Märkte & Kurse

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Original-Research: Netfonds AG - from NuWays AG

19.12.2025 / 09:21 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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Classification of NuWays AG to Netfonds AG

     Company Name:                Netfonds AG
     ISIN:                        DE000A1MME74

     Reason for the research:     Preview / Review
     Recommendation:              BUY
     from:                        19.12.2025
     Target price:                EUR 74.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Frederik Jarchow

Solid Q3 figures; Guidance confirmed; chg

Netfonds reported solid Q3 figures with higher topline but softer than
anticipated bottom line. Further,the company appointed Christian Hammer to
the Management Board and prolonged the contracts ofMartin Steimeyer and Peer
Reichelt. In detail:

Gross sales came in at record EUR 70.4m (+25% yoy), above our estimate of EUR
67m, mainly driven bythe ongoing positive AuA development, reaching EUR
30.75bn at the end of September (vs. EUR 27.2bn in9M´24), driven by further
inflows and solid market performance. On the back of the strong
AuAdevelopment and the typical delayed revenue recognition, we expect even
higher Q4 sales. Asmaterial expenses of EUR 58m remained rather stable (82%
relatively to gross sales vs. 81.4% in H1),net sales came in at EUR 12.7m
(+23% yoy), slightly above our estimates of EUR 12.4m (eNuW).

EBITDA stood at EUR 2.1m (+11% yoy), below our estimate of EUR 3.1m. We assume
that personnelexpenses should have increased to EUR 6.5m (eNuW: +12% yoy) and
other OPEX to EUR 4.0m (eNuW:+54% yoy). EBT came in at EUR 0.8m (vs. EUR 1.2m in
Q3´24 vs eNuW: EUR 1.8m) with D&A that shouldhave remained stable (eNuW: EUR
1.2m) and a financial result that was burdened by the interestpayment for
the bond (eNuW: EUR 0.1m).

Importantly, especially the ongoing strong AuA development serves as an
indicator for future growththat should already start to materialize in Q4.
Knowing that the more profitable AuM´s are growingmore dynamically, EBITDA
margins should expand further. Hence, we still see the company well ontrack
to reach its FY25 guidance. Mind you, Q4 is usually the strongest and most
profitable quarter.
Thanks to its proprietary 360° finfire platform, Netfonds should enjoy the
typical scale effects of agrowing platform business.

Moreover, finfire is seen to fuel the consolidation of the insurancebroker
market that is, in contrary to the investment adviser market, still highly
fragmented. Goingforward, we see growth in this segment stemming from three
sources, 1) direct customer wins, 2)acquisitions and 3) cooperation with
large insurance portfolio holders that could potentially use awhitelabel
version of the platform.

Despite the fact that the last growth layer is rather speculative, we
continue to consider finfire beingthe group's key mid- to long-term growth
and scalability driver. For FY25, we now expect EUR 273mgross sales, EUR 53.8m
net sales and an EBITDA of EUR 12.7m, which is in line with or even above the

guidance of EUR 260-270m gross sales, EUR 52.5-54m net sales and an EBITDA of EUR

12-13.5m
.
In order to further support growth going forward, Netfonds appointed
Christian Hammer to theManagement Board. Christian Hammer served more than
13 years as management director of NFSNetfonds. Under his leadership, NFS
Netfonds has developed into Germany's largest bank-independent liability
umbrella in the industry. Further Netfonds prolonged the contracts of
MartinSteimeyer and Peer Reichelt. For us the appointment as well as the
prolongations symbol thecontinuation of the growth of the last years.

BUY with a unchanged PT of EUR 74.00 , based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=34e7ae9e73344cc4409cd4427691c001
For additional information visit our website:
https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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2249066 19.12.2025 CET/CEST

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