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Original-Research: Planethic Group AG - from Parmantier & Cie. GmbH
Classification of Parmantier & Cie. GmbH to Planethic Group AG
“House of brands with an innovative product portfolio on the step to sustainable growth through innovation after strategic reset” Planethic Group AG (formerly Veganz Group AG) is in the middle of a major strategic repositioning: away from a traditional vegan retailer/wholesaler model and toward a technology-driven holding company focused on food technology (“FoodTech”). The centrepiece of this transformation is MILILK® and its patented 2D printing approach for producing dehydrated beverage concentrates (“Drinksheets”) that can be processed by end users or professional customers. While the strategic upside appears substantial mainly driven by Capex-light modular production, logistical advantages, and early commercial traction, the equity story has also suffered from impaired capital-market trust. In our view, this was particularly visible around the OrbiFarm transaction communication, which contributed to renewed pressure on the share price. Against that backdrop, a key positive development is the management: CEO Sascha Voigt is not only described as a “full-blooded entrepreneur,” but also the lead technology mind behind MILILK®, shifting the narrative from “story” to “execution” and bringing Planethic on a clear path to break-even. The company aims to position itself as a leading multi-brand platform within the food-tech solutions space, leveraging its established MILILK® pipeline to drive sustainable, long-term growth. Planethic is supported by its patented MILILK® 2D printing technology, which provides a strong IP moat and cost advantages, alongside a capital-light model enabling rapid scaling and a path to break-even. Early traction includes secured US contracts (10M litres in Year 1, 50M in Year 2, Project financing for the US facility) and indicated demand exceeding 400M litres annually, with the €30M OrbiFarm exit validating its brand-building and capital recycling capabilities. However, scaling depends on external financing, and investor trust remains impacted by past communication issues. Additional production lines require upfront capital, and potential equity issuance may lead to near-term dilution. DISCLAIMER LEGAL NOTICE This research report ('Investment Recommendation') was prepared by Parmantier & Cie. Research, with contributions from Mr. Parmantier and Mr. Krämer, and is distributed solely by Parmantier & Cie. Research. It is intended only for the recipient and may not be shared with other entities, even if they are part of the same corporate group, without prior written consent. The report contains selected information and makes no claim to completeness. The investment recommendation is based on publicly available information ('Information'), which is considered correct and complete. However, Parmantier & Cie. Research does not verify or guarantee the accuracy or completeness of this information. Any potential errors or omissions do not create liability for Parmantier & Cie. Research, which assumes no liability for direct, indirect, or consequential damages. In particular, Parmantier & Cie. Research accepts no responsibility for the accuracy of statements, forecasts, or other content in this investment recommendation concerning the analyzed companies, their subsidiaries, strategies, economic conditions, market and competitive positions, regulatory frameworks, and similar factors. While care has been taken in preparing this report, errors or omissions cannot be excluded. Parmantier & Cie. Research, including its partners and employees, accepts no liability for the accuracy or completeness of statements, estimates, or conclusions derived from the provided information in this investment recommendation. To the extent this investment recommendation is provided as part of an existing contractual relationship (e.g., financial advisory services), Parmantier & Cie. Research's liability is limited to cases of gross negligence or intentional misconduct. In cases of breach of essential obligations, liability is limited to simple negligence but is restricted to foreseeable and typical damages in all cases. This investment recommendation does not constitute an offer or solicitation to buy or sell securities. Partners, managing directors, or employees of Parmantier & Cie. Research or its subsidiaries may hold responsible positions, such as supervisory board mandates, in the companies mentioned in this report. The opinions expressed in this investment recommendation may change without notice and reflect the personal view of the research analyst. Unless otherwise stated, no part of the research analyst's compensation is directly or indirectly related to the recommendations or opinions contained in this report. All rights reserved. You can download the research here: Initial_Study_VEZ_ENG Contact for questions: Parmantier & CIE. Research Hungener Straße 6 60389 Frankfurt info@parmantiercie.com
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2307152 13.04.2026 CET/CEST