Verve Group

While we view this as a logical and strategically sound expansion, we maintain a cautious stance on its near-term financial contribution.

We expect the report to reflect a seasonally softer start to the year, further dampened by FX headwinds, front-loaded sales force investments, and the lingering impact of the large customer loss from late 2025.

In our view, the investment case hinges on management proving it can convert a higher share of its profits into cash, sustain operational improvements, and deliver on 2026 guidance.

38:26

We had the opportunity to interview Verve Group’s CEO, Remco Westermann.

The detailed cash flow statement reinforced our concern about weak cash flows, which continue to challenge our investment thesis.

Management noted that a stronger emphasis on liquidity management in 2026, aiming to notably reduce working capital impacts on future growth and improve cash conversion.

The company has already released preliminary figures for the quarter and guidance for 2026, which reveal a mixed picture of the business's current trajectory.