Preliminary results for the second quarter and first half of 2024

PRESS RELEASE

Preliminary results for the second quarter and first half of 2024

●    Successful second quarter and first half of 2024
●    Assets at new record level
●    Strong growth in the wealth management segment 

Hamburg, 20 August 2024 - Netfonds AG (ISIN: DE000A1MME74), a leading platform in the German financial industry, generated gross revenues of EUR 56.5 million in the second quarter of 2024 (Q2 2023: EUR 46.5 million). In the first half of 2024, consolidated group revenues totalled EUR 112.5 million (H1 2023: EUR 93.3 million). This corresponds to an increase of 20.5% compared to revenue in the first half of the previous year. 

In terms of earnings, the Netfonds Group's EBITDA in the second quarter of 2024 was up on the previous year at EUR 2.0 million (Q2 2023: EUR 1.5 million). EBITDA for the first half of 2024 totalled EUR 3.0 million (H1 2023: EUR 1.9 million). Assets under administration as the basis for recurring income reached a new record level of EUR 26.2 billion (H1 2023: EUR 22.8 billion).

Current company development

With organic growth of almost 20% compared to the same period of the previous year, the strong momentum of the investment business formed the main basis for the positive development in the first half of the year. The investment division of the Netfonds Group, as well as NFS Netfonds as a service provider for investment professionals and wealth managers, recorded outstanding growth in assets under management and administration in the first half of 2024. Wealth management also contributed to this strong performance in this period. 

As already reported, assets were at a new record level of over EUR 26.2 billion as at 30 June 2024. This corresponds to an increase of around 10% since the beginning of the year and 15% over the twelve-month period. Around EUR 20 billion is attributable to the custody business with private investors and over EUR 6 billion to the fund and investment advisory segment. Since the beginning of the year, the funds managed with Netfonds advisers have generated a total of more than EUR 2.6 billion in additional assets.

Our platform for wealth management and strategy portfolios (NFS Hamburger Vermögen) once again recorded the strongest growth within the Netfonds Group. In the first half of 2024, more than EUR 600 million was gained in this segment. The Netfonds Group already managed around EUR 3.3 billion in asset management as at 30 June 2024. This corresponds to growth of over 20% since the beginning of the year. It is primarily the result of organic cash inflows and partly due to the positive performance on the capital markets.

Outlook for the rest of the financial year

In light of the business performance in the first half of the year, the Management Board confirms the business forecast for 2024 as a whole. Netfonds is currently forecasting gross revenue in the range of EUR 220 million to EUR 230 million. Net sales are expected to be between EUR 41.5 million and EUR 43.0 million.

Netfonds AG will publish its half-year financial statements in mid-September and provide further details in a conference call.

Further information on the Netfonds Group and its affiliated subsidiaries can be found at www.netfonds.de.

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Contact 
Netfonds AG 
Heidenkampsweg 73 
20097 Hamburg 
Germany

Investor Relations
Philip Angrabeit
Phone: +49 40 822 267 142
E-mail: pangrabeit@netfonds.de

About the Netfonds Group
The Netfonds Group is a leading platform for administration, consulting and regulation for the German financial industry. Under the finfire brand, the company provides its customers and partners with a cloud-based technology platform for the complete processing and administration of business transactions. Netfonds' customers thus benefit from one of the most modern software solutions on the market, which significantly simplifies the advisory process, makes it secure and enables target group-specific advice. The shares of Netfonds AG are listed in the m:access segment of the Munich Stock Exchange and can be traded via XETRA.