Märkte & Kurse

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Original-Research: Finexity AG - from GBC AG

19.03.2026 / 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
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Classification of GBC AG to Finexity AG

     Company Name:                Finexity AG
     ISIN:                        DE000A40ET88

     Reason for the research:     Research Report (Initial Coverage)
     Recommendation:              BUY
     Target price:                72.00 EUR
     Target price on sight of:    31.12.2026
     Last rating change:
     Analyst:                     Matthias Greiffenberger, Cosmin Filker

Digital capital market infrastructure for private markets with high
scalability potential

Finexity AG is a German fintech company that operates a digital platform for
the issuance and trading of so-called tokenized securities. Tokenization
refers to the process of representing traditional financial assets such as
bonds, funds or equities digitally on a blockchain. The underlying
technology is referred to as DLT. DLT stands for Distributed Ledger
Technology and describes a decentralized database in which transactions are
recorded in a transparent, secure and tamper-resistant manner. This
technology enables securities to be issued digitally and traded more
efficiently.

Finexity combines several functions within an integrated model. The company
structures investment products, brings them to market as digital securities
and subsequently enables trading through its own platform. This gives
investors access to private markets that have historically been accessible
mainly to institutional investors. Issuers benefit from a standardized
digital infrastructure, a growing investor network and established
distribution partnerships with external partners. At the same time, Finexity
already operates its own infrastructure and digital ecosystem for the
issuance, placement and trading of digital securities. Through the
integrated OTC trading venue, an increasing number of issuances are being
listed that were not structured by Finexity itself. As a result, the
platform is gradually evolving from a pure issuance and trading solution
into an open infrastructure for digital securities. Strategically, Finexity
aims to develop this platform into a regulated digital market infrastructure
over time. This means that, going forward, the company intends not only to
structure and distribute securities, but also to operate a regulated digital
trading and settlement system. If successful, Finexity would be able to
participate more directly in each transaction and generate higher and partly
recurring revenues. This strategic development specifically involves the
transformation of the existing OTC platform into a fully regulated DLT-based
trading and settlement system (DLT TSS) under the EU DLT Pilot Regime.
Unlike traditional multilateral trading systems, the intended model
integrates not only the trading function but also settlement and an on-chain
register. This could allow clearing and settlement processes to take place
almost in real time on a T+0 basis, which would create structural efficiency
gains and improve margin quality. If successful, Finexity would evolve from
a platform solution into a regulated market infrastructure operator.

Financially, Finexity remains clearly in an investment and scaling phase.
Our forecasts are largely derived from the ambitious growth targets
communicated by management and the strategic roadmap to develop the company
into a regulated digital trading and settlement infrastructure. The
underlying scenario therefore assumes that the announced expansion in
transaction volumes, the regulatory milestones and the development of the
platform will be implemented as planned. For 2026 we expect revenue of EUR9.62
million, EBITDA of minus EUR3.53 million and a net result of minus EUR3.75
million. The negative profitability reflects a deliberately front-loaded
investment strategy. Investments in technological infrastructure, regulatory
development and the expansion of the team in distribution and capital
markets lead to a high fixed cost base in the short term that is designed to
support significantly higher volumes in the future.

In our model the operational turning point is reached in 2028. At revenue of
EUR24.20 million we expect positive EBITDA of EUR0.21 million and a net result
of EUR0.00 million. In our view this represents the breakeven point. This
scenario assumes that the planned increase in transaction volumes is
realized and that the platform reaches a critical scale at which the
existing cost structure is fully covered.

In the following years the scalability of the business model becomes clearly
visible. For 2029 we model revenue of EUR40.00 million, EBITDA of EUR7.00
million and a net result of EUR6.79 million. For 2030 we expect revenue of

EUR80.00 million, EBITDA of EUR22.00 million and a net result of EUR21.79 million,

corresponding to an EBITDA margin of around 27.5 percent. The strong margin
expansion reflects the operating leverage of a digital platform model in
which additional volumes can be processed at comparatively low incremental
cost.

If the ambitious growth and scaling targets communicated by management are
achieved as planned, we see significant upside potential for the share. In
particular, the successful transformation into a scalable and regulated
digital trading and settlement infrastructure platform would in our view
lead to a substantial rerating of the company, as both revenue visibility
and margin quality would improve structurally. Based on our DCF model we
derive a fair value of EUR72.00 per share and assign a Buy rating.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=d8b9b719c9b4cc10f2a3f6c912b25266

Contact for questions:
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Beim oben analysierten Unternehmen ist folgender möglicher
Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung
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Completion: 18.03.2026 (20:00)
Initial release: 19.03.2026 (10:00)

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2293530 19.03.2026 CET/CEST

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