NFON AG publishes interim report and confirms growth course in 2020

Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

DGAP-News: NFON AG / Key word(s): 9 Month figures/9 Month figures
26.11.2020 / 07:05
The issuer is solely responsible for the content of this announcement.

Corporate News

NFON AG publishes interim report and confirms growth course in 2020

- Recurring revenues grow significantly by around 25% compared to the previous year

- At 88%, recurring revenues account for a very high share of total revenue

- Important milestone reached with more than 500,000 extensions installed at customer sites

- Increased working from home drives digitalisation of business communication further along

- Strategic focus remains clearly on dynamic growth

- EBITDA increase of around EUR 7 million underscores high earnings potential


Read the complete quarterly statement as of 30 September 2020 in the latest issue of NFON Clouds Magazine.



Munich, 26 November 2020 - NFON AG (together with its subsidiaries "NFON" or the "company"), the only pan-European cloud PBX provider (telephone system from the cloud), published its quarterly statement as of 30 September 2020 today. With its growth course, NFON impressively underscores that it is hitting the nerve of the times with its communication solutions from the cloud. Comprehensive information on the positive business development as well as interesting background information on the topics of Portugal as a development location, NFON Partner Day or Digital Youth are available as of today in the latest NFON Clouds magazine "Communication - an idea by NFON" on the company's website. The final figures can also be found on NFON AG's website.

Based on the final figures for the first nine months of 2020, NFON significantly increased its recurring revenues by 24.7% to EUR 43.7 million (9M 2019: EUR 35.0 million). Total revenue increased by 19.2% to EUR 49.4 million (9M 2019: EUR 41.5 million). Thus, the share of recurring revenues in total revenue increased further to 88.4% (9M 2019: 84.5%). At 508,265, the number of seats installed at customer sites was 17.7% higher than on the previous year's reporting date (30 September 2019: 431,935). This means the number of seats has more than doubled since the beginning of 2018 and forms a very solid basis for further growth in the future.

The average revenue per user (ARPU) rose to EUR 9.77 in the 2020 reporting period (9M 2020: EUR 9.71) and is mainly attributable to increasing work from home and the resulting higher call volume. The increased ARPU and the very high share of recurring revenues as well as the associated improved gross profit had a correspondingly positive impact on the development of earnings. At the same time, expenses for travel and marketing activities, for example, were lower than last year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 1.8 million in the first nine months of 2020 (9M 2019: EUR -5.6 million) and improved by around EUR 7 million compared to the same period last year. Adjusted EBITDA even improved to EUR 2.5 million (9M 2019: EUR -4.2 million).

"By posting a 25% increase in recurring revenues, we maintained our high growth momentum in 2020 and are benefitting from the increasing digitalisation of business communication. At the same time, we recorded an extraordinary increase in earnings, which demonstrates the high earnings potential of NFON's business model. It is also clear that we want to become the number 1 for cloud telephony in Europe and that NFON's strategic focus is therefore on growth and gaining further market share," concluded Hans Szymanski, CEO and CFO of NFON AG.

For 2020 as a whole, the company expects to achieve a growth rate of between 17% and 19% for the seat base. In terms of recurring revenues, the Management Board expects a growth rate of between 22% and 26% for 2020. The high growth rate of recent years will thus be maintained. The share of recurring revenues in total revenue is expected to be between 85% and 90%.

in EUR thousands 9M 20209M 2019ChangeQ3 2020Q3 2019Change
Total revenue 49,43941,46719.2%16,66915,13910.1%
Recurring revenues 43,70635,04224.7%15,01112,62318.9%
Share of recurring revenues to total revenue 88.4%84.5% 90.1%83.4% 
Non-recurring revenues 5,7336,425-10.8%1,6582,517-34.1%
Share of non-recurring revenues to total revenue 11.6%15.5% 10.0%16.6% 
Cost of materials 10,0759,7753.1%3,2423,729-13.1%
Gross profit 39,36431,69224.2%13,42711,41117.7%
Gross profit margin 79.6%76.4% 80.6%75.4% 
Personnel expenses 20,85918,34113.7%6,5346,3752.5%
Other operating expenses 17,25819,253-10.4%6,0007,037-14.7%
of which marketing expenses 4,9956,044-17.4%1,8012,101-14.3%
of which
selling expenses
EBITDA 1,807-5,618n/a985-1,817n/a
Adjusted EBITDA1 2,511-4,191n/a1,156-1,545n/a
ARPU blended in EUR2 9.779.710.6%9.669.620.4%
Growth in seats
(30 September)


1 Adjusted for the retention bonus, stock options, AOC capital increase expenses, M&A expenses, DTS acquisition expenses
2 Based on the average number of seats per month in each year


Investor Relations Contact

Sabina Prüser
Head of Investor Relations
+49 89 45300 134

Media Contact

Thorsten Wehner
Vice President Public Relations
+49 89 45300 121



Headquartered in Munich, NFON AG is the only pan-European cloud PBX provider - counting more than 40,000 companies across 15 European countries as its customers. With Cloudya, NFON offers an easy-to-use, independent and reliable solution for advanced cloud business communications. Further premium and industry solutions complete the portfolio in the field of cloud communications. With our intuitive communications solutions, we enable European companies to improve their work a little, every single day. NFON is the new freedom in business communication.


This announcement is not an offer of securities for sale in the United States of America. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act. No public offering of securities of the Company is being made in the United States of America and the information contained herein does not constitute an offering of securities for sale in the United States of America, Canada, Australia, Japan or any other jurisdiction in which such offering would be unlawful. This announcement is not for release, publication or distribution directly or indirectly in or into the United States of America, Australia, Canada, Japan or any other jurisdiction in which the distribution or release would be unlawful or to U.S. persons.


26.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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