Clas­si­fi­ca­ti­on of GBC AG to Fin­exi­ty AG

Di­gi­tal ca­pi­tal mar­ket in­fra­struc­tu­re for pri­va­te mar­kets with high sca­la­bi­li­ty po­ten­ti­al

FINEXITY AG is a fin­tech com­pa­ny po­si­tio­ned as an in­fra­struc­tu­re pro­vi­der for to­ke­nis­ed se­cu­ri­ties. The Group ope­ra­tes an OTC tra­ding ve­nue and co­vers a broad part of the va­lue chain, in­clu­ding struc­tu­ring, to­ke­nisa­ti­on, pla­ce­ment, tra­ding, sett­le­ment and life­cy­cle ma­nage­ment. Its cur­rent fo­cus is on to­ke­nis­ed bonds, while the plat­form is be­ing ex­pan­ded toward to­ke­nis­ed funds and equi­ties. Stra­te­gi­cal­ly, FINEXITY aims to evol­ve from its cur­rent OTC in­fra­struc­tu­re into a re­gu­la­ted DLT-ba­sed tra­ding and sett­le­ment in­fra­struc­tu­re un­der the EU DLT Pi­lot Re­gime.

The 2025 fi­nan­cial year con­firm­ed the Group’s tran­si­ti­on from an is­su­an­ce- and pro­ject-dri­ven mo­del toward a broa­der in­fra­struc­tu­re-ori­en­ted plat­form mo­del. Pro for­ma re­ve­nue in­creased by 15.5% to €7.85 mil­li­on, com­pared with €6.80 mil­li­on in the pre­vious year. Growth was pri­ma­ri­ly dri­ven by the In­fra­struc­tu­re seg­ment, which be­ne­fi­ted from hig­her bro­kera­ge ac­ti­vi­ty via Ef­fec­ta and in­cre­asing tra­ding part­ner fees. At the same time, the Ca­pi­tal Mar­kets seg­ment re­main­ed broad­ly sta­ble, with a shift toward ad­vi­so­ry and struc­tu­ring re­ve­nues. Ear­nings re­main­ed cle­ar­ly ne­ga­ti­ve and re­flec­ted FINEXITY’s on­go­ing in­vest­ment and plat­form-buil­ding pha­se. EBITDA de­cli­ned to €-3.64 mil­li­on, com­pared with €-1.25 mil­li­on in 2024. The wea­k­er pro­fi­ta­bi­li­ty was main­ly dri­ven by a less fa­voura­ble re­ve­nue mix, high pass-th­rough cos­ts from Ef­fec­ta-re­la­ted bro­kera­ge re­ve­nues and in­creased ope­ra­ting ex­pen­ses for per­son­nel, le­gal, con­sul­ting, IT and re­gu­la­to­ry pro­jects. We the­r­e­fo­re con­ti­nue to view 2025 as a tran­si­ti­on year, in which FINEXITY built the or­ga­ni­sa­tio­nal, re­gu­la­to­ry and tech­no­lo­gi­cal ba­sis for fu­ture sca­ling.

The growth out­look re­mains am­bi­tious but stra­te­gi­cal­ly well sup­port­ed. FINEXITY re­por­ted pro for­ma Group re­ve­nue of €2.10 mil­li­on in Q1 2026, ap­pro­xi­m­ate­ly 40% abo­ve the company’s in­ter­nal bud­get, with the In­fra­struc­tu­re seg­ment be­ing the main dri­ver. In the near term, growth should be dri­ven by hig­her uti­li­sa­ti­on of the exis­ting OTC in­fra­struc­tu­re, the plan­ned Ef­fec­ta in­te­gra­ti­on and the ex­pan­si­on of the dis­tri­bu­ti­on net­work. More than 250 to­ke­nis­ed se­cu­ri­ties are al­re­a­dy lis­ted on the in­fra­struc­tu­re, while the plan­ned ex­pan­si­on into to­ke­nis­ed funds and equi­ties should broa­den the ad­dressa­ble pro­duct uni­ver­se.

We main­tain our re­ve­nue fo­re­casts of €9.62 mil­li­on for 2026, €13.50 mil­li­on for 2027, €24.20 mil­li­on for 2028, €40.00 mil­li­on for 2029 and €80.00 mil­li­on for 2030. The ac­ce­le­ra­ti­on from 2028 on­ward is lin­ked to the plan­ned tran­si­ti­on toward FINEXITY 3.0, in­clu­ding the launch of a re­gu­la­ted DLT Tra­ding and Sett­le­ment Sys­tem, sub­ject to re­gu­la­to­ry ap­pr­oval, tech­ni­cal im­ple­men­ta­ti­on and mar­ket re­a­di­ness. Un­der FINEXITY 4.0, the Group also in­tends to open its in­fra­struc­tu­re to ex­ch­an­ge ope­ra­tors, re­gu­la­ted tra­ding ve­nues and or­der-flow pro­vi­ders th­rough white-la­bel part­ner­ships.

Ba­sed on our DCF va­lua­ti­on mo­del, we in­crease our tar­get pri­ce from €72.00 to €81.11 and main­tain our BUY ra­ting. The in­crease in the tar­get pri­ce is pri­ma­ri­ly at­tri­bu­ta­ble to the roll­over ef­fect, re­flec­ting the shift of the va­lua­ti­on base to the tar­get date of 31.12.2027. Over­all, FINEXITY of­fers si­gni­fi­cant sca­la­bi­li­ty po­ten­ti­al as an ear­ly in­fra­struc­tu­re pro­vi­der for to­ke­nis­ed se­cu­ri­ties, but the in­vest­ment case re­mains de­pen­dent on suc­cessful Ef­fec­ta in­te­gra­ti­on, re­gu­la­to­ry ap­pr­oval of the DLT-TSS in­fra­struc­tu­re, hig­her plat­form vo­lu­mes and the tran­si­ti­on toward re­cur­ring, hig­her-mar­gin in­fra­struc­tu­re re­ve­nues.

You can down­load the re­se­arch here: 20260721_Anno_Finexity_EN

Cont­act for ques­ti­ons:
GBC AG
Hal­der­stras­se 27
86150 Augs­burg
⁰⁸²¹⁄₂₄₁₁₃₃ 0
research@​gbc-​ag.​de
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Dis­clo­sure of po­ten­ti­al con­flicts of in­te­rest pur­su­ant to Sec­tion 85 of the Ger­man Se­cu­ri­ties Tra­ding Act (WpHG) and Ar­tic­le 20 of the Mar­ket Ab­u­se Re­gu­la­ti­on (MAR) The fol­lo­wing po­ten­ti­al con­flict of in­te­rest exists in re­la­ti­on to the com­pa­ny ana­ly­sed abo­ve: (5a,11); A list of po­ten­ti­al con­flicts of in­te­rest can be found at: https://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​ung
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Com­ple­ti­on: 21.07.2026 (9:45)
First pu­bli­ca­ti­on: 21.07.2026 (12:00)