Maximilian Equestrian

Where they started

Maximilian Equestrian is an equestrian apparel brand, founded by professional riders. In the account's own revenue series, 2024 finished 150.6% above 2023, and we started in September of that year. Most of that climb was already happening before us. We are not going to pretend otherwise.

Over 1 January to 16 December 2024, ad spend was EUR 339,040. Google took EUR 51,850 of it. Against online revenue of EUR 2,281,657 over the same window, that is an online MER of 6.73.

No document from 2024 names a problem we were hired to fix. There is no audit, no discovery record, no complaint on file. So this page is not a rescue story. The one thing the record does state about the engagement is the goal: 100% year-over-year growth in total sales. What follows is what the account did once the budget behind that goal nearly tripled.

The constraint

Then the budget nearly tripled. Over the same 1 January to 16 December window, ad spend reached EUR 925,631. That is up 173% year over year. Google alone rose 350%. Meta rose 131%.

Doubling revenue is not the hard part when you nearly triple the budget. Almost any account will sell more on three times the money. The hard part is what that money returns once it is that big.

On this account, total ROAS fell from 10.17 to 6.59 while the new money went in. Whether that is a good year or a bad one does not depend on the revenue. It depends on what return you count as worth having at that budget. Total ROAS is computed on total sales, which include wholesale paid media did not drive. The return this page is about is the online one, and it ran at 6.73 in 2024.

What changed

The account sat in our top decision tier, so changes did not wait for sign-off. What follows is the account as we handed it over, not a before-and-after. What the record holds is the end-state architecture and the dates, not a change log. So nothing below is offered as the reason the numbers moved.

The Google account we handed over kept brand and non-brand hard separated. Branded search ran by market, on phrase and exact match only. Performance Max carried the prospecting, with brand exclusion lists and periodic search-term review. Branded spend was capped at 10 to 15% of the account. All Performance Max ran on a target ROAS of 2.5. The reason for the brand separation is written into the team's own handover document. Branded traffic is not new demand. So branded demand showed up as branded, not as growth the account had bought.

We also ran the account-strategy line with Google EMEA on the brand's behalf. That included the Black Friday budget and bidding plan.

Meta carried most of the money. Total 2025 spend was EUR 925,631, over the same window. The year-end document breaks out EUR 650,379 on Meta and EUR 233,444 on Google. One large ongoing campaign carried the weight, with satellites for Spain, Germany and the US. The German satellite, from August 2025, is where the account stopped averaging Germany into Europe. A pan-Europe campaign reports one number for every market inside it. It cannot tell you which country is paying for which. Germany got its own before-and-after reporting from that point. The same refusal to average ran through the US: in July 2025, spend there was broken out by state.

The measurement layer was built during 2025, alongside the spend increase. Triple Whale ran on a 7-day window, with Total Impact as the primary ROAS view. The MER target we set for this account was between 4 and 5. That was our own number for this brand, not a stock one, and not a number the client signed.

Engagements now open with the Profit Clarity Audit, before any budget moves. This one pre-dated it.

What happened

Revenue from about $2.5M a year to more than $5M. Separately sourced, in euros: online revenue EUR 2,281,657 to EUR 4,536,293, up 99%.

Above $1M in November 2025, on the same converted basis as the headline pair.

Total ROAS came down from 10.17 to 6.59 as spend rose.

Online MER came down from 6.73 to 4.90, inside the 4 to 5 target we set.

The goal on file for this engagement was 100% year-over-year growth in total sales. Total sales finished up 76.8%. Online, the part paid media drives, finished up 99%.

Total ROAS is measured on total sales, which include wholesale that paid media did not drive. Online MER is the number we set a target for.

That MER move is the point of this page. A high MER on a small budget is not a result. It is an account nobody has tested yet. The test is what the number does when the money goes up. On this one it came down, and it came down to a number inside the range we were working to. That is what a target range is for: it makes efficiency a number the account answers to while the money is still going out.

Growth was slowing by the end of the year. November 2025 was up 67% year over year, on an account that had run far ahead of that for two years. We are showing you that because it sits in the same record as everything else here.

The partnership ran from September 2024 to 4 January 2026. Fifteen months, by the client's own count. The client then moved paid media in-house. What he took in-house was an account whose architecture was written down.

If your spend is about to go up, the number to argue about is not the revenue. It is the return you are willing to accept at the top of the ramp. Most brands never name it. They find out in December what it turned out to be.

"With Maximilian, the question was between four and five."

Verify this case study

• The year-end performance document, dated 16 December 2025. It covers 1 January to 16 December, 2025 against 2024. One page: online sales, wholesale, ad spend by channel, total ROAS and online MER. Every euro revenue and spend figure on this page is from it, and so are the total ROAS and online MER figures. Some numbers are not. The 150.6% for 2024, the 67% for November and the 985,024 for November come from a second file, the account's own month-by-month reporting sheet. The Performance Max target ROAS of 2.5 and the account settings come from the Google handover document. The 4 to 5 MER target is our own, from internal team training. The dollar pair is covered in the next item. All of these documents are internal. We will walk you through these figures on your Strategy Call.
• Currency, said plainly. The business reports in euros. The dollar pair we publish is a converted view, not a sourced one. We have not pinned the exact rate, or the exact euro line it was converted from, so treat the euro figures as the primary ones. The euro line we can source is online revenue: EUR 2,281,657 to EUR 4,536,293 over the same window, up 99%. That is a separate record, not the dollar pair restated. November 2025 reads 985,024 in the account's own month-by-month reporting sheet. That is the same series the 150.6% comes from, and it carries no currency label. Under the dollar view we publish, November clears a million. In euros it would not. If you want November pinned to a currency and a rate, ask on the call. We will tell you what we can and cannot show.
• Online, not total. Total sales including wholesale were up 76.8% in 2025. The euro revenue figures we print for the growth line are online revenue, because that is the part paid media drives. The dollar pair carries no basis label at all. We have not pinned which line it was converted from, which is the point of the item above. Wholesale was about EUR 1.56M of the total, and we did not drive it.
• The store is live at maximilianequestrian.com. Go and look at the product and the price points yourself.
• Two things this page does not have. There is no recorded client interview and no public review for this brand. Ask on your Strategy Call and we will tell you exactly what is verifiable and how.