Strong margin development in Q4

JDC Group reported an 18.1% y-o-y increase in revenues to €74.0m, and 61.9% higher EBITDA of €9.6m in Q425. Management narrowed FY26 guidance to revenues of €300–330m (unchanged) and EBITDA of €35–38m (previously >€35m). The recently acquired FMK Group (60%) contributed €4.5m to FY25 EBITDA and is expected to contribute ~€10m more this year. AI is expected to be transformative for insurance and JDC seems to be well positioned to benefit from this. We will fine-tune our estimates and valuation after the final results, which will be reported on 31 March.