Reported Earnings • Apr 02
Full year 2025 earnings released: €2.01 loss per share (vs €1.44 loss in FY 2024) Full year 2025 results: €2.01 loss per share (further deteriorated from €1.44 loss in FY 2024). Revenue: €19.8m (down 26% from FY 2024). Net loss: €9.17m (loss widened 39% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. Board Change • Nov 17
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. No independent directors (7 non-independent directors). Chairman of the Supervisory Board Daniel Daum was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Sep 27
First half 2024 earnings released First half 2024 results: Revenue: €11.7m (down 5.7% from 1H 2023). Net loss: €2.60m (loss widened 499% from 1H 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Media industry in Germany. Board Change • Sep 04
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. No independent directors (7 non-independent directors). Chairman of the Supervisory Board Daniel Daum was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Annuncio • Jun 14
Invibes Advertising N.V., Annual General Meeting, Jun 26, 2024 Invibes Advertising N.V., Annual General Meeting, Jun 26, 2024, at 09:00 Romance Standard Time. Location: notary public barbara glorieux at 9051, gent sint denijs westrem, drie koningenstraat 9, Belgium New Risk • Apr 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (31% accrual ratio). Minor Risk Market cap is less than US$100m (€27.8m market cap, or US$29.7m). Reported Earnings • Mar 28
Full year 2023 earnings released Full year 2023 results: Revenue: €28.9m (up 3.4% from FY 2022). Net income: €557.0k (up €8.47m from FY 2022). Profit margin: 1.9% (up from net loss in FY 2022). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Media industry in Germany. Annuncio • Mar 28
An unknown buyer acquired ML2Grow BVBA from Invibes Advertising N.V. (ENXTPA:ALINV). An unknown buyer acquired ML2Grow BVBA from Invibes Advertising N.V. (ENXTPA:ALINV) in March 2024.An unknown buyer completed the acquisition of ML2Grow BVBA from Invibes Advertising N.V. (ENXTPA:ALINV) in March 2024. New Risk • Oct 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€1.1m net loss in 2 years). Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (€22.2m market cap, or US$23.5m). New Risk • Oct 26
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €6.6m Forecast net loss in 2 years: €1.1m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€1.1m net loss in 2 years). Market cap is less than US$100m (€20.1m market cap, or US$21.2m). Reported Earnings • Sep 25
First half 2023 earnings released First half 2023 results: Revenue: €12.4m (down 6.2% from 1H 2022). Net loss: €446.0k (loss narrowed 74% from 1H 2022). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Media industry in Germany. Reported Earnings • Mar 29
Full year 2022 earnings released Full year 2022 results: Revenue: €28.0m (up 21% from FY 2021). Net loss: €7.97m (down €8.39m from profit in FY 2021). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Media industry in Germany. Annuncio • Jan 26
Invibes Advertising N.V. to Report Fiscal Year 2022 Results on Mar 28, 2023 Invibes Advertising N.V. announced that they will report fiscal year 2022 results After-Market on Mar 28, 2023 Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Chairman of the Supervisory Board Daniel Daum was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 10
First half 2022 earnings released: €0.40 loss per share (vs €0.054 loss in 1H 2021) First half 2022 results: €0.40 loss per share (further deteriorated from €0.054 loss in 1H 2021). Revenue: €13.3m (up 52% from 1H 2021). Net loss: €1.70m (loss widened €1.54m from 1H 2021). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Media industry in Germany. Annuncio • Sep 22
Invibes Advertising Appoints Daniel Daumas as Chairman of the Supervisory Board in Germany Invibes Advertising announced the appointment of Daniel Daumas as Chairman of the Supervisory Board in Germany. Daum has over 20 years of experience in the German and French media and internet industry in senior management roles, with a strong expertise in customer experience, monetisation, data and mobile platforms. Recently Chief Digital Officer of Rheinische Post Mediengruppe, a leading German media group for regional newspapers, for which he was driving the digital transformation. Daniel Daum previously spent more than 15 years in Paris at Prisma Media, the Nº1 French bi-media group with leading print and digital brands, owned by Bertelsmann until its acquisition by Vivendi in 2021. During this period with a strong entrepreneurial leadership, he formed one of the most powerful digital media offers in terms of daily reach in France as Executive Director of the TV-Entertainment division and created a successful Content Marketing Agency. Reported Earnings • Sep 09
First half 2022 earnings released First half 2022 results: Revenue: €13.3m (up 52% from 1H 2021). Net loss: €1.74m (down €2.05m from profit in 1H 2021). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Media industry in Germany. Annuncio • Jul 21
Invibes Advertising N.V. to Report First Half, 2022 Results on Sep 07, 2022 Invibes Advertising N.V. announced that they will report first half, 2022 results on Sep 07, 2022 Annuncio • Jul 05
Invibes Advertising N.V. Announces Executive Appointments Invibes Advertising N.V. announced that Ewelina Kluz has been appointed Country Director of Invibes CEE and will head the Warsaw office in Poland. Ewelina has over 14 years’ experience in the field of public relations and media. Prior to joining Invibes Advertising, she was Sales Team Manager for 8 years at Burda, where she oversaw the Lifestyle and Luxury segments for Poland. Before that time, Ewelina worked as a PR consultant for brands in the retail, fashion, and beauty sectors. Petr Mares is appointed as the Commercial Director of the Prague office in the Czech Republic. Petr has over 14 years of experience in marketing, media, and technology. Prior to joining Invibes Advertising, he held the position of Media Strategist & Trading Director for Visibility Digital the independent digital marketing agency. Previously, Petr worked as a Business Development Director at Adexpres part of the Dentsu communications group before was Business Director at H1.cz leading performance marketing agency, part of GroupM. Buying Opportunity • Jun 14
Now 23% undervalued Over the last 90 days, the stock is up 7.2%. The fair value is estimated to be €21.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 35% per annum. Earnings is also forecast to grow by 82% per annum over the same time period. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Philippe Houdouin was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Jan 28
Invibes Advertising N.V. announced that it expects to receive €15 million in funding from Generis Capital Partners, NextStage AM and other investors Invibes Advertising N.V. announced a private placement of common shares for gross proceeds of approximately €15 million on January 26, 2022. The transaction will include participation from returning investors Generis Capital Partners, NextStage AM for at least €6 million and other investors. The private placement will be carried out through an accelerated bookbuilding, at the end of which the number and price of the new shares issued will be determined. The accelerated bookbuilding starts immediately and is expected to be completed by January 27, 2022, before the opening of trading. The transaction is reserved for European qualified investors. Board Change • Jan 25
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Philippe Houdouin was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 25
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Philippe Houdouin was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
