JDC Group AG reported a record first half for 2026, with turnover rising 22.8% year-over-year to EUR 143.5 million and EBITDA jumping 82.7% to EUR 14.5 million. Quarterly figures showed continued momentum, with Q2 2026 turnover at EUR 68.6 million, up 25.5% from the prior year, and EBITDA doubling to EUR 6.4 million.
Gross profit for the six-month period increased 26.7% to EUR 31.8 million, while operating cash flow rose EUR 2 million year-over-year to EUR 8.5 million. The company’s cash position strengthened to EUR 35 million as of June 30, with management noting it had reached approximately EUR 45 million by the earnings call date. Assets under management grew 18% during the period, while annual net premiums increased 11%.
Management attributed the performance to strong growth in the Advisortech segment, which reported revenue of EUR 224 million in H1 2026, up 26.1% year-over-year. The FMK unit contributed EUR 22 million in turnover and EUR 7 million in EBITDA for the half-year, with the rating comparison and lead business segment accounting for about 80% of the combined EUR 22.6 million contribution from that area. IFA business represented 51% of turnover, while major customers contributed more than 25% and the rating comparison segment exceeded 20%. The advisory segment grew 8% to EUR 28.8 million in H1.
The company maintained its full-year 2026 guidance, targeting turnover of EUR 300 million to EUR 330 million and EBITDA of EUR 35 million to EUR 38 million. Analysts’ price targets range from USD 35.70 to USD 41.67, implying potential upside of up to 47% from the current trading level.
JDC Group’s outlook includes the upcoming launch of Germany’s Altersvorsorgedepot (AVD) retirement product on January 1, 2027, which is expected to generate annual cost savings of EUR 1.5 million to EUR 2 million starting next year. Capital allocation priorities were outlined as mergers and acquisitions first, followed by share buybacks, dividends, and bond repayment.
The stock was trading at USD 23.20, down 0.85% from the prior close, with a 52-week range of USD 20.10 to USD 32.60. The company’s P/E ratio stands at 47.8, with a price-to-book ratio of 4.85. Management noted conservative accounting decisions, including the decision not to accrue EUR 4 million in performance fees and EUR 600,000 in EBITDA for H1 2026 due to geopolitical uncertainty.
