^ Original-Research: CENIT AG - from GBC AG

25.03.2026 / 14:30 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.

---------------------------------------------------------------------------

Classification of GBC AG to CENIT AG

Company Name: CENIT AG ISIN: DE0005407100

Reason for the research: Research Comment Recommendation: BUY Target price: EUR 15.00 Target price on sight of: 31.12.2026 Last rating change: Analyst: Cosmin Filker; Marcel Goldmann

Preliminary figures exceed the company's guidance; guidance for 2026 is slightly more conservative than expected

According to preliminary figures, CENIT AG achieved a significant improvement in operating performance in fiscal year 2025, particularly in the fourth quarter. With consolidated revenue of EUR209.5 million for the full year (previous year: EUR207.3 million), the company met the revenue guidance of at least EUR205 million, which had been adjusted in the 2025 half-year report. Our previous estimates, in which we had anticipated revenue of EUR208.95 million, were also slightly exceeded. At EUR55.3 million (previous year: EUR55.9 million), the revenue level for the fourth quarter of 2025 matched the already strong figure from the previous year. Particularly noteworthy is the development of proprietary software revenue, which increased by 11.2% to EUR21.4 million (previous year: EUR19.3 million). In the fourth quarter of 2025, this figure reached a new all-time quarterly record of EUR7.3 million (previous year: EUR5.6 million).

This is likely to have contributed, among other factors, to the EBITDA of EUR12.3 million (previous year: EUR17.3 million), which exceeded our expectations. The decline in earnings compared to the previous year is primarily attributable to special expenses related to the implementation of the "Project Performance" restructuring program. As part of this program, the number of employees was reduced by over 50. This resulted in special expenses of approximately EUR4.0 million. Furthermore, the earnings picture is likely also influenced by the negative earnings of the subsidiary Analysis Prime, acquired in 2024. On the other hand, there are positive effects from the cost savings implemented. This is evident from the EBITDA of EUR6.6 million achieved in the fourth quarter of 2025, which represents a significant jump compared to the EBITDA of the previous quarters. While EBITDA exceeded our expectations (GBC forecast: EUR10.9 million), the reported preliminary EBIT of EUR0.3 million (GBC forecast: EUR0.8 million) fell short of our expectations. We assume that extraordinary write-downs, for example related to the customer base of Analysis Prime, likely led to unexpectedly high write-downs here. However, CENIT's guidance was fully met for both revenue and EBIT. In addition, the strong increase in operating cash flow to EUR14.1 million (previous year: EUR10.3 million) and the planned further reduction in bank liabilities are worth noting, which lowered net bank debt to EUR17.1 million (previous year: EUR23.8 million).

In our view, the outlook for 2026 is particularly significant. CENIT management forecasts revenue of at least EUR210.0 million and EBITDA of at least EUR18.0 million for 2026. Even though this formulation naturally represents a lower bound, these figures fall short of our previous expectations (previous revenue forecast: EUR221.4 million, previous EBITDA forecast: EUR22.2 million). Since we believe the company has taken a conservative approach in formulating its guidance (Dassault's 2026 software revenue forecast: +3% to +5%; SAP's 2026 total revenue forecast: +12% to +13%), we are revising our estimates downward for the current and upcoming fiscal years. We now expect revenue of EUR214.7 million and EBITDA of EUR19.8 million for 2026, and revenue of EUR227.6 million and EBITDA of EUR23.6 million for 2027 (previous estimate: revenue EUR233.2 million; EBITDA EUR25.0 million).

Based on the updated DCF valuation model, we have determined a new price target of EUR15.00 (previously: EUR16.00). We therefore maintain our BUY rating. We will provide a detailed overview of business performance in 2025, our forecasts, and the inclusion of a new forecast period (2028e) following the publication of the annual report on April 9, 2026.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=371f3654bd7d791317aa0dbc5a6efffc

Contact for questions: Contact for questions: GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Disclosure of potential conflicts of interest pursuant to Section 85 WpHG and Art. 20 MAR The company analysed above has the following potential conflict of interest: (5a,6a,7,11); A catalogue of potential conflicts of interest can be found at: https://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date (time) Completion: 25.03.2026 (1:00 pm) Date (time) first transmission: 25.03.2026 (2:30 pm)

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=6579a96e-2846-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2297680 25.03.2026 CET/CEST

°

Quelle: dpa-Afx