Ad pepper media International N.V. Earns "Buy" Rating Despite Q3 Results

First Berlin Equity Research has reaffirmed its "Buy" rating for ad pepper media International N.V., maintaining the price target at €5.00. Analyst Dr. Karsten von Blumenthal's assessment follows ad pepper media's preliminary announcement of a 165% increase in EBITDA for Q3, reaching €1.3 million. The rise is largely attributed to the full-quarter consolidation of the newly acquired subsidiary solute, boosting the company's ad-tech capabilities.

Despite the strong Q3 performance, results did not entirely meet expectations, prompting a revision of the 2025 forecast. However, the anticipated Christmas quarter and consolidation of Checkout Charlie are expected to bolster Q4 results. With €27 million in liquid funds, ad pepper media is strategically positioned to pursue further M&A activities, sustaining growth momentum through 2026.