News article Wednesday Nov 27, 2019

Infront Q3 2019 report

Infront: Strong revenue and user growth for the leading European financial market solutions provider

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  • Completed vwd acquisition to become a top-three financial terminal provider in Europe
    • Number of professional users increased from 17.8k in Q3 2018 to 91.0k
    • Integration process well underway, focusing on capturing initial 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
  • Q3 2019 group revenue increased 256% to EUR 25.3 million (EUR 7.1 million)
    • vwd Group was the main contributor to Q3 growth with revenue of EUR 14.8 million from the acquisition date 17 July
    • Group revenue in Q3 adjusted for acquisitions and foreign exchange effects showed a slight increase compared to Q3 2018
    • Revenue for the combined group would have been EUR 86.7 million if vwd Group was consolidated as of 1 January 2019
  • Q3 2019 adjusted EBITDA of EUR 2.9 million (EUR 1.2 million)
    • Positive impact from inclusion of vwd Group and Infront Italia.
    • Actual Q3 2019 EBITDA was negative EUR 0.9 million (positive EUR 1.2 million)
    • YTD adjusted EBITDA for the combined group would have been EUR 12.7 million if  vwd Group was consolidated as of 1 January 2019

Oslo, 27 November: Infront ASA (INFRNT) today announced its interim results for Q3 2019. Group revenue was EUR 25.3 million (EUR 7.1 million), an increase of 256% from the same quarter last year, driven mainly by the inclusion of vwd Group, full effect of Infront Italia and price increases across the group.  

“We deliver a significant step-up in revenue in the third quarter driven by the successful execution of our M&A strategy. The integration of vwd Group is well underway and we are working to realize cross- and up-selling opportunities and capture cost synergies. By combining the strengths of our solutions, we will compete across asset classes and fully leverage our top-three position in Europe to drive growth,” said Kristian Nesbak, CEO and founder of Infront.

Q3 2019 EBITDA was negative EUR 0.9 million. EBITDA reflected high transaction-related costs, as well as continued growth investments in the organization. Adjusted EBITDA increased to EUR 2.9 million from adjusted EBITDA of EUR 1.2 million in Q3 2018. Before implementation of IFRS 16, adjusted EBITDA amounted to EUR 2.3 million (EUR 1.2 million).

vwd was included in Infront’s financial accounts from the acquisition date 17 July 2019. Following the acquisition, the Board of Directors approved to change Infront’s presentation currency to Euro (EUR) from Norwegian kroner (NOK) from Q3 2019.

Infront generates most of its revenue from recurring subscription contracts for its services. To date in 2019, Infront has continued to show an underlying growth in subscription revenue, which represented 97% of total sales for the period.

Please find the full financial report and presentation enclosed.


CEO Kristian Nesbak and CFO Max Hofer will present the results via a webcast at 10.00 CEST at:

It will be possible to ask questions via e-mail. Send your questions to The presenters are available for questions after the presentation, please schedule a time via the same email. A recording of the presentation will be available on the website shortly after the live webcast has ended.

For further information please contact:

Kristian Nesbak, CEO of Infront, +47 940 04 000
Max Hofer, CFO of Infront, +47 971 48 953

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

About Infront

Infront offers a powerful combination of global market data, news, analytics and trading tools. With the recent acquisition of vwd Group, Infront’s product coverage also includes data and feed solutions, solutions for portfolio management and advisory, regulatory compliance as well as publication and distribution solutions. Our combined 3,600 customers and over 90,000 professional users benefit from the highest level of expertise in regulation, private wealth, market data and the frictionless interaction of the diverse solutions and products covering their complete workflow.

More than 500 employees in more than 13 countries across Europe and South Africa apply their expertise to meet the challenges of our clients, ensuring they continuously receive the best solutions and services. Infront is listed on the Oslo Stock Exchange.

By Max Hofer