Hi @Putti!
Thanks, glad it’s appreciated!
@Geologiopiskelija is touching on some of the underlying factors, and in addition to that, I can also add that Verve’s change in revenue recognition, which was communicated in Q3, also affects the revenue increase in 2026, but should be seen as artificial as it does not impact the result. Adjusted for the effects of the changed revenue recognition, we estimate a revenue increase of 18%, of which 9% is organic.
The improvement in results is expected to be driven by a strengthened top line combined with improved cost efficiency now that the platform merger is complete. The deteriorated margins in 2025 were a combination of negative effects from the merger (lower revenues) and simultaneous scaling up of the workforce (increased costs).
The development in the digital advertising market in 2026 will naturally be important for our estimated revenue growth, which in turn is largely driven by macro developments. As you all know, 2025 has been a relatively turbulent year, especially during the first half with tariffs and geopolitical unrest, a climate that creates uncertainty and thus affects advertising budgets. The second half, however, has been more stable, though relatively soft compared to last year. But as it looks now, there are conditions for a good market climate in 2026, which also includes some major events (FIFA World Cup, Olympic Winter Games, mid-term elections). Furthermore, Verve’s exposure to faster-growing segments and a strong position in privacy-first is expected to support organic growth in 2026.
Furthermore, customer onboarding and maintaining high customer retention will be important for our revenue forecasts, where we want to see that the effects from the platform merger were truly temporary and have not created structural challenges for the company.