JDC Group AG · XETR:JDC
JDC — FY2025 Earnings Presentation
38 slides from JDC's earnings presentation, Mar 11, 2026
Slide 1: Earnings Call FY 2025 (Preliminary)
EARNINGS CALL FY 2025 (PRELIMINARY) RECORD RESULTS FOR JDC GROUP Dr. Sebastian Grabmaier (CEO) Ralph Konrad (CFO) 11 March 2026 JDC Group AG 1
Slide 2: JDC's Earnings Call presented by
JDC‘s Earnings Call presented by Dr. Sebastian Grabmaier (CEO) Ralph Konrad (CFO, CIO) Marcus Rex (CSO, CMO) Dr. Ramona Evens (COO) 2 11 March 2026 JDC Group AG
Slide 3: JDC Group AG: 20 years as a listed company
JDC Group AG: 20 years as a listed company BELL RINGING CEREMONY, FRANKFURT STOCK EXCHANGE, NOVEMBER 2025 3 11 March 2026 3
Slide 4: JDC Group at a Glance
JDC Group at a Glance ADVISORTECH & ADVISORY First Users of AI Geographic focus functionalities DACH Finum Clients advised >85,000 Employees Insurance companies DFP Clients connected >400 FTEs >15,000 >200 End customers Connected Fund volume on served platform users platform >2.5 million >16,000 >€8
Slide 5: FY 2025 – New Record Year
FY 2025 NEW RECORD YEAR • With more than 74m, Q4 2025 sets a new record high as to turnover in a single quarter, increasing the volume of the already very good Q4 2024 by more than 18 Turnover 13.2% percent • Turnover growth in FY 2025 therefore reaches more than 13 percent • FY EBITDA Growth stands
Slide 6: Over a decade of resilient growth and margin expansion
Over a decade of resilient growth and margin expansion OVER THE PAST DECADE, JDC HAS SHOWN REMARKABLY RESILIENT GROWTH DESPITE VARIOUS CRISES +12.2 % +35.3 % +6.3 % Revenue CAGR 2015 - 25 EBITDA CAGR 2015 - 25 Margin expansion 2015 - 25 20.6 250 8% 221 15 7% 7% 172 12 6%6% 156 147 9 123 8 4% 111 EUR
Slide 7: Germany 2026 – Quo Vadis?
GERMANY 2026 – QUO VADIS? THE ENVIRONMENT HAS NOT IMPROVED Impact of IRAN WAR? 7 11 March 2026 JDC Group AG
Slide 8: Adjustments: Elimination of the reorganization within the segments
ADJUSTMENTS: Elimination of the reorganization within the segments ADJUSTMENT I [only intra-segment] ADJUSTMENT II Intra Segment OPEX BEFORE Q4 2024 FY 2024 Q4 2025 FY 2025 Adjustments Adjustments • 3 legal entities providing a liability umbrella • Liability Umbrella Business of Revenues 3.4 12.0 Ad
Slide 9: FY 2025 in Numbers – Group
FY 2025 FY 2025 IN NUMBERS – GROUP Q4 2025 FY 2025 Turnover FY FY in million EUR Q4 2025 Q4 2024 vs. vs. 2025 2024 13.2% Q4 2024 FY 2024 Revenues 74.0 62.7 18.1% 250.0 220.9 13.2% 220.9m 250.0m 62.8 55.7 12.8% 210.8 197.0 7.0% → Advisortech 52.3 20.2% 185.0 14.0% 15.8 11.1 42.7% 56.4 38.8 45.3% FY 2
Slide 10: Weaker Q3 followed by extraordinary strong Q4
Weaker Q3 followed by extraordinary strong Q4 NORMAL INTRA-YEAR SEASONALITY IN TURNOVER – STRONGEST Q4 IN JDC’S HISTORY 80.000 +34% 70.000 +20% 60.000 +27% +16% +27% 50.000 40.000 30.000 20.000 10.000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 Turnover in
Slide 11: Transition Calculation
Transition Calculation REPORTED VS PRO FORMA EBITDA EBITDA 2025 2024 • EBITDA reported 20.6m 1.6 (+36.3%) 4.5 • FMK contributed 4.5 m EBITDA 22.2 in 4 months 20.6 17.7 15.1 • EBITDA JDC Group without FMK would have been 17.7m (+17.2%) contri- pro forma M&A pro reported bution without reported one of
Slide 12: Good growth in all product groups
Good growth in all product groups Capital markets have come back Turnover development FY 2025 considerably after the "Liberation Day impact" of high tariffs in Q2, but due to a lower USD compared to the 7.3m 14.4m Euro, trailer fees of investment funds 7.3m >100% +9% +6% remain at 2024 levels. Insur
Slide 13: Composition of turnover growth & turnover split
Composition of turnover growth & turnover split Pro forma Turnover development FY 2025 Advisortech turnover split FY 2025 5.7% 1.2% IFA 17.6m business -4.7m 7.0m 12.0m +45% -3% +15% +11% Major +5% +15% customers 26.0% FMK 220.9m 250.0m 67.2% Direct clients IFA Major FMK FY 2024 Advisory FY 2025 busi
Slide 14: Q4 2025 in Numbers – Advisortech
Q4 2025 Q4 2025 IN NUMBERS – ADVISORTECH Q4 2025 Q4 2025 Turnover Q4 2025 Q4 2024 vs. in million EUR Q4 2025 Q4 2024 vs. adj. adj. Q4 2024 12.8% Q4 2024 adj Revenues 62.8 55.7 12.8% 62.8 52.3 20.2% 20.2% 55.7m 52.3m 62.8m Gross profit 18.0 14.8 21.7% 18.0 14.0 28.7% Q4 2024 Q4 2025 Depreciation and
Slide 15: FY 2025 in Numbers – Advisortech
FY 2025 FY 2025 IN NUMBERS – ADVISORTECH FY 2025 FY 2025 Turnover FY 2025 FY 2024 vs. in million EUR FY 2025 FY 2024 vs. adj. adj. FY 2024 7.0% FY 2024 adj. 14.0% 197.0m 185.0m 210.8 197.0 7.0% 210.8 185.0 14.0% 210.8m Revenues Gross profit 54.3 50.3 7.9% 54.3 47.5 14.3% FY 2024 FY 2025 Depreciation
Slide 16: Q4 2025 in Numbers – Advisory
Q4 2025 Q4 2025 IN NUMBERS – ADVISORY Q4 2025 Turnover Q4 2025 Q4 2024 vs. ADVISORY Q4 2025 Q4 2024 vs. Q4 2025 9.0% adj. Q4 2024 Q4 2024 adj. 42.7% Revenues 15.8 11.1 42.7% 15.8 14.5 9.0% 11.1m 15.8m 14.5m Gross profit 5.0 4.7 5.6% 5.0 5.5 -9.9% Q4 2024 Q4 2025 Depreciation and -0.4 -0.5 25.5% -0.4
Slide 17: FY 2025 in Numbers – Advisory
FY 2025 FY 2025 IN NUMBERS – ADVISORY FY 2025 Turnover FY 2025 FY 2024 vs. ADVISORY FY 2025 FY 2024 vs. FY 2025 11.1% adj. FY 2024 FY 2024 adj. 45.3% Revenues 56.4 38.8 45.3% 56.4 50.8 11.1% 38.8m 56.4m 50.8m Gross profit 17.7 14.2 24.2% 17.7 17.0 3.8% FY 2024 FY 2025 Depreciation and -1.5 -1.3 -8.1
Slide 18: Cash Flow Statement
FY 2025 CASH FLOW STATEMENT The cash flow statement has not yet been reconciled with the auditor. There may still be shifts within the items as part of the review. Rising cash flow from operating 01/2025 01/2024 FY 2025 activities in kEUR – 12/2025 – 12/2024 vs. FY 2024 Cash and cash equivalents at
Slide 19: JDC platform activity 2025 at all-time high levels
JDC platform activity 2025 at all-time high levels # of orders grew by just + 1.9%, BUT nevertheless the commission level is up due to higher contract volumes # of contract transfers grew by + 25.5% Assets under Management increased by + 10.3% Annual net premium on the JDC platform increased
Slide 20: Bonds
Bonds BOND 23/28 NORDIC BOND 25/29 Volume 20,000,000 EUR Volume 70,000,000 EUR (up to 160.000.000 EUR) ISIN DE000A3514Q0 ISIN NO0013618587 Current Quote 103.00% Current Quote 100.05% (Tradegate) as of (Tradegate) as of March 10th, 2026 March 10th, 2026 Coupon 7.0% p.a. Coupon 6.511% p.a. (Euribor +4
Slide 21: JDC Group at the capital market
JDC Group at the capital market SUPPORTED BY A STABLE, LONG-TERM ORIENTED SHAREHOLDER BASE Share Price Performance Shareholder Base 35 € Free float 30 € 27% 44% 25 € 11% 20 € Management 6% 6% 6% 15 € 10 € Shares 13,668,461 Outstanding Share Price EUR 25.00 5€ March 10th, 2026 Market Cap EUR 342m 0€
Slide 22: 11 March 2026 JDC Group AG
11 March 2026 JDC Group AG
Slide 23: Sales Channels in the Insurance Industry?
Sales Channels in the Insurance Industry? SOME STUDIES PREDICT DRASTIC CHANGES IN SALES CHANNELS … Future Scenario Others (-7%) Others AI in insurance sales Platforms Direct Sales AI (+45%) Broker AI Broker Platforms (0%) Direct Sales (-5%) Insurer‘s Tied Contract Broker (-11%) Agent conclusion Netw
Slide 24: AI in Insurance? Data
AI in Insurance? AI WITHOUT DATA AND INFRASTRUCTURE IS LIKE A CAR WITHOUT FUEL AND ENGINE Necessary data for automated Agentic AI Everyone talks about AI but no one Brokers is not publicly available about the necessary The (GDPR protected) data is securely stored in the insurers' backend systems and
Slide 25: AI in Insurance? Infrastructure
AI in Insurance? AI WITHOUT DATA AND INFRASTRUCTURE IS LIKE A CAR WITHOUT FUEL AND ENGINE To access Insurers‘ backend systems, you need hundreds of APIs For sound advice, existing customer Everyone talks about AI but no one contracts must be evaluated. This requires about the necessary historical da
Slide 26: How AI will influence our value chain
How AI will influence our value chain FOR PLATFORMS LIKE JDC, AI DRIVES EFFICIENCY AND SHOWS NEW OPPORTUNITIES Product supplier Key value proposition Impact of AI • interfaces to product suppliers and intermediaries • Improvements in efficiency • Delivers Advisor IT and processing • Serving as a dat
Slide 27: Spotlight: Regulation, Data Protection & Liability
Spotlight: Regulation, Data Protection & Liability WE ARE AI BELIEVERS – BUT GERMANY WILL ADOPT SLOWLY Strict data-protection rules severely limit data access for AI training Germany operates under some of the strictest interpretations of GDPR in the EU, which restricts insurers’ ability to process,
Slide 28: AI already embedded across JDC's core business processes
AI already embedded across JDC’s core business processes FROM LEAD GENERATION TO PROCESS AUTOMATION Customer Advisory & Product Operations & Acquisition Intelligence Automation • AI-supported lead generation • M&M Companion answering • Automated document (FMK) tariff questions understanding • AI-sup
Slide 29: AI Powered – M&M Companion
AI Powered M&M COMPANION AI-driven Insurance-Terms & Conditions-Copilot enables quick responses to customer- and agent inquiries Automated, optimized contract offers with the help of AI product comparisons and simple online applications Available for ca. 83,000 product types over many insurance sege
Slide 30: FMK benefits from the shift towards AI-driven discovery
FMK benefits from the shift towards AI-driven discovery AI SEARCH AND ASSISTANTS CREATE NEW TRAFFIC CHANNELS FOR PERFORMANCE-BASED ACQUISITION MODELS AI Search & Assistants • Copilot • LLM platforms NEW • AI-powered discovery FMK Acquisition Insurance & User Intent Engine Finance Partners Social Med
Slide 31: FMK benefits from AI-driven customer acquisition
FMK benefits from AI-driven customer acquisition FIRST KPIS IN AI MARKETING MUCH BETTER – FMK OPERATES CHANNEL-AGNOSTIC • Free Chat GPT Ads started in US Feb. 2026 • AI-powered advertising formats already showing strong performance • 1.8x higher click-through rates vs. traditional search ads • Conve
Slide 32: Key Takeaways
Key Takeaways AI IS A MAJOR OPPORTUNITY FOR JDC — RATHER THAN A THREAT DATA ADVANTAGE PLATFORM EFFICIENCY FUTURE DISTRIBUTION MODEL • JDC as AI infrastructure layer • AI improving platform efficiency • AI-only for simple products • Large insurance data hub • Automated document • AI-assisted brokers
Slide 33: JDC in Pole Position for the Transition towards AI
JDC in Pole Position for the Transition towards AI AS WE AT JDC HAVE ALL WHAT IT TAKES • AI is the biggest structural shift in insurance distribution since the introduction of comparison portals • And represents one of the greatest growth opportunities in JDC's company history. • The market will cha
Slide 34: Guidance
Guidance 11 March 2026 JDC Group AG 34
Slide 35: Guidance 2025 – generally achieved
Guidance 2025 – generally achieved Updated Guidance Guidance 2025 Achievements 2025 2025 Turnover Turnover Turnover Within original guidance 245 to 265 million 260 to 280 million 250 million 2025, but below updated guidance 2025 EBITDA EBITDA EBITDA 18.5 to 20.5 million 20.5 to 22 million 20.6 (adju
Slide 36: Guidance 2026
Guidance 2026 FURTHER GROWTH AND MARGIN EXPANSION Goals TURNOVER 300 -330 EBITDA 2026 300 – 330m 35 – 38m • AI as key initiative within the JDC 35 -38 Organization for 2026 250 • Roll Out JDC AI Tool 221 “companion” • DevOps of further AI Tools so support brokers & optimize 172 platform 156 • AI UND
Slide 37: Thank you for your attention!
Thank you for your attention! 11 March 2026 JDC Group AG 37
Slide 38: Disclaimer
Disclaimer This presentation does not address the investment objectives or financial situation of any particular person or legal entity. Investors should seek independent professional advice and perform their own analysis regarding the appropriateness of investing in any of our securities. While JDC