JDC Group (JDC) reported Q126 revenue growth of 20.3% to €74.9m, compared to €74.0m in Q425 and €62.2m in Q125. The increase was largely driven by the acquisition of 60% of FMK in September last year. EBITDA was up 61.1% y-o-y, also driven by FMK, which performed well operationally in the quarter and has relatively high margins compared to the group average. JDC reiterated FY26 guidance for revenues of €300–330m and EBITDA of €35–38m. We leave our estimates unchanged and maintain our DCF-based valuation of €36.18.
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