Invibes Advertising N.v. : H1 2022 results: continued investments in a context of robust organic growth

Results 1H 2022: continued investments in a context of solid organic growth

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

The semi-annual financial report is available on the Company’s website:

Consolidated data
unaudited, in thousands of euros
1H 2022 1H 2021* Δ
Rotation 13,265 8,715 +52%
External purchases and expenses (7,274) (4,819) +51%
Personal expenses (6,958) (3,393) +105%
EBITDA (967) 503 (€1,470)
Depreciation, amortization and provisions (630) (504) +25%
Operating Income (1,597) (1) (€1,596)
Financial results (141) (211) -33%
Tax (1) (1)
Net result (1,739) (213) (€1,526)

* 1H 2021 data presented according to the new valuation method under IFRS

Sustained organic growth in the first half of 2022

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

This strong growth is entirely organic, generated both in existing countries (France, Spain, Switzerland and ML2Grow), up 45%, where momentum remains strong, and in expanding countries (Germany, UK, Italy and Belgium). , 73% more, demonstrating its high growth potential.

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

Continuous strategic investments to drive the future development of the Group

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

Thanks to an ambitious hiring program, the Company was able to:

  • expand its sales force in all countries (+79% year-on-year), especially in growth 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 FTEs as of June 30, 2022 compared to 115 the prior year. This hiring program resulted in a significant increase in personnel expenses, as well as non-recurring hiring costs.

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

Substantial but controlled cost increases

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

The difference between EBITDA in the first half of 2022 and EBITDA in the first half of 2021 (-1.5 million euros) is largely due to the strong commercial drive, the impact of which is estimated at c. -€840k.

Structural general expenses also increased with the formation of a strong team in charge of the transversal functions of the Group and the expansion of the operations team. These costs are expected to remain largely stable over the next two years.

As in the past, the Company has focused its spending on items that are most likely to contribute to its future development.

Although the cost increases result mainly 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 of expiration is as follows:

Consolidated data
unaudited, in thousands of euros
1H 2022 1H 2021 Δ
Existing countries *
Rotation 10,148 7,014 +45%
EBITDA 3,316 2,078
EBITDA margin 33% 30%
expanding countries **
Rotation 2,918 1,691 +73%
EBITDA (446) (283)
EBITDA margin -fifteen% -17%
New countries (start-up) ***
Rotation 199 10 x20
EBITDA (753) (40)
EBITDA margin
General expenses of the group excl. capital expenditure (3,084) (1,252)
Consolidated EBITDA (967) 503

* France, Spain, Switzerland and ML2GROW

** Germany, UK, Italy and Belgium

*** Sweden, Norway, Denmark, South Africa, the Netherlands, the United Arab Emirates, Poland and the Czech Republic

After posting €630,000 of depreciation, Invibes Advertising posted an operating loss of -€1,597,000 in the first half of 2022.

The net loss was -1,739 thousand euros in the period.

A solid balance structure

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

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


During the first half of 2022, Invibes Advertising has made substantial investments to drive future growth, in line with its announced development roadmap. These investments give the company the ability to take advantage of growth opportunities that remain significant in the digital advertising market. However, if the macroeconomic environment deteriorates, management may decide to temporarily slow down the pace of investments.

Next post: Third quarter 2022 revenue on October 19, 2022, after market close.

About Invibes Advertising

Invibes Advertising is an international technology company specialized 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 to connect brands directly with consumers to enable more meaningful interactions.
  • The power to connect big data, innovative food formats, broad reach and extensive intelligence services in a single, holistic platform to seamlessly and efficiently bring brands and consumers together.
  • The power of connecting a unique attraction of passionate, dynamic and knowledgeable feed specialists from around the world to form the extraordinary team that is Invibes Advertising.

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

Do you want to know more about Invibes Advertising? Visit:

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

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Financial and corporate contacts:

Audrey Mela, Vice President of Investor Relations

[email protected]

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