Accelerated focus on cash flow

Research evidence excerpt

Accelerated focus on cash flow

ing power

In Pixalate’s most recent market survey from March 2026, Verve maintains • Risk of intensified competition

its leading market share within the Apple App Store (54% share) and • Advertising spending is cyclical

Google Play Store (32% share) mobile channels in the US, where most • Regulatory and legal risk

revenues are generated. Verve's robust market position is also reflected in

its customer growth, where the total number of clients has risen by 33% to Financial covenants

4,100 since Q2'25, with ad impressions having grown 20%. Maintenance covenants:

However, while the customer retention remains high at ~98%, average • Maximum net debt to EBITDA 4.5x

customer spend has declined 8-10% y-o-y in both Q4’25 and Q1’26. Part

of this development might be driven by a generally muted advertising Company description

spending environment. However, continued muted customer spend in Verve is an AdTech intermediary that offers

2026 is unlikely to obstruct improved cash flow and deleveraging. an advertising trading platform for brands

and publishers. Verve's programmatic

Cash flow and deleveraging to drive spread tightening platform enables real-time bidding for

Verve's investment case is transitioning from integration to execution. advertiser space. Advertisers use Verve’s

platform to get the best results from theirQ1’26 reinforced confidence in free cash flow generation through a

marketing campaigns. On the other side ofstronger-than-expected working capital performance (+EUR 34m). On its

the supply chain, publishers use Verve’sCMD, management reiterated that temporarily weaker profitability reflects

platform to get the best value from their

deliberate investment in sales capacity rather than deteriorating platform advertising space.