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) reported strong preliminary Q3 revenue (+17 % y/y) and EBITDA growth (+15% y/y). The convincing group performance was driven by the solute segment (price comparison portals), while the Webgains segment (affiliate marketing) was weaker than anticipated. Management confirmed 2026 EBITDA guidance (€6.5m – €7.5m) and currently expects EBITDA in the upper half of the range. We expect a strong Christmas quarter and stick to our €7.5m EBITDA forecast. An updated DCF model yields an unchanged €5 price target. We confirm our Buy recommendation (upside: 87%).