^ Original-Research: Smartbroker Holding AG - from GBC AG

17.09.2026 / 13:00 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 Smartbroker Holding AG

Company Name: Smartbroker Holding AG ISIN: DE000A2GS609

Reason for the research: Research Note Recommendation: BUY Target price: 17.80 EUR Target price on sight of: 31.12.2027 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker

Operating profitability has improved and forecasts and price target confirmed

Smartbroker Holding AG delivered a marked improvement in operating performance in the first half of 2026 and exceeded its internal expectations at both revenue and earnings level. Consolidated revenue increased by 9.6% to EUR35.42 million, compared with EUR32.31 million in the previous year and an internal target of EUR34.70 million. EBITDA after customer acquisition costs improved significantly from EUR0.06 million to EUR2.20 million, corresponding to an EBITDA margin of 6.2% compared with 0.2% in the prior-year period. Despite continued high scheduled depreciation and amortisation, EBIT improved to EUR-2.98 million and the net loss narrowed to EUR-2.95 million. In our view, the first-half figures provide increasingly visible evidence that the investments made in Smartbroker+ are translating into stronger underlying operating profitability.

The Transaction segment remained the key growth driver, with revenue increasing by 11.7% to EUR21.00 million. Operational development was considerably stronger than the new customer figures alone suggest. The customer base increased to more than 285,000, while assets under management rose by 43.4% to EUR17.5 billion and therefore grew significantly faster than the number of clients. Trading activity also increased substantially, with the number of trades rising by 58.6% to 4.7 million. Smartbroker+ reached a new monthly record of around 860,000 transactions in June, while the number of savings plans almost doubled year on year. These figures indicate increasingly intensive use of the platform and improving monetisation of the existing customer base. However, gross new customer acquisition of around 31,000 remained below original expectations, while average acquisition costs increased from around EUR120 to approximately EUR160. A renewed acceleration in customer growth therefore remains an important factor for the medium-term scaling trajectory.

The Media segment continued to provide a stable and highly profitable earnings base. Revenue increased by 6.7% to EUR14.40 million, while segment EBITDA rose by 18.8% to EUR3.80 million and the EBITDA margin improved to 26.4%. In addition to its direct earnings contribution, the Media business provides Smartbroker with access to a large audience of financially engaged retail investors, creating strategic synergies in customer acquisition and supporting the planned launch of the pension savings account.

The Group also maintains a solid financial position. As at 30 June 2026, the equity ratio stood at 74.8%. Cash and cash equivalents of EUR18.97 million compared with bank borrowings of EUR3.47 million, resulting in net cash of EUR15.50 million. Following the reporting date, Smartbroker additionally secured a variable working capital credit facility of up to EUR20.00 million. In our view, the current balance sheet structure therefore provides sufficient flexibility to finance further product development, customer acquisition and the planned expansion of the platform.

For FY 2026, we confirm our forecasts of EUR70.00 million in revenue and EBITDA of EUR0.50 million. The comparatively conservative second-half assumption reflects higher planned marketing expenditure ahead of the pension savings account launch as well as the potential normalisation of exceptionally high trading activity. From 2027 onwards, we expect operating leverage to become significantly more visible as the growing customer base increasingly utilises the existing technical, regulatory and personnel infrastructure. We forecast revenue of EUR83.00 million and EBITDA of EUR11.50 million for 2027, rising to EUR99.00 million and EUR22.00 million respectively in 2028.

Based on our unchanged DCF model, we confirm our fair value of EUR17.80 per share. Additional potential from the pension savings account, the heavy trader offering, the trading API and further account and custody account types is only partially reflected in our forecasts. We therefore maintain our BUY rating.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=67a8670d15cc65edb61616dad831a82f

Contact for questions: GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a, 7, 11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Completion: 17 September 2026 (11:30) First publication: 17 September 2026 (13:00)

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2400978 17.09.2026 CET/CEST

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Quelle: dpa-Afx