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 convincing preliminary Q2 EBITDA of €1.6m, 34% ahead of our €1.2m forecast. Nevertheless, we have not raised our €7.5m EBITDA forecast for 2026E, as we anticipate a more difficult H2 due to dampened consumer sentiment in connection with the ongoing USA-Iran war. With H1 EBITDA of €3.1m, APM is well on track to reach 2026 guidance of €6.5m to €7.5m, given that Q4 is by far the strongest quarter of the year. An updated DCF model yields an unchanged €5 price target. We confirm our Buy recommendation (upside: 91%).