First Berlin Equity Research has published a research update on ad pepper media International N.V. (ISIN: NL0000238145). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 5.00 price target.

Abstract
ad pepper media (APM) has reported preliminary Q3 revenue and EBITDA and held a conference call. Thanks to the new subsidiary solute, which for the first time was consolidated for a whole quarter, APM increased EBITDA by 165% y/y to €1.3m. APM is now a much stronger company and acquisition-driven earnings momentum will persist into 2026E. The takeover of solute with its leading German price comparison portal has strengthened APM’s ad-tech focus. In addition, the combination with its Webgains affiliate network offers synergies. Q4 will benefit from Christmas shopping and the consolidation of Checkout Charlie. Liquid funds of €27m give APM the opportunity to continue its M&A activity. We have revised our 2025E forecast because Q3 figures, while strong, were not quite as good as we expected. We confirm our Buy rating and €5 price target (upside: 52%).