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Original-Research: UmweltBank AG - from GBC AG
19.01.2026 / 11:30 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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Classification of GBC AG to UmweltBank AG
Company Name: UmweltBank AG
ISIN: DE0005570808
Reason for the research: Research Comment
Recommendation: Buy
Target price: EUR9.40
Target price on sight of: 31.12.2026
Last rating change:
Analyst: Cosmin Filker, Marcel Goldmann
Private customer business grows strongly in the fourth quarter
According to the latest press release, UmweltBank AG achieved strong growth
in its private customer business in the fourth quarter of 2025. The total
number of private customers rose to 184,000 in the 2025 financial year.
Compared to the previous year, this represents growth of around 29,000
customers. With around 23,000 new customers, the fourth quarter was
primarily responsible for this increase. Although the number of new
customers fell short of the original expectations, which had forecast an
increase to 210,000 customers by the end of the 2025 financial year, the
bank was able to meet its ambitious forecast for retail customer deposits
exactly. These increased significantly by around EUR0.8 billion to the
forecast value of EUR4.3 billion (previous year: EUR3.5 billion). Here, too, the
fourth quarter of 2025 was responsible for the majority of the deposit
inflows recorded for the year as a whole, with customer deposits increasing
by more than EUR0.4 billion. The most important driver behind the successful
development in the fourth quarter is likely to be the overnight money
campaign that has been running since October 2025, which guarantees 3.0% for
the first three months. In addition, the current account introduced in the
second half of 2025 is also likely to have contributed.
For the current 2026 financial year, UmweltBank's management expects the
positive development in private customer business to continue and
anticipates an increase in private customer deposits to EUR5.4 billion. The
number of customers is expected to rise by around 75,000 to 260,000. In
particular, customer deposits are expected to grow more strongly than in the
previous scenario, which had assumed an increase in customer deposits to
EUR5.0 billion. The company is generally assuming a higher deposit volume per
customer, which is certainly due to the positive development in the fourth
quarter of 2025. As previously communicated, the products introduced in the
past financial year (current account, digital investment advice, etc.) and
the exploitation of cross-selling potential are expected to contribute to
this. In addition, new campaigns could be launched opportunistically.
As expected, however, corporate banking business declined. At around EUR120
million, the volume of new loans (Q4 2025: around EUR47 million) was below the
forecast of EUR200 to EUR250 million, which had already been reduced in the
9-month figures for 2025. Overall, the outstanding loan volume is therefore
likely to have decreased. This development was to be expected given
UmweltBank AG's initial capital-conserving approach to new lending.
Following the capital increase carried out in September 2025, the company
now has a significantly higher capital buffer. According to preliminary
figures, the total capital ratio as at 31 December 2025 is around 17.0%,
which represents a comfortable buffer to the total capital requirement of
15.6%. In its press release, UmweltBank AG reiterated its expectation that
capital requirements are likely to be reduced in 2026. In this context, the
termination of the special representative appointed by BaFin on 14 July 2025
is important, as it is evidence of the regulatory progress that has been
made.
In its press release, UmweltBank's management confirms both the growth
scenario presented at last year's Capital Markets Day and the earnings
forecast for 2025. The preliminary figures for 2025 and the forecast for
2026 will be published on 25 February 2026. Until then, we are maintaining
our forecasts and price target unchanged.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=3f14e704fa3784abd1a549e67a32e821
Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Date (time) Completion: 19.01.2026 (9:12 am)
Date (time) first transmission: 19.01.2026 (11:30 am)
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2262066 19.01.2026 CET/CEST
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