Verve Group (VRV) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered strong results with 9.9% like-for-like revenue growth to €193.8–194 million, driven by platform unification, operational efficiencies, and sales force expansion.

• Platform unification completed, resulting in improved scalability, efficiency, and a stable foundation for future growth.

• Strategic acquisitions (Captify, Acardo) contributed to growth and were successfully integrated.

• Customer base expanded, with software clients up 6.8% quarter-on-quarter, large clients up 5.3%, and client retention reaching a record 99% in Q4.

• Strategic focus areas include expanding sales, leveraging AI, and operational excellence, with significant investments in technology and sales force.

Financial highlights

• Q4 2025 revenue reached €193.8–194 million, up 9.9% like-for-like year-over-year; reported revenue up 34% YoY.

• Adjusted EBITDA was €48.6–49 million (25–25.1% margin), up sequentially but down YoY due to sales investments.

• Gross margin improved to 44.6–45% in Q4, up from 36.6% in Q3 and 40–40.4% in Q4 2024.

• Operating cash flow before working capital was €45.6 million, but total operating cash flow was €20.1 million due to working capital needs.

• Net debt increased to €445.9 million, mainly due to acquisitions and working capital build-up.

Outlook and guidance

• FY 2026 revenue guidance: €680–730 million; adjusted EBITDA: €145–175 million.

• Conservative outlook with a robust safety margin, considering market unpredictability, FX headwinds, and timing of sales productivity inflection.

• Market expected to grow 5.1–9.1% in 2026, with boosts from major events like the FIFA World Cup and US elections.

• Front-loaded sales investments expected to impact H1 2026 margins, with stronger growth in H2.