JDC Group — JDC progresses as planned in Q1

JDC Group (JDC) reported strong Q125 results. Top-line growth was high at 16.7%, indicating that JDC is well on track to reach the 15.4% top-line growth management guided for (the midpoint of its FY25 range). Growth was driven by both the platform Advisortech division and Advisory activities. We believe JDC’s profile offers protection from global trade and economic issues that are prevalent in other sectors of the German economy. The financial position is strong and further M&A is on the agenda. Management reiterated FY25 guidance for revenue of €245–265m and EBITDA of €18.5–20.5m, along with mid-term guidance of €450–500m in turnover and EBITDA of €40–50m by 2030.