August 29, 2024 (08:00 CEST) – Verve Group SE ("Verve" or the
"Company", ISIN: SE0018538068; ticker: VER, Inside Information) a
fast-growing, profitable digital media company that provides
AI-driven advertising-software solutions, publishes its Interim
Report Q2 2024.
FINANCIAL HIGHLIGHTS Q2 2024
- Net revenue €96.6m (€76.2m), an increase of 27%
- Organic net revenue increased by 26%, driven by new Software
Clients as well as budget increases from existing Software
Clients
- Adj. EBITDA €29.1m (€21.3m), an increase of 37%, with an adj.
EBITDA margin of 30% (28%)
- Adj. EBIT €23.2m (€16.6m), an increase of 40%
- Items affecting comparability impacting EBITDA of €1.0m (€1.3m)
mainly for legal and ESOP costs
- Adj. net result of €8.8m (€4.0m), an increase of
122%
|
|
- Operating Cashflow before changes in WC amounted to €31.2m
(€20.8m)
- Total net debt, amounted to €299.8m (€307.7m)
- Reported leverage ratio of 2.2x (3.6x)
- Adj. Leverage Ratio of 2.8x (3.2x)
- Cash position amounted to €144.8m (€107.6m)
- Earnings Per Share (EPS) amounted to €0.04
(€0.01)
- Adj. EPS amounted to €0.05 (€0.02)
- Total Assets amounted to €1,059 (€1,003)
- Equity Ratio was 38% (32%)
- 33% Increase in Software Clients to 851 (642)
|
QUOTE FROM THE CEO
“With €96.6m in revenues achieved in the second quarter, we
have delivered an organic revenue growth rate of 26%. Our ability
to drive higher revenues on a structurally reduced fixed costs
basis enabled us to achieve improved profitability, resulting in an
adj. EBITDA of €29.1m and an adj. EBITDA margin of 30%. Our
commitment to privacy-first advertising solutions, which result in
better outcomes for our clients, is the main driver of this
success. This is evidenced by a strong increase in the number of
large software clients, which grew by 33% to 851, while the number
of ad impressions increased by 24% to 224 billion. Based on our
expanded customer reach, as well as further customer onboardings
driven by our ongoing investments into privacy-first targeting
solutions, we expect continued robust organic growth in the years
to come. As a result, we raise our 2024 full-year guidance to €400
million-€420 million in revenues and €125 million-€135 million in
adj. EBITDA. Our growth journey has just begun...” commented
Remco Westermann, CEO of Verve.
KEY FIGURES Q2 2024
| |
2024 |
2023 |
2024 |
2023 |
2023 |
| In €m |
Q2 |
Q2 |
H1 |
H1 |
FY |
| Net Revenues |
96.6 |
76.2 |
179.0 |
144.9 |
322.0 |
| Y-o-Y Growth in Revenues |
27% |
-2% |
24% |
1% |
-1% |
| EBITDA |
28.1 |
20.0 |
48.3 |
37.4 |
128.5 |
| EBITDA Margin |
29% |
26% |
27% |
26% |
40% |
| Adj. EBITDA |
29.1 |
21.3 |
51.1 |
40.4 |
95.2 |
| Adj. EBITDA Margin |
30% |
28% |
29% |
28% |
30% |
| EBIT |
19.6 |
12.8 |
31.9 |
23.9 |
99.0 |
| EBIT Margin |
20% |
17% |
18% |
16% |
31% |
| Adj. EBIT |
23.2 |
16.6 |
39.8 |
31.7 |
76.9 |
| Adj. EBIT Margin |
24% |
22% |
22% |
22% |
24% |
| Net Result |
6.3 |
1.5 |
6.9 |
2.1 |
46.2 |
| Net Result Margin |
6% |
2% |
4% |
1% |
14% |
| Adj. Net Result |
8.8 |
4.0 |
11.9 |
7.0 |
57.4 |
| Adj. Net Result Margin |
9% |
5% |
7% |
5% |
18% |
FINANCIAL GUIDANCE
In €m |
FY2023 |
Initial Guidance 2024 |
Second Guidance 2024
(post Jun) |
Third Guidance 2024 |
| Revenue |
322 |
350-370 |
380-400 |
400-420 |
| Adj. EBITDA |
95 |
100-110 |
115-125 |
125-135 |
The Interim Report Q2 2024 is available on Verve’s corporate
website
at https://investors.verve.com/investor-relations/financial-reports-and-presentations/in
the Investor Relations section.
VERVE’S 2024 CAPITAL MARKETS DAY
Verve's Capital Markets Day starts today at 10 am (CEST). The
management team as well as external experts will discuss the latest
developments within Verve and the advertising industry. Join us to
dive deeper into Verve's mission “Lets' make media better” and gain
a deeper insight into Verve's strategic direction and growth
potential.
The event will be broadcast online and can be accessed via the
following link:
https://ir.financialhearings.com/verve-cmd-2024/register
After the event, the video will be available on-demand to
investors on Verve’s corporate website at
https://investors.verve.com/investor-relations/financial-reports-and-presentations/
in the Investor Relations section.
Responsible parties
The information in this press release has been made public
through the agency of the responsible person set out below for
publication at the time stated by Verve's news distributor EQS
Newswire at the publication of this press release. The responsible
person below may be contacted for further information.
For further information, please contact:
Sören Barz
Head of Investor Relations
+49 170 376 9571
soeren.barz@verve.com
www.investors.verve.com
About Verve
Verve ("Verve" or the "Company", ISIN: SE0018538068; ticker: VER
/ M8G) is a fast-growing, profitable digital media company that
provides AI-driven ad-software solutions. Verve matches global
advertiser demand with publisher ad-supply, enhancing results
through first-party data from its own content. Aligned with our
mission, “Let’s make media better,” the company focuses on enabling
better outcomes for brands, agencies, and publishers with
responsible advertising solutions, with an emphasis on emerging
media channels. Verve’s main operational presence is in North
America and Europe, and it is registered as a Societas Europaea in
Sweden (registration number 517100-0143). Its shares are listed on
the Nasdaq First North Premier Growth Market in Stockholm and the
Scale segment of the Frankfurt Stock Exchange. The company has two
secured bonds listed on Nasdaq Stockholm and the Frankfurt Stock
Exchange Open Market. Verve's certified advisor on the Nasdaq First
North Premier Growth Market is FNCA Sweden AB; contact info:
info@fnca.se.
Forward-looking statements
This release contains forward-looking statements that reflect
the Company's intentions, beliefs, or current expectations about
and targets for the Company's and the group's future results of
operations, financial condition, liquidity, performance, prospects,
anticipated growth, strategies and opportunities and the markets in
which the Company and the group operates. Forward-looking
statements are statements that are not historical facts and may be
identified by words such as "believe", "expect", "anticipate",
"intend", "may", "plan", "estimate", "will", "should", "could",
"aim" or "might", or, in each case, their negative, or similar
expressions. The forward-looking statements in this release,
including the pro-forma financial figures addressed therein, are
based upon various assumptions, many of which are based, in turn,
upon further assumptions. Although the Company believes that the
expectations reflected in these forward-looking statements and
pro-forma financial numbers are reasonable it can give no
assurances that they will materialize or prove to be correct.
Because these statements are based on assumptions or estimates and
are subject to risks and uncertainties, the actual results or
outcome could differ materially from those set out in the
forward-looking statements as a result of many factors. Such risks,
uncertainties, contingencies and other important factors could
cause actual events to differ materially from the expectations
expressed or implied in this release by such forward-looking
statements. The Company does not guarantee that the assumptions
underlying the forward-looking statements in this release
(including the pro-forma financial figures) are free from errors
and readers of this release should not place undue reliance on the
forward-looking statements in this release. The information,
opinions and forward-looking statements that are expressly or
implicitly contained herein speak only as of its date and are
subject to change without notice. Neither the Company nor anyone
else undertake to review, update, confirm or to release publicly
any revisions to any forward-looking statements to reflect events
that occur or circumstances that arise in relation to the content
of this release, unless it is so required by law or applicable
stock exchange rules.
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