JDC Group AG — Call Transcript 2025

This earnings call for the JDC Group, following the publication of the Q3 figures of 2025. The CEO, Dr. Sebastian Grabmaier, the CFO, Ralph Konrad, and the COO, Dr. Ramona Evens, will speak in a moment and guide us through the presentation and the results. After the presentation, we will move on to a Q&A session in which you will be able to ask your questions. With this being said, I'm happy to hand over to you, Sebastian. Yes, thank you very much, Mara. Yeah, very warm welcome also from all of the board of JDC Group. And we're happy to present to you the nine-month figures. My name is Sebastian, co-founder of JDC Group 24 years ago, together with my partner, Ralph, who's the CFO. Yeah, welcome, Ralph. Okay, you're not speaking later enough on figures. A lot of text today, so no introduction necessary. You might be knowing Ralph, but Ramona is with us for more than a year now. Yeah, we welcome Ramona in this circle also. Thank you. Very happy to be here. We do not have a picture of him, but the, yeah, the most important part of the company mostly is the sales. This is why Marcus is here. Welcome, Marcus. Thank you, Sebastian. Warm welcome from my side. As Sebastian mentioned, I'm responsible for sales, marketing, and product management. Yeah, glad to be here. All right. We jump into the text and see that, one introductory slide. As always, we're a typical platform company, as you might know. We take in the data of all the insurance companies in Germany. There's more than 220 insurance groups, all the asset management platforms, and the alternative product providers, the mortgaging bank. We process the data, standardize it first, and then we make it visible in our visualizing systems, either our own, or we load the data up via an API to the systems of our clients. That's all kinds of intermediaries. That's 16,000 individual brokers and tied agents, but also more and more the banks, the insurance companies themselves, other Fintech companies, Intertech companies, or exclusive sales organizations. Right now, we have about 6.4 million data sets on the platform, corresponding to almost 3 million contracts. Our value comes mostly from our JDC tech stack that's leading, and we still win almost all of these pitches out there when it comes to the choice of processing systems for third-party insurance contracts. On the next slide, we show you we have a Brazilian business model. You see, no matter what crises you could imagine in the past, COVID or all kinds of financial crises in the markets, our CAGR in revenue growth is up 12.2% year over year over year. The growth is also growing. You see our guidance now at EUR 260 million-EUR 280 million in revenue, and also EBITDA, as the platform is scaling up, is growing even steeper. We are now at a 31.4% EBITDA CAGR in the past years. Also, this growth is growing. With the acquisition of FMK, we speed up our earnings growth as well. What you can see on the right-hand side is that our EBITDA margin also gradually goes up. We are now standing at 8%, always to the top line, so earnings to top line. As you know, we pay out 75% on average to our intermediaries. As a software company, you would just look at the relative figures compared to the gross margin lines. Having said that, yeah, we are happy to look back on a very successful quarter as we could close the acquisition of FMK. You can see that also growth is not as steep as you might use to. Okay, we are at record highs, obviously, as we are going from one record high to the other. We now stand at more than EUR 175 million in turnover, which is a growth of 11.2% in the first nine months of 2025. Earnings are up considerably higher. It depends whether we take in the one-offs or not. As you see, when we look at the guidance, Ralph will explain later, we will have to report without one-offs. EBITDA growth is at 19.9%, so almost 20%. If you take out the one-offs that we have quite a bit for the acquisition, it is 35.5% with a very nice earnings growth. If we deduct the one-off costs, I think it is a very, very nice development. You can see that is part of the problem here. We always tell you that all our figures always have one little disclaimer, and that is the development of the overall economic situation. Obviously, we're not that dependent on the overall economy, but definitely on the consumer confidence. What we could see is that there was a lot of hope into the new government, but as you can deduct from all the news that you're taking now, the actual government, that's a conservative and social democrat coalition government, is now at a worse situation than this traffic light government in the past. We can see that, yeah, the overall business figures, Germany is in a recession for now three quarters. It seems to be ending, but growth is still very weak. Now unemployment is exceeding. This has a lot of impact on the occupational pension schemes that are not gone, but they're basically postponed to the next year. You have a lot of big companies that do not see any benefit in spending money for employees because the labor market is quite, yeah, in a better position as you can find employees again. All these sentiment indicators, consumer confidence is at a record low. This is what we feel, that people postpone their investment decisions, their pension planning decisions. After a very, very strong third quarter in 2024, we now see a very normal quarter, third quarter in 2025. This means that our growth is not as strong in the third quarter as we expected. Obviously, we see already the figures for Q4, which we see much, much better than Q3. Yeah, that's the lowest consumer mood since our new chancellor, Friedrich Merz, took office. That's a little bit the backdrop of our very good performance of our company herself. Ralph. Okay. Yeah, we have two effects on the figures, which I would like to explain before we go into the figures. The first is the environment. What does that mean for us in concrete terms? On the one hand, we are seeing a slight slowdown in new business development in the area of retirement provision, especially in life insurance, as Sebastian mentioned. But keep in mind, we are comparing to an extraordinarily strong Q3 2024. I will show you this later on. Secondly, we are seeing a slight increase in cancellation rates. Cancellation rates are always calculated in relation to new business. If new business goes down slightly, then cancellation rates are higher. This reduces the reported net revenue in the third quarter. To answer this question in advance, we do not see this as a trend. It's just a description of the current environment. We know from discussions with our competitors in insurance that this is an industry-wide situation. Let me add this, we have seen this several times in the past. There are weaker weeks and weaker months, but we have always seen subsequent rebound effects. Why is this the case? It's the case because people don't buy retirement products for fun, but they buy it because they need it. If you don't buy them today, you probably have to buy them tomorrow. This is not a very nice quarter, but normal business. The internal effects in the third quarter come from two sides. The first is what you know. We have reorganized the companies and the liability umbrella. The second one is we had relevant M&A effects in the third quarter. I will give you some figures on this before we dive into the figures. It is better to understand this before. Adjustment one is the elimination of the reorganization of the segments necessary to observe the development of the segments and compare apples to apples. To remind you, we had three liability umbrellas, and we now have one liability umbrella that saves us around EUR 250,000 a year. As a result, in the first nine months of the year, EUR 8,500,000 of turnover and EUR 100,000 of EBITDA are now allocated in the advisory segment and not in the Advisortech segment. That does not have any effect on the bottom line. It is just between the segments. The second effect, adjustment two, is the elimination of the M&A one-offs. The M&A costs have added up to a very significant amount. The FMK Group was not only our biggest transaction, but also the most expensive one in terms of M&A costs. The M&A costs consist of due diligence costs for legal, tax, and financial due diligence. We have legal costs for the SPA negotiation. We had notary costs, which were very high because of the size of the transaction. We had to pay the W&I insurance premium. For those who are not familiar with the M&A business, W&I insurance, it is a warranty and indemnity insurance. That is an insurance that is usually paid by the acquirer, means by JDC. It bears the cost of warranty violations and incorrect indemnities for the acquirer. This is now a standard practice in professional and bigger M&A transactions. In the meantime, it is a precondition to take part in an auction. This all sums up to EUR 0.9 million in the third quarter. Over the year, it's a relevant amount of EUR 1.4 million. Okay, now let's go into the figures. The revenue rose slightly by 5.6% in the third quarter and 11.2% for the year as a whole. The Advisortech segment, Group Pro Forma, adjusted for adjustment one means the liability umbrella by 5% in Q3 and 11.5% for the full year. The Pro Forma EBITDA adjusted for adjustment two means the M&A costs rose by 50% from EUR 2.3 million to EUR 3.5 million in the third quarter and by 35.5% to EUR 12.5 million for the full year. Pro Forma EBIT rose by more than 100% in the third quarter. To be completely transparent to you, we would also like to show on the next slides what Q3 would have looked like if the FMK transaction had not taken place. That question is obvious. For the sake of simplicity, we have also taken adjustment one, meaning the internal liability umbrella reorganization, into account here. I will show you this now. Before that, let's go into the development by quarter. That is what I said before. It is important to understand what happened in the third quarter. You can see here that usually the third quarter is in turnover like 6%-8% weaker than the second quarter of the year. We had in the last five years two exceptions. The first was 2021. The third quarter was the rebound of the first Germany-wide COVID-19 lockdown, so not comparable. The second exception was last year. There were no external effects, no one that I know of. We just had a very strong life insurance business in the third quarter 2024. There are two ways to look at this third quarter. The first is to view on it in the course of the year. And then we can see it's a very normal intra-year development. If you compare it to the previous year, then you compare with a very strong third quarter 2024. Having said this, let's go into the figures. Without the FMK Group, including the internal reorganization, this would have resulted in the following picture. Total revenue would have grown by 0.6%. The slight decline in revenue in the Advisortech segment would have been more than offset by the growth in the advisory segment. EBITDA would have risen by 5.4% to EUR 2.4 million or by 19% to EUR 2.9 million for the year as a whole. Sebastian. You're muted, Sebastian. Sorry. Yes, sorry. You can see that we have good growth in all product groups. Investment is up 9%, obviously. You might think, why is this just 9%? It is because most of our funds are denominated in U.S. dollars. As compared to the Euros, there is about a 10% exchange rate change. This is what makes these investment figures just grow almost 10%. Insurance, you can see we are still at a double-digit growth with plus 10%. As Ralph said, in spite of or against the backdrop of a very, very good life insurance business last year with plus 30%, this year life insurance is quite flat. This means the other, this is basically the transfer of contract figures. They contribute to the growth, but not life insurance. We will see better times in Q4, where we can see, especially in health insurance, a strong increase. The other product groups, which is a small addition, are basically up because we can see that the real estate business is back, the mortgaging business following the real estate business, and all kinds of other revenues are up quite considerably. All in all, we have to be content with the growth of all these product groups. On the next slides, you can see how this breaks up among the different sales channels. You can see that also here, the green figures again are after basically the Pro Forma figures as if these internal reallocations would not have taken place. You can see that the breadth of the IFA business is not as strong this time with plus 7%. The reason are the ones or the reasons are the ones Ralph pointed out, especially in the life insurance section. There is like a slowdown, and there is no impact of a normally growing occupational pension platform business. Yeah, major customers, they are up 18%. This is due to there are more customers coming to the platform, as we pointed out. Many are in a rollout or ramping up or rollout phase. There is more growth coming from this side. The new section is FMK Group. As Ralph said, EUR 2.6 million in turnover is a nice addition to the platform. This is also a good point. Ramona will tell us more. Like going now also in the direct customer segments, this means that we have the lever in our own hand. We are not as dependent on our intermediaries for growth. Advisory, as said, tremendous growth after the reallocation of the liability umbrella business, but also just in a natural growth with plus 12%. It is a very nice development. On the right side, you can see that, yeah, turnover split with a faster growing major customer business. There is already now at 30% of all of our turnover. Okay. The following slides are divided into three sections. On the left hand, you can see the reported figures. In the middle, you see the figures corrected by the adjustments that I have explained before. On the right side, you can see two graphs comparing the reported figures with the adjusted figures. To make this a little bit easier to understand, I will focus on the adjusted figures in the following slides. Having said this, let's come to the third quarter. In the Advisortech segment, the turnover grew, including one month's turnover of FMK, as Sebastian mentioned, EUR 2.6 million, and compared to a very strong previous quarter by 5%. Gross profit increased by 13%, leading to an EBITDA plus of 30% and an EBIT plus of a very nice 50%. One comment on the purchase price allocation of FMK Group. This is important to understand the forward-looking figures. When we buy a company, we have to do a so-called PPA, purchase price allocation. That means we have to allocate the purchase price on the customer base, on the assets, and the rest on goodwill. It is a little bit more complex, but let's keep it that simple. Customer base and assets have to be written down over a period of time. The goodwill is not written down, but has to be tested yearly in the so-called impairment test. If we look at the FMK Group, then you can see that in the past, FMK did not produce a customer base. They just produced leads and sold the leads. As it is a very small company, there are not a lot of fixed assets. The vast majority of the purchase price will be allocated or is allocated on the goodwill. That is good news because that means that in the future, we will see almost no depreciation on the earnings coming from the FMK transaction. Okay. When we look at the first nine months as a whole, the picture is as follows. Pro Forma revenues rose by 11.5% to EUR 148 million. The costs remained relatively stable. EBITDA rose by 21.5% to EUR 11.8 million and EBIT by 33.4% to EUR 8.3 million. Now let's go to the advisory segment and look at the third quarter in an isolated look. Here we see Pro Forma revenue of EUR 13.8 million, which is a plus of 14.6%. Gross profit only increased by 5.8%. That is also a result of the and related to the reclassification of our liability umbrella. The costs were very stable. Beside the depreciation and amortization, this has risen significantly. The reason is the expansion of our rental space in Vienna. As you know, under IFRS 16, lease payments, including the rental costs, must be removed from the expenses and must be capitalized in lease liabilities and then amortized over a period of time. That's what we see here. That's the reason why depreciation and amortization is up more than 30%. It's just a new office. In total, this development leads to an improvement in EBITDA of 28.4% and an increase in EBIT of 23.3%. If we look at the first nine months of the advisory division, we see a positive development. Pro Forma revenue rose by 12% to EUR 40.6 million. Except for the depreciation effect that I described some seconds ago, we have a very stable cost development, which led to an increase in EBITDA of 43.3% and an EBIT of 52.7%. Let's come to the cash flow statement. This has been significantly influenced by the FMK transaction and the associated financing in the third quarter. Operating cash flow is at previous year's level. The reason is that the additional profits were almost entirely offset by the transaction costs, by the one-off costs. The cash flow from investment activities relates almost exclusively to the FMK transaction, EUR 66 million of the EUR 68 million. The cash flow from financing is somewhat more complex to explain, but I give it a try. We have acquired FMK. Closing was the 16th of September, and the date of first consolidation was the 1st of September. The first consolidation was before the closing. This is the reason for this development. At the time of the initial consolidation, which means the 1st of September, FMK had a cash of EUR 16 million on its account. Approximately EUR 14 million, meaning EUR 13.9 million of this, were prior year profits that we did not buy, but they were distributed to the sellers before the closing. After the date of first consolidation and before closing, this is the reason why you do not see EUR 70 million by cash flow from financing activities, but only EUR 55 million. You see another EUR 14 million in the next line. This is the change in cash and cash equivalents due to consolidation scope. Admittedly, it is a little bit complex, but we coordinated all this with our auditor beforehand to be here on the safe side. Cash at the end of the period was EUR 33.5 million, including EUR 2.8 million FMK cash. The good news here is cash on hand last Friday was a very strong EUR 38.8 million, plus another EUR 4 million of the FMK Group. In total, we had for the first time cash on hand of more than EUR 42 million. There is no news on the old bonds, volume EUR 20 million. We still have the first call option 1st November of 2026, and we have not decided how to proceed here. On the right side, this is our new Nordic bond issued with EUR 70 million, possibly up to EUR 160 million. The coupon is 6.5%, but I would like to remind you it is a rolling coupon. It is Euribor plus 450 basis points. The bond is due at the 28th of August in 2029. There we also have call options. The first call option starts or the call option starts at the 28th of August in 2027. From there on, can be called every day starting at a price of 102.25% and declining to 100.45%. Yeah, share price yesterday close was EUR 28.60. Today we are a little bit lower, unfortunately. Market cap is below EUR 390 million right now. To remind you, we have approximately 150,000 treasury shares that we bought for EUR 19.89 per share. In the shareholder structure on the right side, there are no changes. Still same situation, Great West Management, Provincial, and Versicherungskammer Bayern as the biggest shareholders. That was the figures from my side. A lot of text today. I apologize, but there was a little bit more to explain. I hand over to Ramona. Thank you, Ralph. I'll give you a little update on FMK. It has been two months since the closing of the FMK acquisition. We had a very quick ramp up after the transaction, and the collaboration between FMK and JDC works very smoothly, and we have achieved quite a lot in the past eight weeks. First of all, all the legal and the financial requirements are all on track and almost completed. That includes, for example, the integration of the accounting, also the negotiation of the Intercompany contracts, as well as all the requirements of the Nordic bond, for example, the collateral agreements, or also the setup of the ongoing bond reporting. That is from the legal and the financial side. From the business side, we already went live with the lead generations for the first insurance products. We picked two pilot products with two different sales approaches. The first sales approach is like the classical self-service approach online. That means the end customer can buy the product online without the help of an advisor. We picked the pet insurance as a pilot for this section because it's highly profitable and it has a strong demand online right now. The second product that is already live is the work disability insurance. It has a different sales approach. It's a product that usually requires an advisor to help the client pick an insurance product. In this case, FMK provides JDC with the interested clients. JDC, as a broker, provides this advice internally. This would be the second pillar. Ralph, if you could quickly jump to the next page. Both products are already online. Here's an example for the tierkartenversicherung, the pet insurance. The big difference between the previous business model of FMK is that they used to get only paid one-off for a lead or a sale. Now that we went into the value chain as a broker, we profit not only from a one-off commission, but also yearly from the recurring commissions. For example, if FMK got EUR 100 one-off for the sale of a pet insurance in the past, now we get the same amount annually as long as the contract is going. In 2026, we will roll out further products. We already signed key hires to build up the new direct sales unit starting in January. As Sebastian earlier mentioned, this is also a way to push growth ourselves. We are a little less dependent on our intermediaries. Maybe Ramona, just one figure to add. In the last year, FMK made roughly EUR 1 million in commission for pet insurance, click-out model, one-off. If we keep this speed in the future, we will do EUR 1 million, but recurring year over year. EUR 1 million this year, EUR 2 million next year, EUR 3 million the following year. That is a very attractive progress for us. Yeah. Could you jump back one slide, please? One slide back. Okay. Right now we are testing and learning with JDC as the broker for the end customer. This is, of course, very profitable because we keep 100% of the commission. However, and this is the third pillar, we are also planning on distributing leads to our brokers. That means we are building the infrastructure to channel the leads into our broker platform, and brokers will be able to buy the leads from there. In this scenario, JDC profits from selling the lead as well as receiving part of the commissions for providing the services as a broker pool, like in our regular business model. This is a very large infrastructure project, which we are currently setting up, and we are expecting to go live in 2026. If you could go two slides ahead. What also might be interesting for you is that FMK operates the subdomains for Handelsblatt and Wirtschaftswoche for comparison of financial and insurance products. For those who are not German, Handelsblatt and Wirtschaftswoche are German newspapers. FMK operates these subdomains, and they can decide on what kind of articles are being released. They can also add advertisement links in the articles. This is another source of trust building and also lead generation for our new business model. That's on FMK. Back to you, Ralph. Thanks, Ramona. Yeah, as always, we show you the platform activity. Yeah, numbers of orders is a little bit down, like in the last quarters, decreased by 1.4%. As Sebastian mentioned, growth comes mainly from contract transfers. Here we are up 30%, starting from an already very, very high base. The assets under administration also increased very nicely by 11.4%, by in the meantime, approximately EUR 8 billion. We are nearer at EUR 8 billion than at EUR 7.5 billion. What is really amazing is the development of the net premium, which has net insurance premium, which has increased by almost 18% within the last 12 months. That's a very amazing number. We are now heading for EUR 1.5 billion in annual net premium. This was the last figure for today beside the guidance, and I hand over to Sebastian. Yeah, we introduced a slide showing you how resilient our growth is. We used to go through a lot of multi-crisis environments in the past. You can see no matter whether it was the COVID-19 pandemic or all the turnaround in interest rates or now Liberation Day, which we took quite well. We have this consumer confidence crisis, as we call it now. Still, growth is up and growth is growing. We are not afraid of what's coming ahead. On the contrary, I think together with FMK, we are in a very strong position to profit from the circumstances because more and more of our business is happening online. It's also happening on a consumer-beneficial environment. Yeah, we are looking ahead with quite some confidence for Q4. Having said that, we give you the slide of the guidance you already know. We put up our guidance in August after the acquisition of FMK. We think now our turnover will be EUR 260 million-EUR 280 million in turnover, and EBITDA will be EUR 20.5 million-EUR 22.5 million. This is what we learned, although we are so on the stock exchange for such a long time that we have to give you guidance without the one-offs. That's the good news here. We think we reach this guidance also if we do not have a pro forma view as to the one-offs. We think we are in a very good condition here to exceed our old guidance by quite a bit that we showed until end of July. Also all our goals in 2025 are on a very good road. Yeah, we are integrating M&M platform more to the platform. We have very good outlooks here for future customers. Yeah, our asset management platform, DFP, was again rated top 20 in Germany. Now we are at number 14. With only EUR 2 billion in assets under management, we are one of the biggest portfolio management companies in the country. Also, Sumitas grows profitably and M&A works like one broker a month. Our IT platform will be scaled using quite some AI to bring down costs and enhance our efficiency. This is what we see, that the cost per contract are reduced step by step by step, but in the end, it is quite a considerable effect here. Yeah, that is also our caveat. That is what you said in the beginning. Yes, our business performance is very good, but on the other hand, it is still developed. It is still dependent on the development of the global national economic environment. If you look at all the news in Europe and Germany especially, we could wish for more. We could wish for a government that knows what it's doing and not quarreling about now the pension system because this has quite some impact on consumer confidence. Again, as Ralph said, it's just going in waves. Whatever business we don't do in Q3, we might do in Q4 or Q1 next year. A lot of investment decisions are just postponed. That's what we see now. As I said, especially in occupational pension schemes. We have a very good outlook for Q4 and then also a very promising outlook for 2026. We repeat that next year together with FMK, before minorities, there will be at least an EBITDA of EUR 35 million. I think that's quite some nice earnings growth, which brings us in a very good situation. Thank you very much until now. Before we answer your questions, again, an invitation for next Monday because JDC Group is now on the stock exchange in Frankfurt for 20 years. That's quite some anniversary. We invited most of you. I hope we didn't forget many. Whoever is still a latecomer, this will be like a nice, yeah, like whatever, it's a party on the stock exchange. There will be bell ringing, there will be nice pictures, and there will also be a good dinner after. Whoever is late, welcome. Yes, thank you very much for your attention and happy to take your questions now. Mara. Yes, thank you very much for your presentation. We will now move on to the Q&A session. For a dynamic conversation, we recommend to ask your questions in person via audio line. To do so, you just have to click the raise your hand button. If you have dialed in via phone, please use the key combination star key 9 followed by star key 6. If you do not have the opportunity to speak freely today, you can place your questions in our chat box and I will read them out loud for you. With that said, we have received some questions in our chat box. The first one is, after two months, do you expect higher or lower growth due to the FMK acquisition compared to your due diligence? Do you generate even new ideas? How to generate growth via FMK? Maybe I can take this question. If you buy a company, then of course the business plans presented are very optimistic because the sellers want you to pay a very high purchase price. It is not the first company that we saw and it is not the first due diligence that we made. We are in line with our expectations with the FMK transaction and the success. What I can say is what Ramona said, that the cooperation is very compelling, very smart guys, the three ones. A lot of ideas that have to be shaped for the future. We are absolutely convinced that this is, yeah, will be one of our best transactions we ever made. Thank you so much for your question. Another question that we received is, what revenue are you planning for 2026? Yeah, we're still in the planning process. I don't know, Ralph, can you say something already? It's a little bit early there. It's a little bit early. We will see a big plus, definitely beyond EUR 300 million. The rest we will show you with the guidance for the next year. All right, thank you so much. We received a rather long question. Just to understand guidance, you guide for EUR 9.5 million-EUR 11.5 million in EBITDA in Q4 or almost up 100% YOY compared to a strong Q4 2025. You are almost half into Q4 already, so I assume you have good visibility into this. What is the main driver for this strong Q4 outside FMK, etc.? We expected this question, Ralph. Yeah, yeah, you were very fast with your famous last words. Otherwise, I would have answered the question before. When FMK performs as it performed the last months and if JDC performs not better than last year, but on the same level of last year and the advisory business is doing as it does, we will end up, as we announced, at the lower, what's Drittel in English? In the lower third of, sorry, in the lower third of our guidance. You have to add the one-offs to see a realistic view. With these one-offs, we think we will end at the upper third of our guidance. The answer is yes, we have a good visibility. Yes, we have a good reason why we said we keep the guidance. Thank you so much for your question, to answer. So far, we have three more questions. The first one of those is, did you lose tenders? Are you bidding for contracts of significant size? Can we expect other significant news like acquisitions over the next few months? Yeah, Marcus, I will give the next question to you. I just answered the tender question. Yes, so basically we have not lost a real tender, but there was one that passed us basically. We did not get it because we were not really invited to take part. And that is Zürich Insurance, not a very big one, but we have one in mind now. Had to come at some point. Yes, we take part in other tenders, but maybe Marcus, you will take the R&D question, which is next. Yes, so we have a pipeline with a lot of targets and significant targets. So we are still in dialogue with them. We make the offers and starting some small projects. I'm very hopeful that we will see next year some new tender, higher tenders, and then we can talk more if the contract is signed. I'm very hopeful that we have next year's good announcements. Obviously for M&A targets, we cannot answer the question because it's signed when it's signed. Before that, it's just smoke. Thank you. We have another question from the same person. How is the progress with R&D Versicherungskammer Bayern and the new European insurance company announced August 5, 2024? I was expecting even higher growth in the Advisortech segment due to onboarding of contracts. Will the rate of onboarding increase? Marcus, maybe you want to answer this as well. Yeah, so as we know, Iron Forest is more in the bank field. And we know that banks are not so pushy in case of insurances. So it costs a little bit more time, more time as we expected. For the next two years, they planned also to have more grip in the bank branches. Then we expect more insurance businesses for this. For the big European insurance company, we started with the pilot phase and now we went up, opened to more customers. We see the first contractor coming. We will do it step by step. We are still on track with our expectations in this case. Thank you so much. We have received a raise in hand by Mr. Yong. You may unmute yourself right now. Yeah. Can you hear me? Yeah, perfect. Yes, of course. Hi, Edwin. Good day. Thank you for taking the questions. There's not that much left, but maybe continuing on the last question, especially on the Allianz side. The pilot now, the contribution is a little bit going to expectations, but what kind of order of magnitude should we think about in the case of Allianz and maybe also on the other insurer, Gothaer? I mean. You mentioned a name that is the secret. This is a big secret, so. Sorry, sorry about that. Telling more about the secret volume, maybe you can give something that does not hurt our NDA too much, Marcus. What we can say is that we have learned from our first bigger contracts where we had big plans and expectations and quick ramp-ups. What we see now over the last three years is that these big corporations are all slow. That is the reason why we decided to negotiate minimum refs, minimum revenues, minimum margin, platform fees, and so on and so on in all of this, in all of these corporations. Thus it is nice if volume picks up, but it is not necessary for us to have a minimum profit on these corporations. R&D, you mentioned it is very profitable for us, even if it is not growing that fast. The savings banks in the meantime are very profitable for us because they are growing in the meantime. We are heading eight-digit revenue there. The secret name is already very profitable for us, although they have just passed this pilot project stage. Maybe this answers your question, yeah, in a detail we are able to give. Yeah, the growth is still 18%, so it's not lower. Maybe for Ramona, FMK is onboarded, of course, since September, I think half of September even. Maybe on the example of the pet insurance case, can you maybe give a little bit of an example of how that really works? They are generating leads. What kind of conversion do you get out of that? Do you maybe have a little bit more detail on how such a process works? Sure. I mean, there are different sales approaches. As I said earlier, there are less complex products. You have some sort of comparison portal on their website where you can put in all your data, and then you get a recommendation for the best product for you. You put in all your data in there, and you finish the sale yourself online. That is one part of the business model. That is also what we do in the pet insurance. Just by getting the sale on our website compared to sending the customer to the website of the insurer, we are getting into the value chain and making sure that we are not getting the one-off commission, but also really acting as a broker for the client, also for ongoing commissions, but also knowing the client and making sure that we are the point of contact. That's the first line, but you can do this only for the less complex products. It's like house content, it's like legal protection, pet insurance, accident, something like that. You have a second line of products which are a lot more complex and where you make a decision that's very often a decision for a lifetime because you only take out insurance once. It's for private health insurance or it's for work disability insurance or other sorts of life insurance. It's a very big decision. Very often customers in Germany, they prefer to talk this through with an expert advisor. In this case, you will have some sort of client interest on the websites of FMK. They have various brands. You put in your data that you are interested in that kind of project, and then that's what we call a lead. They get in contact with one of our advisors. You have some sort of, it is an online sale, but there is an advisor involved. You finish or you make the sale with the advisor. Those are the two kinds of products or product types that we have, and the processes are a little bit different. In both cases, legally, the JDC Plus, one of our daughters, is the legal partner, is the broker of the client. Also, ongoing, we will be responsible for helping the client during the entire phase of the contract. What we are in terms of channeling leads to our brokers, of course, we will focus on the products that need advice because if it is a very simple product, it is not very interesting for our brokers to get in advice on that. In the second line of products, that's also where we will separate the leads. Parts we will do ourselves and parts we will give into the broker channel. Yeah, and one additional comment, Edwin, to the pet insurance. You remember FMK, click-out model to pet insurer, it's only lead and not a customer. Tomorrow, it's our comparison platform. Tomorrow is today because it's online now or next week. If you compare a product and you leave your personal data, then you are my or our customer, and we are able to send you more information to advertise other products. We will build up a customer base at FMK that is not there for the past. This is the second, yeah, the second potential beside the situation that we do not just click out, but we sell it onto our own portfolios. Yeah. What kind of conversion do you get on these leads? I think FMK generates leads for you. Should we think about 50% conversion or maybe 10%? I have no idea. That depends very much on the product, of course. If you have very complex products, of course, the conversion rate is much lower versus products that are, for example, compulsory in Germany. You have some regions in Germany where you have to take out a third legal cover if you have a pet. In these kinds of products, you have a very high conversion because you just have to do it. In other products that are more expensive and where you can take it out or you cannot, they are lower. I would not really feel comfortable sharing conversion rates in this audience because those are one of the best kept secrets in the industry. It would not help us in our competitive environment if you would share this. I'm sorry. It is not, Edwin, it is not 50%. It's not 50%. Not 50%. Unfortunately. Yeah. There are products that are double-digit, but not often. Clear. Finally, we always get the nice sheet with the annual goals, the goals for 2026, like what's happening with M&A asset management. What are the priorities for 2026 besides, of course, integrating FMK? Sebastian. We have all these segments have their challenges or also their chances, right? We can see that after a lot of these pension management projects are postponed to next year, we will collect those Q1, Q2. There are very big companies ahead. We expect a rebound in the life insurance business. We expect a very strong health insurance business as the premium increases of health insurers are up quite considerably, double-digit figures a lot. That means that we expect very good health insurance business for Q4, but also Q1 next year. Also, by growing our transfer of contract business, we will, yeah, we have not put this out, but these transfers might reach 1 million next year. On all of these fields we reported to you in the past, there are strong growth figures attached. Okay. Thank you very much. Thank you, Edwin. Thank you so much, Mr. Liang, for your questions. We have two left in the chat box. The first one is, are there any plans to switch the stock exchange segment from Scale to the General Standard in the next two years? We are evaluating. Yeah, we talked about this sometimes. I think as we obviously now we are in a Q3 call, which we are not obliged to do in a scale segment. Obviously, we are compliant with most of all these regulations in the scale. It's just a question, is it beneficially, does it help much spending EUR 250,000-EUR 300,000 more a year for the stock exchange listing, and do we have a broader impact? We are evaluating, yes. It should not be a problem if we decided to do so. Evaluating positively. Yes. All right. Thank you so much. The other question was, with the acquisition of FMK Group, do you foresee any conflicts of interest between your direct channel and the intermediaries served through your broker platform? How do you intend to manage to mitigate these potential conflicts? Yeah, we've been through this when we acquired Geld.de. That was 2000. 15. Yeah. Not really now, on the contrary, I think whenever we provide our brokers with the leads and our lead auction platform will start in the beginning of the year, I think it is rather more attractive for brokers to come to the platform. Oh, definitely. And Ramona. We have one last question. Does FMK have any cyclicality in earnings, or is the EBITDA normally spread evenly between the four quarters? Surprisingly, yes, which was surprising to me. I also did not understand why Germans buy financial products only in the fourth quarter. It is that it is. At FMK, Ramona, please correct me. We have a strong fourth quarter and a strong beginning of the year. Ramona will give you the explanation. Yeah, it's very interesting that consumers in Germany, especially in the beginning of the year, are thinking about their financial products. It's a little bit in, I don't know how to say that in English, if you make good wishes for the next year, and then you feel like, okay, I really have to get my finances under control next year. In January and February, there is a lot of traffic on these. We also see this with one of our large clients, Finanzguru, that also has an end customer focus, that they also have a lot of interest in the first quarter. I mean, if you're in your summer vacation in August, you probably don't think so much about getting out insurance. In the cold winter, if you're staying at home and then you are thinking about what to do next year, somehow a lot of people are a lot like that. In the end customer business and financial services, it's usually around changing the year that you have a lot more traffic than you have in the other quarters. Thank you so much. Thank you for all of your questions and your answers. We have not received any further questions, as I can see, or raise hands. We therefore come to the end of today's earnings call. Thank you for joining for the dynamic conversation and all your questions in the chat box. A big thank you also to Sebastian, Ralf, and to you, Ramona, for your presentation and the time you took to answer the questions. Should any further questions appear, though, at a later time, please feel free to contact Investor Relations. I wish you all a lovely weekend, a week. With this, I hand over again to Sebastian for some final remarks. Yeah, thank you, Mara. Yeah, thank you for your trust and thank you for being with us now in the earnings call. As Ralf said, there is a lot of good earnings ahead in Q4. We are well aware that we will reach this guidance, taking one-offs or not. We are very confident that we have a good time ahead and also looking forward to 2026. We are very keen on seeing all these very nice growth figures of FMK and all the earnings figures of FMK in our P&L. Again, this is a very great transaction, and it is transforming this company. Reaching EUR 35 million EBITDA in 2026 is a very good outlook that we are looking forward to just execute upon. I hope to see many of you next week at the bell ringing party in the stock exchange. Yeah, happy to answer more questions then. Yeah, we're very, very happy about the last developments. Thank you very much. Bye-bye. Bye-bye. Thank you.

Speaker 4: This earnings call for the JDC Group, following the publication of the Q3 figures of 2025. The CEO, Dr. Sebastian Grabmaier, the CFO, Ralph Konrad, and the COO, Dr. Ramona Evens, will speak in a moment and guide us through the presentation and the results. After the presentation, we will move on to a Q&A session in which you will be able to ask your questions. With this being said, I'm happy to hand over to you, Sebastian. This earnings call for the JDC Group, following the publication of the Q3 figures of 2025. this earnings call for the jdc group following the publication of the q3 figures of 2025 The CEO, Dr. Sebastian Grabmaier, the CFO, Ralph Konrad, and the COO, Dr. Ramona Evens, will speak in a moment and guide us through the presentation and the results. the ceo dr sebastian grabmaier the cfo ralph konrad and the coo dr ramona evens will speak in a moment and guide us through the presentation and the results After the presentation, we will move on to a Q&A session in which you will be able to ask your questions. after the presentation we will move on to a q&a session in which you will be able to ask your questions With this being said, I'm happy to hand over to you, Sebastian. with this being said i'm happy to hand over to you sebastian

Speaker 1: Yes, thank you very much, Mara. Yeah, very warm welcome also from all of the board of JDC Group. And we're happy to present to you the nine-month figures. My name is Sebastian, co-founder of JDC Group 24 years ago, together with my partner, Ralph, who's the CFO. Yeah, welcome, Ralph. Okay, you're not speaking later enough on figures. Yes, thank you very much, Mara. yes thank you very much mara Yeah, very warm welcome also from all of the board of JDC Group. yeah very warm welcome also from all of the board of jdc group And we're happy to present to you the nine-month figures. and we're happy to present to you the nine-month figures My name is Sebastian, co-founder of JDC Group 24 years ago, together with my partner, Ralph, who's the CFO. my name is sebastian co-founder of jdc group 24 years ago together with my partner ralph who's the cfo Yeah, welcome, Ralph. yeah welcome ralph Okay, you're not speaking later enough on figures. okay you're not speaking later enough on figures

Speaker 3: A lot of text today, so no introduction necessary. A lot of text today, so no introduction necessary. a lot of text today so no introduction necessary

Speaker 1: You might be knowing Ralph, but Ramona is with us for more than a year now. Yeah, we welcome Ramona in this circle also. You might be knowing Ralph, but Ramona is with us for more than a year now. you might be knowing ralph but ramona is with us for more than a year now Yeah, we welcome Ramona in this circle also. yeah we welcome ramona in this circle also

Speaker 2: Thank you. Very happy to be here. Thank you. thank you Very happy to be here. very happy to be here

Speaker 1: We do not have a picture of him, but the, yeah, the most important part of the company mostly is the sales. This is why Marcus is here. Welcome, Marcus. We do not have a picture of him, but the, yeah, the most important part of the company mostly is the sales. we do not have a picture of him but the yeah the most important part of the company mostly is the sales This is why Marcus is here. this is why marcus is here Welcome, Marcus. welcome marcus

Speaker 6: Thank you, Sebastian. Warm welcome from my side. As Sebastian mentioned, I'm responsible for sales, marketing, and product management. Yeah, glad to be here. Thank you, Sebastian. thank you sebastian Warm welcome from my side. warm welcome from my side As Sebastian mentioned, I'm responsible for sales, marketing, and product management. as sebastian mentioned i'm responsible for sales marketing and product management Yeah, glad to be here. yeah glad to be here

Speaker 1: All right. We jump into the text and see that, one introductory slide. As always, we're a typical platform company, as you might know. We take in the data of all the insurance companies in Germany. There's more than 220 insurance groups, all the asset management platforms, and the alternative product providers, the mortgaging bank. We process the data, standardize it first, and then we make it visible in our visualizing systems, either our own, or we load the data up via an API to the systems of our clients. That's all kinds of intermediaries. That's 16,000 individual brokers and tied agents, but also more and more the banks, the insurance companies themselves, other Fintech companies, Intertech companies, or exclusive sales organizations. Right now, we have about 6.4 million data sets on the platform, corresponding to almost 3 million contracts. All right. all right We jump into the text and see that, one introductory slide. we jump into the text and see that one introductory slide As always, we're a typical platform company, as you might know. as always we're a typical platform company as you might know We take in the data of all the insurance companies in Germany. we take in the data of all the insurance companies in germany There's more than 220 insurance groups, all the asset management platforms, and the alternative product providers, the mortgaging bank. there's more than 220 insurance groups all the asset management platforms and the alternative product providers the mortgaging bank We process the data, standardize it first, and then we make it visible in our visualizing systems, either our own, or we load the data up via an API to the systems of our clients. we process the data standardize it first and then we make it visible in our visualizing systems either our own or we load the data up via an api to the systems of our clients That's all kinds of intermediaries. that's all kinds of intermediaries That's 16,000 individual brokers and tied agents, but also more and more the banks, the insurance companies themselves, other Fintech companies, Intertech companies, or exclusive sales organizations. that's 16,000 individual brokers and tied agents but also more and more the banks the insurance companies themselves other fintech companies intertech companies or exclusive sales organizations Right now, we have about 6.4 million data sets on the platform, corresponding to almost 3 million contracts. right now we have about 6.4 million data sets on the platform corresponding to almost 3 million contracts Our value comes mostly from our JDC tech stack that's leading, and we still win almost all of these pitches out there when it comes to the choice of processing systems for third-party insurance contracts. On the next slide, we show you we have a Brazilian business model. You see, no matter what crises you could imagine in the past, COVID or all kinds of financial crises in the markets, our CAGR in revenue growth is up 12.2% year over year over year. The growth is also growing. You see our guidance now at EUR 260 million-EUR 280 million in revenue, and also EBITDA, as the platform is scaling up, is growing even steeper. We are now at a 31.4% EBITDA CAGR in the past years. Also, this growth is growing. Our value comes mostly from our JDC tech stack that's leading, and we still win almost all of these pitches out there when it comes to the choice of processing systems for third-party insurance contracts. our value comes mostly from our jdc tech stack that's leading and we still win almost all of these pitches out there when it comes to the choice of processing systems for third-party insurance contracts On the next slide, we show you we have a Brazilian business model. on the next slide we show you we have a brazilian business model You see, no matter what crises you could imagine in the past, COVID or all kinds of financial crises in the markets, our CAGR in revenue growth is up 12.2% year over year over year. you see no matter what crises you could imagine in the past covid or all kinds of financial crises in the markets our cagr in revenue growth is up 12.2% year over year over year The growth is also growing. the growth is also growing You see our guidance now at EUR 260 million-EUR 280 million in revenue, and also EBITDA, as the platform is scaling up, is growing even steeper. you see our guidance now at eur 260 million-eur 280 million in revenue and also ebitda as the platform is scaling up is growing even steeper We are now at a 31.4% EBITDA CAGR in the past years. we are now at a 31.4% ebitda cagr in the past years Also, this growth is growing. also this growth is growing With the acquisition of FMK, we speed up our earnings growth as well. What you can see on the right-hand side is that our EBITDA margin also gradually goes up. We are now standing at 8%, always to the top line, so earnings to top line. As you know, we pay out 75% on average to our intermediaries. As a software company, you would just look at the relative figures compared to the gross margin lines. Having said that, yeah, we are happy to look back on a very successful quarter as we could close the acquisition of FMK. You can see that also growth is not as steep as you might use to. Okay, we are at record highs, obviously, as we are going from one record high to the other. With the acquisition of FMK, we speed up our earnings growth as well. with the acquisition of fmk we speed up our earnings growth as well What you can see on the right-hand side is that our EBITDA margin also gradually goes up. what you can see on the right-hand side is that our ebitda margin also gradually goes up We are now standing at 8%, always to the top line, so earnings to top line. we are now standing at 8% always to the top line so earnings to top line As you know, we pay out 75% on average to our intermediaries. as you know we pay out 75% on average to our intermediaries As a software company, you would just look at the relative figures compared to the gross margin lines. as a software company you would just look at the relative figures compared to the gross margin lines Having said that, yeah, we are happy to look back on a very successful quarter as we could close the acquisition of FMK. having said that yeah we are happy to look back on a very successful quarter as we could close the acquisition of fmk You can see that also growth is not as steep as you might use to. you can see that also growth is not as steep as you might use to Okay, we are at record highs, obviously, as we are going from one record high to the other. okay we are at record highs obviously as we are going from one record high to the other We now stand at more than EUR 175 million in turnover, which is a growth of 11.2% in the first nine months of 2025. Earnings are up considerably higher. It depends whether we take in the one-offs or not. As you see, when we look at the guidance, Ralph will explain later, we will have to report without one-offs. EBITDA growth is at 19.9%, so almost 20%. If you take out the one-offs that we have quite a bit for the acquisition, it is 35.5% with a very nice earnings growth. If we deduct the one-off costs, I think it is a very, very nice development. You can see that is part of the problem here. We always tell you that all our figures always have one little disclaimer, and that is the development of the overall economic situation. We now stand at more than EUR 175 million in turnover, which is a growth of 11.2% in the first nine months of 2025. we now stand at more than eur 175 million in turnover which is a growth of 11.2% in the first nine months of 2025 Earnings are up considerably higher. earnings are up considerably higher It depends whether we take in the one-offs or not. it depends whether we take in the one-offs or not As you see, when we look at the guidance, Ralph will explain later, we will have to report without one-offs. as you see when we look at the guidance ralph will explain later we will have to report without one-offs EBITDA growth is at 19.9%, so almost 20%. ebitda growth is at 19.9% so almost 20% If you take out the one-offs that we have quite a bit for the acquisition, it is 35.5% with a very nice earnings growth. if you take out the one-offs that we have quite a bit for the acquisition it is 35.5% with a very nice earnings growth If we deduct the one-off costs, I think it is a very, very nice development. if we deduct the one-off costs i think it is a very very nice development You can see that is part of the problem here. you can see that is part of the problem here We always tell you that all our figures always have one little disclaimer, and that is the development of the overall economic situation. we always tell you that all our figures always have one little disclaimer and that is the development of the overall economic situation Obviously, we're not that dependent on the overall economy, but definitely on the consumer confidence. What we could see is that there was a lot of hope into the new government, but as you can deduct from all the news that you're taking now, the actual government, that's a conservative and social democrat coalition government, is now at a worse situation than this traffic light government in the past. We can see that, yeah, the overall business figures, Germany is in a recession for now three quarters. It seems to be ending, but growth is still very weak. Now unemployment is exceeding. This has a lot of impact on the occupational pension schemes that are not gone, but they're basically postponed to the next year. Obviously, we're not that dependent on the overall economy, but definitely on the consumer confidence. obviously we're not that dependent on the overall economy but definitely on the consumer confidence What we could see is that there was a lot of hope into the new government, but as you can deduct from all the news that you're taking now, the actual government, that's a conservative and social democrat coalition government, is now at a worse situation than this traffic light government in the past. what we could see is that there was a lot of hope into the new government but as you can deduct from all the news that you're taking now the actual government that's a conservative and social democrat coalition government is now at a worse situation than this traffic light government in the past We can see that, yeah, the overall business figures, Germany is in a recession for now three quarters. we can see that yeah the overall business figures germany is in a recession for now three quarters It seems to be ending, but growth is still very weak. it seems to be ending but growth is still very weak Now unemployment is exceeding. now unemployment is exceeding This has a lot of impact on the occupational pension schemes that are not gone, but they're basically postponed to the next year. this has a lot of impact on the occupational pension schemes that are not gone but they're basically postponed to the next year You have a lot of big companies that do not see any benefit in spending money for employees because the labor market is quite, yeah, in a better position as you can find employees again. All these sentiment indicators, consumer confidence is at a record low. This is what we feel, that people postpone their investment decisions, their pension planning decisions. After a very, very strong third quarter in 2024, we now see a very normal quarter, third quarter in 2025. This means that our growth is not as strong in the third quarter as we expected. Obviously, we see already the figures for Q4, which we see much, much better than Q3. Yeah, that's the lowest consumer mood since our new chancellor, Friedrich Merz, took office. That's a little bit the backdrop of our very good performance of our company herself. You have a lot of big companies that do not see any benefit in spending money for employees because the labor market is quite, yeah, in a better position as you can find employees again. you have a lot of big companies that do not see any benefit in spending money for employees because the labor market is quite yeah in a better position as you can find employees again All these sentiment indicators, consumer confidence is at a record low. all these sentiment indicators consumer confidence is at a record low This is what we feel, that people postpone their investment decisions, their pension planning decisions. this is what we feel that people postpone their investment decisions their pension planning decisions After a very, very strong third quarter in 2024, we now see a very normal quarter, third quarter in 2025. after a very very strong third quarter in 2024 we now see a very normal quarter third quarter in 2025 This means that our growth is not as strong in the third quarter as we expected. this means that our growth is not as strong in the third quarter as we expected Obviously, we see already the figures for Q4, which we see much, much better than Q3. obviously we see already the figures for q4 which we see much much better than q3 Yeah, that's the lowest consumer mood since our new chancellor, Friedrich Merz, took office. yeah that's the lowest consumer mood since our new chancellor friedrich merz took office That's a little bit the backdrop of our very good performance of our company herself. that's a little bit the backdrop of our very good performance of our company herself Ralph. Ralph. ralph

Speaker 3: Okay. Yeah, we have two effects on the figures, which I would like to explain before we go into the figures. The first is the environment. What does that mean for us in concrete terms? On the one hand, we are seeing a slight slowdown in new business development in the area of retirement provision, especially in life insurance, as Sebastian mentioned. But keep in mind, we are comparing to an extraordinarily strong Q3 2024. I will show you this later on. Secondly, we are seeing a slight increase in cancellation rates. Cancellation rates are always calculated in relation to new business. If new business goes down slightly, then cancellation rates are higher. This reduces the reported net revenue in the third quarter. To answer this question in advance, we do not see this as a trend. Okay. okay Yeah, we have two effects on the figures, which I would like to explain before we go into the figures. yeah we have two effects on the figures which i would like to explain before we go into the figures The first is the environment. the first is the environment What does that mean for us in concrete terms? what does that mean for us in concrete terms On the one hand, we are seeing a slight slowdown in new business development in the area of retirement provision, especially in life insurance, as Sebastian mentioned. on the one hand we are seeing a slight slowdown in new business development in the area of retirement provision especially in life insurance as sebastian mentioned But keep in mind, we are comparing to an extraordinarily strong Q3 2024. but keep in mind we are comparing to an extraordinarily strong q3 2024 I will show you this later on. i will show you this later on Secondly, we are seeing a slight increase in cancellation rates. secondly we are seeing a slight increase in cancellation rates Cancellation rates are always calculated in relation to new business. cancellation rates are always calculated in relation to new business If new business goes down slightly, then cancellation rates are higher. if new business goes down slightly then cancellation rates are higher This reduces the reported net revenue in the third quarter. this reduces the reported net revenue in the third quarter To answer this question in advance, we do not see this as a trend. to answer this question in advance we do not see this as a trend It's just a description of the current environment. We know from discussions with our competitors in insurance that this is an industry-wide situation. Let me add this, we have seen this several times in the past. There are weaker weeks and weaker months, but we have always seen subsequent rebound effects. Why is this the case? It's the case because people don't buy retirement products for fun, but they buy it because they need it. If you don't buy them today, you probably have to buy them tomorrow. This is not a very nice quarter, but normal business. The internal effects in the third quarter come from two sides. The first is what you know. We have reorganized the companies and the liability umbrella. The second one is we had relevant M&A effects in the third quarter. It's just a description of the current environment. it's just a description of the current environment We know from discussions with our competitors in insurance that this is an industry-wide situation. we know from discussions with our competitors in insurance that this is an industry-wide situation Let me add this, we have seen this several times in the past. let me add this we have seen this several times in the past There are weaker weeks and weaker months, but we have always seen subsequent rebound effects. there are weaker weeks and weaker months but we have always seen subsequent rebound effects Why is this the case? why is this the case It's the case because people don't buy retirement products for fun, but they buy it because they need it. it's the case because people don't buy retirement products for fun but they buy it because they need it If you don't buy them today, you probably have to buy them tomorrow. if you don't buy them today you probably have to buy them tomorrow This is not a very nice quarter, but normal business. this is not a very nice quarter but normal business The internal effects in the third quarter come from two sides. the internal effects in the third quarter come from two sides The first is what you know. the first is what you know We have reorganized the companies and the liability umbrella. we have reorganized the companies and the liability umbrella The second one is we had relevant M&A effects in the third quarter. the second one is we had relevant m&a effects in the third quarter I will give you some figures on this before we dive into the figures. It is better to understand this before. Adjustment one is the elimination of the reorganization of the segments necessary to observe the development of the segments and compare apples to apples. To remind you, we had three liability umbrellas, and we now have one liability umbrella that saves us around EUR 250,000 a year. As a result, in the first nine months of the year, EUR 8,500,000 of turnover and EUR 100,000 of EBITDA are now allocated in the advisory segment and not in the Advisortech segment. That does not have any effect on the bottom line. It is just between the segments. The second effect, adjustment two, is the elimination of the M&A one-offs. The M&A costs have added up to a very significant amount. I will give you some figures on this before we dive into the figures. It is better to understand this before. i will give you some figures on this before we dive into the figures. it is better to understand this before Adjustment one is the elimination of the reorganization of the segments necessary to observe the development of the segments and compare apples to apples. adjustment one is the elimination of the reorganization of the segments necessary to observe the development of the segments and compare apples to apples To remind you, we had three liability umbrellas, and we now have one liability umbrella that saves us around EUR 250,000 a year. to remind you we had three liability umbrellas and we now have one liability umbrella that saves us around eur 250,000 a year As a result, in the first nine months of the year, EUR 8,500,000 of turnover and EUR 100,000 of EBITDA are now allocated in the advisory segment and not in the Advisortech segment. as a result in the first nine months of the year eur 8,500,000 of turnover and eur 100,000 of ebitda are now allocated in the advisory segment and not in the advisortech segment That does not have any effect on the bottom line. It is just between the segments. that does not have any effect on the bottom line. it is just between the segments The second effect, adjustment two, is the elimination of the M&A one-offs. the second effect adjustment two is the elimination of the m&a one-offs The M&A costs have added up to a very significant amount. the m&a costs have added up to a very significant amount The FMK Group was not only our biggest transaction, but also the most expensive one in terms of M&A costs. The M&A costs consist of due diligence costs for legal, tax, and financial due diligence. We have legal costs for the SPA negotiation. We had notary costs, which were very high because of the size of the transaction. We had to pay the W&I insurance premium. For those who are not familiar with the M&A business, W&I insurance, it is a warranty and indemnity insurance. That is an insurance that is usually paid by the acquirer, means by JDC. It bears the cost of warranty violations and incorrect indemnities for the acquirer. This is now a standard practice in professional and bigger M&A transactions. In the meantime, it is a precondition to take part in an auction. This all sums up to EUR 0.9 million in the third quarter. The FMK Group was not only our biggest transaction, but also the most expensive one in terms of M&A costs. the fmk group was not only our biggest transaction but also the most expensive one in terms of m&a costs The M&A costs consist of due diligence costs for legal, tax, and financial due diligence. the m&a costs consist of due diligence costs for legal tax and financial due diligence We have legal costs for the SPA negotiation. we have legal costs for the spa negotiation We had notary costs, which were very high because of the size of the transaction. we had notary costs which were very high because of the size of the transaction We had to pay the W&I insurance premium. we had to pay the w&i insurance premium For those who are not familiar with the M&A business, W&I insurance, it is a warranty and indemnity insurance. for those who are not familiar with the m&a business w&i insurance, it is a warranty and indemnity insurance That is an insurance that is usually paid by the acquirer, means by JDC. that is an insurance that is usually paid by the acquirer means by jdc It bears the cost of warranty violations and incorrect indemnities for the acquirer. it bears the cost of warranty violations and incorrect indemnities for the acquirer This is now a standard practice in professional and bigger M&A transactions. this is now a standard practice in professional and bigger m&a transactions In the meantime, it is a precondition to take part in an auction. in the meantime it is a precondition to take part in an auction This all sums up to EUR 0.9 million in the third quarter. this all sums up to eur 0.9 million in the third quarter Over the year, it's a relevant amount of EUR 1.4 million. Okay, now let's go into the figures. The revenue rose slightly by 5.6% in the third quarter and 11.2% for the year as a whole. The Advisortech segment, Group Pro Forma, adjusted for adjustment one means the liability umbrella by 5% in Q3 and 11.5% for the full year. The Pro Forma EBITDA adjusted for adjustment two means the M&A costs rose by 50% from EUR 2.3 million to EUR 3.5 million in the third quarter and by 35.5% to EUR 12.5 million for the full year. Pro Forma EBIT rose by more than 100% in the third quarter. To be completely transparent to you, we would also like to show on the next slides what Q3 would have looked like if the FMK transaction had not taken place. That question is obvious. Over the year, it's a relevant amount of EUR 1.4 million. over the year it's a relevant amount of eur 1.4 million Okay, now let's go into the figures. okay now let's go into the figures The revenue rose slightly by 5.6% in the third quarter and 11.2% for the year as a whole. the revenue rose slightly by 5.6% in the third quarter and 11.2% for the year as a whole The Advisortech segment, Group Pro Forma, adjusted for adjustment one means the liability umbrella by 5% in Q3 and 11.5% for the full year. the advisortech segment group pro forma adjusted for adjustment one means the liability umbrella by 5% in q3 and 11.5% for the full year The Pro Forma EBITDA adjusted for adjustment two means the M&A costs rose by 50% from EUR 2.3 million to EUR 3.5 million in the third quarter and by 35.5% to EUR 12.5 million for the full year. the pro forma ebitda adjusted for adjustment two means the m&a costs rose by 50% from eur 2.3 million to eur 3.5 million in the third quarter and by 35.5% to eur 12.5 million for the full year Pro Forma EBIT rose by more than 100% in the third quarter. pro forma ebit rose by more than 100% in the third quarter To be completely transparent to you, we would also like to show on the next slides what Q3 would have looked like if the FMK transaction had not taken place. to be completely transparent to you we would also like to show on the next slides what q3 would have looked like if the fmk transaction had not taken place That question is obvious. that question is obvious For the sake of simplicity, we have also taken adjustment one, meaning the internal liability umbrella reorganization, into account here. I will show you this now. Before that, let's go into the development by quarter. That is what I said before. It is important to understand what happened in the third quarter. You can see here that usually the third quarter is in turnover like 6%-8% weaker than the second quarter of the year. We had in the last five years two exceptions. The first was 2021. The third quarter was the rebound of the first Germany-wide COVID-19 lockdown, so not comparable. The second exception was last year. There were no external effects, no one that I know of. We just had a very strong life insurance business in the third quarter 2024. There are two ways to look at this third quarter. For the sake of simplicity, we have also taken adjustment one, meaning the internal liability umbrella reorganization, into account here. for the sake of simplicity we have also taken adjustment one meaning the internal liability umbrella reorganization into account here I will show you this now. i will show you this now Before that, let's go into the development by quarter. That is what I said before. It is important to understand what happened in the third quarter. before that let's go into the development by quarter. that is what i said before. it is important to understand what happened in the third quarter You can see here that usually the third quarter is in turnover like 6%-8% weaker than the second quarter of the year. you can see here that usually the third quarter is in turnover like 6%-8% weaker than the second quarter of the year We had in the last five years two exceptions. we had in the last five years two exceptions The first was 2021. the first was 2021 The third quarter was the rebound of the first Germany-wide COVID-19 lockdown, so not comparable. the third quarter was the rebound of the first germany-wide covid-19 lockdown so not comparable The second exception was last year. the second exception was last year There were no external effects, no one that I know of. there were no external effects no one that i know of We just had a very strong life insurance business in the third quarter 2024. we just had a very strong life insurance business in the third quarter 2024 There are two ways to look at this third quarter. there are two ways to look at this third quarter The first is to view on it in the course of the year. And then we can see it's a very normal intra-year development. If you compare it to the previous year, then you compare with a very strong third quarter 2024. Having said this, let's go into the figures. Without the FMK Group, including the internal reorganization, this would have resulted in the following picture. Total revenue would have grown by 0.6%. The slight decline in revenue in the Advisortech segment would have been more than offset by the growth in the advisory segment. EBITDA would have risen by 5.4% to EUR 2.4 million or by 19% to EUR 2.9 million for the year as a whole. Sebastian. You're muted, Sebastian. The first is to view on it in the course of the year. the first is to view on it in the course of the year And then we can see it's a very normal intra-year development. and then we can see it's a very normal intra-year development If you compare it to the previous year, then you compare with a very strong third quarter 2024. if you compare it to the previous year then you compare with a very strong third quarter 2024 Having said this, let's go into the figures. having said this let's go into the figures Without the FMK Group, including the internal reorganization, this would have resulted in the following picture. without the fmk group including the internal reorganization this would have resulted in the following picture Total revenue would have grown by 0.6%. total revenue would have grown by 0.6% The slight decline in revenue in the Advisortech segment would have been more than offset by the growth in the advisory segment. the slight decline in revenue in the advisortech segment would have been more than offset by the growth in the advisory segment EBITDA would have risen by 5.4% to EUR 2.4 million or by 19% to EUR 2.9 million for the year as a whole. ebitda would have risen by 5.4% to eur 2.4 million or by 19% to eur 2.9 million for the year as a whole Sebastian. sebastian You're muted, Sebastian. you're muted sebastian

Speaker 1: Sorry. Yes, sorry. You can see that we have good growth in all product groups. Investment is up 9%, obviously. You might think, why is this just 9%? It is because most of our funds are denominated in U.S. dollars. As compared to the Euros, there is about a 10% exchange rate change. This is what makes these investment figures just grow almost 10%. Insurance, you can see we are still at a double-digit growth with plus 10%. As Ralph said, in spite of or against the backdrop of a very, very good life insurance business last year with plus 30%, this year life insurance is quite flat. This means the other, this is basically the transfer of contract figures. They contribute to the growth, but not life insurance. Sorry. sorry Yes, sorry. yes sorry You can see that we have good growth in all product groups. you can see that we have good growth in all product groups Investment is up 9%, obviously. investment is up 9% obviously You might think, why is this just 9%? It is because most of our funds are denominated in U.S. dollars. you might think why is this just 9%? it is because most of our funds are denominated in u.s dollars As compared to the Euros, there is about a 10% exchange rate change. as compared to the euros there is about a 10% exchange rate change This is what makes these investment figures just grow almost 10%. this is what makes these investment figures just grow almost 10% Insurance, you can see we are still at a double-digit growth with plus 10%. insurance you can see we are still at a double-digit growth with plus 10% As Ralph said, in spite of or against the backdrop of a very, very good life insurance business last year with plus 30%, this year life insurance is quite flat. as ralph said in spite of or against the backdrop of a very very good life insurance business last year with plus 30% this year life insurance is quite flat This means the other, this is basically the transfer of contract figures. this means the other this is basically the transfer of contract figures They contribute to the growth, but not life insurance. they contribute to the growth but not life insurance We will see better times in Q4, where we can see, especially in health insurance, a strong increase. The other product groups, which is a small addition, are basically up because we can see that the real estate business is back, the mortgaging business following the real estate business, and all kinds of other revenues are up quite considerably. All in all, we have to be content with the growth of all these product groups. On the next slides, you can see how this breaks up among the different sales channels. You can see that also here, the green figures again are after basically the Pro Forma figures as if these internal reallocations would not have taken place. You can see that the breadth of the IFA business is not as strong this time with plus 7%. We will see better times in Q4, where we can see, especially in health insurance, a strong increase. we will see better times in q4 where we can see especially in health insurance a strong increase The other product groups, which is a small addition, are basically up because we can see that the real estate business is back, the mortgaging business following the real estate business, and all kinds of other revenues are up quite considerably. the other product groups which is a small addition are basically up because we can see that the real estate business is back the mortgaging business following the real estate business and all kinds of other revenues are up quite considerably All in all, we have to be content with the growth of all these product groups. all in all we have to be content with the growth of all these product groups On the next slides, you can see how this breaks up among the different sales channels. on the next slides you can see how this breaks up among the different sales channels You can see that also here, the green figures again are after basically the Pro Forma figures as if these internal reallocations would not have taken place. you can see that also here the green figures again are after basically the pro forma figures as if these internal reallocations would not have taken place You can see that the breadth of the IFA business is not as strong this time with plus 7%. you can see that the breadth of the ifa business is not as strong this time with plus 7% The reason are the ones or the reasons are the ones Ralph pointed out, especially in the life insurance section. There is like a slowdown, and there is no impact of a normally growing occupational pension platform business. Yeah, major customers, they are up 18%. This is due to there are more customers coming to the platform, as we pointed out. Many are in a rollout or ramping up or rollout phase. There is more growth coming from this side. The new section is FMK Group. As Ralph said, EUR 2.6 million in turnover is a nice addition to the platform. This is also a good point. Ramona will tell us more. Like going now also in the direct customer segments, this means that we have the lever in our own hand. We are not as dependent on our intermediaries for growth. The reason are the ones or the reasons are the ones Ralph pointed out, especially in the life insurance section. the reason are the ones or the reasons are the ones ralph pointed out especially in the life insurance section There is like a slowdown, and there is no impact of a normally growing occupational pension platform business. there is like a slowdown and there is no impact of a normally growing occupational pension platform business Yeah, major customers, they are up 18%. yeah major customers they are up 18% This is due to there are more customers coming to the platform, as we pointed out. this is due to there are more customers coming to the platform as we pointed out Many are in a rollout or ramping up or rollout phase. many are in a rollout or ramping up or rollout phase There is more growth coming from this side. there is more growth coming from this side The new section is FMK Group. the new section is fmk group As Ralph said, EUR 2.6 million in turnover is a nice addition to the platform. as ralph said eur 2.6 million in turnover is a nice addition to the platform This is also a good point. this is also a good point Ramona will tell us more. ramona will tell us more Like going now also in the direct customer segments, this means that we have the lever in our own hand. like going now also in the direct customer segments this means that we have the lever in our own hand We are not as dependent on our intermediaries for growth. we are not as dependent on our intermediaries for growth Advisory, as said, tremendous growth after the reallocation of the liability umbrella business, but also just in a natural growth with plus 12%. It is a very nice development. On the right side, you can see that, yeah, turnover split with a faster growing major customer business. There is already now at 30% of all of our turnover. Advisory, as said, tremendous growth after the reallocation of the liability umbrella business, but also just in a natural growth with plus 12%. It is a very nice development. advisory as said tremendous growth after the reallocation of the liability umbrella business but also just in a natural growth with plus 12%. it is a very nice development On the right side, you can see that, yeah, turnover split with a faster growing major customer business. There is already now at 30% of all of our turnover. on the right side you can see that yeah turnover split with a faster growing major customer business. there is already now at 30% of all of our turnover

Speaker 3: Okay. The following slides are divided into three sections. On the left hand, you can see the reported figures. In the middle, you see the figures corrected by the adjustments that I have explained before. On the right side, you can see two graphs comparing the reported figures with the adjusted figures. To make this a little bit easier to understand, I will focus on the adjusted figures in the following slides. Having said this, let's come to the third quarter. In the Advisortech segment, the turnover grew, including one month's turnover of FMK, as Sebastian mentioned, EUR 2.6 million, and compared to a very strong previous quarter by 5%. Gross profit increased by 13%, leading to an EBITDA plus of 30% and an EBIT plus of a very nice 50%. One comment on the purchase price allocation of FMK Group. Okay. okay The following slides are divided into three sections. the following slides are divided into three sections On the left hand, you can see the reported figures. on the left hand you can see the reported figures In the middle, you see the figures corrected by the adjustments that I have explained before. in the middle you see the figures corrected by the adjustments that i have explained before On the right side, you can see two graphs comparing the reported figures with the adjusted figures. on the right side you can see two graphs comparing the reported figures with the adjusted figures To make this a little bit easier to understand, I will focus on the adjusted figures in the following slides. to make this a little bit easier to understand i will focus on the adjusted figures in the following slides Having said this, let's come to the third quarter. having said this let's come to the third quarter In the Advisortech segment, the turnover grew, including one month's turnover of FMK, as Sebastian mentioned, EUR 2.6 million, and compared to a very strong previous quarter by 5%. in the advisortech segment the turnover grew including one month's turnover of fmk as sebastian mentioned eur 2.6 million and compared to a very strong previous quarter by 5% Gross profit increased by 13%, leading to an EBITDA plus of 30% and an EBIT plus of a very nice 50%. gross profit increased by 13% leading to an ebitda plus of 30% and an ebit plus of a very nice 50% One comment on the purchase price allocation of FMK Group. one comment on the purchase price allocation of fmk group This is important to understand the forward-looking figures. When we buy a company, we have to do a so-called PPA, purchase price allocation. That means we have to allocate the purchase price on the customer base, on the assets, and the rest on goodwill. It is a little bit more complex, but let's keep it that simple. Customer base and assets have to be written down over a period of time. The goodwill is not written down, but has to be tested yearly in the so-called impairment test. If we look at the FMK Group, then you can see that in the past, FMK did not produce a customer base. They just produced leads and sold the leads. As it is a very small company, there are not a lot of fixed assets. This is important to understand the forward-looking figures. this is important to understand the forward-looking figures When we buy a company, we have to do a so-called PPA, purchase price allocation. when we buy a company we have to do a so-called ppa purchase price allocation That means we have to allocate the purchase price on the customer base, on the assets, and the rest on goodwill. It is a little bit more complex, but let's keep it that simple. that means we have to allocate the purchase price on the customer base on the assets and the rest on goodwill. it is a little bit more complex but let's keep it that simple Customer base and assets have to be written down over a period of time. customer base and assets have to be written down over a period of time The goodwill is not written down, but has to be tested yearly in the so-called impairment test. the goodwill is not written down but has to be tested yearly in the so-called impairment test If we look at the FMK Group, then you can see that in the past, FMK did not produce a customer base. if we look at the fmk group then you can see that in the past fmk did not produce a customer base They just produced leads and sold the leads. they just produced leads and sold the leads As it is a very small company, there are not a lot of fixed assets. as it is a very small company there are not a lot of fixed assets The vast majority of the purchase price will be allocated or is allocated on the goodwill. That is good news because that means that in the future, we will see almost no depreciation on the earnings coming from the FMK transaction. Okay. When we look at the first nine months as a whole, the picture is as follows. Pro Forma revenues rose by 11.5% to EUR 148 million. The costs remained relatively stable. EBITDA rose by 21.5% to EUR 11.8 million and EBIT by 33.4% to EUR 8.3 million. Now let's go to the advisory segment and look at the third quarter in an isolated look. Here we see Pro Forma revenue of EUR 13.8 million, which is a plus of 14.6%. Gross profit only increased by 5.8%. That is also a result of the and related to the reclassification of our liability umbrella. The costs were very stable. The vast majority of the purchase price will be allocated or is allocated on the goodwill. the vast majority of the purchase price will be allocated or is allocated on the goodwill That is good news because that means that in the future, we will see almost no depreciation on the earnings coming from the FMK transaction. that is good news because that means that in the future we will see almost no depreciation on the earnings coming from the fmk transaction Okay. okay When we look at the first nine months as a whole, the picture is as follows. when we look at the first nine months as a whole the picture is as follows Pro Forma revenues rose by 11.5% to EUR 148 million. pro forma revenues rose by 11.5% to eur 148 million The costs remained relatively stable. the costs remained relatively stable EBITDA rose by 21.5% to EUR 11.8 million and EBIT by 33.4% to EUR 8.3 million. ebitda rose by 21.5% to eur 11.8 million and ebit by 33.4% to eur 8.3 million Now let's go to the advisory segment and look at the third quarter in an isolated look. now let's go to the advisory segment and look at the third quarter in an isolated look Here we see Pro Forma revenue of EUR 13.8 million, which is a plus of 14.6%. here we see pro forma revenue of eur 13.8 million which is a plus of 14.6% Gross profit only increased by 5.8%. That is also a result of the and related to the reclassification of our liability umbrella. gross profit only increased by 5.8%. that is also a result of the and related to the reclassification of our liability umbrella The costs were very stable. the costs were very stable Beside the depreciation and amortization, this has risen significantly. The reason is the expansion of our rental space in Vienna. As you know, under IFRS 16, lease payments, including the rental costs, must be removed from the expenses and must be capitalized in lease liabilities and then amortized over a period of time. That's what we see here. That's the reason why depreciation and amortization is up more than 30%. It's just a new office. In total, this development leads to an improvement in EBITDA of 28.4% and an increase in EBIT of 23.3%. If we look at the first nine months of the advisory division, we see a positive development. Pro Forma revenue rose by 12% to EUR 40.6 million. Beside the depreciation and amortization, this has risen significantly. beside the depreciation and amortization this has risen significantly The reason is the expansion of our rental space in Vienna. the reason is the expansion of our rental space in vienna As you know, under IFRS 16, lease payments, including the rental costs, must be removed from the expenses and must be capitalized in lease liabilities and then amortized over a period of time. as you know under ifrs 16 lease payments including the rental costs must be removed from the expenses and must be capitalized in lease liabilities and then amortized over a period of time That's what we see here. that's what we see here That's the reason why depreciation and amortization is up more than 30%. that's the reason why depreciation and amortization is up more than 30% It's just a new office. it's just a new office In total, this development leads to an improvement in EBITDA of 28.4% and an increase in EBIT of 23.3%. in total this development leads to an improvement in ebitda of 28.4% and an increase in ebit of 23.3% If we look at the first nine months of the advisory division, we see a positive development. if we look at the first nine months of the advisory division we see a positive development Pro Forma revenue rose by 12% to EUR 40.6 million. pro forma revenue rose by 12% to eur 40.6 million Except for the depreciation effect that I described some seconds ago, we have a very stable cost development, which led to an increase in EBITDA of 43.3% and an EBIT of 52.7%. Let's come to the cash flow statement. This has been significantly influenced by the FMK transaction and the associated financing in the third quarter. Operating cash flow is at previous year's level. The reason is that the additional profits were almost entirely offset by the transaction costs, by the one-off costs. The cash flow from investment activities relates almost exclusively to the FMK transaction, EUR 66 million of the EUR 68 million. The cash flow from financing is somewhat more complex to explain, but I give it a try. We have acquired FMK. Closing was the 16th of September, and the date of first consolidation was the 1st of September. Except for the depreciation effect that I described some seconds ago, we have a very stable cost development, which led to an increase in EBITDA of 43.3% and an EBIT of 52.7%. except for the depreciation effect that i described some seconds ago we have a very stable cost development which led to an increase in ebitda of 43.3% and an ebit of 52.7% Let's come to the cash flow statement. let's come to the cash flow statement This has been significantly influenced by the FMK transaction and the associated financing in the third quarter. this has been significantly influenced by the fmk transaction and the associated financing in the third quarter Operating cash flow is at previous year's level. operating cash flow is at previous year's level The reason is that the additional profits were almost entirely offset by the transaction costs, by the one-off costs. the reason is that the additional profits were almost entirely offset by the transaction costs by the one-off costs The cash flow from investment activities relates almost exclusively to the FMK transaction, EUR 66 million of the EUR 68 million. the cash flow from investment activities relates almost exclusively to the fmk transaction eur 66 million of the eur 68 million The cash flow from financing is somewhat more complex to explain, but I give it a try. the cash flow from financing is somewhat more complex to explain but i give it a try We have acquired FMK. we have acquired fmk Closing was the 16th of September, and the date of first consolidation was the 1st of September. closing was the 16th of september and the date of first consolidation was the 1st of september The first consolidation was before the closing. This is the reason for this development. At the time of the initial consolidation, which means the 1st of September, FMK had a cash of EUR 16 million on its account. Approximately EUR 14 million, meaning EUR 13.9 million of this, were prior year profits that we did not buy, but they were distributed to the sellers before the closing. After the date of first consolidation and before closing, this is the reason why you do not see EUR 70 million by cash flow from financing activities, but only EUR 55 million. You see another EUR 14 million in the next line. This is the change in cash and cash equivalents due to consolidation scope. Admittedly, it is a little bit complex, but we coordinated all this with our auditor beforehand to be here on the safe side. The first consolidation was before the closing. the first consolidation was before the closing This is the reason for this development. this is the reason for this development At the time of the initial consolidation, which means the 1st of September, FMK had a cash of EUR 16 million on its account. at the time of the initial consolidation which means the 1st of september fmk had a cash of eur 16 million on its account Approximately EUR 14 million, meaning EUR 13.9 million of this, were prior year profits that we did not buy, but they were distributed to the sellers before the closing. approximately eur 14 million meaning eur 13.9 million of this were prior year profits that we did not buy but they were distributed to the sellers before the closing After the date of first consolidation and before closing, this is the reason why you do not see EUR 70 million by cash flow from financing activities, but only EUR 55 million. after the date of first consolidation and before closing this is the reason why you do not see eur 70 million by cash flow from financing activities but only eur 55 million You see another EUR 14 million in the next line. you see another eur 14 million in the next line This is the change in cash and cash equivalents due to consolidation scope. this is the change in cash and cash equivalents due to consolidation scope Admittedly, it is a little bit complex, but we coordinated all this with our auditor beforehand to be here on the safe side. admittedly, it is a little bit complex but we coordinated all this with our auditor beforehand to be here on the safe side Cash at the end of the period was EUR 33.5 million, including EUR 2.8 million FMK cash. The good news here is cash on hand last Friday was a very strong EUR 38.8 million, plus another EUR 4 million of the FMK Group. In total, we had for the first time cash on hand of more than EUR 42 million. There is no news on the old bonds, volume EUR 20 million. We still have the first call option 1st November of 2026, and we have not decided how to proceed here. On the right side, this is our new Nordic bond issued with EUR 70 million, possibly up to EUR 160 million. The coupon is 6.5%, but I would like to remind you it is a rolling coupon. It is Euribor plus 450 basis points. The bond is due at the 28th of August in 2029. Cash at the end of the period was EUR 33.5 million, including EUR 2.8 million FMK cash. cash at the end of the period was eur 33.5 million including eur 2.8 million fmk cash The good news here is cash on hand last Friday was a very strong EUR 38.8 million, plus another EUR 4 million of the FMK Group. the good news here is cash on hand last friday was a very strong eur 38.8 million plus another eur 4 million of the fmk group In total, we had for the first time cash on hand of more than EUR 42 million. in total we had for the first time cash on hand of more than eur 42 million There is no news on the old bonds, volume EUR 20 million. there is no news on the old bonds volume eur 20 million We still have the first call option 1st November of 2026, and we have not decided how to proceed here. we still have the first call option 1st november of 2026 and we have not decided how to proceed here On the right side, this is our new Nordic bond issued with EUR 70 million, possibly up to EUR 160 million. on the right side this is our new nordic bond issued with eur 70 million possibly up to eur 160 million The coupon is 6.5%, but I would like to remind you it is a rolling coupon. It is Euribor plus 450 basis points. the coupon is 6.5% but i would like to remind you it is a rolling coupon. it is euribor plus 450 basis points The bond is due at the 28th of August in 2029. the bond is due at the 28th of august in 2029 There we also have call options. The first call option starts or the call option starts at the 28th of August in 2027. From there on, can be called every day starting at a price of 102.25% and declining to 100.45%. Yeah, share price yesterday close was EUR 28.60. Today we are a little bit lower, unfortunately. Market cap is below EUR 390 million right now. To remind you, we have approximately 150,000 treasury shares that we bought for EUR 19.89 per share. In the shareholder structure on the right side, there are no changes. Still same situation, Great West Management, Provincial, and Versicherungskammer Bayern as the biggest shareholders. That was the figures from my side. A lot of text today. I apologize, but there was a little bit more to explain. I hand over to Ramona. There we also have call options. there we also have call options The first call option starts or the call option starts at the 28th of August in 2027. the first call option starts or the call option starts at the 28th of august in 2027 From there on, can be called every day starting at a price of 102.25% and declining to 100.45%. from there on can be called every day starting at a price of 102.25% and declining to 100.45% Yeah, share price yesterday close was EUR 28.60. yeah share price yesterday close was eur 28.60 Today we are a little bit lower, unfortunately. today we are a little bit lower unfortunately Market cap is below EUR 390 million right now. market cap is below eur 390 million right now To remind you, we have approximately 150,000 treasury shares that we bought for EUR 19.89 per share. to remind you we have approximately 150,000 treasury shares that we bought for eur 19.89 per share In the shareholder structure on the right side, there are no changes. in the shareholder structure on the right side there are no changes Still same situation, Great West Management, Provincial, and Versicherungskammer Bayern as the biggest shareholders. still same situation great west management provincial and versicherungskammer bayern as the biggest shareholders That was the figures from my side. that was the figures from my side A lot of text today. a lot of text today I apologize, but there was a little bit more to explain. i apologize but there was a little bit more to explain I hand over to Ramona. i hand over to ramona

Speaker 2: Thank you, Ralph. I'll give you a little update on FMK. It has been two months since the closing of the FMK acquisition. We had a very quick ramp up after the transaction, and the collaboration between FMK and JDC works very smoothly, and we have achieved quite a lot in the past eight weeks. First of all, all the legal and the financial requirements are all on track and almost completed. That includes, for example, the integration of the accounting, also the negotiation of the Intercompany contracts, as well as all the requirements of the Nordic bond, for example, the collateral agreements, or also the setup of the ongoing bond reporting. That is from the legal and the financial side. From the business side, we already went live with the lead generations for the first insurance products. We picked two pilot products with two different sales approaches. Thank you, Ralph. thank you ralph I'll give you a little update on FMK. i'll give you a little update on fmk It has been two months since the closing of the FMK acquisition. it has been two months since the closing of the fmk acquisition We had a very quick ramp up after the transaction, and the collaboration between FMK and JDC works very smoothly, and we have achieved quite a lot in the past eight weeks. we had a very quick ramp up after the transaction and the collaboration between fmk and jdc works very smoothly and we have achieved quite a lot in the past eight weeks First of all, all the legal and the financial requirements are all on track and almost completed. first of all all the legal and the financial requirements are all on track and almost completed That includes, for example, the integration of the accounting, also the negotiation of the Intercompany contracts, as well as all the requirements of the Nordic bond, for example, the collateral agreements, or also the setup of the ongoing bond reporting. That is from the legal and the financial side. that includes for example the integration of the accounting also the negotiation of the intercompany contracts as well as all the requirements of the nordic bond for example the collateral agreements or also the setup of the ongoing bond reporting. that is from the legal and the financial side From the business side, we already went live with the lead generations for the first insurance products. from the business side we already went live with the lead generations for the first insurance products We picked two pilot products with two different sales approaches. we picked two pilot products with two different sales approaches The first sales approach is like the classical self-service approach online. That means the end customer can buy the product online without the help of an advisor. We picked the pet insurance as a pilot for this section because it's highly profitable and it has a strong demand online right now. The second product that is already live is the work disability insurance. It has a different sales approach. It's a product that usually requires an advisor to help the client pick an insurance product. In this case, FMK provides JDC with the interested clients. JDC, as a broker, provides this advice internally. This would be the second pillar. Ralph, if you could quickly jump to the next page. Both products are already online. Here's an example for the tierkartenversicherung, the pet insurance. The first sales approach is like the classical self-service approach online. the first sales approach is like the classical self-service approach online That means the end customer can buy the product online without the help of an advisor. that means the end customer can buy the product online without the help of an advisor We picked the pet insurance as a pilot for this section because it's highly profitable and it has a strong demand online right now. we picked the pet insurance as a pilot for this section because it's highly profitable and it has a strong demand online right now The second product that is already live is the work disability insurance. the second product that is already live is the work disability insurance It has a different sales approach. it has a different sales approach It's a product that usually requires an advisor to help the client pick an insurance product. it's a product that usually requires an advisor to help the client pick an insurance product In this case, FMK provides JDC with the interested clients. in this case fmk provides jdc with the interested clients JDC, as a broker, provides this advice internally. jdc as a broker provides this advice internally This would be the second pillar. this would be the second pillar Ralph, if you could quickly jump to the next page. ralph if you could quickly jump to the next page Both products are already online. both products are already online Here's an example for the tierkartenversicherung, the pet insurance. here's an example for the tierkartenversicherung the pet insurance The big difference between the previous business model of FMK is that they used to get only paid one-off for a lead or a sale. Now that we went into the value chain as a broker, we profit not only from a one-off commission, but also yearly from the recurring commissions. For example, if FMK got EUR 100 one-off for the sale of a pet insurance in the past, now we get the same amount annually as long as the contract is going. In 2026, we will roll out further products. We already signed key hires to build up the new direct sales unit starting in January. As Sebastian earlier mentioned, this is also a way to push growth ourselves. We are a little less dependent on our intermediaries. The big difference between the previous business model of FMK is that they used to get only paid one-off for a lead or a sale. the big difference between the previous business model of fmk is that they used to get only paid one-off for a lead or a sale Now that we went into the value chain as a broker, we profit not only from a one-off commission, but also yearly from the recurring commissions. now that we went into the value chain as a broker we profit not only from a one-off commission but also yearly from the recurring commissions For example, if FMK got EUR 100 one-off for the sale of a pet insurance in the past, now we get the same amount annually as long as the contract is going. for example if fmk got eur 100 one-off for the sale of a pet insurance in the past now we get the same amount annually as long as the contract is going In 2026, we will roll out further products. in 2026 we will roll out further products We already signed key hires to build up the new direct sales unit starting in January. we already signed key hires to build up the new direct sales unit starting in january As Sebastian earlier mentioned, this is also a way to push growth ourselves. as sebastian earlier mentioned this is also a way to push growth ourselves We are a little less dependent on our intermediaries. we are a little less dependent on our intermediaries

Speaker 3: Maybe Ramona, just one figure to add. In the last year, FMK made roughly EUR 1 million in commission for pet insurance, click-out model, one-off. If we keep this speed in the future, we will do EUR 1 million, but recurring year over year. EUR 1 million this year, EUR 2 million next year, EUR 3 million the following year. That is a very attractive progress for us. Maybe Ramona, just one figure to add. maybe ramona just one figure to add In the last year, FMK made roughly EUR 1 million in commission for pet insurance, click-out model, one-off. in the last year fmk made roughly eur 1 million in commission for pet insurance click-out model one-off If we keep this speed in the future, we will do EUR 1 million, but recurring year over year. if we keep this speed in the future we will do eur 1 million but recurring year over year EUR 1 million this year, EUR 2 million next year, EUR 3 million the following year. eur 1 million this year, eur 2 million next year, eur 3 million the following year That is a very attractive progress for us. that is a very attractive progress for us

Speaker 2: Yeah. Could you jump back one slide, please? Yeah. yeah Could you jump back one slide, please? could you jump back one slide please

Speaker 3: One slide back. Okay. One slide back. one slide back Okay. okay

Speaker 2: Right now we are testing and learning with JDC as the broker for the end customer. This is, of course, very profitable because we keep 100% of the commission. However, and this is the third pillar, we are also planning on distributing leads to our brokers. That means we are building the infrastructure to channel the leads into our broker platform, and brokers will be able to buy the leads from there. In this scenario, JDC profits from selling the lead as well as receiving part of the commissions for providing the services as a broker pool, like in our regular business model. This is a very large infrastructure project, which we are currently setting up, and we are expecting to go live in 2026. If you could go two slides ahead. Right now we are testing and learning with JDC as the broker for the end customer. right now we are testing and learning with jdc as the broker for the end customer This is, of course, very profitable because we keep 100% of the commission. this is of course very profitable because we keep 100% of the commission However, and this is the third pillar, we are also planning on distributing leads to our brokers. however and this is the third pillar we are also planning on distributing leads to our brokers That means we are building the infrastructure to channel the leads into our broker platform, and brokers will be able to buy the leads from there. that means we are building the infrastructure to channel the leads into our broker platform and brokers will be able to buy the leads from there In this scenario, JDC profits from selling the lead as well as receiving part of the commissions for providing the services as a broker pool, like in our regular business model. in this scenario jdc profits from selling the lead as well as receiving part of the commissions for providing the services as a broker pool like in our regular business model This is a very large infrastructure project, which we are currently setting up, and we are expecting to go live in 2026. this is a very large infrastructure project which we are currently setting up and we are expecting to go live in 2026 If you could go two slides ahead. if you could go two slides ahead What also might be interesting for you is that FMK operates the subdomains for Handelsblatt and Wirtschaftswoche for comparison of financial and insurance products. For those who are not German, Handelsblatt and Wirtschaftswoche are German newspapers. FMK operates these subdomains, and they can decide on what kind of articles are being released. They can also add advertisement links in the articles. This is another source of trust building and also lead generation for our new business model. That's on FMK. Back to you, Ralph. What also might be interesting for you is that FMK operates the subdomains for Handelsblatt and Wirtschaftswoche for comparison of financial and insurance products. what also might be interesting for you is that fmk operates the subdomains for handelsblatt and wirtschaftswoche for comparison of financial and insurance products For those who are not German, Handelsblatt and Wirtschaftswoche are German newspapers. for those who are not german handelsblatt and wirtschaftswoche are german newspapers FMK operates these subdomains, and they can decide on what kind of articles are being released. fmk operates these subdomains and they can decide on what kind of articles are being released They can also add advertisement links in the articles. they can also add advertisement links in the articles This is another source of trust building and also lead generation for our new business model. this is another source of trust building and also lead generation for our new business model That's on FMK. that's on fmk Back to you, Ralph. back to you ralph

Speaker 3: Thanks, Ramona. Yeah, as always, we show you the platform activity. Yeah, numbers of orders is a little bit down, like in the last quarters, decreased by 1.4%. As Sebastian mentioned, growth comes mainly from contract transfers. Here we are up 30%, starting from an already very, very high base. The assets under administration also increased very nicely by 11.4%, by in the meantime, approximately EUR 8 billion. We are nearer at EUR 8 billion than at EUR 7.5 billion. What is really amazing is the development of the net premium, which has net insurance premium, which has increased by almost 18% within the last 12 months. That's a very amazing number. We are now heading for EUR 1.5 billion in annual net premium. This was the last figure for today beside the guidance, and I hand over to Sebastian. Thanks, Ramona. thanks ramona Yeah, as always, we show you the platform activity. yeah as always we show you the platform activity Yeah, numbers of orders is a little bit down, like in the last quarters, decreased by 1.4%. yeah numbers of orders is a little bit down like in the last quarters decreased by 1.4% As Sebastian mentioned, growth comes mainly from contract transfers. as sebastian mentioned growth comes mainly from contract transfers Here we are up 30%, starting from an already very, very high base. here we are up 30% starting from an already very very high base The assets under administration also increased very nicely by 11.4%, by in the meantime, approximately EUR 8 billion. the assets under administration also increased very nicely by 11.4% by in the meantime approximately eur 8 billion We are nearer at EUR 8 billion than at EUR 7.5 billion. we are nearer at eur 8 billion than at eur 7.5 billion What is really amazing is the development of the net premium, which has net insurance premium, which has increased by almost 18% within the last 12 months. what is really amazing is the development of the net premium which has net insurance premium which has increased by almost 18% within the last 12 months That's a very amazing number. that's a very amazing number We are now heading for EUR 1.5 billion in annual net premium. we are now heading for eur 1.5 billion in annual net premium This was the last figure for today beside the guidance, and I hand over to Sebastian. this was the last figure for today beside the guidance and i hand over to sebastian

Speaker 1: Yeah, we introduced a slide showing you how resilient our growth is. We used to go through a lot of multi-crisis environments in the past. You can see no matter whether it was the COVID-19 pandemic or all the turnaround in interest rates or now Liberation Day, which we took quite well. We have this consumer confidence crisis, as we call it now. Still, growth is up and growth is growing. We are not afraid of what's coming ahead. On the contrary, I think together with FMK, we are in a very strong position to profit from the circumstances because more and more of our business is happening online. It's also happening on a consumer-beneficial environment. Yeah, we are looking ahead with quite some confidence for Q4. Having said that, we give you the slide of the guidance you already know. Yeah, we introduced a slide showing you how resilient our growth is. yeah we introduced a slide showing you how resilient our growth is We used to go through a lot of multi-crisis environments in the past. we used to go through a lot of multi-crisis environments in the past You can see no matter whether it was the COVID-19 pandemic or all the turnaround in interest rates or now Liberation Day, which we took quite well. you can see no matter whether it was the covid-19 pandemic or all the turnaround in interest rates or now liberation day which we took quite well We have this consumer confidence crisis, as we call it now. we have this consumer confidence crisis as we call it now Still, growth is up and growth is growing. still growth is up and growth is growing We are not afraid of what's coming ahead. we are not afraid of what's coming ahead On the contrary, I think together with FMK, we are in a very strong position to profit from the circumstances because more and more of our business is happening online. on the contrary i think together with fmk we are in a very strong position to profit from the circumstances because more and more of our business is happening online It's also happening on a consumer-beneficial environment. it's also happening on a consumer-beneficial environment Yeah, we are looking ahead with quite some confidence for Q4. yeah we are looking ahead with quite some confidence for q4 Having said that, we give you the slide of the guidance you already know. having said that we give you the slide of the guidance you already know We put up our guidance in August after the acquisition of FMK. We think now our turnover will be EUR 260 million-EUR 280 million in turnover, and EBITDA will be EUR 20.5 million-EUR 22.5 million. This is what we learned, although we are so on the stock exchange for such a long time that we have to give you guidance without the one-offs. That's the good news here. We think we reach this guidance also if we do not have a pro forma view as to the one-offs. We think we are in a very good condition here to exceed our old guidance by quite a bit that we showed until end of July. Also all our goals in 2025 are on a very good road. Yeah, we are integrating M&M platform more to the platform. We have very good outlooks here for future customers. We put up our guidance in August after the acquisition of FMK. we put up our guidance in august after the acquisition of fmk We think now our turnover will be EUR 260 million-EUR 280 million in turnover, and EBITDA will be EUR 20.5 million-EUR 22.5 million. we think now our turnover will be eur 260 million-eur 280 million in turnover and ebitda will be eur 20.5 million-eur 22.5 million This is what we learned, although we are so on the stock exchange for such a long time that we have to give you guidance without the one-offs. this is what we learned although we are so on the stock exchange for such a long time that we have to give you guidance without the one-offs That's the good news here. that's the good news here We think we reach this guidance also if we do not have a pro forma view as to the one-offs. we think we reach this guidance also if we do not have a pro forma view as to the one-offs We think we are in a very good condition here to exceed our old guidance by quite a bit that we showed until end of July. we think we are in a very good condition here to exceed our old guidance by quite a bit that we showed until end of july Also all our goals in 2025 are on a very good road. also all our goals in 2025 are on a very good road Yeah, we are integrating M&M platform more to the platform. yeah we are integrating m&m platform more to the platform We have very good outlooks here for future customers. we have very good outlooks here for future customers Yeah, our asset management platform, DFP, was again rated top 20 in Germany. Now we are at number 14. With only EUR 2 billion in assets under management, we are one of the biggest portfolio management companies in the country. Also, Sumitas grows profitably and M&A works like one broker a month. Our IT platform will be scaled using quite some AI to bring down costs and enhance our efficiency. This is what we see, that the cost per contract are reduced step by step by step, but in the end, it is quite a considerable effect here. Yeah, that is also our caveat. That is what you said in the beginning. Yes, our business performance is very good, but on the other hand, it is still developed. It is still dependent on the development of the global national economic environment. Yeah, our asset management platform, DFP, was again rated top 20 in Germany. yeah our asset management platform dfp was again rated top 20 in germany Now we are at number 14. now we are at number 14 With only EUR 2 billion in assets under management, we are one of the biggest portfolio management companies in the country. with only eur 2 billion in assets under management we are one of the biggest portfolio management companies in the country Also, Sumitas grows profitably and M&A works like one broker a month. also sumitas grows profitably and m&a works like one broker a month Our IT platform will be scaled using quite some AI to bring down costs and enhance our efficiency. our it platform will be scaled using quite some ai to bring down costs and enhance our efficiency This is what we see, that the cost per contract are reduced step by step by step, but in the end, it is quite a considerable effect here. this is what we see that the cost per contract are reduced step by step by step but in the end, it is quite a considerable effect here Yeah, that is also our caveat. That is what you said in the beginning. yeah that is also our caveat. that is what you said in the beginning Yes, our business performance is very good, but on the other hand, it is still developed. It is still dependent on the development of the global national economic environment. yes our business performance is very good but on the other hand, it is still developed. it is still dependent on the development of the global national economic environment If you look at all the news in Europe and Germany especially, we could wish for more. We could wish for a government that knows what it's doing and not quarreling about now the pension system because this has quite some impact on consumer confidence. Again, as Ralph said, it's just going in waves. Whatever business we don't do in Q3, we might do in Q4 or Q1 next year. A lot of investment decisions are just postponed. That's what we see now. As I said, especially in occupational pension schemes. We have a very good outlook for Q4 and then also a very promising outlook for 2026. We repeat that next year together with FMK, before minorities, there will be at least an EBITDA of EUR 35 million. If you look at all the news in Europe and Germany especially, we could wish for more. if you look at all the news in europe and germany especially we could wish for more We could wish for a government that knows what it's doing and not quarreling about now the pension system because this has quite some impact on consumer confidence. we could wish for a government that knows what it's doing and not quarreling about now the pension system because this has quite some impact on consumer confidence Again, as Ralph said, it's just going in waves. again as ralph said it's just going in waves Whatever business we don't do in Q3, we might do in Q4 or Q1 next year. whatever business we don't do in q3 we might do in q4 or q1 next year A lot of investment decisions are just postponed. a lot of investment decisions are just postponed That's what we see now. that's what we see now As I said, especially in occupational pension schemes. as i said especially in occupational pension schemes We have a very good outlook for Q4 and then also a very promising outlook for 2026. we have a very good outlook for q4 and then also a very promising outlook for 2026 We repeat that next year together with FMK, before minorities, there will be at least an EBITDA of EUR 35 million. we repeat that next year together with fmk before minorities there will be at least an ebitda of eur 35 million I think that's quite some nice earnings growth, which brings us in a very good situation. Thank you very much until now. Before we answer your questions, again, an invitation for next Monday because JDC Group is now on the stock exchange in Frankfurt for 20 years. That's quite some anniversary. We invited most of you. I hope we didn't forget many. Whoever is still a latecomer, this will be like a nice, yeah, like whatever, it's a party on the stock exchange. There will be bell ringing, there will be nice pictures, and there will also be a good dinner after. Whoever is late, welcome. Yes, thank you very much for your attention and happy to take your questions now. Mara. I think that's quite some nice earnings growth, which brings us in a very good situation. i think that's quite some nice earnings growth which brings us in a very good situation Thank you very much until now. thank you very much until now Before we answer your questions, again, an invitation for next Monday because JDC Group is now on the stock exchange in Frankfurt for 20 years. before we answer your questions again an invitation for next monday because jdc group is now on the stock exchange in frankfurt for 20 years That's quite some anniversary. that's quite some anniversary We invited most of you. we invited most of you I hope we didn't forget many. i hope we didn't forget many Whoever is still a latecomer, this will be like a nice, yeah, like whatever, it's a party on the stock exchange. whoever is still a latecomer this will be like a nice yeah like whatever it's a party on the stock exchange There will be bell ringing, there will be nice pictures, and there will also be a good dinner after. there will be bell ringing there will be nice pictures and there will also be a good dinner after Whoever is late, welcome. whoever is late welcome Yes, thank you very much for your attention and happy to take your questions now. yes thank you very much for your attention and happy to take your questions now Mara. mara

Speaker 4: Yes, thank you very much for your presentation. We will now move on to the Q&A session. For a dynamic conversation, we recommend to ask your questions in person via audio line. To do so, you just have to click the raise your hand button. If you have dialed in via phone, please use the key combination star key 9 followed by star key 6. If you do not have the opportunity to speak freely today, you can place your questions in our chat box and I will read them out loud for you. With that said, we have received some questions in our chat box. The first one is, after two months, do you expect higher or lower growth due to the FMK acquisition compared to your due diligence? Do you generate even new ideas? How to generate growth via FMK? Yes, thank you very much for your presentation. yes thank you very much for your presentation We will now move on to the Q&A session. we will now move on to the q&a session For a dynamic conversation, we recommend to ask your questions in person via audio line. for a dynamic conversation we recommend to ask your questions in person via audio line To do so, you just have to click the raise your hand button. to do so you just have to click the raise your hand button If you have dialed in via phone, please use the key combination star key 9 followed by star key 6. if you have dialed in via phone please use the key combination star key 9 followed by star key 6 If you do not have the opportunity to speak freely today, you can place your questions in our chat box and I will read them out loud for you. if you do not have the opportunity to speak freely today you can place your questions in our chat box and i will read them out loud for you With that said, we have received some questions in our chat box. with that said we have received some questions in our chat box The first one is, after two months, do you expect higher or lower growth due to the FMK acquisition compared to your due diligence? the first one is after two months do you expect higher or lower growth due to the fmk acquisition compared to your due diligence Do you generate even new ideas? do you generate even new ideas How to generate growth via FMK? how to generate growth via fmk

Speaker 3: Maybe I can take this question. If you buy a company, then of course the business plans presented are very optimistic because the sellers want you to pay a very high purchase price. It is not the first company that we saw and it is not the first due diligence that we made. We are in line with our expectations with the FMK transaction and the success. What I can say is what Ramona said, that the cooperation is very compelling, very smart guys, the three ones. A lot of ideas that have to be shaped for the future. We are absolutely convinced that this is, yeah, will be one of our best transactions we ever made. Maybe I can take this question. maybe i can take this question If you buy a company, then of course the business plans presented are very optimistic because the sellers want you to pay a very high purchase price. if you buy a company then of course the business plans presented are very optimistic because the sellers want you to pay a very high purchase price It is not the first company that we saw and it is not the first due diligence that we made. it is not the first company that we saw and it is not the first due diligence that we made We are in line with our expectations with the FMK transaction and the success. we are in line with our expectations with the fmk transaction and the success What I can say is what Ramona said, that the cooperation is very compelling, very smart guys, the three ones. what i can say is what ramona said that the cooperation is very compelling very smart guys the three ones A lot of ideas that have to be shaped for the future. a lot of ideas that have to be shaped for the future We are absolutely convinced that this is, yeah, will be one of our best transactions we ever made. we are absolutely convinced that this is yeah will be one of our best transactions we ever made

Speaker 4: Thank you so much for your question. Another question that we received is, what revenue are you planning for 2026? Thank you so much for your question. thank you so much for your question Another question that we received is, what revenue are you planning for 2026? another question that we received is what revenue are you planning for 2026

Speaker 1: Yeah, we're still in the planning process. I don't know, Ralph, can you say something already? It's a little bit early there. Yeah, we're still in the planning process. yeah we're still in the planning process I don't know, Ralph, can you say something already? i don't know ralph can you say something already It's a little bit early there. it's a little bit early there

Speaker 3: It's a little bit early. We will see a big plus, definitely beyond EUR 300 million. The rest we will show you with the guidance for the next year. It's a little bit early. it's a little bit early We will see a big plus, definitely beyond EUR 300 million. we will see a big plus definitely beyond eur 300 million The rest we will show you with the guidance for the next year. the rest we will show you with the guidance for the next year

Speaker 4: All right, thank you so much. We received a rather long question. Just to understand guidance, you guide for EUR 9.5 million-EUR 11.5 million in EBITDA in Q4 or almost up 100% YOY compared to a strong Q4 2025. You are almost half into Q4 already, so I assume you have good visibility into this. What is the main driver for this strong Q4 outside FMK, etc.? All right, thank you so much. all right thank you so much We received a rather long question. we received a rather long question Just to understand guidance, you guide for EUR 9.5 million-EUR 11.5 million in EBITDA in Q4 or almost up 100% YOY compared to a strong Q4 2025. just to understand guidance you guide for eur 9.5 million-eur 11.5 million in ebitda in q4 or almost up 100% yoy compared to a strong q4 2025 You are almost half into Q4 already, so I assume you have good visibility into this. you are almost half into q4 already so i assume you have good visibility into this What is the main driver for this strong Q4 outside FMK, etc.? what is the main driver for this strong q4 outside fmk etc

Speaker 1: We expected this question, Ralph. We expected this question, Ralph. we expected this question ralph

Speaker 3: Yeah, yeah, you were very fast with your famous last words. Otherwise, I would have answered the question before. When FMK performs as it performed the last months and if JDC performs not better than last year, but on the same level of last year and the advisory business is doing as it does, we will end up, as we announced, at the lower, what's Drittel in English? In the lower third of, sorry, in the lower third of our guidance. You have to add the one-offs to see a realistic view. With these one-offs, we think we will end at the upper third of our guidance. The answer is yes, we have a good visibility. Yes, we have a good reason why we said we keep the guidance. Yeah, yeah, you were very fast with your famous last words. yeah yeah you were very fast with your famous last words Otherwise, I would have answered the question before. otherwise i would have answered the question before When FMK performs as it performed the last months and if JDC performs not better than last year, but on the same level of last year and the advisory business is doing as it does, we will end up, as we announced, at the lower, what's Drittel in English? when fmk performs as it performed the last months and if jdc performs not better than last year but on the same level of last year and the advisory business is doing as it does we will end up as we announced at the lower what's drittel in english In the lower third of, sorry, in the lower third of our guidance. in the lower third of sorry in the lower third of our guidance You have to add the one-offs to see a realistic view. you have to add the one-offs to see a realistic view With these one-offs, we think we will end at the upper third of our guidance. with these one-offs we think we will end at the upper third of our guidance The answer is yes, we have a good visibility. the answer is yes we have a good visibility Yes, we have a good reason why we said we keep the guidance. yes we have a good reason why we said we keep the guidance

Speaker 4: Thank you so much for your question, to answer. So far, we have three more questions. The first one of those is, did you lose tenders? Are you bidding for contracts of significant size? Can we expect other significant news like acquisitions over the next few months? Thank you so much for your question, to answer. thank you so much for your question to answer So far, we have three more questions. so far we have three more questions The first one of those is, did you lose tenders? the first one of those is did you lose tenders Are you bidding for contracts of significant size? are you bidding for contracts of significant size Can we expect other significant news like acquisitions over the next few months? can we expect other significant news like acquisitions over the next few months

Speaker 3: Yeah, Marcus, I will give the next question to you. I just answered the tender question. Yes, so basically we have not lost a real tender, but there was one that passed us basically. We did not get it because we were not really invited to take part. And that is Zürich Insurance, not a very big one, but we have one in mind now. Had to come at some point. Yes, we take part in other tenders, but maybe Marcus, you will take the R&D question, which is next. Yeah, Marcus, I will give the next question to you. yeah marcus i will give the next question to you I just answered the tender question. i just answered the tender question Yes, so basically we have not lost a real tender, but there was one that passed us basically. yes so basically we have not lost a real tender but there was one that passed us basically We did not get it because we were not really invited to take part. we did not get it because we were not really invited to take part And that is Zürich Insurance, not a very big one, but we have one in mind now. and that is zürich insurance not a very big one but we have one in mind now Had to come at some point. had to come at some point Yes, we take part in other tenders, but maybe Marcus, you will take the R&D question, which is next. yes we take part in other tenders but maybe marcus you will take the r&d question which is next

Speaker 6: Yes, so we have a pipeline with a lot of targets and significant targets. So we are still in dialogue with them. We make the offers and starting some small projects. I'm very hopeful that we will see next year some new tender, higher tenders, and then we can talk more if the contract is signed. I'm very hopeful that we have next year's good announcements. Yes, so we have a pipeline with a lot of targets and significant targets. yes so we have a pipeline with a lot of targets and significant targets So we are still in dialogue with them. so we are still in dialogue with them We make the offers and starting some small projects. we make the offers and starting some small projects I'm very hopeful that we will see next year some new tender, higher tenders, and then we can talk more if the contract is signed. i'm very hopeful that we will see next year some new tender higher tenders and then we can talk more if the contract is signed I'm very hopeful that we have next year's good announcements. i'm very hopeful that we have next year's good announcements

Speaker 3: Obviously for M&A targets, we cannot answer the question because it's signed when it's signed. Before that, it's just smoke. Obviously for M&A targets, we cannot answer the question because it's signed when it's signed. obviously for m&a targets we cannot answer the question because it's signed when it's signed Before that, it's just smoke. before that it's just smoke

Speaker 4: Thank you. We have another question from the same person. How is the progress with R&D Versicherungskammer Bayern and the new European insurance company announced August 5, 2024? I was expecting even higher growth in the Advisortech segment due to onboarding of contracts. Will the rate of onboarding increase? Thank you. thank you We have another question from the same person. we have another question from the same person How is the progress with R&D Versicherungskammer Bayern and the new European insurance company announced August 5, 2024? how is the progress with r&d versicherungskammer bayern and the new european insurance company announced august 5 2024 I was expecting even higher growth in the Advisortech segment due to onboarding of contracts. i was expecting even higher growth in the advisortech segment due to onboarding of contracts Will the rate of onboarding increase? will the rate of onboarding increase

Speaker 1: Marcus, maybe you want to answer this as well. Marcus, maybe you want to answer this as well. marcus maybe you want to answer this as well

Speaker 6: Yeah, so as we know, Iron Forest is more in the bank field. And we know that banks are not so pushy in case of insurances. So it costs a little bit more time, more time as we expected. For the next two years, they planned also to have more grip in the bank branches. Then we expect more insurance businesses for this. For the big European insurance company, we started with the pilot phase and now we went up, opened to more customers. We see the first contractor coming. We will do it step by step. We are still on track with our expectations in this case. Yeah, so as we know, Iron Forest is more in the bank field. yeah so as we know iron forest is more in the bank field And we know that banks are not so pushy in case of insurances. and we know that banks are not so pushy in case of insurances So it costs a little bit more time, more time as we expected. so it costs a little bit more time more time as we expected For the next two years, they planned also to have more grip in the bank branches. for the next two years they planned also to have more grip in the bank branches Then we expect more insurance businesses for this. then we expect more insurance businesses for this For the big European insurance company, we started with the pilot phase and now we went up, opened to more customers. for the big european insurance company we started with the pilot phase and now we went up opened to more customers We see the first contractor coming. we see the first contractor coming We will do it step by step. we will do it step by step We are still on track with our expectations in this case. we are still on track with our expectations in this case

Speaker 4: Thank you so much. We have received a raise in hand by Mr. Yong. You may unmute yourself right now. Thank you so much. thank you so much We have received a raise in hand by Mr. Yong. we have received a raise in hand by mr yong You may unmute yourself right now. you may unmute yourself right now Yeah. Can you hear me? Yeah. yeah Can you hear me? can you hear me

Speaker 2: Yeah, perfect. Yeah, perfect. yeah perfect

Speaker 1: Yes, of course. Yes, of course. yes of course

Speaker 3: Hi, Edwin. Hi, Edwin. hi edwin Good day. Thank you for taking the questions. There's not that much left, but maybe continuing on the last question, especially on the Allianz side. The pilot now, the contribution is a little bit going to expectations, but what kind of order of magnitude should we think about in the case of Allianz and maybe also on the other insurer, Gothaer? I mean. Good day. good day Thank you for taking the questions. thank you for taking the questions There's not that much left, but maybe continuing on the last question, especially on the Allianz side. there's not that much left but maybe continuing on the last question especially on the allianz side The pilot now, the contribution is a little bit going to expectations, but what kind of order of magnitude should we think about in the case of Allianz and maybe also on the other insurer, Gothaer? the pilot now the contribution is a little bit going to expectations but what kind of order of magnitude should we think about in the case of allianz and maybe also on the other insurer gothaer I mean. i mean You mentioned a name that is the secret. This is a big secret, so. You mentioned a name that is the secret. you mentioned a name that is the secret This is a big secret, so. this is a big secret so Sorry, sorry about that. Sorry, sorry about that. sorry sorry about that Telling more about the secret volume, maybe you can give something that does not hurt our NDA too much, Marcus. Telling more about the secret volume, maybe you can give something that does not hurt our NDA too much, Marcus. telling more about the secret volume maybe you can give something that does not hurt our nda too much marcus

Speaker 6: What we can say is that we have learned from our first bigger contracts where we had big plans and expectations and quick ramp-ups. What we see now over the last three years is that these big corporations are all slow. That is the reason why we decided to negotiate minimum refs, minimum revenues, minimum margin, platform fees, and so on and so on in all of this, in all of these corporations. Thus it is nice if volume picks up, but it is not necessary for us to have a minimum profit on these corporations. R&D, you mentioned it is very profitable for us, even if it is not growing that fast. The savings banks in the meantime are very profitable for us because they are growing in the meantime. We are heading eight-digit revenue there. What we can say is that we have learned from our first bigger contracts where we had big plans and expectations and quick ramp-ups. what we can say is that we have learned from our first bigger contracts where we had big plans and expectations and quick ramp-ups What we see now over the last three years is that these big corporations are all slow. what we see now over the last three years is that these big corporations are all slow That is the reason why we decided to negotiate minimum refs, minimum revenues, minimum margin, platform fees, and so on and so on in all of this, in all of these corporations. that is the reason why we decided to negotiate minimum refs minimum revenues minimum margin platform fees and so on and so on in all of this in all of these corporations Thus it is nice if volume picks up, but it is not necessary for us to have a minimum profit on these corporations. thus it is nice if volume picks up but it is not necessary for us to have a minimum profit on these corporations R&D, you mentioned it is very profitable for us, even if it is not growing that fast. r&d you mentioned it is very profitable for us even if it is not growing that fast The savings banks in the meantime are very profitable for us because they are growing in the meantime. the savings banks in the meantime are very profitable for us because they are growing in the meantime We are heading eight-digit revenue there. we are heading eight-digit revenue there The secret name is already very profitable for us, although they have just passed this pilot project stage. Maybe this answers your question, yeah, in a detail we are able to give. The secret name is already very profitable for us, although they have just passed this pilot project stage. the secret name is already very profitable for us although they have just passed this pilot project stage Maybe this answers your question, yeah, in a detail we are able to give. maybe this answers your question yeah in a detail we are able to give Yeah, the growth is still 18%, so it's not lower. Maybe for Ramona, FMK is onboarded, of course, since September, I think half of September even. Maybe on the example of the pet insurance case, can you maybe give a little bit of an example of how that really works? They are generating leads. What kind of conversion do you get out of that? Do you maybe have a little bit more detail on how such a process works? Yeah, the growth is still 18%, so it's not lower. yeah the growth is still 18% so it's not lower Maybe for Ramona, FMK is onboarded, of course, since September, I think half of September even. maybe for ramona fmk is onboarded of course since september i think half of september even Maybe on the example of the pet insurance case, can you maybe give a little bit of an example of how that really works? maybe on the example of the pet insurance case can you maybe give a little bit of an example of how that really works They are generating leads. they are generating leads What kind of conversion do you get out of that? what kind of conversion do you get out of that Do you maybe have a little bit more detail on how such a process works? do you maybe have a little bit more detail on how such a process works

Speaker 2: Sure. I mean, there are different sales approaches. As I said earlier, there are less complex products. You have some sort of comparison portal on their website where you can put in all your data, and then you get a recommendation for the best product for you. You put in all your data in there, and you finish the sale yourself online. That is one part of the business model. That is also what we do in the pet insurance. Just by getting the sale on our website compared to sending the customer to the website of the insurer, we are getting into the value chain and making sure that we are not getting the one-off commission, but also really acting as a broker for the client, also for ongoing commissions, but also knowing the client and making sure that we are the point of contact. Sure. sure I mean, there are different sales approaches. i mean there are different sales approaches As I said earlier, there are less complex products. as i said earlier there are less complex products You have some sort of comparison portal on their website where you can put in all your data, and then you get a recommendation for the best product for you. you have some sort of comparison portal on their website where you can put in all your data and then you get a recommendation for the best product for you You put in all your data in there, and you finish the sale yourself online. That is one part of the business model. That is also what we do in the pet insurance. you put in all your data in there and you finish the sale yourself online. that is one part of the business model. that is also what we do in the pet insurance Just by getting the sale on our website compared to sending the customer to the website of the insurer, we are getting into the value chain and making sure that we are not getting the one-off commission, but also really acting as a broker for the client, also for ongoing commissions, but also knowing the client and making sure that we are the point of contact. just by getting the sale on our website compared to sending the customer to the website of the insurer we are getting into the value chain and making sure that we are not getting the one-off commission but also really acting as a broker for the client also for ongoing commissions but also knowing the client and making sure that we are the point of contact That's the first line, but you can do this only for the less complex products. It's like house content, it's like legal protection, pet insurance, accident, something like that. You have a second line of products which are a lot more complex and where you make a decision that's very often a decision for a lifetime because you only take out insurance once. It's for private health insurance or it's for work disability insurance or other sorts of life insurance. It's a very big decision. Very often customers in Germany, they prefer to talk this through with an expert advisor. In this case, you will have some sort of client interest on the websites of FMK. They have various brands. You put in your data that you are interested in that kind of project, and then that's what we call a lead. That's the first line, but you can do this only for the less complex products. that's the first line but you can do this only for the less complex products It's like house content, it's like legal protection, pet insurance, accident, something like that. it's like house content it's like legal protection pet insurance accident something like that You have a second line of products which are a lot more complex and where you make a decision that's very often a decision for a lifetime because you only take out insurance once. you have a second line of products which are a lot more complex and where you make a decision that's very often a decision for a lifetime because you only take out insurance once It's for private health insurance or it's for work disability insurance or other sorts of life insurance. it's for private health insurance or it's for work disability insurance or other sorts of life insurance It's a very big decision. it's a very big decision Very often customers in Germany, they prefer to talk this through with an expert advisor. very often customers in germany they prefer to talk this through with an expert advisor In this case, you will have some sort of client interest on the websites of FMK. in this case you will have some sort of client interest on the websites of fmk They have various brands. they have various brands You put in your data that you are interested in that kind of project, and then that's what we call a lead. you put in your data that you are interested in that kind of project and then that's what we call a lead They get in contact with one of our advisors. You have some sort of, it is an online sale, but there is an advisor involved. You finish or you make the sale with the advisor. Those are the two kinds of products or product types that we have, and the processes are a little bit different. In both cases, legally, the JDC Plus, one of our daughters, is the legal partner, is the broker of the client. Also, ongoing, we will be responsible for helping the client during the entire phase of the contract. What we are in terms of channeling leads to our brokers, of course, we will focus on the products that need advice because if it is a very simple product, it is not very interesting for our brokers to get in advice on that. They get in contact with one of our advisors. they get in contact with one of our advisors You have some sort of, it is an online sale, but there is an advisor involved. you have some sort of it is an online sale but there is an advisor involved You finish or you make the sale with the advisor. you finish or you make the sale with the advisor Those are the two kinds of products or product types that we have, and the processes are a little bit different. those are the two kinds of products or product types that we have and the processes are a little bit different In both cases, legally, the JDC Plus, one of our daughters, is the legal partner, is the broker of the client. in both cases legally the jdc plus one of our daughters is the legal partner is the broker of the client Also, ongoing, we will be responsible for helping the client during the entire phase of the contract. also ongoing we will be responsible for helping the client during the entire phase of the contract What we are in terms of channeling leads to our brokers, of course, we will focus on the products that need advice because if it is a very simple product, it is not very interesting for our brokers to get in advice on that. what we are in terms of channeling leads to our brokers of course we will focus on the products that need advice because if it is a very simple product, it is not very interesting for our brokers to get in advice on that In the second line of products, that's also where we will separate the leads. Parts we will do ourselves and parts we will give into the broker channel. In the second line of products, that's also where we will separate the leads. in the second line of products that's also where we will separate the leads Parts we will do ourselves and parts we will give into the broker channel. parts we will do ourselves and parts we will give into the broker channel

Speaker 3: Yeah, and one additional comment, Edwin, to the pet insurance. You remember FMK, click-out model to pet insurer, it's only lead and not a customer. Tomorrow, it's our comparison platform. Tomorrow is today because it's online now or next week. If you compare a product and you leave your personal data, then you are my or our customer, and we are able to send you more information to advertise other products. We will build up a customer base at FMK that is not there for the past. This is the second, yeah, the second potential beside the situation that we do not just click out, but we sell it onto our own portfolios. Yeah, and one additional comment, Edwin, to the pet insurance. yeah and one additional comment edwin to the pet insurance You remember FMK, click-out model to pet insurer, it's only lead and not a customer. you remember fmk click-out model to pet insurer it's only lead and not a customer Tomorrow, it's our comparison platform. tomorrow it's our comparison platform Tomorrow is today because it's online now or next week. tomorrow is today because it's online now or next week If you compare a product and you leave your personal data, then you are my or our customer, and we are able to send you more information to advertise other products. if you compare a product and you leave your personal data then you are my or our customer and we are able to send you more information to advertise other products We will build up a customer base at FMK that is not there for the past. we will build up a customer base at fmk that is not there for the past This is the second, yeah, the second potential beside the situation that we do not just click out, but we sell it onto our own portfolios. this is the second yeah the second potential beside the situation that we do not just click out but we sell it onto our own portfolios Yeah. What kind of conversion do you get on these leads? I think FMK generates leads for you. Should we think about 50% conversion or maybe 10%? I have no idea. Yeah. yeah What kind of conversion do you get on these leads? what kind of conversion do you get on these leads I think FMK generates leads for you. i think fmk generates leads for you Should we think about 50% conversion or maybe 10%? should we think about 50% conversion or maybe 10% I have no idea. i have no idea

Speaker 2: That depends very much on the product, of course. If you have very complex products, of course, the conversion rate is much lower versus products that are, for example, compulsory in Germany. You have some regions in Germany where you have to take out a third legal cover if you have a pet. In these kinds of products, you have a very high conversion because you just have to do it. In other products that are more expensive and where you can take it out or you cannot, they are lower. I would not really feel comfortable sharing conversion rates in this audience because those are one of the best kept secrets in the industry. It would not help us in our competitive environment if you would share this. I'm sorry. That depends very much on the product, of course. that depends very much on the product of course If you have very complex products, of course, the conversion rate is much lower versus products that are, for example, compulsory in Germany. if you have very complex products of course the conversion rate is much lower versus products that are for example compulsory in germany You have some regions in Germany where you have to take out a third legal cover if you have a pet. you have some regions in germany where you have to take out a third legal cover if you have a pet In these kinds of products, you have a very high conversion because you just have to do it. in these kinds of products you have a very high conversion because you just have to do it in In other products that are more expensive and where you can take it out or you cannot, they are lower. in other products that are more expensive and where you can take it out or you cannot they are lower I would not really feel comfortable sharing conversion rates in this audience because those are one of the best kept secrets in the industry. i would not really feel comfortable sharing conversion rates in this audience because those are one of the best kept secrets in the industry It would not help us in our competitive environment if you would share this. it would not help us in our competitive environment if you would share this I'm sorry. i'm sorry

Speaker 3: It is not, Edwin, it is not 50%. It is not, Edwin, it is not 50%. it is not edwin, it is not 50%

Speaker 2: It's not 50%. It's not 50%. it's not 50%

Speaker 3: Not 50%. Unfortunately. Not 50%. not 50% Unfortunately. unfortunately

Speaker 2: Yeah. There are products that are double-digit, but not often. Yeah. yeah There are products that are double-digit, but not often. there are products that are double-digit but not often Clear. Finally, we always get the nice sheet with the annual goals, the goals for 2026, like what's happening with M&A asset management. What are the priorities for 2026 besides, of course, integrating FMK? Clear. clear Finally, we always get the nice sheet with the annual goals, the goals for 2026, like what's happening with M&A asset management. finally we always get the nice sheet with the annual goals the goals for 2026 like what's happening with m&a asset management What are the priorities for 2026 besides, of course, integrating FMK? what are the priorities for 2026 besides of course integrating fmk

Speaker 3: Sebastian. Sebastian. sebastian

Speaker 1: We have all these segments have their challenges or also their chances, right? We can see that after a lot of these pension management projects are postponed to next year, we will collect those Q1, Q2. There are very big companies ahead. We expect a rebound in the life insurance business. We expect a very strong health insurance business as the premium increases of health insurers are up quite considerably, double-digit figures a lot. That means that we expect very good health insurance business for Q4, but also Q1 next year. Also, by growing our transfer of contract business, we will, yeah, we have not put this out, but these transfers might reach 1 million next year. On all of these fields we reported to you in the past, there are strong growth figures attached. We have all these segments have their challenges or also their chances, right? we have all these segments have their challenges or also their chances right We can see that after a lot of these pension management projects are postponed to next year, we will collect those Q1, Q2. There are very big companies ahead. we can see that after a lot of these pension management projects are postponed to next year we will collect those q1 q2. there are very big companies ahead We expect a rebound in the life insurance business. we expect a rebound in the life insurance business We expect a very strong health insurance business as the premium increases of health insurers are up quite considerably, double-digit figures a lot. we expect a very strong health insurance business as the premium increases of health insurers are up quite considerably double-digit figures a lot That means that we expect very good health insurance business for Q4, but also Q1 next year. that means that we expect very good health insurance business for q4 but also q1 next year Also, by growing our transfer of contract business, we will, yeah, we have not put this out, but these transfers might reach 1 million next year. also by growing our transfer of contract business we will yeah we have not put this out but these transfers might reach 1 million next year On all of these fields we reported to you in the past, there are strong growth figures attached. on all of these fields we reported to you in the past, there are strong growth figures attached Okay. Thank you very much. Okay. okay Thank you very much. thank you very much

Speaker 3: Thank you, Edwin. Thank you, Edwin. thank you edwin

Speaker 4: Thank you so much, Mr. Liang, for your questions. We have two left in the chat box. The first one is, are there any plans to switch the stock exchange segment from Scale to the General Standard in the next two years? Thank you so much, Mr. Liang, for your questions. thank you so much mr liang for your questions We have two left in the chat box. we have two left in the chat box The first one is, are there any plans to switch the stock exchange segment from Scale to the General Standard in the next two years? the first one is are there any plans to switch the stock exchange segment from scale to the general standard in the next two years

Speaker 3: We are evaluating. We are evaluating. we are evaluating

Speaker 1: Yeah, we talked about this sometimes. I think as we obviously now we are in a Q3 call, which we are not obliged to do in a scale segment. Obviously, we are compliant with most of all these regulations in the scale. It's just a question, is it beneficially, does it help much spending EUR 250,000-EUR 300,000 more a year for the stock exchange listing, and do we have a broader impact? We are evaluating, yes. It should not be a problem if we decided to do so. Yeah, we talked about this sometimes. yeah we talked about this sometimes I think as we obviously now we are in a Q3 call, which we are not obliged to do in a scale segment. i think as we obviously now we are in a q3 call which we are not obliged to do in a scale segment Obviously, we are compliant with most of all these regulations in the scale. obviously we are compliant with most of all these regulations in the scale It's just a question, is it beneficially, does it help much spending EUR 250,000-EUR 300,000 more a year for the stock exchange listing, and do we have a broader impact? it's just a question is it beneficially does it help much spending eur 250,000-eur 300,000 more a year for the stock exchange listing and do we have a broader impact We are evaluating, yes. we are evaluating yes It should not be a problem if we decided to do so. it should not be a problem if we decided to do so

Speaker 3: Evaluating positively. Evaluating positively. evaluating positively

Speaker 1: Yes. Yes. yes

Speaker 4: All right. Thank you so much. The other question was, with the acquisition of FMK Group, do you foresee any conflicts of interest between your direct channel and the intermediaries served through your broker platform? How do you intend to manage to mitigate these potential conflicts? All right. all right Thank you so much. thank you so much The other question was, with the acquisition of FMK Group, do you foresee any conflicts of interest between your direct channel and the intermediaries served through your broker platform? the other question was with the acquisition of fmk group do you foresee any conflicts of interest between your direct channel and the intermediaries served through your broker platform How do you intend to manage to mitigate these potential conflicts? how do you intend to manage to mitigate these potential conflicts

Speaker 3: Yeah, we've been through this when we acquired Geld.de. That was 2000. Yeah, we've been through this when we acquired Geld.de. yeah we've been through this when we acquired geld.de That was 2000. that was 2000

Speaker 1: 15. 15. 15

Speaker 3: Yeah. Not really now, on the contrary, I think whenever we provide our brokers with the leads and our lead auction platform will start in the beginning of the year, I think it is rather more attractive for brokers to come to the platform. Yeah. yeah Not really now, on the contrary, I think whenever we provide our brokers with the leads and our lead auction platform will start in the beginning of the year, I think it is rather more attractive for brokers to come to the platform. not really now on the contrary i think whenever we provide our brokers with the leads and our lead auction platform will start in the beginning of the year i think it is rather more attractive for brokers to come to the platform

Speaker 1: Oh, definitely. Oh, definitely. oh definitely

Speaker 3: And Ramona. And Ramona. and ramona

Speaker 4: We have one last question. Does FMK have any cyclicality in earnings, or is the EBITDA normally spread evenly between the four quarters? We have one last question. we have one last question Does FMK have any cyclicality in earnings, or is the EBITDA normally spread evenly between the four quarters? does fmk have any cyclicality in earnings or is the ebitda normally spread evenly between the four quarters

Speaker 3: Surprisingly, yes, which was surprising to me. I also did not understand why Germans buy financial products only in the fourth quarter. It is that it is. At FMK, Ramona, please correct me. We have a strong fourth quarter and a strong beginning of the year. Ramona will give you the explanation. Surprisingly, yes, which was surprising to me. surprisingly yes which was surprising to me I also did not understand why Germans buy financial products only in the fourth quarter. i also did not understand why germans buy financial products only in the fourth quarter It is that it is. it is that it is At FMK, Ramona, please correct me. at fmk ramona please correct me We have a strong fourth quarter and a strong beginning of the year. we have a strong fourth quarter and a strong beginning of the year Ramona will give you the explanation. ramona will give you the explanation

Speaker 2: Yeah, it's very interesting that consumers in Germany, especially in the beginning of the year, are thinking about their financial products. It's a little bit in, I don't know how to say that in English, if you make good wishes for the next year, and then you feel like, okay, I really have to get my finances under control next year. In January and February, there is a lot of traffic on these. We also see this with one of our large clients, Finanzguru, that also has an end customer focus, that they also have a lot of interest in the first quarter. I mean, if you're in your summer vacation in August, you probably don't think so much about getting out insurance. Yeah, it's very interesting that consumers in Germany, especially in the beginning of the year, are thinking about their financial products. yeah it's very interesting that consumers in germany especially in the beginning of the year, are thinking about their financial products It's a little bit in, I don't know how to say that in English, if you make good wishes for the next year, and then you feel like, okay, I really have to get my finances under control next year. it's a little bit in i don't know how to say that in english if you make good wishes for the next year and then you feel like okay i really have to get my finances under control next year In January and February, there is a lot of traffic on these. in january and february there is a lot of traffic on these We also see this with one of our large clients, Finanzguru, that also has an end customer focus, that they also have a lot of interest in the first quarter. we also see this with one of our large clients finanzguru that also has an end customer focus that they also have a lot of interest in the first quarter I mean, if you're in your summer vacation in August, you probably don't think so much about getting out insurance. i mean if you're in your summer vacation in august you probably don't think so much about getting out insurance In the cold winter, if you're staying at home and then you are thinking about what to do next year, somehow a lot of people are a lot like that. In the end customer business and financial services, it's usually around changing the year that you have a lot more traffic than you have in the other quarters. In the cold winter, if you're staying at home and then you are thinking about what to do next year, somehow a lot of people are a lot like that. in the cold winter if you're staying at home and then you are thinking about what to do next year somehow a lot of people are a lot like that In the end customer business and financial services, it's usually around changing the year that you have a lot more traffic than you have in the other quarters. in the end customer business and financial services it's usually around changing the year that you have a lot more traffic than you have in the other quarters

Speaker 4: Thank you so much. Thank you for all of your questions and your answers. We have not received any further questions, as I can see, or raise hands. We therefore come to the end of today's earnings call. Thank you for joining for the dynamic conversation and all your questions in the chat box. A big thank you also to Sebastian, Ralf, and to you, Ramona, for your presentation and the time you took to answer the questions. Should any further questions appear, though, at a later time, please feel free to contact Investor Relations. I wish you all a lovely weekend, a week. With this, I hand over again to Sebastian for some final remarks. Thank you so much. thank you so much Thank you for all of your questions and your answers. thank you for all of your questions and your answers We have not received any further questions, as I can see, or raise hands. we have not received any further questions as i can see or raise hands We therefore come to the end of today's earnings call. we therefore come to the end of today's earnings call Thank you for joining for the dynamic conversation and all your questions in the chat box. thank you for joining for the dynamic conversation and all your questions in the chat box A big thank you also to Sebastian, Ralf, and to you, Ramona, for your presentation and the time you took to answer the questions. a big thank you also to sebastian ralf and to you ramona for your presentation and the time you took to answer the questions Should any further questions appear, though, at a later time, please feel free to contact Investor Relations. should any further questions appear though at a later time please feel free to contact investor relations I wish you all a lovely weekend, a week. i wish you all a lovely weekend a week With this, I hand over again to Sebastian for some final remarks. with this i hand over again to sebastian for some final remarks

Speaker 1: Yeah, thank you, Mara. Yeah, thank you for your trust and thank you for being with us now in the earnings call. As Ralf said, there is a lot of good earnings ahead in Q4. We are well aware that we will reach this guidance, taking one-offs or not. We are very confident that we have a good time ahead and also looking forward to 2026. We are very keen on seeing all these very nice growth figures of FMK and all the earnings figures of FMK in our P&L. Again, this is a very great transaction, and it is transforming this company. Reaching EUR 35 million EBITDA in 2026 is a very good outlook that we are looking forward to just execute upon. I hope to see many of you next week at the bell ringing party in the stock exchange. Yeah, thank you, Mara. yeah thank you mara Yeah, thank you for your trust and thank you for being with us now in the earnings call. yeah thank you for your trust and thank you for being with us now in the earnings call As Ralf said, there is a lot of good earnings ahead in Q4. as ralf said, there is a lot of good earnings ahead in q4 We are well aware that we will reach this guidance, taking one-offs or not. we are well aware that we will reach this guidance taking one-offs or not We are very confident that we have a good time ahead and also looking forward to 2026. we are very confident that we have a good time ahead and also looking forward to 2026 We are very keen on seeing all these very nice growth figures of FMK and all the earnings figures of FMK in our P&L. we are very keen on seeing all these very nice growth figures of fmk and all the earnings figures of fmk in our p&l Again, this is a very great transaction, and it is transforming this company. again this is a very great transaction and it is transforming this company Reaching EUR 35 million EBITDA in 2026 is a very good outlook that we are looking forward to just execute upon. reaching eur 35 million ebitda in 2026 is a very good outlook that we are looking forward to just execute upon I hope to see many of you next week at the bell ringing party in the stock exchange. i hope to see many of you next week at the bell ringing party in the stock exchange Yeah, happy to answer more questions then. Yeah, we're very, very happy about the last developments. Thank you very much. Yeah, happy to answer more questions then. yeah happy to answer more questions then Yeah, we're very, very happy about the last developments. yeah we're very very happy about the last developments Thank you very much. thank you very much Bye-bye. Bye-bye. bye-bye

Speaker 3: Bye-bye. Thank you. Bye-bye. bye-bye Thank you. thank you