^ Original-Research: UmweltBank AG - from GBC AG

04.05.2026 / 10:00 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.

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

Classification of GBC AG to UmweltBank AG

Company Name: UmweltBank AG ISIN: DE0005570808

Reason for the research: Research Comment Recommendation: BUY Target price: EUR 9.00 Target price on sight of: 31.12.2026 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann

Q1 results largely in line with expectations; capital requirement reduced by 60 basis points, price target unchanged

In the first three months of 2026, UmweltBank AG reported a decline in net interest income. This amounted to EUR12.53 million (previous year: EUR13.66 million). This consists of income from investments of retail customer deposits (retail banking) as well as from lending (corporate banking). The foundation for the retail banking business was further strengthened in the first quarter of 2026 with an increase in customer deposits to EUR4,595 million (March 31, 2025: EUR3,930 million). The main driver of this growth is the overnight deposit promotion (3.0% for the first three months) that has been running since October 2025, which has led to a EUR718 million increase in customer deposits over the past two quarters (Q4 2025 and Q1 2026). A key feature of this special promotion, which is geared toward customer and deposit growth, is a temporary reduction in the interest margin starting from the respective deposit date. Only after the three-month period has expired and starting from the seventh month (fourth to sixth month: 1.5% p.a., from the seventh month currently 0.6%) a noticeable increase in the interest margin begins. The majority of customer deposits acquired at the end of 2025 and in the first quarter of 2026 were still predominantly within the three-month term as of the first quarter of 2026. This effect was somewhat offset by reallocations within the treasury portfolio, which were made under slightly improved terms.

At the same time, the corporate banking business has not yet provided any impetus for net interest income. Although approximately EUR36 million in new loans were granted in the first quarter of 2026, outstanding environmental loans declined slightly due to repayments, from EUR3,143 million as of December 31, 2025, to EUR3,101 million. According to the company, the target of EUR450 million in gross new lending is expected to be easily achieved. This would increase the loan volume to EUR3.2 billion by the end of the 2026 fiscal year. Currently, approximately EUR200 million in loans are in preparation and another EUR70 million are in advanced negotiations. Additional loan inquiries totaling EUR500 million are also expected to have a positive impact on new business. Noteworthy in this regard is the entry in the first quarter of 2026 into the financing of battery energy storage systems, where loans totaling approximately EUR15 million were granted for the first time. At the same time, the scope for further loan growth has expanded. As part of a review, BaFin reduced the bank's specific capital requirement by 60 basis points, resulting in a total capital requirement of 14.97% effective April 2026. As of March 31, 2026, UmweltBank AG had a total capital ratio of 16.84%.

The significantly lower total revenue of EUR15.93 million in the first quarter of 2026 (previous year: EUR27.56 million) is primarily attributable to the decline in net financial income to EUR0.62 million (previous year: EUR12.38 million). The prior-year figure included a one-time effect from a profit distribution by a subsidiary.

In light of the decline in total revenue, Umwelt-Bank AG reported a decrease in pre-tax profit to EUR0.23 million (previous year: EUR10.23 million). This was offset by a reduction in operating expenses to EUR15.57 million (previous year: EUR17.15 million). In particular, with regard to other administrative expenses, the company benefited from the elimination of costs for external consultants as well as from lower IT costs. In general, the company is pursuing a cost and efficiency program aimed at achieving further cost savings of approximately EUR3.3 million, in addition to this effect (consultants, auditors).

The figures released are largely in line with our expectations. However, given the special terms, we had anticipated a slightly lower impact on the interest margin. We are therefore slightly adjusting our expected net interest income to EUR63.85 million (previous estimate: EUR66.28 million). This aligns with the company's guidance, which now projects net interest income between EUR60 million and EUR65 million (previously: EUR62.5 million to EUR67.5 million). However, this adjustment has only a marginal effect on the expected pre-tax profit of EUR14.36 million (previous estimate: EUR14.65 million). On the one hand, we are raising the net commission and trading income in light of upcoming product launches; on the other hand, we anticipate slightly lower operating expenses. The estimates for the coming fiscal years remain unchanged.

The slight forecast adjustment has no effect on the price target of EUR9.00 determined using the residual income model. We therefore maintain our "BUY" rating.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=aa889d2613633f6c852978250cd339cc

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: (1,4,5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) Completion: 04.05.2026 (08:25 am) Date (time) first transmission: 04.05.2026 (10:00 am)

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

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=b20f1776-4783-11f1-8534-027f3c38b923&lang=en

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

2320060 04.05.2026 CET/CEST

°

Quelle: dpa-Afx