^ 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. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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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 in9MŽ24), 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 Q3Ž24 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 AuMŽs 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 ++++++++++ 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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Quelle: dpa-Afx