Since a very large part of our revenue is invoiced in USD while we report in euros, this remains a visible factor in our reported numbers and is one reason why we aim to
adopt USD reporting by 1 January 2027, subject to AGM approval of the planned relocation to Ireland.Board proposes to relocate registered office to Ireland aligning corporate structure with international and US peers
The intention to relocate the registered office from Sweden
to Ireland was announced during the quarter, marking an
important strategic step in further aligning Verve’s corporate
structure with internationally recognized and US-listed
peers. The proposed relocation is expected to simplify
access to international capital markets and strengthen the
company’s long-term strategic flexibility. In addition, the
relocation would enable the possibility of a potential future
direct US listing. Management highlighted that Ireland
offers a highly established corporate and legal framework
widely used by leading global technology and advertising
companies. The proposal remains subject to shareholder
approvals at 2026 Annual General Meeting.
The intention is to start reporting in USD as of 1 January 2027; I hadn’t noticed this myself before. And it enables a direct US listing.
Unification of Jun Group and Captify US under Verve For Advertisers
In January Verve announced the unification of Jun Group
and Captify US under the brand Verve for advertisers,
marking an important milestone in the company’s strategy
to simplify its market positioning and strengthen its offering
for brands and agencies. By consolidating its demand-side
activities under a single commercial identity, Verve enhances
operational efficiency and reinforces Verve’s positioning as a
scaled alternative in the privacy-first advertising ecosystem.
The rebranding reflects the company’s long-term objective
of deepening direct relationships with global advertisers and
agency partners while leveraging its differentiated data and
AI-driven targeting capabilities.
It feels like the train is chugging along quite well on this front too. Guidance was maintained, and Inderes is currently pretty much at the lower end of the forecasts.
Cash flow growth is explained:
Cash flow improved significantly compared with the prior-
year quarter, supported by solid operating performance
and more effective use of our securitization capacity.
A lower utilization of securitization in the fourth quarter
furthermore resulted in a delayed conversion of customer
receivables into cash. Consequently, these inflows shifted
into the first quarter, bolstering Q1 operating cash flow in-
stead of being realized in Q4. At the same time, the balance
sheet remains positioned to support the next phase of
growth. Net debt was virtually unchanged from year-end,
while cash and cash equivalents increased significantly.
This gives us the flexibility to continue investing while keeping
a clear focus on leverage and cash generation.
Cash balances amounted to 147.2 (123.3) €m.
Net Debt as of the end of the first quarter amounted to 447.9 (375.9) €m.