First Berlin Equity Research has published a research update on Verve Group SE (ISIN: SE0018538068). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 4.50 price target.

Abstract
Q4 prelims were broadly in line with our forecasts and consensus. Topline growth returned after a two-quarter pause, and the gross margin showed improvement, thanks mainly to the platform unifications. Management also gave initial guidance for 2026 calling for sales of €680m to €730m and AEBITDA of €145m to €175m. The topline range implies market share gains in a digital ad market that is widely expected to grow around 10% to 13% this year. In our view, the earnings guide looks conservative but leaves headroom for outperformance. We will review and update our 2026 forecasts in conjunction with publication of the audited 2025 numbers on 19 February. Our rating remains Buy with an unchanged €4.5 target price (upside: 174%).