Finexity AG (von GBC AG): BUY 05.11.2026, 13:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Finexity AG - from GBC AG



05.11.2026 / 13:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of GBC AG to Finexity AG



     Company Name:                Finexity AG
     ISIN:                        DE000A40ET88



     Reason for the research:     Research Update
     Recommendation:              BUY
     Target price:                20.12 EUR
     Target price on sight of:    31.12.2027
     Last rating change:
     Analyst:                     Matthias Greiffenberger, Cosmin Filker



Strong 9M beat, Capital Markets Day sets medium-term targets: forecasts
confirmed, price target adjusted for split



The FINEXITY Group comfortably beat its budget after nine months of 2026. On
a combined pro forma basis (including Effecta GmbH), group revenue reached
EUR7.31m, around 18.8% above the internal budget according to the company. At
-EUR2.49m, EBITDA was around 21.1% better than planned, again according to the
company. The driver was an exceptionally strong third quarter: Q3 revenue of
EUR3.72m exceeded that of the entire first half (EUR3.59m), and Q3 EBITDA
improved to -EUR0.29m (H1: -EUR2.21m). The key contributor was EUR1.08m in
advisory and structuring fees at nolivius, which, as management had flagged,
were booked in the second half of the year.



Management confirms its 2026 guidance (pro forma revenue of around EUR9.6m,
EBITDA of around -EUR3.5m). After nine months, 76% of the revenue target has
already been achieved, while only 71% of the forecast EBITDA loss has been
incurred. To meet guidance, Q4 revenue of EUR2.29m with EBITDA of up to
-EUR1.01m would suffice. In Q3, revenue and EBITDA came in at EUR3.72m and
-EUR0.29m respectively. The brand forecasts presented at the Capital Markets
Day add up to revenue of EUR9.0m to EUR10.0m and EBITDA of -EUR3.5m to -EUR2.9m. We
therefore regard the revenue guidance as readily achievable, while EBITDA
shows upside potential.



At its first Capital Markets Day on 13 October 2026, FINEXITY presented
medium-term targets for the first time: within three to five years, revenue
is set to rise to more than EUR70m at an EBITDA margin of 25% to 30%. EBITDA
break-even is targeted for 2028/2029 at revenue of around EUR20m. These
targets are broadly in line with our forecasts (2028e: revenue of EUR24.20m
with break-even EBITDA; 2030e: revenue of EUR80.00m at an EBITDA margin of
27.5%) and support our scenario.



In addition, the letter of intent signed on 14 October 2026 with the
insolvent OneCrowd group opens up the opportunity to take over the
administration of around 70 outstanding issues (subscribed volume of EUR33.6m,
servicing fees of just under EUR0.3m net p.a.) and to approach around 101,000
registered users, around 30,000 of whom are investors. The structure is
capital-light: contributions to the insolvency estate's costs of EUR25,000 per
month, otherwise performance-based earn-outs, and no assumption of
liabilities. The transaction is not yet included in our forecasts.



As the company's 2026 guidance is unchanged since our last report, we are
keeping our forecasts; we see the 9M performance as an indication of upside
in the current year, particularly at EBITDA level. We are adjusting the
price target on a purely technical basis for the 1:4 share split and the
higher share count resulting from the employee share ownership plan (ESOP).
Based on an unchanged equity value of EUR107.86m and now 5.36m shares (after
the split), this gives a price target of EUR20.12 (previously: EUR81.11, or
EUR20.28 adjusted for the split). We confirm our BUY rating.





You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=388e80e7f18ff45d194a8612dd6f6a0d



Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Hinweis zu Issuer-Sponsored Research: Vorliegende Researchstudie ist
Issuer-Sponsored Research und wurde in Übereinstimmung mit dem
EU-Verhaltenskodex (EU Code of Conduct) für Issuer-Sponsored Research
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+++++++++++++++
Completed: 5 Nov 2026 (12:15 pm)
First distribution: 5 Nov 2026 (1:00 pm)



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2429242 05.11.2026 CET/CEST