IR-Center Handelsblatt

Invibes Advertising NV

News Detail

EQS-News News vom 07.09.2022

Invibes Advertising NV: H1 2022 results: continued investments in a context of robust organic growth

Invibes Advertising NV / Key word(s): Half Year Results/Half Year Results
Invibes Advertising NV: H1 2022 results: continued investments in a context of robust organic growth
07.09.2022 / 17:45 CET/CEST

Press release



H1 2022 results: continued investments in a context of robust organic growth


London, 7 September 2022 – Invibes Advertising, an advanced technology company specialising in digital advertising, publishes its 2022 half-year results marked by substantial investments to boost the development of the Company.

The half-year financial report is available on the Company's website:


Consolidated data
unaudited, in €k
H1 2022 H1 2021* Δ
Turnover 13,265 8,715 +52%
Purchases and external expenses (7,274) (4,819) +51%
Personnel expenses (6,958) (3,393) +105%
EBITDA (967) 503 (€1,470)
Depreciation, amortisation, and provisions (630) (504) +25%
Operating income (1,597) (1) (€1,596)
Financial result (141) (211) -33%
Tax (1) (1) -
Net result (1,739) (213) (€1,526)

* H1 2021 data presented according to the new valuation method under IFRS


Sustained organic growth in H1 2022

In the first half of 2022, Invibes Advertising maintained a strong growth pace, with a consolidated turnover up 52% at €13.3 million. This compares to an average annual growth rate (CAGR) of 54% for the 2016 to 2021 period.

This robust growth is entirely organic, generated both in existing countries (France, Spain, Switzerland and ML2Grow), up 45%, where the momentum remains strong, as well as in scale-up countries (Germany, United Kingdom, Italy and Belgium), up 73%, demonstrating their high growth potential.

This growth performance, including in the countries where the Company has been established the longest, shows the favourable positioning of Invibes Advertising, whose integrated technology platform offers its clients innovative digital advertising solutions for measurably more effective campaigns.


Continued strategic investments to fuel the Group’s future development

In line with its 2024 development roadmap, Invibes Advertising continued making the investments necessary to support its medium-term growth objectives, notably through a very strong commercial push.

Thanks to an ambitious recruitment programme, the Company was able to:

  • expand its salesforce in all countries (+79% yoy), notably in scale-up and start-up countries;
  • grow the operations team (+76% yoy);
  • set up a solid team in charge of transversal functions at Group level.

The Company’s workforce increased to 198 FTE as of 30 June 2022 compared to 115 a year earlier. This recruitment programme resulted in a significant increase in personnel expenses, as well as non-recurring recruitment costs.

Invibes Advertising now has operational sales teams in 15 countries. After the opening of 6 countries in 2021 (the Netherlands, Nordic countries, South Africa, and the United Arab Emirates), the most recent stage of the Group’s international expansion strategy has seen its establishment in Central & Eastern Europe (CEE) with the opening of two new offices in Poland (Warsaw) and in the Czech Republic (Prague) in June 2022.


Substantial but managed cost increases

The EBITDA in the first half of 2022 was -€967k compared to €503k in the first half of 2021.

The difference between the EBITDA in the first half of 2022 and the EBITDA in the first half of 2021 (-€1.5 million) is in large part due to the strong commercial push, whose impact is estimated to be c. -€840k.

Structural overheads also increased with the set-up of a solid team in charge of transversal Group functions and the expansion of the operations team. These costs are expected to remain largely stable over the next couple of years.

Like in the past, the Company has focused its expenses on items most likely to contribute to its future development.

While the cost increases mainly result from the implementation of a proactive growth strategy, part of these increases are also linked to the general inflationary environment. But it should be noted that higher energy prices only have a marginal impact on the Company’s cost structure.

The breakdown of EBITDA by country maturity is as follows:


Consolidated data
unaudited, in €k
H1 2022 H1 2021 Δ
Existing countries *      
Turnover 10,148 7,014 +45%
EBITDA 3,316 2,078  
EBITDA margin 33% 30%  
Scale-up countries **      
Turnover 2,918 1,691 +73%
EBITDA (446) (283)  
EBITDA margin -15% -17%  
New countries (start-up) ***      
Turnover 199 10 x 20
EBITDA (753) (40)  
EBITDA margin - -  
Group overheads excl. CAPEX (3,084) (1,252)  
Consolidated EBITDA (967) 503  

* France, Spain, Switzerland and ML2GROW

** Germany, UK, Italy and Belgium

*** Sweden, Norway, Denmark, South Africa, Netherlands, UAE, Poland and Czech Republic


After accounting for depreciation of €630k, Invibes Advertising posted an operating loss of -€1,597k for the first half of 2022.

The net loss was -€1,739k for the period.


A sound balance sheet structure

With €21.1 million in cash and a €15.4 million net cash position as of 30 June 2022, the Group has the capacity to finance its commercial development and maintain a high level of R&D investments in order to further strengthen its integrated technology platform and develop new products and innovative value-added services.

Technological innovation, strongly rooted in the Company’s DNA, remains essential to its continued success.



During the first half of 2022, Invibes Advertising has deployed substantial investments to boost future growth, in line with its announced development roadmap. These investments give the Company the capacity to seize growth opportunities that remain significant in the digital advertising market. However, should the macro-economic environment deteriorate, the management may decide to temporarily slow down the pace of investments.


Next publication: Q3 2022 revenue on 19 October 2022, after market close.


About Invibes Advertising

Invibes Advertising is an international technology company specializing in digital advertising innovation. Founded in 2011 by co-CEOs Kris Vlaemynck and Nicolas Pollet, Invibes Advertising has developed an integrated technology platform designed to strengthen the relationship between brands and consumers through in-feed ads.

At Invibes Advertising we believe in the power of connections.

  • The power of connecting brands directly with consumers to enable more meaningful interactions.
  • The power of connecting big data, innovative in-feed formats, wide reach and extensive intelligence services in a single, holistic platform to bring brands and consumers together seamlessly and efficiently.
  • The power of connecting a unique pull of passionate, dynamic and knowledgeable in-feed specialists from across the globe to make up the extraordinary team that is Invibes Advertising.

In order to partner with some of the greatest brands in the world, like Amazon, Bacardi, Volkswagen, Dell, IKEA and Toyota, we rely on even greater people to share our innovations with the world. Along with our unwavering belief in technological potential, more fundamentally, we believe in the potential of our people. At Invibes Advertising we actively strive to maintain an energetic, open environment that fosters a culture of ideation, growth and #GoodVibes, that shines straight through to our clients.

Want to hear more about Invibes Advertising? Visit:

Invibes Advertising is listed on the Euronext Stock Exchange (Ticker: ALINV – ISIN: BE0974299316)



For our latest press releases, go to:


Keep up with all the latest news on Invibes Advertising:

LinkedIn @Invibes AdvertisingTwitter @Invibes_adv



Financial & Corporate Contacts:


Audrey Mela, VP Investor Relations

End of Media Release

show this