Ad Pepper Media International N : UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AS AT 30 SEPT 2022

THIRD QUARTER

UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2022

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ad pepper Group - third quarter reportSelected Group key figures

SELECTED GROUP KEY FIGURES

		Q3 2022	Q3 2021	Change	Q1 - Q3 2022	Q1 - Q3 2021	Change
		kEUR	kEUR	in percent	kEUR	kEUR	in percent
Gross sales	23,644		27,718	-14.7				70,197	81,757		-14.1
Revenue	5,931	7,004	-15.3			17,684	20,404	-13.3
Gross profit	5,671	6,728	-15.7			16,917	19,700	-14.1
EBIT	138	925	-85.1			-562	2,677	> -100.0
EBITDA	410	1,215	-66.3			256	3,558	-92.8
Net income for period	-0	796	-100.0			-1,030	2,154	> -100.0
Earnings per share in EUR (basic)	-0.01	0.03	> -100.0			-0.08	0.07	> -100.0
										30/9/2022	30/9/2021	Change
										kEUR	kEUR	in percent
Liquid funds*										18,222	23,137		-21.2
Equity										17,719	20,954	-15.4
Total assets										38,052	43,260	-12.0
No. of employees										265	246	7.7

*Including securities and deposits with maturity over three months.

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ad pepper Group - third quarter report

Contents

CONTENTS

	The ad pepper share	6
	Interim Management Report	8
	The structure of the ad pepper Group	8
	General information about this management report	13
	Macroeconomic framework	14
	Earnings, financial and net asset position	15
	Research and development activities	17
	Employees	18
	Risk and opportunity report	18
	Outlook	19
	Interim Consolidated Financial Statements (IFRS)	20
	Consolidated income statement	20
	Consolidated statement of comprehensive income	22
	Consolidated statement of financial position	24
	Consolidated statement of cash flows	28
	Consolidated statement of changes in equity	32
	Selected explanatory notes	36
	Additional Information	50
	Investor Contact	50
	Imprint	51

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ad pepper Group - third quarter report

Share

THE AD PEPPER SHARE

Key data on the ad pepper share

Security Identification Number (WKN)

ISIN

Type of share

Stock market segment (Frankfurt Stock Exchange)

Initial public offering

Designated Sponsor

Capital stock (EUR)

No. of shares

Sector

Key share figures

XETRA closing price at end of period (EUR)

Highest price (EUR)

Lowest price (EUR)

Market capitalisation at end of period (EUR)

Average no. of shares traded (XETRA) per day

Earnings per share (basic) (EUR)

Net cash per share* (EUR)

940883

NL0000238145

Ordinary bearer shares

Prime Standard

9 October 2000

Pareto Securities

1,075,000

21,500,000

Advertising

Q1 - Q3 Q1 - Q3

2022 2021

1.53 5.94

1. 6.82

1. 4.92

32.8 m		127.7 m
14,677	12,082
-0.08	0.07

0.86 1.12

Share price performance over the past twelve months (Xetra)

7.00

6.00

5.00

4.00

3.00

2.00

1.00

O N D J	F	M A M J	J	A S
Shareholder structure as at			Number of shares		Shareholding
30/9/2022
							in percent
EMA B.V.		9,486,402		44.12
Euro Serve Media GmbH		556,163		2.59
Treasury stock		1,242,128		5.78
Subtotal		11,284,693		52.49
Free float		10,215,307		47.51
Total		21,500,000		100.00

*(liquid funds - long-term debt) / number of shares outstanding

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ad pepper Group - third quarter report

Interim Management Report

THE STRUCTURE OF THE AD PEPPER GROUP

ad pepper media International N.V. is the holding company of one of Europe's leading international performance marketing groups. Founded in 1999, the ad pepper Group is one of the pioneers in the online marketing business. With eleven offices in Germany, Italy, France, Spain, Switzerland, the UK and the Netherlands, the ad pepper Group develops performance marketing solutions for its customers around the world.

The ad pepper Group operates in the highly dynamic digital commerce market, which is characterised by dynamic growth in both consumer and advertising expenditure. Channels such as social media, search, video and mobile - to name just a few - continue to expand their market share.

The ad pepper Group works for large corporations and major SMEs based in Europe and abroad. Our clients operate primarily in the "Trade & Consumer Goods", "Financial Services", "Telecommunications & Technology" and "Transport and Tourism" sectors. The ad pepper Group strives for long-term client relationships and has been working with some of its clients for more than a decade.

The ad pepper Group focuses on long-term value creation through organic growth in its existing businesses, while also evaluating inorganic growth opportunities through value-accretive acquisitions. The Group is divided into three reporting segments, which work in close cooperation with the holding company and operate independently in the marketplace: ad pepper (performance marketing company), ad agents (digital marketing agency) and Webgains (affiliate marketing network). The holding company assumes responsibility for the transfer of know-how between the segments, the strategic focus, as well as financing and liquidity as part of the overall governance and administration of the Group. The ad pepper Group's overall strategy is to support and strengthen each segment individually, as each business has its own distinctive culture, clients, product range and regional focus. All three business segments offer their clients performance-based solutions. This means that the advertiser only pays if there are measurable results (completion of specific actions).

The most common models in performance-based marketing are: CPM (cost-per- mile), CPC (cost-per-click), CPL (cost-per-lead) and CPA (cost-per-acquisition).

In addition, the ad pepper Group also offers a broad range of services, such as consulting and the development of strategies for the use of digital tech- nologies, the design, implementation and execution of digital marketing and communication solutions as well as consulting on digital media strategies and digital media technologies and tools. The ever-increasing importance of digital processes for businesses leads to an increase in the corresponding budgets, and the vast amounts of data thus generated require thorough analysis (preferably in real time). To be successful in the field of digital mar- keting, companies therefore need to develop competencies that go beyond an effective allocation of digital media spend across multiple channels and managing the respective campaigns. And they need help to achieve this. It is therefore not surprising that - in some areas of our business - the ad pepper Group is competing more and more with well-known strategy and IT consultancies that offer consulting services in the digital marketing space.

Digital performance

marketing

Lead generation	Digital marketing
Audience targeting	agency

Germany / Spain			Germany / Switzerland
Affiliate network
UK / Germany / France / Spain / Italy / Netherlands

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