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Original-Research: UmweltBank AG - from GBC AG
04.08.2026 / 09:30 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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: Researchstudy Update
Recommendation: BUY
Target price: EUR 8.00
Target price on sight of: 31.12.2027
Last rating change:
Analyst: Cosmin Filker, Marcel Goldmann
New lending business rises sharply; focus on customer deposits shifts from
growth to quality of earnings
In the first six months of 2026, UmweltBank AG achieved a largely stable
performance in net interest income, at EUR27.27 million (previous year: EUR28.82
million).
In its retail banking business, which makes a significant contribution to
net interest income, the bank recorded an increase in the number of
customers to 195,157 in the first six months of 2026 (as at 31 December
2025: 184,210). On the one hand, the bank benefited from its ongoing
instant-access savings promotion (3% interest p.a. for the first three
months); on the other hand, its current account, which was introduced in
mid-2025, has gained momentum. In the first half of 2026, the number of
customers rose by around 11,000. At the same time, the number of current
accounts more than doubled in the second quarter of 2026 to 7,400 (Q1 26:
3,500). However, the sharp rise in customer numbers was offset by a decline
in customer deposits to EUR4,209 million (31 December 2025: EUR4,544 million).
This is primarily attributable to the expiry of the three-month special
interest rate offer for new customers acquired in the fourth quarter of
2025.
However, this is offset by a renewed strengthening of the corporate banking
business. Following the reduction in capital requirements, gross new lending
improved in the second quarter to EUR147 million (previous year: EUR11 million),
resulting in a new business volume of EUR183 million (previous year: EUR40
million) for the first half of 2026. This figure is already, after just six
months, noticeably higher than the figure for the previous financial year
(2025: EUR120 million).
The slight decline in net interest income was accompanied by a significant
fall in the financial result to EUR1.92 million (previous year: EUR13.87
million). In recent years, however, the financial result had been positively
influenced by extraordinary profit distributions from subsidiaries. These
relate to the sale of the equity investment business, which, as expected, is
to be completely phased out. Net commission and trading income also declined
slightly.
The decline in total income to EUR33.38 million (previous year: EUR42.36
million), which is attributable in particular to the lower financial result,
is offset by significant savings in operating costs amounting to EUR31.20
million (EUR35.66 million). Although profit before tax, at EUR2.18 million
(previous year: EUR6.69 million), was below the previous year's figure, the
quality of earnings was higher given the absence of the exceptional items
recorded in the previous year.
In view of the somewhat below-expectation earnings performance in the first
half of the year, and in particular due to lower customer retention
following the expiry of the three-month special interest rate period, the
company expects to achieve the lower end of its forecast range. The outlook
remains unchanged, with net interest income of EUR60-65 million, net financial
income of EUR4-8 million and net commission income of EUR10-15 million forecast.
The pre-tax profit forecast by management of EUR12.5 to 17.5 million also
remains valid, although the lower end of the range is now anticipated.
In line with the company's guidance, we assume that the lower end of the
forecast range for net interest income will be achieved for the current
financial year 2026. With an expected volume of customer deposits of around
EUR4.4 billion (previous forecast: EUR5.4 billion), we forecast net interest
income of EUR60.41 million (previous forecast: EUR63.85 million). The estimates
for subsequent years, however, as well as the forecasts for net financial
and commission income, remain unchanged.
For the current financial year, we are also revising downwards the profit
before tax and allocation to reserves to EUR12.02 million (previous forecast:
EUR14.36 million). This places us slightly below the company's forecast range
and reflects a somewhat more cautious approach. For the current financial
year, we have also assumed a normal tax charge (previous year: tax income of
EUR2.83 million). Furthermore, we do not anticipate any further additions to
or releases from the fund for general banking risks, which is why we
initially expect a decline in profit after tax before it is set to rise
sharply from 2027 onwards.
The sum of the discounted residual earnings and the terminal value amounts
to EUR331.22 million (previously: EUR372.66 million). Taking into account the
41.40 million outstanding shares, the fair enterprise value per share is
EUR8.00 (previously: EUR9.00). The reduction in the target price is partly due
to the adjustment of the forecast for the current financial year 2026, but
is primarily attributable to the market-driven rise in the risk-free
interest rate and, consequently, in the cost of equity. We therefore
maintain our "BUY" rating.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=433fd73c770ee9b70df6715c5999ca9f
Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR
Beim oben analysierten Unternehmen ist folgender möglicher
Interessenkonflikt gegeben: (1,4,5a,6a,7,11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung
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Date (time) Completion: 03.08.2026 (3:29 pm)
Date (time) first transmission: 04.08.2026 (09:30 am)
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2376472 04.08.2026 CET/CEST
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