UmweltBank AG (von GBC AG): BUY 08.07.2026, 11:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: UmweltBank AG - from GBC AG



08.07.2026 / 11:00 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
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.



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Classification of GBC AG to UmweltBank AG



     Company Name:                UmweltBank AG
     ISIN:                        DE0005570808



     Reason for the research:     Research study (Anno)
     Recommendation:              BUY
     Target price:                9.00 EUR
     Target price on sight of:    31.12.2027
     Last rating change:
     Analyst:                     Cosmin Filker, Marcel Goldmann



Growth in customer deposits should be accompanied by growth in the lending
business; rating and price target unchanged



As early as the end of February 2026, UmweltBank AG presented its
preliminary figures for the 2025 financial year. The publication of the
annual report now provides extensive confirmation and further details of the
figures already known. As expected, the audited figures show a strong
increase in net interest income of 30.0% to EUR58.45 million (previous year:
EUR44.95 million). This result is based on both higher interest income and
lower interest expenses.



The key factor behind this success was strong growth in the retail banking
business. UmweltBank AG increased customer deposits by almost EUR720 million
to EUR4,544 million and the number of customers by around 30,000 to
approximately 184,000. The overnight deposit promotion (3.0% for the first
three months), which has been running since October 2025, is likely to have
been the most important driver of growth here. The effects of introducing
current accounts, however, fell short of expectations. An increase in
deposit volumes generates interest income through reinvestment with the ECB.
The strong growth in deposits offset the decline in corporate banking, which
is constrained by capital adequacy requirements.



In addition, both the financial result of EUR17.56 million (previous year:
EUR12.98 million) and the net commission and trading income of EUR7.09 million
(previous year: EUR5.54 million) contributed to the success of the 2025
financial year. The increase in total income was sufficient to offset the
rise in personnel and administrative costs, resulting in a significant
improvement in pre-tax profit to EUR6.44 million (previous year: -EUR8.50
million). All in all, net profit for the year rose to EUR14.26 million
(previous year: EUR0.73 million). The release of reserves in accordance with
Section 340g of the German Commercial Code (HGB) amounting to EUR5.0 million
contributed significantly to this.



When the Q1 figures were published at the end of April 2026, UmweltBank's
management had already provided forecasts for the current financial year as
well as a scenario-based outlook for the coming financial years. These have
now been confirmed by the audited annual report. Accordingly, net interest
income of between EUR62.5 million and EUR67.5 million is expected to be
accompanied by a financial result of between EUR4 million and EUR8 million, as
well as commission and trading income of between EUR10 million and EUR15
million. Net interest income is expected to benefit not only from further
expansion of the retail banking business. The corporate banking business
(environmental loans) is expected to achieve a turnaround in the current
financial year. The capital increase carried out in September 2025 (gross
issue proceeds: EUR20.66 million) and the reduction in capital requirements by
60 basis points in the second quarter of 2026 have significantly increased
the scope for growth in lending volumes.



Our forecasts are based on the company's guidance. Following a slight
decline in total income to EUR81.91 million, we expect dynamic growth in the
coming financial years. This is accompanied by a below-average rise in
costs, which is likely to benefit from the completion of the transformation
phase. Given our expectation of an improvement in the cost-to-income ratio
from 90.6% (2025) to 81.5%, we anticipate an increase in pre-tax profit from
EUR6.44 million (2025) to EUR14.36 million. This growth trajectory is expected
to continue in subsequent years.



As part of our valuation model, we have determined an unchanged price target
of EUR9.00. We assign a BUY rating.





You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=d5b9b4f59229d04a6bbc37a09b16544e



Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
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Interessenkonflikt gegeben: (1,4,5a,6a,7,11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter:
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Date (time) Completion: 08.07.2026 (09:05 am)
Date (time) first transmission: 08.07.2026 (11:00 am)



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2362608 08.07.2026 CET/CEST