Märkte & Kurse

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Original-Research: naoo AG - from GBC AG

08.12.2025 / 11:00 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
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Classification of GBC AG to naoo AG

     Company Name:               naoo AG
     ISIN:                       CH1323306329

     Reason for the research:    Research study (Note)
     Recommendation:             BUY
     Target price:               28.44 EUR
     Last rating change:
     Analyst:                    Marcel Goldmann, Cosmin Filker

Sales and earnings development 1st half year 2025

naoo AG recently announced its half-year figures for 2025. Thanks to the
acquisition of Kingfluencers at the beginning of the year (consolidation of
the transaction with retroactive effect from January 2025), the company was
able to achieve a sharp increase in sales to CHF 4.30 million (H1 2024: CHF
0.42 million). At the same time, gross profit increased dynamically to CHF
1.62 million (H1 2024: CHF 0.07 million), which equates to an almost
doubling of the gross profit margin to 38.0% (H1 2024: 17.0%).

In terms of earnings performance, naoo recorded EBITDA of CHF -1.22 million
(H1 2024: CHF -0.52 million) due to extraordinary expenses for further
growth of the naoo Group and integration costs incurred for the
Kingfluencers transaction. Adjusted for these extraordinary expenses (total
expenses of CHF 0.90 million), an adjusted EBITDA of CHF -0.32 million was
generated and thus an operating result within reach of the operating
break-even point.

After further consideration of amortisation, financing and tax effects, a
net result of CHF -1.95 million was achieved. It should be noted that the
net result was also burdened by (scheduled) goodwill amortisation (goodwill
amortisation resulting from the acquisition of Kingfluencers) of around CHF
0.22 million (GBCe) and extraordinary expenses in connection with the
Kingfluencers transaction (including purchase and restructuring costs) of
CHF 0.35 million.

In addition, the first half of the year was also characterised by
significant strategic progress with regard to the expansion of the business
model and the strengthening of the market position. Thanks to the highly
synergetic acquisition of Kingfluencers, the leading Swiss influencer agency
with over 3,800 creators and more than 300 clients, the naoo Group expanded
its reach and client network and integrated stable, profitable agency
revenues into the Group. The combination of agency expertise and platform
technology gives the naoo Group a strong market position and a significantly
increased market presence.

In addition to the successful integration of Kingfluencers, the Group also
continued to expand its technology and data infrastructure, laying the
foundation for scalable AI applications. In June 2025, the central data
warehouse 'Gaia' was put into operation, followed by the proprietary machine
learning platform 'ModelKnife', which serves as the technical backbone of a
new generation of AI and data-based functions such as content
personalisation or a semantic search engine.

In addition, naoo strengthened its commercial clout by expanding its
management team to include Gregor Doser (13 years of management at Google
Switzerland, instrumental in building YouTube Switzerland) and Philipp
Hofmann (over 15 years of experience in sales and media). As part of the
adapted sales strategy, the sales and consulting team will be expanded in a
targeted manner in order to deepen existing customer relationships, acquire
new key accounts and build strategic partnerships.

Forecasts and modelling assumptions

With the integration of Kingfluencers and the expansion of its AI
infrastructure, the Group has created a strong basis for sustainable
profitable growth in order to continue its dynamic growth trajectory in the
future. The planned new features, products and innovations as well as its
planned expansion should enable the Group to maintain its high rate of
growth in the future. As a result, it should also be possible to further
expand the market position and monetise the diversified IP-based business
model to an even greater extent.

With the completion of the integration of Kingfluencers AG and the
subsequent further development of a portfolio of proprietary media formats
('Creator IP'), naoo has integrated three additional revenue units into its
existing growth model, which should contribute positive earnings effects to
the overall result in the short term. The steady agency revenue from
influencer marketing forms the foundation, while 'Creator-Driven Commerce &
Content Hubs' and 'Vertical Shorts' are intended to create additional growth
drivers.

1. Influencer marketing

The agency and influencer business will continue to be the naoo Group's most
profitable unit. Kingfluencers acts as an operational competence centre for
brand and creator campaigns and supports them end-to-end-from strategy,
influencer sourcing and matching to implementation and performance
measurement-all processes are supported by the Kingfluencers platform, which
has been continuously developed over the last ten years. This holistic
approach offers its customers measurable added campaign value and, at the
same time, enables naoo to generate recurring, profitable revenue with high
cash flow stability.

2. Creator-Driven Commerce & Content Hubs

The second revenue unit focuses on creator-led commerce hubs that combine
editorial storytelling, influencer content and direct purchase options.
Built on a scalable e-commerce infrastructure, these verticals are monetised
via sponsorship, brand integrations and affiliate commissions. By utilising
its own creator network, organic reach and authentic engagement are
generated. This in turn should form a high-margin expansion of their
business model, which can be scaled quickly and without high investments in
the DACH region and other markets.

3. Vertical shorts

The third revenue unit comprises serialised short video formats ('vertical
shorts') designed for social and streaming platforms. In an initial phase,
naoo plans to produce its own formats and play them out via naoo and other
platforms. In the medium term, however, external concepts will also be
licensed, adapted and played out via the naoo infrastructure.

These formats combine the authenticity of the creators with integrated brand
storytelling and recurring subscription elements, thereby opening up new,
scalable sources of revenue via sponsorship, product placements and
licencing. Backed by Kingfluencers' extensive creator network and production
expertise, this unit forms a high-reach growth driver within naoo's media
ecosystem - with a focus on scalability, internationalisation and long-term
IP development.

With this expanded revenue portfolio, naoo is combining an established
agency business with new, technology-supported growth drivers in the field
of digital media and AI-based distribution. With this new approach, naoo is
significantly diversifying its revenue sources and intends to build a bridge
from today's agency business to a future scalable digital platform. We
assume that the three revenue pillars described above will already make a
significant contribution to the naoo Group's consolidated revenue in 2026.

With the announcement of their half-year figures, naoo has also provided a
positive outlook for the current financial year and the following years,
according to which the company aims to continue its dynamic growth
trajectory. The aim is to significantly increase not only future sales but
also profitability.

In view of the positive business development, the promising outlook and the
currently still moderately negative earnings trend, which was in line with
our expectations, we confirm our previous sales and EBITDA forecasts. In
view of the higher than expected (non-cash) depreciation and amortisation,
we have reduced our previous net forecasts. For the current financial year
2025 and the following year, we now expect an after-tax result of CHF -3.59
million (previously: CHF -2.93 million) and CHF -2.99 million (previously:
CHF -2.34 million). For the subsequent financial years 2027 and 2028, we are
forecasting positive net results of CHF 2.71 million (previously: CHF 3.31
million) and CHF 14.44 million (previously: CHF 15.02 million) respectively.

Based on our confirmed sales and operating profit estimates, we have also
maintained our previous price target of CHF 26.50 (or EUR 28.44). Our
reaffirmation of the price target despite reduced net forecasts results from
the fact that the adjustment of the estimates was caused by non-cash
amortisation and expenses. In view of the current share price level, we
continue to assign a 'BUY' rating and see significant upside potential in
the naoo share.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=27ca65f1b02e171527b3a02b1a05e33e

Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de

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Datum und Zeitpunkt der Fertigstellung der Studie (deutsche Version):
10.11.2025 (9:23 Uhr)
Datum und Zeitpunkt der ersten Weitergabe (deutsche Version): 10.11.2025
(10:30 Uhr)

Datum und Zeitpunkt der Fertigstellung der Studie (englische Version):
08.12.2025 (10:13 Uhr)
Datum und Zeitpunkt der ersten Weitergabe (englische Version): 08.12.2025
(11:00 Uhr)

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2241726 08.12.2025 CET/CEST

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