continued investments in a context of


Press release

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

LondonSeptember 7, 2022 – Invibes Advertising, a high-tech company specializing in digital advertising, publishes its 2022 half-year results marked by substantial investments to accelerate the Company’s development.

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 charges (7,274) (4,819) +51%
Personal expenses (6,958) (3,393) +105%
EBITDA (967) 503 (€1,470)
Depreciation and amortization (630) (504) +25%
Operating result (1,597) (1) (€1,596)
bottom line (141) (211) -33%
Tax (1) (1)
Net profit (1,739) (213) (€1,526)

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

Sustained organic growth in H1 2022

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

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

This growth performance, including 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 much more effective campaigns.

Continuation of strategic investments to fuel the future development of the Group

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

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

  • develop its sales force in all countries (+79% yoy), particularly in scale-up and start-up countries;
  • grow the operations team (+76% YoY);
  • build a strong team in charge of cross-functional functions at Group level.

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

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

Substantial but controlled cost increases

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

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

Structural overheads also increased with the establishment of a solid team in charge of the Group’s cross-functional functions and the expansion of the operational team. These costs are expected to remain largely stable over the next two years.

As in the past, the Company has focused its expenditure on the elements 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 is also linked to the general inflationary environment. But it should be noted that the rise in energy prices has only 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%
Scaling country **
Turnover 2,918 1,691 +73%
EBITDA (446) (283)
EBITDA margin -15% -17%
New countries (start-ups) ***
Turnover 199 ten x20
EBITDA (753) (40)
EBITDA margin
General expenses of the group excluding. CAPEX (3,084) (1,252)
Consolidated EBITDA (967) 503

* France, Spain, Switzerland and ML2GROW
** Germany, United Kingdom, Italy and Belgium
*** Sweden, Norway, Denmark, South Africa, Netherlands, United Arab Emirates, Poland and Czech Republic

After taking into account a depreciation of €630k, Invibes Advertising posted an operating loss of -€1,597k in the first half of 2022.

The net loss is -€1,739k over the period.

A solid balance sheet structure

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

Technological innovation, firmly anchored in the company’s DNA, remains essential to the sustainability of its success.


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

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

About Invibes Advertising

Invibes Advertising is a global 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 advertising.

At Invibes Advertising, we believe in the power of connections.

  • The power to connect brands directly to consumers to enable more meaningful interactions.
  • The power of big data connection, innovative power 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 force of passionate, dynamic and knowledgeable food specialists from around the world to form the extraordinary team that is Invibes Advertising.

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

Want to learn more about Invibes Advertising? Go to:

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]

  • 2022 09 07 – CP – Invibes Advertising – EN


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