ZEAL Network SE 9M 2025: Key Takeaways

ZEAL Network SE 9M 2025 Update: Profitable Growth and Upgraded Guidance

Presented by Andrea Behrendt, CFO of ZEAL Network SE

In this update, Andrea Behrendt, CFO of ZEAL Network SE, presents the highlights of the first nine months of 2025, reflecting another strong period of profitable growth and the confirmation of ZEAL’s upgraded full-year guidance.

Continued Profitable Growth

ZEAL Network — Germany’s leading online lottery platform — once again demonstrated its resilient business model and scalable profitability in 2025.

The group’s key financial metrics show steady improvement across all areas:

- Billings: Increased further year-on-year, driven by sustained player activity and product expansion.

- Revenue: Rose in line with higher customer demand and strong cross-selling into instant games.

- EBITDA: Significantly above last year’s level, confirming continued operational leverage.

- Cash Generation: Robust, reflecting ZEAL’s high-margin digital model.

This performance underlines ZEAL’s remarkable resilience and ability to achieve profitable growth even in a fiercely competitive online entertainment landscape.

Customer and Product Momentum

ZEAL continues to strengthen its position in the German online lottery market through continuous innovation, data-driven marketing, and customer retention initiatives.

- Customer numbers grew steadily, with an increasing share of mobile app users.

- Average billings per active user remained healthy, highlighting high engagement and trust.

- Instant Games continued to expand as a second growth pillar, attracting new audiences beyond traditional lottery players.

Upgraded Full-Year Guidance

On the back of strong 9M results, ZEAL raised its full-year guidance for 2025, now expecting:

- Higher revenue and EBITDA ranges than previous forecasts.

- Sustained positive cash flow and further margin improvement.

- Continued disciplined cost management alongside marketing efficiency gains.

This upgrade confirms ZEAL’s long-term growth trajectory and reflects both the scalability of its digital platform and the effectiveness of its strategic initiatives.

Strategic Focus: Innovation and Sustainability

ZEAL continues to focus on product innovation, responsible gaming, and sustainable growth:

- Expansion of social and charity lotteries that support community causes.

- Strong adherence to regulatory compliance and player protection standards.

- Increased investment in AI-based customer analytics and personalization tools.

CFO Andrea Behrendt Concludes

“ZEAL continues to deliver on its promise of profitable, sustainable growth.

Our upgraded outlook reflects strong customer trust, operational efficiency, and strategic clarity.”

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Amadeus Fire AG 9M 2025: Key Takeaways

In this update, Joerg Peters, Head of Investor Relations at Amadeus Fire AG, outlines the key developments from the first nine months of 2025 — highlighting the company’s resilience in a demanding market, disciplined cost management, and confirmed full-year guidance.

Demonstrating Resilience in a Challenging Market

Despite a persistently soft macroeconomic backdrop in Germany, Amadeus Fire Group maintained stable business momentum across its personnel services and training divisions.

The group continued to benefit from its specialization in finance, accounting, IT, and HR, which remain structurally high-demand areas.

While clients showed continued caution in new project starts, recurring business and long-term customer relationships helped stabilize revenues.

Showcasing Strong Financial Highlights for 9M 2025

- Revenue: €(approximately 320–340 million) – broadly in line with the previous year

- EBITA: Slightly below last year due to muted demand in certain staffing areas

- Cash Flow: Remained strong, underscoring Amadeus Fire’s robust business model

- Dividend & Outlook: Full-year guidance reaffirmed; consistent payout policy maintained

- The company’s cost discipline, diversified client base, and focus on high-margin segments, such as interim management and specialised training, contributed to a resilient performance profile.

Balanced Growth Drivers

Amadeus Fire continues to leverage its dual-segment model — Personnel Services and Training — to create synergies and stabilize performance:

- The staffing segment remains supported by ongoing demand for qualified finance and IT professionals, particularly in interim roles and permanent placements.

- The training business benefited from strong activity in corporate- and public-funded reskilling programs through its well-established brands, including Comcave, GFN, and Dr Endriss.

This combination provides Amadeus Fire with counter-cyclical stability — a key differentiator in a volatile economic climate.

Outlook Confirmed

Joerg Peters reaffirmed the company’s 2025 full-year forecast, supported by solid operational fundamentals and steady demand in its core markets.

While visibility remains limited in parts of the staffing segment, structural megatrends — such as demographic shifts and digital transformation — continue to underpin long-term demand for qualified personnel and training solutions.

Joerg Peters Concludes

“Amadeus Fire remains well positioned in a competitive environment thanks to our specialization, our strong client relationships, and the stability of our dual business model.

We focus on operational excellence and long-term value creation.”

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Wacker Chemie AG 9M 2025: Key Takeaways

Demonstrating Resilience Across All Divisions

Wacker Chemie’s key divisions — Silicones, Polymers, Biosolutions, and Polysilicon — demonstrated a resilient performance in a challenging macroeconomic environment. Despite global economic headwinds and energy cost pressures, the group delivered stable revenue and profitability, driven by higher volumes, better product mix, and operational excellence.

The Silicones division, Wacker’s largest contributor, maintained solid sales despite pricing normalization, supported by demand in construction, automotive, and electronics applications. The Polymers segment showed improved volumes and higher margins due to continued substitution of traditional materials with sustainable dispersions and binders.

Meanwhile, Biosolutions continued to grow steadily in life sciences and biotechnology applications, reflecting Wacker’s strategic focus on expanding its biotech footprint. The Polysilicon business, after experiencing market volatility in previous quarters, stabilised amid strong demand from both semiconductor and solar customers.

Financial Highlights

For the first nine months of FY 2024/25, Wacker Chemie achieved:

- Revenue slightly above the prior year’s level, supported by stronger volumes

- EBITDA growth driven by efficiency gains and lower raw material costs

- Improved cash generation and a solid balance sheet, allowing flexibility for future investments

Joerg Hoffmann underlined that Wacker’s consistent cost discipline and lean operations were key to maintaining profitability even in a challenging global market environment.

Strategic Focus: Firmly Rooted in Innovation, Sustainability & Specialty Growth

Wacker Chemie continues to transition from a cyclical materials company into a specialty and biotech-driven chemical leader. The group invests heavily in:

- High-margin silicone specialties for e-mobility, semiconductors, and healthcare

- Biosolutions, focusing on pharmaceutical proteins, cell-culture media, and biopharmaceutical contract manufacturing

- Sustainable production, including CO₂ reduction, circular materials, and renewable energy integration

These initiatives are aligned with Wacker’s long-term vision to achieve sustainable value creation and to strengthen its position as one of Europe’s most innovation-driven chemical groups.

Outlook

For the full year 2025, Wacker Chemie expects:

- EBITDA to remain solid in a normalizing pricing environment

- Revenue growth supported by increasing demand for specialty silicones and biosolutions

- Free cash flow to stay positive, reflecting the company’s strong operational performance

Wacker remains confident in its strategic course, emphasizing resilience, innovation, and financial discipline as the foundation for future growth. This confidence is underpinned by the company’s strong operational performance and strategic investments.

Key Takeaway

Wacker Chemie AG demonstrates that even in a volatile global environment, strong innovation, disciplined cost management, and diversified end markets create a stable and profitable business foundation.

As Joerg Hoffmann concludes:

“Wacker continues to deliver consistent results and invests strategically in technologies that will define the next decade — from biotech to sustainable materials.”

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

BRAIN Biotech AG Deep Dive: Key Takeaways

In this exclusive deep dive, Michael Schneiders, CFO of Brain Biotech AG, takes on the seven most frequently asked questions from institutional investors — offering clarity, conviction, and a forward-looking view on everything from AI-driven enzyme discovery to U.S. expansion, M&A, and the commercial pipeline within the BioIncubator portfolio.

Let’s unpack the key investor topics that matter most to understanding Brain Biotech’s current strategy and its long-term value-creation potential.

1. What are Enzymes, and Why Are They So Attractive?

Enzymes are natural proteins that catalyze biochemical reactions, and Brain Biotech focuses on microbial enzymes with industrial and human applications. Why does this matter to investors? Because enzymes offer low-energy, biodegradable, and sustainable alternatives to chemical synthesis — making them key tools in the green industrial transformation.

The global enzyme market stands at €6 billion, growing at mid-single-digit rates with strong margins. Consumers prefer natural enzyme-based solutions, especially in food, nutrition, and life sciences. Brain, with its unique position and strategic focus, is well-positioned to lead this trend.

2. What Sets Brain Biotech Apart from Other Industrial Biotech Firms?

Michael Schneiders emphasizes Brain’s end-to-end platform—from discovery and AI-assisted enzyme design, to development, fermentation, and production. Few players can offer the full value chain. This integrated model serves three verticals:

Products

Proprietary enzymes for food & life science.

CDMO

Contract manufacturing for biopharma clients.

CRO

Custom research in enzyme innovation.

This makes Brain not just a supplier, but a strategic co-developer with its clients — increasing stickiness, value creation, and margin expansion.

3. How Is AI Revolutionizing Enzyme Discovery at Brain?

Brain’s AI and machine learning platforms are now central to its enzyme innovation engine. Their proprietary platform, “MetXtra,” enables the discovery and synthetic design of novel enzymes, with 99% of the sequences unique to public databases.

With bioinformatics, machine learning, and CRISPR gene editing, Brain is accelerating timelines from idea to prototype, cutting costs, and driving customer success. Their goal: design enzymes that don’t yet exist in nature—customized for client needs.

This digital-first approach is transforming Brain into a tech-enabled biotech innovator—and investors are taking notice.

4. What Are Brain’s Medium-Term Growth Targets, and What Role Does M&A Play?

Brain’s mid-term goal is to double enzyme segment sales through high-single-digit to low-double-digit organic growth. The addressable market for their core activities is approximately €2 billion — and with only €50 million in sales today, there’s massive upside.

Brain also aims to lift its adjusted EBITDA margin from 10% to 15%, unlocking operational leverage as scale increases.

While organic growth is the priority, Brain remains opportunistic on M&A—with a successful track record including Biocatalysts, RareTech, and AnalytiCon Discovery. One more medium-sized acquisition (à la Biocatalysts) is planned within the next 5 years. ..

▶️ Other videos: 

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/ 

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/nvestor-relations-financial-results/ 

ESG Presentation: https://seat11a.com/investor-relations-esg/ 

T&C 

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

🎙️ Amadeus Fire AG – Elevator Pitch by CEO Robert von Wülfing

In this special elevator pitch, Robert von Wülfing, CEO of Amadeus Fire AG, offers a dynamic, high-level walkthrough of one of Germany’s most respected players in white-collar staffing and vocational education.

Based in Frankfurt and operating nationwide, Amadeus Fire stands out in the German HR market with its distinctive blend of personnel services and advanced professional training. This unique approach is perfectly aligned with the long-term labour market trends, making us a force to be reckoned with.

A Company That Connects People and Skills
At its core, Amadeus Fire is a platform for qualifications. The group not only matches highly qualified candidates with companies across Germany but also offers training and upskilling services under leading educational brands. This dual structure is our competitive edge, as it addresses both the supply and demand sides of skills.

As Robert explains, “We are a career-long partner—for professionals and companies alike.” Whether a CFO needs a top finance interim, a job seeker requires retraining, or an IT team requires niche support, Amadeus Fire delivers.

Business Structure: Dual Engines Driving Sustainable Growth

1. Staffing (ca. 60% of revenue)
Focus: White-collar roles in finance, accounting, HR, IT, and procurement
Services:

• Permanent Placement – now the largest profit contributor

• Interim Management – freelance specialists on demand

• Temporary Staffing – employees on Amadeus payroll deployed to client projects
  Network: 22 offices across Germany

2. Training (ca. 40% of revenue)
Brands: Comcave, GFN, Steuer-Fachschule Dr Endriss, and others
Markets Served:

• Publicly funded (B2G): Retraining and reskilling unemployed workers

• Corporate (B2B): Customised upskilling programs for enterprises

• Private (B2C): Individual learners looking to upskill or switch careers

The complementary nature of both segments creates a robust, counter-cyclical business model. This design ensures that Amadeus Fire is highly resilient to economic swings, providing our clients and partners with a sense of stability and confidence in our services.

Market Drivers: Scarcity, Skills, and Demographics
Robert von Wülfing lays out a compelling case: Germany is facing a long-term talent shortage. The baby boomer generation is retiring—reducing the workforce by 1% per year over the next decade—and there aren’t enough skilled replacements.

Amadeus Fire is positioned perfectly to help solve this challenge.

Whether it’s a corporation seeking urgently needed IT professionals or a displaced worker requiring retraining, Amadeus Fire offers scalable, targeted solutions through its talent ecosystem.

Growth and Strategy Highlights

• Organic growth in both staffing and training

• Inorganic expansion via acquisitions (e.g., Masterplan.com in 2025)

• Digital transformation, especially in AI-first training environments

• Ecosystem building that integrates staffing + training + digital platforms

In the finance and accounting segment, where Amadeus Fire is a market leader, the company continues to win market share through speed, quality, and deep customer relationships.

▶️ Other Videos:

• Elevator Pitch: seat11a.com/investor-relations-elevator-pitch

• Company Presentation: seat11a.com/investor-relations-company-presentation

• Deep Dive Presentation: seat11a.com/investor-relations-deep-dive

• Financial Results Presentation: seat11a.com/nvestor-relations-financial-results

• ESG Presentation: seat11a.com/investor-relations-esg

T&C
This publication is intended solely for informational purposes and does not constitute investment advice.
By using this website, you agree to our terms and conditions as outlined on:
👉 www.seat11a.com/legal👉 www.seat11a.com/imprint

BRAIN Biotech AG Q1 2024/25: Key Takeaways

BRAIN Biotech 9M 2024/25 Financial Results Deep Dive

Presented by Michael Schneiders, CFO | seat11a.com

BRAIN Biotech Accelerates Growth in Core Business While Strengthening BioIncubator Pipeline

In the first nine months of fiscal year 2024/25, BRAIN Biotech AG delivered a robust operational performance marked by steady revenue growth in its core segment and significant progress in its innovation pipeline. CFO Michael Schneiders outlined the company’s dual focus: scaling its BRAIN Biocatalysts division and commercialising projects within the BRAIN BioIncubator—its innovation engine for biotech breakthroughs.

Solid Revenue Growth in Core Segment: BRAIN Biocatalysts

BRAIN Biocatalysts—the heart of BRAIN Biotech’s operations—continues to perform like a “Swiss army knife” of industrial biotech, demonstrating its versatility and adaptability. Revenue in this segment increased by 8.1% year-over-year in Q3, driven by strong product sales and increased utilization of large-scale fermenters, particularly at the Cardiff and US operations. While the baking ingredients sector faced some softness, other verticals remained resilient. The adjusted EBITDA margin continued to improve due to scale effects, a more favourable product mix, and disciplined cost management.

The division also stands out for its fully integrated biotech platform: from discovery and strain development to industrial-scale production and sales. BRAIN serves the full enzyme value chain, offering tailor-made solutions as a Contract Research Organisation (CRO) and Contract Manufacturing Organization (CMO/CDMO).

Innovation Engine: BRAIN BioIncubator

The BioIncubator division, which focuses on strategic participations and breakthrough biotech innovation, saw mixed performance in 9M 2024/25. While sales were softer due to the absence of milestone revenues from previous years and subdued order intake at AnalytiCon Discovery, significant strategic wins boosted the segment’s outlook. These wins include a strategic partnership with Corbion (Amsterdam-based sustainable ingredient leader) to commercialize “Perillic Active,” a natural antimicrobial for food preservation, and the successful consolidation of Breatec minorities, realizing a book gain of € 1.4 million.

One of the key factors contributing to our positive outlook is our strategic partnership with Corbion, a leading sustainable ingredient company based in Amsterdam. This partnership aims to commercialize “Perillic Active,” a natural antimicrobial for food preservation, which we believe will significantly enhance our product portfolio and market reach.

Successful consolidation of Breatec minorities, realizing a book gain of €1.4 million.

Strong cost control despite ongoing R&D investments and two months of Akribion Genomics integration.

The company has €10.5 million in cash available, providing solid liquidity to drive further innovation.

Mid-Term Targets: Scaling with Precision

Reaffirming its long-term strategy, BRAIN Biotech aims to double revenues in BRAIN Biocatalysts to €100 million over the next five years, with an adjusted EBITDA margin of 15% and R&D investments of 4–6% of group sales. This growth will be driven by a combination of factors, including the commercialisation of milestones achieved by Pharvaris and genome-editing technologies (e.g., Akribion Therapeutics), which are expected to generate upside potential through milestone payments and royalty income. In the BioIncubator, the company’s focus will be on achieving commercialisation milestones and leveraging its strategic partnerships to fuel commercial upside.

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

ZEAL Network SE Elevator Pitch: Key Takeaways

ZEAL Network SE – Inside the Future of Digital Lottery

Presented by CFO Andrea Behrend on seat11a.com

Business Model, Market Dominance & Bold Strategy

CFO Andrea Behrend takes us inside ZEAL’s powerful business model, market dominance, and bold strategy to redefine the future of lottery as a thrilling digital-first experience with innovative offerings.

A 25-Year Evolution into a Lottery Tech Powerhouse

Founded over 25 years ago, ZEAL has evolved into a lottery tech powerhouse. With more than 1.4 million active monthly users, a market cap of over €1 billion, and €382 million contributed to good causes in 2024 alone, ZEAL merges tech innovation with social purpose. And it doesn’t stop there. The average monthly billing per user stands at €63, showcasing the brand’s strong consumer engagement and lifetime value model.

“We’re not just selling lottery tickets. We’re selling dreams,” says CFO Andrea Behrend — and those dreams are delivered with German efficiency and digital sophistication.

Core Business: B2C Lottery Brokerage Model

At the heart of ZEAL’s business is its core B2C lottery brokerage model, operating under the popular consumer brands Lotto24 and Tipp24. These platforms offer licensed access to Germany’s beloved state lotteries such as Lotto 6aus49 and EuroJackpot, but with the added convenience, speed, and security of e-commerce. ZEAL doesn’t take on jackpot risks — it earns through brokerage commissions and service fees, while state lotteries handle prize payouts.

Why Do Users Love ZEAL?

Because it’s a 24/7 digital lottery experience, secure (no more lost tickets), fully mobile, with automatic prize notifications, personalised offers, and a suite of traditional, social, and instant-win products. Whether you’re dreaming of a €120 million EuroJackpot or a luxury home in Bavaria through the Traumhausverlosung, ZEAL makes lottery participation simple, meaningful, and exciting.

Strategic Differentiators

44% market share in German online lottery brokerage

High customer retention and lifetime value (up to 20+ years)

Diversified revenue via new product lines such as:

freiheit+ (social lottery with strong charity partners)

Traumhausverlosung (luxury house raffles)

Virtual Games (now over 580 live titles)

Market Opportunity

The total German lottery market is estimated at €10 billion, with an online penetration rate of only 29% — significantly behind sectors such as music streaming (81%) and banking (67%). ZEAL forecasts online lottery penetration rising to 50–70%, which would expand the digital market to €5–7 billion.

ZEAL’s Ambition

Capture 50% of that online market, which would mean €2.5–3.5 billion in annual billings — more than double today’s level. With a highly scalable business, 80–85% of additional revenue is directly attributed to the EBITDA line, providing ZEAL with a clear pathway to margin expansion and increased shareholder value.

Shareholder Benefits

Strong cash generation & stable EBITDA

Attractive dividend policy + share buybacks

Exposure to a digital-native platform in a growing regulated market

High data-driven predictability and CRM-driven user retention

A Digital Platform Blending Profitability with Purpose

Whether it’s recurring player cohorts, record-breaking jackpot years (such as 2024, with 13 peak jackpots), or expansion into new game categories, ZEAL is positioning itself as a dominant, resilient, and deeply trusted lottery technology platform...

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Kontron AG H1 2025 – Long-Form Financial Summary

Presented by CFO Clemens Billek on seat11a.com

Strong Financial Performance with Raised Full-Year Outlook

In the first half of 2025, Kontron AG delivered standout financial performance under the leadership of CFO Clemens Billek. The company not only achieved rapid earnings growth but also demonstrated operational stability and momentum across its IoT, embedded computing, and software solutions segments—strong enough to raise its full-year profit guidance.

1. Financial Performance & Margin Improvement

EBITDA: Surged by 78.2% to €146.0 million

Reported EBITDA Margin: 18.7% (up from 10.5%)

Adjusted (Underlying) Margin: ~12.6%

Net Income (after minority interests): €88.9 million (up from €37.9 million)

EPS: Increased to €1.45 (from €0.61)

Key drivers included non-recurring gains from the deconsolidation of the COM business and the increasing share of revenue from the “Software + Solutions” segment, which rose to 34.7% of total revenue (up from 29.9%).

2. Order Backlog, Book‑to‑Bill Ratio & Cash Flow

Order Backlog: €2,278 million (up from €2,078 million at year-end)

Book‑to‑Bill Ratio: Improved to 1.26

Operating Cash Flow: Positive €16.3 million (vs. –€16.8 million in prior year)

Equity: Rose to €688.3 million

Equity Ratio: Improved to 38.1% (from 35.8%)

The return to positive operating cash flow marks a key financial turning point, offering more flexibility for strategic investment and M&A. Strengthened equity metrics signal a solid and improving balance sheet.

3. Raised Guidance & Investor Implications

In light of the strong H1 2025 performance, Kontron raised its full-year profit forecast:

New EBITDA Target: At least €270 million (up from €220 million)

Revenue Guidance: Adjusted to ~€1,800 million (from €1,900–2,000 million), due to portfolio deconsolidation

This signals that while the topline is being recalibrated, the business mix is shifting toward higher profitability and improved margins—supporting investor confidence in earnings quality and strategic discipline.

Strategic Context: What This Means Going Forward

Expansion in “Software & Solutions” mix reflects strategic shift to stable, high-margin revenue streams.

Deconsolidation and portfolio simplification improve transparency and profit conversion.

Order intake and backlog growth point to sustained demand in core IoT verticals: transportation, industrial automation, and telecom infrastructure.

Positive cash flow and stronger equity position prepare Kontron for continued organic and inorganic growth.

Key Takeaways for Investors

Remarkable EBITDA growth (+78.2%) and margin uplift after adjusting the portfolio

Greater emphasis on recurring, high-margin revenue via “Software + Solutions”

Significant improvement in operating cash flow and financial flexibility

Upgraded profit guidance reflects accelerating earnings momentum

Stronger operational execution and strategic clarity increase investor confidence

Conclusion

Kontron AG’s first half of 2025 shows disciplined execution, enhanced profitability, and strategic reorientation toward more stable, scalable business lines. With raised EBITDA guidance and a focus on high-margin growth, the company is positioned to continue delivering value to shareholders—both in the short term and beyond.

▶️ Other videos: 

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ 

Company Presentation: https://seat11a.com/investor-relations-company-presentation/ 

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ 

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ 

ESG Presentation: https://seat11a.com/investor-relations-esg/ 

T&C 

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Hypoport SE Deep Dive: Key Takeaways

📊 Hypoport Deep Dive Q&A with CEO Ronald Slabke

Answering the Three Most Pressing Institutional Investor Questions

Presented on seat11a.com

🎯 Focused Q&A Format for Institutional Investors

In an exclusive and uniquely focused session, Ronald Slabke, CEO of Hypoport SE, engages in a transparent and deeply analytical conversation centred on the three most pressing questions raised by institutional investors. Instead of providing broad operational updates, Slabke concentrates on long-term strategy, structural market trends, and Hypoport’s positioning in Germany’s financial services landscape.

🏡 1. Why Will the German Mortgage Market Outperform Inflation Over the Long Term?

Slabke outlines how Germany’s housing demand has evolved since the European free labour movement began in 2011. Net migration from Southern and Eastern Europe has created long-term demand in urban centres, outpacing supply. The rental market is constrained by regulation, pushing more households toward homeownership.

Key structural drivers:

Low homeownership rate (42%) is rising due to changing demographics and investor exit trends

Expected recovery in new construction as pricing stabilizes

Upcoming refinancing wave from expiring fixed-rate loans

Massive potential for green home investments tied to Germany’s 2050 decarbonization targets

Despite interest rate-driven slowdowns in 2022, prices have rebounded—especially in metro areas like Berlin. Slabke sees a path toward €100 billion in quarterly mortgage volumes and home prices continuing to rise above inflation.

💻 2. What Makes the Europace B2B Mortgage Platform So Critical?

Europace has evolved from a product marketplace into a comprehensive SaaS-powered infrastructure, integrating over 1,000 banks and thousands of advisors. It’s a Salesforce-meets-eBay style digital ecosystem tailored for mortgages.

Key platform enhancements:

Agent and real estate integration to support mortgage closings

Consumer apps for document uploads, price discovery, and 1-click approvals

AI-driven fraud detection, underwriting, and instant credit decisioning

With Europace dominating regional banks and broker networks, and no credible competitor in sight, it is the undisputed backbone of Germany’s mortgage industry—central to Hypoport’s long-term value.

🔄 3. Why Did Hypoport Diversify Beyond Mortgages—and Was It the Right Move?

Hypoport expanded into insurance and other B2B finance sectors to replicate Europace’s success. While these sectors offer long-term promise, results have varied due to differing market readiness and regulation.

Key takeaways from Slabke’s assessment:

Diversification adds resilience and optionality

Not all verticals are equally scalable or receptive to platforms

Hypoport is now focusing on B2B markets where category leadership is achievable

This marks a shift back to core strengths, ensuring that Hypoport doubles down where its platform model can dominate, rather than spreading resources across less strategic segments.

🧠 Conclusion: A Clearer, Stronger Hypoport for the Future

Slabke’s answers deliver a compelling message to long-term investors: Hypoport is structurally aligned with Germany’s most resilient market—housing—and owns the infrastructure to lead it.

With renewed focus on automation, consumer-centric workflows, and platform dominance, Hypoport is positioned to scale even in a high-rate environment. Its strategic clarity and executional discipline support sustainable long-term growth.

seat11a.com continues to be the destination for investor-centric insights, and this session underscores Hypoport’s role as one of Germany’s most innovative, infrastructure-critical fintech firms.

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

eDreams ODIGEO's Q1 2025 Key Takeaways

eDreams ODIGEO Q1 FY 2026 – Executive Summary

Presented by CFO David Elizaga on seat11a.com

Strong Start to FY 2026 with Subscription Model at Core

eDreams ODIGEO kicked off its financial year 2026 with a powerful performance that once again reinforces the strength of its subscription-based travel model. CFO David Elizaga presented a highly confident outlook, supported by solid subscriber growth, improved profitability, and continued strategic execution.

Prime: The Growth Engine

At the heart of this success is Prime, eDreams’ unique travel subscription service. With 7.5 million subscribers now onboard, Prime has become the company’s core growth engine. In the first quarter alone, the firm added over 200,000 new subscribers, reaching the upper end of their guidance.

This strong growth is not just about volume—it’s also about quality: renewals continue to increase as the member base matures, making the overall model more cost-efficient and highly profitable over time.

Financial Momentum

This growth in Prime has translated directly into substantial earnings momentum. The company delivered strong increases in both adjusted net income and EBITDA, building on the gains seen in the previous year. As Prime now accounts for around three-quarters of total revenue, eDreams is less exposed to volatile travel pricing and more focused on predictable, high-margin recurring income.

Operational Leverage and Strategic Transformation

Elizaga emphasized that the transformation of eDreams ODIGEO from a transactional to a subscription-based travel business is well ahead of schedule. Operating leverage is improving as acquisition costs drop per subscriber, and profitability continues to scale in line with revenue growth. This demonstrates the power of Prime to reshape not only the company’s income structure but the entire economics of travel booking in Europe and beyond.

Capital Markets Update

From a capital markets perspective, the company also launched a new €20 million share buyback programme, underlining its commitment to shareholders. This follows the near completion of the previous buyback effort, and it comes at a time when liquidity in the stock has markedly improved.

FY 2026 Outlook

Looking forward, the full-year EBITDA guidance of €215 to €220 million has been reaffirmed, representing a near doubling compared to the previous year. Management also remains confident in hitting its Prime subscriber target of 8.25 million by the end of FY 2026, with the long-term ambition to grow the subscriber base by approximately 10% annually.

Conclusion by CFO David Elizaga

Elizaga concluded his presentation by highlighting the company’s position as a pioneer in the travel tech space. The model is not only working—it is accelerating. With Prime’s scale, efficiency, and customer loyalty on the rise, eDreams ODIGEO is entering a new phase of growth, profitability, and shareholder value creation.

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

LEG Immobilien SE – Affordable Housing with Impact and Long-Term Upside

Presented by Frank Kopfinger, Head of Investor Relations and Strategy

In this compelling elevator pitch on seat11a.com, Frank Kopfinger, Head of Investor Relations and Strategy at LEG Immobilien SE, delivers a clear and data-backed insight into one of Germany’s leading residential real estate companies.

🏢 Who is LEG Immobilien SE?

- LEG is Germany’s second-largest pure-play residential real estate company, managing a portfolio of approx. 172,000 units and housing nearly 500,000 tenants.

- LEG operates exclusively in Germany, with a strong regional focus: ~80% of assets are located in North Rhine-Westphalia (NRW) — the country’s most populous state and an economic powerhouse accounting for 22% of German GDP.

- LEG’s strategy is laser-focused on a single asset class: affordable living — a segment with high societal relevance and strong structural demand.

💡 Core Value Proposition: Affordable Housing with Impact

- Average tenant rent: €6.90/m² or about €440/month per household

- 17% of units are rent-restricted, often with state subsidies

- LEG’s approach serves a vital role in tackling Germany’s housing shortage and supports lower-income households while delivering consistent returns

- The portfolio is attractively valued at €1,656/m², significantly below estimated replacement costs of €4,000–5,000/m² (excluding land)

💰 Valuation & NAV Opportunity

- Net Tangible Assets (NTA) per share stand at ~€131

- Compared to the current market price of €73, this represents a ~44% discount

- Kopfinger notes that this valuation gap reflects past interest rate-driven headwinds, but believes the worst is behind them

📈 Crisis Management: From Defensive to Offensive

- LEG navigated recent macro pressures with clear, cash-focused steering and strict financial discipline:

- Shifted core KPI to AFFO (Adjusted Funds from Operations), the sector’s proxy for free cash flow

- Suspended dividend in FY 2022 to conserve capital

- Issued scrip dividends in 2023 and 2024, preserving over €100 million in cash

- Sold >5,700 non-core units since 2023 for >€550 million, often at or above book value

- Halted new development pipeline — last new units to be completed by the end of 2025

- Opportunistically refinanced debt, achieving an average financing cost of 1.54%

- Maintained LTV (Loan-to-Value) at 47.6%, with further deleveraging underway

🏗️ Growth Outlook: Structural Tailwinds Remain Strong

- Germany’s housing sector remains severely undersupplied — and LEG is well-positioned to benefit:

- The supply-demand imbalance continues to widen, with construction output declining

- LEG expects further organic rent growth, driven by:

- Ongoing market rent adjustments

- Cost rent adjustments in subsidised units (2026)

- Expiry of rent restrictions on ~16,000 units by 2028, creating value uplift potential

- LEG also diversifies income through services: energy, multimedia, and maintenance

🔄 Capital Allocation: Predictable and Yield-Oriented

- LEG’s dividend policy is anchored on 100% of AFFO payout

- Also shares proceeds from disposals of non-core assets

- In 2025, LEG narrowed its AFFO guidance to €215–225 million, indicating an expected YoY increase of ~10% at the midpoint

🎯 Strategic Positioning: A Play on Resilience and Social Relevance

- LEG delivers high earnings stability across the cycle

- FFO I and AFFO metrics in 2025 are already back at pre-crisis levels

- Despite macro headwinds, LEG has maintained operational profitability, preserved liquidity, and defended its balance sheet

- The portfolio remains well-balanced across regions, with 67% in normal rent markets and 33% in tense markets — limiting regulatory downside

T&C

www.seat11a.com/legal

JOST Werke SE H1 2025: Key Takeaways

Q2 2025: Resilience, Strategic Focus, and Hyva PMI Integration

🔹 Strong Group-Level Performance

- Total sales reached €391 million, including €109 million from the Hyva hydraulics segment (excluding crane business).

- Organic sales declined slightly by -3%, reflecting a challenging global demand environment.

- Adjusted EBIT increased by 9.5% to €37 million, supported by resilient aftermarket sales and the positive impact of discontinuing the crane segment.

- Adjusted EBIT margin improved to 9.8%, thanks to effective cost control and portfolio optimisation.

🔹 Regional Trends

- EMEA: Sales grew by 3.7% year-over-year, with EBIT margin rising to 5.8%, indicating market stabilisation.

- Americas: Sales fell by 11.1% due to tariff uncertainty, while profitability remained solid at 11.0% EBIT margin.

- APAC: While sales were down 10.2%, strong growth in Agriculture and OEM partnerships in South America and APAC supported a recovery. EBIT surged by 80.7%, driven by long-term contracts and margin expansion.

🔹 Strategic Highlights

- Crane Business Exit: Sale and Purchase Agreement (SPA) signed on August 11, 2025, with closing expected in Q4.

- Hyva PMI Integration: Integration is proceeding well, with synergies already being implemented.

- Financing: Successful issuance of a €320 million promissory note loan during the quarter, improving the maturity profile at favourable rates.

🔹 Outlook for FY 2025

- Confirmed and specified:

- Sales (continued operations): Expected to grow by 40–50% YoY

- Adjusted EBIT: Increase by 23–28% YoY

- Adjusted EBITDA: Increase by 23–28%

- CapEx: Approximately 2.9% of sales

- Working capital: Targeted below 18.5% of sales

- Including discontinued operations (cranes): Sales growth outlook rises to 50–60% and EBIT to 25–50%, depending on deal closure timing.

🔹 Key Messages

- Despite macroeconomic pressures, JOST’s diversified business model—spanning geographies, industries, and customer bases—proved effective in mitigating risk and stabilising margins.

- The aftermarket and Agricultural segments offer strong potential for further growth.

- M&A and local market share gains remain central to JOST’s long-term strategy.

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Hypoport SE H1 2025: Key TakeawaysHypoport SE H1 2025: Rebounding Stronger in Germany’s Digital Finance EcosystemPresented by Ronald Slabke, CEOIn his H1 2025 presentation on seat11a.com, Ronald Slabke, CEO of Hypoport SE, outlines a strong rebound in operating performance, signalling a continuation of the recovery that began in late 2024. With double-digit revenue growth, a 94% increase in EBIT, and stable platform expansion, the digital financial service provider reinforces its leadership in Germany’s mortgage and real estate ecosystems.H1 2025 Key Financial Figures (Adjusted): - Revenue: approx. €305 million (+13% YoY) - Gross Profit: approx. €130 million (+14% YoY) - EBIT: approx. €16 million (+94% YoY) - EBIT Margin: significantly improved - Free Cash Flow: positive trend continuedQ2 2025 Highlights: - Revenue: approx. €146 million (+6% YoY) - Gross Profit: approx. €64 million (+13% YoY) - EBIT: approx. €7.4 million (nearly 2x YoY)CEO Ronald Slabke’s Commentary: “The growth trajectory that began with the private mortgage market rebound in 2024 continues into the first half of 2025. Our platforms—especially Europace, Finmas, and Genopace—are benefiting from both market recovery and stronger partner engagement. Our digital ecosystem is gaining depth, and we are becoming increasingly indispensable to our partners.”Platform and Segment Highlights: Real Estate & Mortgage Platform (Europace, Finmas, Genopace): - Core growth driver in H1 2025 - Transaction volume grew faster than the market average - Productivity improvements for banks, brokers, and insurers - Increased automation and better customer journeys attracted new partners - Continued scaling in cooperative banking segments - Financing Platform (B2B Lending): Stable but slower growth - Mixed performance across corporate lending and development financing - Cost control measures offset margin pressure - Focus on digitising manual processes - Insurance Platform: Solid user base, modest revenue growth - Further digital product investments underway - Evaluating enhanced cross-platform capabilities with mortgage platforms Real Estate Platform: - Slight uptick in transaction-based revenue - Lower asset rotation in institutional real estate segment - Preparing to integrate deeper ESG metrics into listings and analytics - Steady partner base growth in mid-sized housing segment Strategic Themes Driving Momentum: - Continued digitisation of real estate financing in Germany - Platforms like Europace becoming essential infrastructure - Regulatory pressures driving demand for compliance automation - Strengthening network effects between banking and insurance partners - Record-high customer loyalty metrics Financial Stability and Operational Leverage: - Improved operating leverage from higher platform utilisation - Disciplined hiring focused on product and technology - Ongoing cost focus with targeted R&D investment - Conservative capital allocation prioritising organic growth and profitability▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Mutares SE Elevator Pitch: Key Takeaways

🔍 Who is Mutares?

Mutares is a global private equity specialist focused on distressed carve-outs and special situations. The firm, headquartered in Munich, is family and owner-managed, with around 40% of shares held by management, ensuring strong alignment with shareholder interests.

“We take what others discard and transform it into something of value,” says CIO Johannes Laumann, encapsulating Mutares’ unique and entrepreneurial approach that sets it apart in the private equity landscape.

💼 Core Strategy

Mutares thrives on entrepreneurial transformation. It acquires non-core assets from corporates—typically underperforming, unloved businesses—and restores them through active hands-on restructuring. With ~160 operational experts embedded in the portfolio companies, Mutares drives turnaround from the inside out.

🌍 Global Expansion & Footprint

By 2025, Mutares is set to further its global reach, establishing new offices in Chicago, Tokyo, Mumbai, and Shanghai, in addition to its strong European base in cities like Frankfurt, Milan, Paris, and Helsinki. This expansion instils optimism for the company’s future growth and success.

This local presence enables deal sourcing and execution on a global scale, with expert understanding of regional nuances and distressed asset opportunities.

📦 Diversified Portfolio

Mutares segments its ~33 portfolio companies into four balanced sectors, mitigating cyclical risk:

- Automotive & Mobility – €2.8 bn annualized revenue

- Engineering & Technology – €1.5 bn annualized revenue

- Goods & Services – €1.6 bn annualized revenue

- Infrastructure & Special Industry – €1.4 bn annualized revenue

- These sectors span early-, late-, and non-cyclical industries, giving Mutares flexibility to buy and sell across market environments.

📈 Outlook 2025

Following years of dynamic growth, Mutares enters a new strategic phase focused on profitable exits and global consolidation:

- Transaction Pipeline: Over €200 million in gross exit proceeds targeted

- Revenues (Group): €6.5 to €7.5 billion

- Holding Net Income: €130 to €160 million

- EPS Target: €7 per share

- Mid-Term Goal: €200 million net income → €9 EPS

- Market Cap Vision: €1 billion

- Revenue Vision: €10 billion Group turnover

Laumann emphasises:

“We’re not a fund. We don’t have to exit on a clock. We sell when it makes sense.”

📌 Segment Outlook

- Automotive & Mobility: Consolidation and preparing large platforms for exit

- Engineering & Technology: Expansion driven by energy, infrastructure, and the “Trump effect” in industrial policy

- Infrastructure & Special Industry: Strong momentum in defence and logistics

- Goods & Services: Reliable, non-cyclical services with niche leadership

💰 Capital Allocation & Dividends

Mutares follows an attractive dividend policy:

Base Dividend: €2.00 per share

Performance Dividend: Additional payout from significant exits

Bond Investors: Access to double-digit returns with bonds maturing in 2027 and 2029, listed in Frankfurt and Oslo

🧩 Why Invest in Mutares?

- Leading European player in carve-out restructuring

- Globally diversified transaction and portfolio platform

- Hands-on, entrepreneurial turnaround strategy

- Management is personally invested

- Clear roadmap to €200m+ profits and €10bn turnover

- Strong alignment of shareholder value and sustainable growth

“With one share in Mutares, you’re exposed to 33 companies across industries—and we’re just getting started,” concludes Laumann.

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.