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’s (APM) preliminary Q1/26 EBITDA of €1.5m was 12% above our forecast. 2026 EBITDA guidance of €6.5m to €7.5m is in line with our estimate of €7.5m. Although a continued closure of the Strait of Hormuz may prompt us to lower our 2026 forecast later this year, the underlying earnings drivers (acquisition-driven earnings momentum, further M&A, internationalisation, internal cross- and upselling, and technology-driven cost savings) are still intact. Q1/26 figures include solute and Checkout Charlie and do not contain the ad agents subsidiary sold last year. They thus give a very accurate picture of the new ad pepper media group and its platform-based digital performance marketing business model. Not by chance, they mark the best Q1 in the history of the company. An updated DCF model yields an unchanged €5 price target. We confirm our Buy rating (upside: 77%).