Ad Pepper Media's Ambitious Growth Fueled by Strategic Acquisitions

First Berlin Equity Research has updated its analysis of ad pepper media International N.V., reaffirming a Buy recommendation and raising the price target from €4.10 to €5.00. Analyst Dr. Karsten von Blumenthal highlights significant developments, including ad pepper’s acquisition of a majority stake in solute.

This strategic move was swiftly followed by solute's acquisition of Checkout Charlie, a major international affiliate marketing publisher. In 2024, Checkout Charlie reported revenue of €9.6 million and EBITDA of €1.8 million. The consolidation of solute and integration of Checkout Charlie into ad pepper’s roadmap forecasts a revenue surge to over €80 million by 2026, a fourfold increase from 2024.

Ad pepper’s Q2 2025 results showed substantial growth, with group revenue and EBITDA jumping 145% and 61% respectively, compared to the previous year. These expansions underscore ad pepper's aggressive growth trajectory in the digital marketing space.