Ad Pepper Media International NV: Revenue Triples, EBITDA Reaches Record High in Q3 2025
Ad Pepper Media International NV (ISIN NL0000238145), the German‑listed performance‑marketing specialist, has unveiled its third‑quarter 2025 results, delivering a dramatic acceleration in top‑line growth and profitability. The company’s revenue surged to €16.97 million from €5.22 million a year earlier, marking a 224 % increase and a three‑fold jump in a single quarter. EBITDA rose from €1.58 million in the same period last year to €5.05 million, a 230 % increase that lifts the company to a record high for the metric.
Drivers of the Growth Surge
Full Consolidation of the Solute Segment – The most significant catalyst behind the revenue explosion is the complete integration of Solute, a price‑comparison platform that had been partially accounted for in prior periods. In Q3 2025, Solute contributed €11.58 million to the group’s revenue, dwarfing the €15.62 million earned by the core Ad Pepper businesses over the first nine months of the year.
Expanded Performance‑Marketing Network – The company’s partnership with Webgains, a leading performance‑marketing network, has amplified lead‑generation and campaign reach. CEO Jens Körner has highlighted the synergies between Webgains and the largely‑owned Pepper, Media arm, suggesting a strategic alignment that will further fuel growth.
Scale and Diversification – Ad Pepper’s portfolio now includes email marketing, display advertising, and lead‑generation services across multiple geographies. The combination of diversified revenue streams and the newly consolidated Solute business has positioned the company to capture a broader share of the digital‑advertising market.
Financial Highlights
| Metric | Q3 2025 | YoY | Notes |
|---|---|---|---|
| Revenue | €16.97 m | +224 % | Includes Solute (€11.58 m) |
| Group revenue (first 9 mo.) | €35.06 m | +123 % | Core + Solute |
| EBITDA | €5.05 m | +230 % | Record high |
| EBITDA margin | 29.8 % | – | Highest in company history |
The company’s price‑to‑earnings ratio, standing at 40.81, remains elevated but reflects the market’s expectation of continued expansion. The share price, which closed at €3.34 on 20 Oct 2025, is approaching its 52‑week high of €4.10, signalling investor confidence in the company’s turnaround trajectory.
Analyst Outlook
First Berlin Equity Research GmbH has reiterated its Buy recommendation, underscoring the company’s “radical transformation” and “explosive growth” as outlined in the recent earnings release. EQS News and Wallstreet‑Online have echoed this sentiment, citing the “new face” of Ad Pepper’s business model that now fully incorporates Solute.
Forward‑Looking Perspective
With the Solute integration complete, Ad Pepper is poised to further scale its digital‑marketing services. The company’s strategic focus on high‑margin performance‑marketing, coupled with its expanding cross‑border presence, is expected to sustain the momentum observed in Q3 2025. Analysts anticipate that continued investment in technology and data‑driven insights will bolster both revenue growth and profitability in the coming quarters.
In conclusion, Ad Pepper Media International NV’s third‑quarter performance marks a pivotal shift from a period of modest earnings to a phase of aggressive expansion and record profitability, positioning the company as a compelling play in the evolving digital‑advertising landscape.
