contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


modular-finance-ir-consensus-verve-consensus-estimates-q3-2025

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Verve (Ticker: VER) is a fast-growing, profitable, digital media company that provides AI-driven ad-software solutions. Verve matches global advertiser demand with publisher ad-supply, enhancing results through first-party data from its own content. Aligned with the mission, “Let’s make media better,” the company focuses on enabling better outcomes for brands, agencies, and publishers with responsible advertising solutions, with an emphasis on emerging media channels. Verve’s main operational presence is in North America and Europe. Its shares are listed on the Nasdaq First North Premier Growth Market in Stockholm and the Scale segment of the Frankfurt Stock Exchange. The company has three secured bonds listed on Nasdaq Stockholm and the Frankfurt Stock Exchange Open Market.

The questions are partly formulated in a moderately passive-aggressive way, but I’m sure Christoffer will make them presentable

1. What is the one thing Verve is currently failing at and how do you plan to fix it within 90 days? 2. Compared to your peers last year, growth and margins are lagging: what are you doing concretely that you didn’t do last year? 3. Which part of the business is currently unprofitable or weakest, and why haven’t you already made radical cuts there? 4. How do you ensure that organic growth is not just revenue inflation disguised by M&A? 5. What is the true customer churn in large accounts and what has been the trend there for the last 3–6 months? 6. If Apple or Google were to make a new privacy change tomorrow, what portion of Verve Group’s revenue would immediately disappear? 7. Which three KPIs best indicate if the business is truly heading in the right direction, and what are those numbers today compared to six months ago? 8. You have made several acquisitions. How many of them are clearly successful and how many are currently in a “turnaround” state? 9. What concrete benefit does Verve gain from its own data that directly translates into a higher take rate compared to competitors? 10. What is the biggest risk that management has taken in the last 12 months and why do you believe the market doesn’t understand it yet? Thank you.

Especially this year’s cash flow has been weak. Regarding the cash flow profile, one could ask for more details on how working capital evolves within the year; basic business capex and other related themes are of interest. If believing in growth and profitability targets, then what about cash flow targets?

The most essential question is likely whether they believe they can again in the future reach the 2024 profitability level, now that this year has seen weaker profitability, at least due to temporary reasons? Or more precisely, is it possible to achieve better profitability than before (If we disregard recent acquisitions, which can probably change profitability in one direction or another depending on whether they are more or less profitable than the ‘previous’ Verve), now that the platform consolidation should have a positive impact on performance? By the next US presidential election year at the latest, similar profitability should be achieved again, if political advertising carries significant weight in Verve’s business? How much weight does political advertising generally have on Verve’s figures in the USA? Are the challenges resulting from platform consolidation finally completely behind them, and have technical challenges affected customer retention? Has new customer acquisition now truly gained momentum after the platform consolidation was completed? Has there been (positive or negative) feedback from customers about the platform now that the consolidation has been implemented? How has the advertising market/business developed during the critical Black Friday/Christmas season? Some statistics were seen on the forum indicating that at least consumer trade has performed better than last year. It’s unlikely we’ll get any precise answer to this, at least regarding Verve’s performance during Q4, but if you ask indirectly about the market in general and not about Verve’s performance, then perhaps some answer will emerge  . What kind of market presence does Verve have in Europe or other markets besides North America? Has significant expansion into Europe etc. progressed/is it planned? What is the situation on Verve’s gaming side? I assume they still own gaming business, even though it has taken a back seat due to the strategy change? Is it still a profitable segment, or do the synergies bring enough benefits to justify maintaining the gaming segment? Here are a few possible question ideas

Hi everyone! I’ve now received positive signals from the company regarding an interview with Remco next week. If you have any questions, please feel free to ask them here by replying to the post. Please send them by Monday, December 8th at the latest. I will try to collect as many questions as possible for the interview.

Hey @Mikemagnificent! I completely agree that a longer interview with Remco would be valuable given the latest developments. I’ll look into the possibilities and get back to you as soon as I know more

Hi @christoffer.jennel Could we get a slightly longer interview / Roast with Remco about the company’s situation? (Not some 15-min quick session) The stock is down over 60% in a year, while indices everywhere are massively up, so the underperformance is absolutely terrible. The company also performs somewhat poorly at events, so this would be a good time to gain visibility and restore investor confidence.

Verve Group

Estimates compiled by Modular Finance on behalf of Verve.Number of contributors: 8 (all of which have been updated or confirmed before the report)MEUR (unless otherwise specified)Q3 2025ENet...

<div class="mfn-body"><p>Estimates compiled by Modular Finance on behalf of Verve.</p><p>Number of contributors: 8 (all of which have been updated or confirmed before the report)</p><table><tbody><tr><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" width="83.5%" valign="bottom" rowspan="1" colspan="1"><strong>MEUR (unless otherwise specified)</strong></td><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" valign="bottom" rowspan="1" colspan="1" align="right"><strong>Q3 2025E</strong></td></tr><tr><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" width="83.5%" valign="bottom" rowspan="1" colspan="1">Net Revenues</td><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" valign="bottom" rowspan="1" colspan="1" align="right">117.5</td></tr><tr><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" width="83.5%" valign="bottom" rowspan="1" colspan="1">Net Revenues growth (%)</td><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" valign="bottom" rowspan="1" colspan="1" align="right">3.31</td></tr><tr><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" width="83.5%" valign="bottom" rowspan="1" colspan="1">Adj. EBITDA</td><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" valign="bottom" rowspan="1" colspan="1" align="right">28.2</td></tr><tr><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" width="83.5%" valign="bottom" rowspan="1" colspan="1">Adj. EBITDA margin (%)</td><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" valign="bottom" rowspan="1" colspan="1" align="right">24.04</td></tr><tr><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" width="83.5%" valign="bottom" rowspan="1" colspan="1">Adj. EBIT</td><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" valign="bottom" rowspan="1" colspan="1" align="right">20.5</td></tr><tr><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" width="83.5%" valign="bottom" rowspan="1" colspan="1">Adj. EBIT margin (%)</td><td class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid" valign="bottom" rowspan="1" colspan="1" align="right">17.26</td></tr></tbody></table><p>Verve’s Q3 report will be released on Tuesday 18 November.</p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong><br><a rel="noopener" href="https://storage.mfn.se/6ca63be2-ad1e-44d6-9ec3-72b85d12c7f0/verve-consensus-estimates-q3-2025.pdf" class="mfn-generated mfn-primary">Verve – Consensus estimates Q3 2025</a></p></div>

MEUR (unless otherwise specified)	Q3 2025E
Net Revenues	117.5
Net Revenues growth (%)	3.31
Adj. EBITDA	28.2
Adj. EBITDA margin (%)	24.04
Adj. EBIT	20.5
Adj. EBIT margin (%)	17.26