First Berlin reiterates Buy on ad pepper media, keeps EUR 5 price target

• First Berlin reiterated a Buy rating on ad pepper media, keeping its EUR 5 price target on a 12-month view.
• Report cited Q2 EBITDA of EUR 1.6 million, 34% above First Berlin’s EUR 1.2 million forecast.
• Firm kept its 2026 EBITDA forecast at EUR 7.5 million, flagging a tougher second half amid weaker consumer sentiment tied to the US-Iran war.
• H1 EBITDA totaled EUR 3.1 million, leaving the company on track to meet 2026 guidance of EUR 6.5 million to EUR 7.5 million.
• First Berlin said its updated DCF model left valuation unchanged, implying 91% upside.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. ad pepper media International NV published the original content used to generate this news brief via EQS News (Ref. ID: rc_26260) on July 22, 2026, and is solely responsible for the information contained therein.