Strong Start for Netfonds AG in FY25

Netfonds AG has shown a robust start to FY25, with Q1 performance exceeding expectations. Gross sales reached €64.5 million, a 15% increase year-on-year, surpassing the projected €62.9 million. The key driver was the growth in assets under administration (AuA), which stood at €28.5 billion, consistent with estimates and marking significant progress from FY24.

The company reported an EBITDA of €2.8 million, marking a 211% year-on-year increase. This was due to solid topline development and controlled operating expenses. With a new record of €29.3 billion in AuA, the outlook for Q3 remains positive.

Netfonds' proprietary 360° finfire platform is expected to continue fueling growth and consolidation in the insurance broker market. The company maintains a "Buy" recommendation with a target price of €78, despite conservative EBITDA guidance.