Verve Group (VRV) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of €144.2m, up 46% year-over-year, with 24% organic growth and Adjusted EBITDA up 53% to €48.5m; full-year 2024 revenue grew 36% to €437m, Adjusted EBITDA €133m (+40% YoY).

• Net result for Q4 increased by 192% to €14.3m, with a robust EBITDA margin of 34% and EPS up to €0.08.

• Growth driven by large customer additions, high client retention (96-98%), and a 33% increase in ad impressions, with significant market share gains in ID-less advertising and the U.S. market.

• Integration of Jun Group accelerated growth, with expected synergies of at least €9m revenue and €2m OpEx from Q1 2025.

• Positioned for further growth in the U.S. ad market and leading the transition to AI-driven, ID-less advertising.

Financial highlights

• Q4 2024 net revenue: €144.2m (up 46% YoY); organic growth: 24%; Adjusted EBITDA: €48.5m (up 53% YoY); EBITDA margin: 34%.

• Net result: €14.3m (up 192% YoY); adjusted net result: €18.1m; EPS increased to €0.08.

• Full year 2024 revenue: €437m (up 36% YoY); Adjusted EBITDA: €133m (up 40% YoY).

• Operating cash flow for Q4: €55.5m; full year: €137m (doubled YoY); free cash flow strengthened by low maintenance capex.

• Net debt at €351.2m; adjusted leverage ratio reduced to 2.4x; interest coverage ratio at 3.3x.

Outlook and guidance

• Midterm guidance confirmed: 25–30% revenue CAGR, 30–35% EBITDA margin, 20–25% EBIT margin, net leverage 1.5–2.5x.

• 2025 focus on AI-driven ID-less targeting, operational improvements, and further integration of supply platforms.

• Expects meaningful double-digit organic growth in 2025, driven by ID-less solutions and strong U.S. ad market.

• Guidance for 2025 to be presented with Q1 results.

• Plans to refinance bonds to reduce interest costs and boost EPS.