A vertically integrated, privacy-first mobile AdTech platform with renewed Q4 momentum—yet priced like a distressed legacy conglomerate.
Overview
Verve Group SE (VRV.F) has completed a multi-year pivot from a gaming-centric legacy structure into a vertically integrated, privacy-first programmatic advertising software platform serving mobile in-app, CTV, and DOOH. It operates a dual-sided marketplace (SSP + DSP) designed to remove intermediaries, improving publisher yield and advertiser ROAS via tighter control of the auction, data, and delivery path. Following the August 2025 unification of five legacy tech stacks, Verve shifted revenue recognition to a gross model under IFRS 15, reflecting a “principal” role and greater transaction control. FY2025 preliminary revenue reached €550.9m (vs. €437.0m in 2024), with the U.S. contributing ~90% of revenue and mobile in-app comprising ~97% of the mix. The product suite emphasizes ID-less targeting (ATOM, Moments.AI) to maintain performance in privacy-constrained environments, highlighted by reported iOS strength. Strategic acquisitions (Jun Group, Captify, Acardo) expand demand-side capabilities, search intent data, and European retail media. Despite mid-2025 disruption from integration issues, Q4 showed a rebound (LfL +9.9%, organic +5.3%) and strong gross margin expansion (44.6%), setting up 2026 guidance of €680–€730m revenue and €145–€175m Adj. EBITDA.