Märkte & Kurse

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Original-Research: Planethic Group AG - from Parmantier & Cie. GmbH

13.04.2026 / 12:22 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of Parmantier & Cie. GmbH to Planethic Group AG

     Company Name:                Planethic Group AG
     ISIN:                        DE000A3E5ED2

     Reason for the research:     Initial Study
     Recommendation:              Buy
     from:                        13.04.2026
     Target price:                11.00 EUR
     Target price on sight of:    12 month
     Last rating change:          initial
     Analyst:                     René Parmantier & Benedikt Krämer

"House of brands with an innovative product portfolio on the step to
sustainable growth through innovation after strategic reset"

Planethic Group AG (formerly Veganz Group AG) is in the middle of a major
strategic repositioning: away from a traditional vegan retailer/wholesaler
model and toward a technology-driven holding company focused on food
technology ("FoodTech"). The centrepiece of this transformation is MILILK®
and its patented 2D printing approach for producing dehydrated beverage
concentrates ("Drinksheets") that can be processed by end users or
professional customers.

While the strategic upside appears substantial mainly driven by Capex-light
modular production, logistical advantages, and early commercial traction,
the equity story has also suffered from impaired capital-market trust. In
our view, this was particularly visible around the OrbiFarm transaction
communication, which contributed to renewed pressure on the share price.
Against that backdrop, a key positive development is the management: CEO
Sascha Voigt is not only described as a "full-blooded entrepreneur," but
also the lead technology mind behind MILILK®, shifting the narrative from
"story" to "execution" and bringing Planethic on a clear path to break-even.

The company aims to position itself as a leading multi-brand platform within
the food-tech solutions space, leveraging its established MILILK® pipeline
to drive sustainable, long-term growth.

Planethic is supported by its patented MILILK® 2D printing technology, which
provides a strong IP moat and cost advantages, alongside a capital-light
model enabling rapid scaling and a path to break-even. Early traction
includes secured US contracts (10M litres in Year 1, 50M in Year 2, Project
financing for the US facility) and indicated demand exceeding 400M litres
annually, with the EUR30M OrbiFarm exit validating its brand-building and
capital recycling capabilities.

However, scaling depends on external financing, and investor trust remains
impacted by past communication issues. Additional production lines require
upfront capital, and potential equity issuance may lead to near-term
dilution.



DISCLAIMER
LEGAL NOTICE
This research report ('Investment Recommendation') was prepared by
Parmantier & Cie. Research, with contributions from Mr. Parmantier and Mr.
Krämer, and is distributed solely by Parmantier & Cie. Research. It is
intended only for the recipient and may not be shared with other entities,
even if they are part of the same corporate group, without prior written
consent. The report contains selected information and makes no claim to
completeness. The investment recommendation is based on publicly available
information ('Information'), which is considered correct and complete.
However, Parmantier & Cie. Research does not verify or guarantee the
accuracy or completeness of this information. Any potential errors or
omissions do not create liability for Parmantier & Cie. Research, which
assumes no liability for direct, indirect, or consequential damages.

In particular, Parmantier & Cie. Research accepts no responsibility for the
accuracy of statements, forecasts, or other content in this investment
recommendation concerning the analyzed companies, their subsidiaries,
strategies, economic conditions, market and competitive positions,
regulatory frameworks, and similar factors. While care has been taken in
preparing this report, errors or omissions cannot be excluded. Parmantier &
Cie. Research, including its partners and employees, accepts no liability
for the accuracy or completeness of statements, estimates, or conclusions
derived from the provided information in this investment recommendation.

To the extent this investment recommendation is provided as part of an
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Parmantier & Cie. Research's liability is limited to cases of gross
negligence or intentional misconduct. In cases of breach of essential
obligations, liability is limited to simple negligence but is restricted to
foreseeable and typical damages in all cases. This investment recommendation
does not constitute an offer or solicitation to buy or sell securities.

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its subsidiaries may hold responsible positions, such as supervisory board
mandates, in the companies mentioned in this report. The opinions expressed
in this investment recommendation may change without notice and reflect the
personal view of the research analyst. Unless otherwise stated, no part of
the research analyst's compensation is directly or indirectly related to the
recommendations or opinions contained in this report. All rights reserved.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=fdc797ed8ae8ffc38c19c884dc767f75

Contact for questions:
Parmantier & CIE. Research
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60389 Frankfurt

info@parmantiercie.com

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2307152 13.04.2026 CET/CEST

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