Verve Group SE FY2024 Q3 Earnings Release

Let’s make media better.
Verve Group SE
Interim Report Q3 2024

Disclaimer
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2

We Are a Leading
Digital Media
Company
In emerging channels That e nables better outcomes
for advertisers and publishers
With responsible advertising
solutions
Our mission
Let‘s make media better .

4
Q3 Drives Further Growth and Market Share Gains
Notes: (1) includes demand and supply partners > USD 100k gross revenues per year. 2) Based on gross revenues Q3 2024 by assu med location of clients based on IP address or similar including Jun Group
45%
Revenue and
EBITDA Growth
56%
Large Customer
Growth
Jun Group
Accelerates
Organic Growth
ID -Less
Solutions and
Fullscreen Ads
Fuel Growth
Driving Growth
in the U.S.
Advertising Market
Growing Platform
Synergies
Critical mass achieved in the US
market
Leading US mobile ad -supply in terms
of reach and quality
Strong organic growth in the US
Gaining further US market share
80%
US Revenue Share 2
1 2
3 4
5 6

5
45% Revenue and EBITDA Growth
Net Revenue (€m) Organic Revenue Growth (%) Adjusted EBITDA (€m)
Continued strong revenue
growth: 45% in Q3’24
Continued strong organic
revenue growth: 31% in Q3’24
Continued strong EBITDA
growth: 45% in Q3’24
78
114
Q3’23 Q3’24
+45%
Q3’23 Q3’24
1%
31 %
23
34
Q3’23 Q3’24
+45%

www.verve.com
Let’s make media better.
66
Recently Acquired
Jun Group
Accelerates Organic Growth
and Shows High Profitability
Jun Group’s Integration into the Verve Universe started
well, with major synergies planned to materialize in 2025
6
0,0
0,1
0,2
0,3
0,4
0,5
0,6
0,7
0,8
0,9
1,0
2%
Q2’24
7%
Q3’24
13%
Oct’24
Organic growth
49%
EBITDA Margin

>100k $ Client Retention Rate 2 >100k $ Software Clients
690 727 764
851851 998
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
1,076
+56%
96%
Q3’23
95%
Q4’23
96%
Q1’24
98%
Q2’24
96%
Q3’24
7 Notes: (1) excl. Jun Group (2) includes demand and supply partners > USD 100k gross revenues per year (3) Q1’24 Net $ Expansi on Rate based on Programmatic Exchange Business, Q2’24 based on total media business
56% Growth of Software Clients Fuels Revenue Growth
High Stickiness of Existing Customers and Onboarding of New Clients Drives Revenue Growth
Net $ Expansion Rate 3
93%
Q3’23
95%
Q4’23
110%
Q1’24
109%
Q2’24
108%
Q3’24
186
Q3’23
206
Q4’23
199
Q1’24
224
Q2’24
244
Q3’24
+32%
Ad impressions delivered (in bn) Ad Impressions
1 excluding Jun Group

ID -Less Solutions and Fullscreen Ads Fuel Growth
Notes: 1) Based on gross revenues from the programmatic ad exchange business, non -IFRS. Growth is driven by various ID -less targ eting solutions like ATOM, Moments.AI or SCAN Optimization.
Full -Screen & Video Ads
3
5 4 6
9
Revenue €m
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
+233%
27
41 $m
Q3’23 Q3’24
+51%
ID -Less Solutions iOS Revenue 1
Our targeting algorithm
Combined with machine
learning tools
Results in increasing budgets
from advertisers
=

9
Establishing a platform that reaches 2.5 billion
users across 65,000 apps and provides direct
access to more than 85% 1of the total available
premium mobile advertising supply
Robust Scalable Platform (1)
Transaction volume generates billions of feedback
loops for our advertising targeting technology
Valuable Feedback Loops (3)
Unique set of ID -less solutions
combined with state of the
market ID based data
ID and ID -Less Data (4)
Continuously improving our targeting
capabilities, enabling better outcomes for
advertisers and publishers driven by AI:
bad targeting is wasting money.
Precise Targeting (5)
Platform Synergies Enabling Better Outcomes
Translating the vast reach into an enormous
volume of ads served on our platform —over 850
billion impressions annually (LTM)
High Transaction Volume (2)
Notes: 1) According to Jounce Media –Supply Path Benchmarking Report 2023

10
Driving Growth in the U.S. Advertising Market
U.S. Mobile Ad Spend
Market Growth
#1 Ranking
In Direct Supply in the U.S. 1
10.8%
CAGR 2024 -2028 1
Notes: 1) Pixalate -Seller Trust Index Q2 2024.
Critical mass achieved in the U.S.
market
Leading U.S. mobile ad -supply in
terms of reach and quality
High entry barriers for new smaller
players as publishers just work with
large advertising platforms
80%
U.S. Revenue Share
Seller SPO Score
Verve 99 (A)
Google AdExchange 89 (A)
InMobi 89 (A)
Mintegral 89 (A)
TriplLift Inc. 87 (A)
Magnite 87 (A)
Digital Turbine 87 (A)
Algorix 87 (A)
Xandr Monetize 86 (A)

Let’s make media better.
11
FINANCIALS

45%
Revenue Growth 1
Net Revenues
Adj. EBITDA
30%
Adj. EBITDA margin
22%
Adj. EBIT margin
Strong Margin %
31%
Organic Revenue Growth adjusted for FX and M&A
54 €m
Operating Cash Flow
-10 €m
Investing Cash Flow (excl. M&A)
High Cashflow
45%
Adj. EBITDA growth 2 37%
Adj. EBIT growth 2
Profit Growth %
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
78
23
99
32
82
22
97
29
114
34
+45%
€m
Strong Organic Growth Highly Profitable and Cash Generating
12
Third Quarter Financial Highlights
Acceleration of revenue and EBITDA Growth
Notes: (1) Total revenue growth incl. Jun Group Acquisition (2) EBITDA and EBIT growth includes growth from acquisitions (Jun Group included in consolidated financial information from August 2024

13 Source: Group informationNotes: (1) EBITDA adjusted for one -time-, M&A and financing cost (2) 2021 normalized by €21m for FX effects and divestments, (3) FX-adjusted organic revenue growth from Q1 2023 onwards
2
Organic Growth 3
In €m 1
2021A 2022A 2023A Q1’24 Q2’24 Q3’24
38%
18%
5%
21%
26%
31 %
Further Acceleration of Organic Revenue Growth
Consistent Long -term Revenue and Profit Growth
140
252
303 322
391
29
71
93 95 116
18
55
77 77 92
2020 2021 2022 2023 LTM Sep -24
Revenue Adj. EBITDA Adj. EBIT

Capex development
14
102
Source: Group informationNotes: (1) Operating cash flow defined as in the annual IFRS financial statements. (2) Free cash flow defined as: operating c ashflow –interest expenses -Maintenance capex, (3) Starting 2021A only includes Cash Interest Payments, (4) Maintenance Capex not an IFRS definition, with maintenance capex the lifetime of assets is significantly extended
In €m
numbers may not add up due to rounding
Operating cash flow development 1,2,3
4
Normalization working capital In €m
Operating Cash FlowFree Cash Flow after Interest ExpensesCash Interest Expenses
Operating cash flow development 1,2
25
13
65
39
79
102
69
23
119
67
15
23
39
43
7
2020A 2021A
55
2022A 2023A
134
41 19 38 30 23
244
148 119
5 10
2020A
10
2021A
9
2022A
8
7
2023A
8
LTM
Sep -24
38
296
177
53
157
Maintenance Capex 4
Expansion Capex
Acquisition Capex
3
€10 -15 million interest cost savings once existing debt is refinanced at better terms
Strong Free Cash Flow, Continuous Investments in Organic Growth
Strong Organic Growth and Structurally Low Maintenance Capex leads to strengthened FCFs
LTM
Sep -24

15
Net debt to adj. EBITDA ratio development 1 In €m
62
199
274
295
319
300
378
2020A 2021A 2022A 2023A LTM
Mar -24
LTM
Jun -24
LTM
Sep -24
2.4x
2024PF
<2.0x
…
2.1x 2.8x 2.9x 3.1x 3.2x 2.8x
Net leverage
Net Interest Bearing Debt
29
71
93 95 98 105
2020A 2021A 1 2022A 2023A LTM
Mar -24
LTM
Jun -24
LTM
Sep -24
144 2
4.1x
4.7x 4.0x
2.5x 2.4x 2.6x 3.3x
Interest Coverage Ratio
Adj. EBITDA
Strong Deleveraging in Place
Decreasing Leverage and Increasing Interest Coverage Ratios
Source: Group information, Notes: (1) Starting 2021A only includes Cash Interest Payments (2) Adjusted EBITDA includes pro-forma full year EBITDA for Jun Group
2.6x 2

FY 2023 Initial Guidance
2024
Updated
Guidance 2024
(post Jun)
Third Guidance
2024
Revenue
(in €m) 322 350 –370 380 -400 400 -420
Adj. EBITDA
(in €m) 95 100 –110 115 -125 125 -135
Taking Jun Group full year into account
~450m
Revenues
~150m
Adj. EBITDA
16
Reiterate Guidance 2024
Strong organic growth combined with the highly accretive acquisition of Jun Group

17
Verve Already Achieves its Mid -Term Financial Targets
Strong Momentum Continues to Show Positive Impact
EBITDA margin 1
30 – 35%
Net leverage
1.5 – 2.5x
Revenue CAGR
25 – 30%
EBIT margin 1
20 – 25%
Notes: (1) on an adjusted basis
45% 30% 22% <2.5x Q3
FC
Q4

Welcoming Christian Duus as
Verve's New CFO
Effective January 1, 2025
18
About Christian Duus :
● Former CFO of Adform with 20+ years across
Ad-tech , Strategy , Finance and Business
Development .
● Extensive experience from Bain & Company
and executive roles at GN Store Nord and
North Media.
● Master in Business Administration , Finance,
and Accounting
● Based in Stockholm.
Transition :
Paul Echt steps down after almost 7 years of impactful leadership,
remaining as an advisor through mid -2025 to support a smooth
transition.

One Brand, One Team, One Mission
Let’s make media better.