Clas­si­fi­ca­ti­on of GBC AG to Asper­mont Ltd.

Com­pa­ny Name:	Asper­mont Ltd.
ISIN:	AU000000ASP3
Re­ason for the re­se­arch:	Re­se­arch Re­port (Up­date)
Re­com­men­da­ti­on:	BUY
Tar­get pri­ce:	5.45 AUD
Tar­get pri­ce on sight of:	30.09.2027
Last ra­ting ch­an­ge:
Ana­lyst:	Mat­thi­as Greif­fen­ber­ger, Cos­min Fil­ker

H1 re­sults con­firm im­pro­ving mo­men­tum and pro­gress toward sca­lable Data & In­tel­li­gence growth

Asper­mont Ltd. re­por­ted so­lid H1 FY2025/26 re­sults, with re­ve­nue from con­ti­nuing ope­ra­ti­ons in­cre­asing by 11.3% to AUD 7.48m, com­pared with AUD 6.72m in the pri­or year pe­ri­od. The im­pro­ve­ment was main­ly dri­ven by strong growth in non-sub­scrip­ti­on re­ve­nues, while Sub­scrip­ti­ons & Data Li­cen­sing Re­ve­nue re­main­ed broad­ly sta­ble. Re­por­ted net pro­fit af­ter tax amoun­ted to AUD 0.60m, com­pared with a net loss of AUD 1.28m in H1 FY2024/25. Ho­we­ver, the re­por­ted pro­fit was sup­port­ed by the fair va­lue up­lift of the stra­te­gic in­vest­ment in Tāi­ko Cri­ti­cal Mi­ne­rals, while the un­der­ly­ing re­sult be­fo­re si­gni­fi­cant items re­main­ed ne­ga­ti­ve.

Nor­ma­li­sed EBITDA re­main­ed ne­ga­ti­ve in H1 FY2025/26 at ap­pro­xi­m­ate­ly AUD ‑1.00m, com­pared with AUD ‑0.60m in the pri­or year pe­ri­od. This re­flects con­tin­ued in­vest­ment in Data & In­tel­li­gence, Mi­ning IQ com­mer­cia­li­sa­ti­on and ad­di­tio­nal sa­les ca­pa­ci­ty. Ho­we­ver, the quar­ter­ly trend im­pro­ved si­gni­fi­cant­ly. Nor­ma­li­sed EBITDA im­pro­ved from AUD ‑0.80m in Q1 FY2025/26 to AUD ‑0.20m in Q2 FY2025/26. In our view, this con­firms that the com­pa­ny is be­gin­ning to be­ne­fit from se­quen­ti­al ope­ra­ting le­vera­ge as re­ve­nue growth re­turns and the re­si­zed cost base is in­cre­asing­ly uti­li­sed.

Cash flow de­ve­lo­p­ment also show­ed a clear se­quen­ti­al im­pro­ve­ment du­ring H1 FY2025/26. Net cash used in ope­ra­ting ac­ti­vi­ties amoun­ted to AUD 1.49m in the first half, com­pared with an ope­ra­ting cash out­flow of AUD 0.06m in the pri­or year pe­ri­od. The wea­k­er year-on-year de­ve­lo­p­ment main­ly re­flects the on­go­ing in­vest­ment pha­se and hig­her ope­ra­ting ex­pen­ses. Ho­we­ver, Q2 FY2025/26 ope­ra­ting cash flow mo­ved clo­se to break-even af­ter the lar­ger cash out­flow in Q1 FY2025/26. Cash re­ceipts from cus­to­mers amoun­ted to AUD 7.71m, com­pared with AUD 7.43m in H1 FY2024/25. Ma­nage­ment con­firm­ed that the com­pa­ny re­mains on track to be­co­me cash ge­ne­ra­ti­ve from Q3 FY2025/26.

Stra­te­gi­cal­ly, H1 FY2025/26 was an im­portant pe­ri­od for the de­ve­lo­p­ment of the Data & In­tel­li­gence busi­ness. Asper­mont com­ple­ted the full pro­duct road­map, fi­na­li­sed the five-year busi­ness plan, es­tab­lished a de­di­ca­ted ope­ra­ting and lea­der­ship team and star­ted plat­form build and data in­ges­ti­on. Mi­ning IQ v1 is live with World Risk Ana­ly­tics, while the 200-year ar­chi­ve di­gi­ti­sa­ti­on pro­ject re­mains on track for com­ple­ti­on in Q4 FY2025/26. New data pro­duct be­tas are ex­pec­ted in 2026, with in­iti­al data re­ve­nues ex­pec­ted in 2027. The Rio Tin­to en­ter­pri­se con­tract pro­vi­des an im­portant va­li­da­ti­on point for the com­mer­cia­li­sa­ti­on of Aspermont’s pro­prie­ta­ry ar­chi­ve con­tent and AI-en­ab­led in­tel­li­gence so­lu­ti­ons.

The core sub­scrip­ti­on busi­ness re­mains the foun­da­ti­on of the in­vest­ment case. Sub­scrip­ti­ons & Data Li­cen­sing Re­ve­nue amoun­ted to AUD 5.10m in H1 FY2025/26, com­pared with AUD 5.03m in the pri­or year pe­ri­od. This in­cludes AUD 5.00m of sub­scrip­ti­on re­ve­nue and AUD 0.10m of data li­cen­sing re­ve­nue from the Rio Tin­to en­ter­pri­se con­tract. Asper­mont con­ti­nues to be­ne­fit from more than 4,000 cor­po­ra­te sub­scrip­ti­ons, 100.0% net re­ten­ti­on, ARR abo­ve AUD 11.00m and a long-term ARPU CAGR of 17.0%. The com­pa­ny curr­ent­ly ex­pects ARR growth of ap­pro­xi­m­ate­ly 7.0% to 8.0% on the exis­ting run-rate, com­pared with the full-year tar­get of more than 10.0%. Ho­we­ver, ma­nage­ment con­ti­nues to ex­pect stron­ger H2 mo­men­tum, sup­port­ed by Data & In­tel­li­gence re­ve­nue, en­ter­pri­se agree­ments, re­fres­hed go-to-mar­ket in­itia­ti­ves and pipe­line con­ver­si­on.

We lea­ve our fo­re­casts un­ch­an­ged. For FY2025/26, we con­ti­nue to ex­pect re­ve­nue of AUD 16.90m and EBITDA of AUD 0.15m. For FY2027 and FY2028, we fo­re­cast re­ve­nue growth to AUD 18.90m and AUD 21.30m, re­spec­tively, with EBITDA in­cre­asing to AUD 1.67m and AUD 2.93m. On an un­der­ly­ing ba­sis and ex­clu­ding the one-off fair va­lue gain from the Tāi­ko Cri­ti­cal Mi­ne­rals in­vest­ment, we con­ti­nue to ex­pect a ne­ga­ti­ve net re­sult of AUD ‑0.95m in FY2025/26 be­fo­re a re­turn to pro­fi­ta­bi­li­ty in FY2027.

Over­all, H1 FY2025/26 con­firms the key ele­ments of our in­vest­ment case. Asper­mont is pro­gres­sing from the FY2024/25 re­set pha­se toward re­ne­wed growth, im­pro­ving cash ge­ne­ra­ti­on and a hig­her va­lue Data & In­tel­li­gence mo­del. While the com­pa­ny has not yet re­a­ched full ear­nings nor­ma­li­sa­ti­on, the se­quen­ti­al im­pro­ve­ment wi­thin H1 FY2025/26 is en­cou­ra­ging. Ba­sed on the roll-for­ward ef­fect and the ex­ten­si­on of our tar­get pri­ce va­li­di­ty to 30.09.2027, pre­vious­ly 30.09.2026, we in­crease our tar­get pri­ce to AUD 5.45 per share and con­firm our BUY ra­ting.

You can down­load the re­se­arch here: 20260601_Aspermont_Update

Cont­act for ques­ti­ons:
GBC AG
Hal­der­stra­ße 27
86150 Augs­burg
⁰⁸²¹⁄₂₄₁₁₃₃ 0
research@​gbc-​ag.​de
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Com­ple­ti­on: 01.06.2026 (2:00 p.m.)
First dis­tri­bu­ti­on: 01.06.2026 (4:00 p.m.)