JDC Group AG · XETR:JDC
JDC — 9M 2025 Earnings Presentation
31 slides from JDC's earnings presentation, Nov 17, 2025
Slide 1: Earnings Call 9M 2025
EARNINGS CALL 9M 2025 FMK starts to contribute to growth Dr. Sebastian Grabmaier (CEO) Ralph Konrad (CFO) JDC Group AG 17 November 2025 1
Slide 2: JDC's Earnings Call presented by
JDC‘s Earnings Call presented by Dr. Sebastian Grabmaier (CEO) Ralph Konrad (CFO) Dr. Ramona Evens (COO) • Strategy • IT - Platform • Operations • Products • Finance • Human Resources • Investor/Public Relations • Legal & Compliance • Digital Processes • M&A • Data Management JDC Group AG 17 Novembe
Slide 3: Platform technology
Platform technology MAKING GERMAN INSURANCE DIGITAL JDC‘s platform is a market leader for the administration and processing of financial products and the #1 for insurance contracts. Currently there are 6.4M contracts (data sets) on Direct Clients the platform. Exclusive Sales Next to increasin
Slide 4: 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% +31.4% +5.2%p 20.5 – 22.5 Revenue CAGR 2015-24 260 - 280 EBITDA CAGR 2015-24 EBITDA margin expansion 2015-24 221 8% 15 7% 7% 172 12 6%6% 156 147 9 123
Slide 5: 9M 2025 EBITDA 12.5m
9M 2025 • With more than EUR 175m, 9M 2025 sets a new record high as to turnover in 9M, exceeding the volume of the already very good 9M 2024 by over 11 percent. Turnover 11.2% • 9M EBITDA stands at EUR 11.0m with a growth of almost 20 percent, also a record high for 9M • Deducting one-off transacti
Slide 6: Germany Autumn 2025 – Quo Vadis?
GERMANY AUTUMN 2025 – QUO VADIS? ECONOMY FAILS TO PICK UP SPEED - CRISIS OF CONFIDENCE • Economy fails to pick up speed – Decline in gross domestic despite of special funds of EUR product higher than expected 500bn "investment budget" • The recession is ending, but Price-adjusted retail sales Unempl
Slide 7: Impact on Q3/9M 2025 figures
IMPACT ON Q3/9M 2025 FIGURES EXTERNAL AND INTERNAL EFFECTS External Effects Internal Effects Weaker new business Reorganization within the segments (adjusted for - Due to slow down of economic developement comparison purposes = Adjustment I) in Germany - Due to weaker customer confidence Relevant on
Slide 8: Adjustment I: Elimination of the Reorganization within the segments
ADJUSTMENT I: Elimination of the Reorganization within the segments NO EFFECT ON CONSOLIDATED INCOME STATEMENT, ONLY ON DISTRIBUTION WITHIN SEGMENTS BEFORE SINCE JAN 1st, 2025 Intra Segment • 3 legal entities providing a liability Q3 2024 9M 2024 Adjustments umbrella • Only ONE legal entity (FiNUM •
Slide 9: Adjustment II: Elimination of M&A one-offs
ADJUSTMENT II: Elimination of M&A one-offs HAS AN EFFECT ON THE CONSOLIDATED INCOME STATEMENT 9M 1.4MEUR • M&A Costs consist of OPEX Adjustments Q3 2025 9M 2025 • Due Diligence Costs • Legal Advisortech 0.5 0.7 • Tax • Financial Holding 0.5 0.8 • Legal Costs SPA negotiation • W&I Insurance Premium T
Slide 10: 9M 2025 in numbers – Group
9M 2025 9M 2025 IN NUMBERS – GROUP Q3 2025 9M 9M 9M 2025 Turnover in million EUR Q3 2025 Q3 2024 vs. vs. 11.2% 2025 2024 Q3 2024 9M 2024 158.2m 175.9m Revenues 55.1 52.1 5.6% 175.9 158.2 11.2% 45.5 46.4 -1.8% 148.0 141.2 4.8% → Advisortech 43.4 5.0% 132.7 11.5% 9M 2024 9M 2025 13.8 9.1 52.1% 40.6 27
Slide 11: Q3/25 stronger than it seems
Q3/25 stronger than it seems NORMAL INTRA-YEAR SEASONALITY IN TURNOVER – EXTRAORDINARY STRONG Q3/24 70.000 -6% 60.000 -1% 50.000 -6% -8% 40.000 +6% 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 thousand EUR JDC Group AG 17 Nov
Slide 12: 9M 2025 – pro forma without FMK Group
9M 2025 – pro forma without FMK Group/incl. Internal Reorganization 9M 2025 IN NUMBERS – GROUP Q3 2025 9M 9M 9M 2025 Turnover in million EUR Q3 2025 Q3 2024 vs. vs. 9.5% 2025 2024 Q3 2024 9M 2024 158.2m 173.3m Revenues 52.4 52.1 0.6% 173.3 158.2 9.5% → Advisortech 42.9 43.4 -1.1% 145.3 132.7 9.5% 9M
Slide 13: Good growth in all product groups
Good growth in all product groups Capital markets have come back considerably after the "Liberation Day impact" of high tariffs Turnover development 9M 2025 in Q2, but due to a lower USD compared to the Euro, trailer fees of investment funds remain at 3.3m 2024 levels. 5.1m 9.3m +37% +10% +9% Insura
Slide 14: Composition of turnover growth & turnover split
Composition of turnover growth & turnover split Pro forma Turnover development 9M 2025 Advisortech turnover split 9M 2025 12.8m 1.3% 1.2% IFA -2.1m 6.2m 2.6m business +46% -2% +18% +12% +7% +18% Major customers 29.7% FMK 158.2m 175.9m 69.0% Direct clients IFA Major FMK 9M 2024 Advisory 9M 2025 busin
Slide 15: Q3 2025 in numbers – Advisortech
Q3 2025 Q3 2025 IN NUMBERS – ADVISORTECH Q3 2025 Turnover Q3 2025 Q3 2025 Q3 2024 vs. ADVISORTECH Q3 2025 Q3 2024 vs. adj. adj. Q3 2024 -1.8% Q3 2024 adj. 5.0% Revenues 45.5 46.4 -1.8% 45.5 43.4 5.0% 46.4m 43.4m 45.5m Gross profit 12.0 11.3 6.8% 12.0 10.7 13.0% Q3 2024 Q3 2025 Depreciation and -1.2
Slide 16: 9M 2025 in numbers – Advisortech
9M 2025 9M 2025 IN NUMBERS – ADVISORTECH 9M 2025 Turnover 9M 2025 9M 2025 9M 2024 vs. ADVISORTECH 9M 2025 9M 2024 vs. 4.8% adj. adj. 9M 2024 9M 2024 adj. 11.5% 141.2m 132.7m 148.0m Revenues 148.0 141.2 4.8% 148.0 132.7 11.5% Gross profit 36.2 35.5 2.1% 36.2 33.5 8.2% 9M 2024 9M 2025 Depreciation and
Slide 17: Q3 2025 in numbers – Advisory
Q3 2025 Q3 2025 IN NUMBERS – ADVISORY Q3 2025 Turnover Q3 2025 Q3 2024 vs. 14.6% ADVISORY Q3 2025 Q3 2024 vs. Q3 2025 adj. Q3 2024 Q3 2024 adj. 52.1% Revenues 13.8 9.1 52.1% 13.8 12.1 14.6% 13.8m 12.1m 9.1m Gross profit 4.0 3.2 26.4% 4.0 3.8 5.8% Q3 2024 Q3 2025 Depreciation and -0.4 -0.3 -37.2% -0.
Slide 18: 9M 2025 in numbers – Advisory
9M 2025 9M 2025 IN NUMBERS – ADVISORY 9M 2025 Turnover 9M 2025 9M 2024 vs. 12.0% ADVISORY 9M 2025 9M 2024 vs. 9M 2025 adj. 9M 2024 9M 2024 adj. 46.4% Revenues 40.6 27.7 46.4% 40.6 36.2 12.0% 27.7m 40.6m 36.2m Gross profit 12.7 9.5 33.4% 12.7 11.5 10.4% 9M 2024 9M 2025 Depreciation and -1.1 -0.8 -29.
Slide 19: Cash flow statement
9M 2025 CASH FLOW STATEMENT 01/2025 01/2024 9M 2025 in kEUR – 09/2025 – 09/2024 vs. 9M 2024 Cash and cash equivalents at the beginning Stable cash flow from operating 24,654 26,362 -1,708 activities of the period Cash flow from operating activities 9,930 9,918 12 High negative cash flow from investm
Slide 20: Bonds: Bond 23/28 and Nordic Bond 25/29
9M 2025 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 4. ISIN NO0013618587 Current Quote 104.75% Current Quote 101.5% (Tradegate) as of (Tradegate) as of November 14th, November 14th, 2025 2025 Coupon 7.0% p.a. Coupon 6.522%
Slide 21: Shares and shareholder structure
9M 2025 SHARES SHARES SHAREHOLDER STRUCTURE Strategic and own shares Management 1% 11% Free Float 49% 27% Great West Shares Outstanding 13,668,461 6% 6% ISIN 4. DE000A0B9N37 Provinzial VKB Bloomberg JDC:GR Of shares Current share EUR 28,60 Holders Investor type outstan price as of VKB ding November
Slide 22: Spotlights
Spotlights ▪ FMK Update ▪ Platform Activity ▪ Resilient Growth JDC Group AG 17 November 2025 22
Slide 23: FMK: very quick ramp up after transaction
FMK VERY QUICK RAMP UP AFTER TRANSACTION – SATISFYING RESULTS ALREADY 2 MONTHS AFTER CLOSING Legal Pilot products for lead Full Integration into & Financial generation already live Broker Platform in 2026 (almost completed) (in implementation) (internal projects started) • Closing of transaction • S
Slide 24: FMK example: Pet insurance (pre launch)
FMK EXAMPLE PET INSURANCE (PRE LAUNCH) Previous Model - Click Out to Pet Insurers - One-off Commission per Transaction Future Model (in addition to Click Out): - Sell Pet Insurance online with JDC as Broker - Earn a yearly commission almost as high as the one-off Click Out Commission JDC Group AG 17
Slide 25: FMK example: Mortgage (live)
FMK EXAMPLE MORTGAGE (LIVE) CONTENT/PAID → LEAD → SALE JDC Group AG 17 November 2025 25
Slide 26: JDC platform activity 2025 at all-time high levels
JDC platform activity 2025 at all-time high levels # of orders have slightly decreased by – 1.4%, BUT nevertheless the commission level is up due to higher contract volumes # of contract transfers grew by + 29.3% Assets under Management increased by + 11.4% Annual net premium on the JDC plat
Slide 27: Over a decade of resilient growth despite multi-crisis environment
Over a decade of resilient growth despite multi-crisis environment OVER THE PAST DECADE JDC HAS SHOWN REMARKABLY RESILIENT GROWTH DESPITE VARIOUS CRISES Liberation Day (2025) Energy crisis and inflation caused by 260 - 280 the war in Ukraine (since 2022) Consumer 221 Confidence Crisis COVID-19- pand
Slide 28: Guidance
Guidance JDC Group AG 17 November 2025 28
Slide 29: Guidance 2025 – on track
Guidance 2025 – on track Achievements 9M Guidance 2025 Turnover Turnover Turnover 175.9 million 245 to 265 million 260 to 280 million EBITDA EBITDA EBITDA 11.0 million 18.5 to 20.5 million 20.5 to 22.5 million Goals • Seamless Integration of M&M into JDC Platform – combining Broker Management Platfo
Slide 30: Thank you for your attention!
Thank you for your attention! JDC Group AG 17 November 2025 30
Slide 31: 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