Verve Group

Verve reported its Q1 figures broadly in line with our expectations, with strong operating cash flow as the standout.

While we view this as a logical and strategically sound expansion, we maintain a cautious stance on its near-term financial contribution.

We expect the report to reflect a seasonally softer start to the year, further dampened by FX headwinds, front-loaded sales force investments, and the lingering impact of the large customer loss from late 2025.

In our view, the investment case hinges on management proving it can convert a higher share of its profits into cash, sustain operational improvements, and deliver on 2026 guidance.

38:26

We had the opportunity to interview Verve Group’s CEO, Remco Westermann.

The detailed cash flow statement reinforced our concern about weak cash flows, which continue to challenge our investment thesis.

Management noted that a stronger emphasis on liquidity management in 2026, aiming to notably reduce working capital impacts on future growth and improve cash conversion.