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Q4 Report: Good progress on vwd integration with strong revenue and user growth

Friday, 28 February, 2020

vwd integration making good progress - 92.9k professional users in Q4 2019 up from 17.9k in Q4 2018 - vwd integration process well underway - focused on capturing cost synergies and exploring up- and cross-selling potential - Combining the best of Infront and vwd into one solution will enable the group to offer a more competitive multi-asset platform Q4 2019 group revenue increased 289% to EUR 28.5 million (EUR 7.3 million) - vwd Group the main contributor to Q4 growth with revenue of EUR 18.7 million - Full-year 2019 revenue for the combined group would have been EUR 115.3 million if vwd Group was consolidated from 1 January 2019 Q4 2019 adjusted EBITDA of EUR 4.8 million (EUR 1.3 million) - Positive y/y impact from inclusion of vwd Group and Infront Italia. - Actual Q4 2019 EBITDA was EUR 6.3 million (EUR 0.8 million) - Full-year 2019 adjusted EBITDA for the combined group would have been EUR 17.5 million if vwd Group was consolidated from 1 January 2019

Oslo, 28 February: Infront ASA (INFRNT) today announced its interim results for Q4 2019. Q4 2019 operating revenue was EUR 28.5 million (EUR 7.3 million), an increase of 289% from the same quarter last year, driven mainly by the inclusion of vwd Group, full effect of Infront Italia and stable development across the group.

“We have made good progress with the integration of vwd Group focused on leveraging our combined offering to reach more customers with a stronger product portfolio and attaining cost synergies. Going into 2020, we grown our base of professional users more than five-fold during 2019 and expanded into new markets through successful delivery on our M&A strategy. We have built true scale and position to compete and grow across all asset classes as a top-three provider of financial terminals in Europe.,” said Kristian Nesbak, CEO and founder of Infront.

Q4 2019 reported EBITDA was EUR 6.3 million. EBITDA reflects also a reimbursement from the former vwd shareholders of EUR 1.6 million related to the closing of a former vwd management benefits program. Transaction-related costs had been mainly recognized already in Q3 2019. Revising for these effects, adjusted EBITDA was at EUR 4.8 million compared to adjusted EBITDA of EUR 1.3 million in Q4 2018. Before implementation of IFRS 16, adjusted EBITDA amounted to EUR 3.4 million (EUR 1.3 million).

Infront generates most of its revenue from recurring subscription contracts for its services. In 2019, Infront has continued to show steady subscription revenue, which represented 95% of total sales in Q4 2019. Please find the full financial report and presentation enclosed.

The interim report and presentation are also available on the investor relations pages at