Yes, I get this on my English-language site. For example a page that mentions Strasbourg, France, and (nearby) Freiburg, Germany has the following ads:
1. In German: Ad for hotel in Strassburg (note German spelling, they presumably brought both spellings).
2. In French: ad for a hotel chain.
3. In English: UK hotel booking service for hotels in Strasbourg.
4. In English: US discounter for a particular Strasbourg hotel.
This is the same whether I'm in using an ISP in the UK or France. On a couple of other pages that mention locations in Germany, 3 out of 4 of the ads are in German, yet others have 4 English ads. A page mentioning locations in Hungary has an ad in Hungarian, and so on...
It initally seems to be poorly targetted from the point of view of the person seeing the ads, but I think it's valid to assume that the person interested in Germany/Hungary etc can often read the local language.