JDC Group AG — Earnings Release 2025

May 30, 2026

Annual Financial Report 2025

Annual Financial Report 2025

JDC Group AG (ISIN DE000A0B9N37) has published its 2025 financial results, thereby confirming the preliminary figures released on March 11.

Group revenue increased by 13 percent in 2025 to EUR 250.0 million (2024: EUR 220.9 million). Earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted for one-time expenses of EUR 1.6 million, rose to EUR 22.2 million, representing an increase of 47 percent (2024: EUR 15.1 million). Unadjusted EBITDA increased by 36 percent to EUR 20.6 million. Adjusted earnings before interest and taxes (EBIT) stood at EUR 15.4 million for the full year, nearly 77 percent above the prior year’s figure of EUR 8.7 million.

In the platform business (Advisortech segment), revenue grew by 7 percent to EUR 210.8 million. These figures were significantly influenced by a structural measure that will save the Group several hundred thousand euros annually, while also resulting in a reallocation of revenue and earnings from the Advisortech segment to the Advisory segment. The background is the consolidation of the Group’s regulatory licenses (the so-called tied-agent business), in the course of which Top Ten Wertpapier GmbH, Vienna, was merged into FiNUM.Private Finance AG, Berlin. On a pro forma basis—i.e., assuming the new segment structure had already applied in the prior year—revenue in the Advisortech segment increases by 14.0 percent in the full year 2025. EBITDA grew by 30 percent to EUR 19.6 million (2024: EUR 15.1 million). EBIT also improved by 41.5 percent to EUR 14.7 million (2024: EUR 10.4 million). Adjusted on a pro forma basis and excluding one-time transaction costs of around EUR 0.6 million, EBITDA increases by 35.9 percent and EBIT by 50.0 percent.

In the Advisory segment, revenue of EUR 56.4 million was significantly higher than the previous year’s EUR 38.8 million. Although this development was also strongly influenced by the segment reallocation, revenue growth in 2025 would still amount to a robust 11.1 percent on a pro forma basis. EBITDA reached EUR 5.1 million (2024: EUR 4.2 million), up 20.6 percent year over year. EBIT at the end of fiscal year 2025 increased by 26.4 percent to EUR 3.7 million (2024: EUR 2.9 million). On a pro forma basis—assuming the segment shifts had also applied to prior-year figures—growth would amount to an equally compelling 14.6 percent (EBITDA) and 18.3 percent (EBIT).

“After a challenging third quarter, the fourth quarter exceeded our expectations: EUR 74 million in revenue and EUR 9.8 million in EBITDA are new record figures that once again clearly demonstrate the scalability of our platform. Especially in light of the economic situation in Germany and Europe, we are very pleased with this performance,” says Ralph Konrad, CFO of JDC Group, commenting on the Group’s quarterly and full year results. “Also worth highlighting is the strong contribution from the newly added FMK Group, which is developing exactly in line with our expectations.”

‘We are very pleased with the positive results achieved by the JDC Group across all business areas and are taking significant steps forward in our development. With FMK, we now have access to new customers that makes us look with excitement at the new opportunities and changes ahead in the industry. We, too, are convinced that the arrival of artificial intelligence represents the biggest transformation in the insurance industry since the advent of the internet. Because leveraging these new opportunities depends fundamentally on strong data quality and a modern processing infrastructure, we see JDC in pole position to benefit from AI-driven change: With the Morgen & Morgen data universe, we possess the largest and best historical data set in the German insurance market across all insurers—data that AI needs in order to generate meaningful results; with the Jung, DMS & Cie. platform, we operate a leading infrastructure for automated processing; and with FMK, we have one of the largest lead generators in the German market. Owing to these three factors, JDC is among the clear winners of the AI transformation. We therefore reaffirm our target of achieving an EBITDA of more than EUR 35 million in 2026.’

For 2026, JDC Group AG expects revenue to increase to EUR 300 to 330 million and EBITDA to reach EUR 35 to 38 million. For the year 2030, the company targets revenue of more than EUR 500 million and an EBITDA margin of