are generally higher in the second half of the year. Stock options and shareholdings As at 31 March 2026, a total of 1,484,250 (31 March 2025: 779,625) stock options existed for members of the Board of Directors, members of the Supervisory Board and employees. The exchange ratio for each of the stock options is one share per option. The exercise price is between EUR 1.86 and EUR 2.72. In the first quarter 2026 58,500 options have been exercised (Q1 2025: 15,000). 46,750 cash settled shares have been exercised with a cash payment of EUR 50k (Q1 2025: EUR 0k). Report on major transactions with related companies and persons There have been no material changes in operating transactions with related partes compared with the 2025 financial year. Events after the balance sheet date Up until the day of authorisation for publication, no events took place that would have exerted substantial influence on the net assets, financial position or result of operations as at 31 March 2026. Board of Directors Shares as at 31/3/2026 Options as at 31/3/2026 Nuremberg, 20 May 2026 ad pepper media International N.V. Dr Jens Körner 243,750 Supervisory Board Dagmar Bottenbruch 18,000 Dr Jens Körner, CEO Thomas Bauer 38,000 Dr Stephan Roppel 24,500 Employees 1,160,000 Associated companies EMA B.V. 9,144,878 Euro Serve Media GmbH 1,115,931 ‌ FINANCIAL CALENDAR ‌‌‌‌ All financial and press dates relevant for the capital market at a glance: Annual General Meeting 23 June 2026 Quarterly Report II / 2026 21 August 2026 Quarterly Report III / 2026 20 November 2026 INVESTOR CONTACT Dr Jens Körner (CEO) ad pepper media International N.V. Frankenstraße 146 (FrankenCampus) 90461 Nuremberg GERMANY E-mail: [email protected] https://www.adpeppergroup.com IMPRINT Published by ad pepper media International N.V. Frankenstraße 146 (FrankenCampus) 90461 Nuremberg GERMANY E-mail: [email protected] https://www.adpeppergroup.com Limited liability public company (N.V.) Headquarters Amsterdam, The Netherlands Nuremberg office Prime Standard, Frankfurt Stock Exchange ISIN: NL0000238145 HRB Nuremberg 17591 VAT-ID-No.: DE 210757424 Board of Directors: Dr Jens Körner, CEO Our 2025 Annual Report as well as the Interim Financial Reports for 2026 are available in English at https://www.adpeppergroup.com under: Investor relations / Publications / Financial reports ad pepper media International N.V. Frankenstraße 146 90461 Nuremberg GERMANY https://www.adpeppergroup.com

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