Original-Research: Aspermont Ltd. (von GBC AG): BUY

^

Original-Research: Aspermont Ltd. - from GBC AG

01.06.2026 / 16:00 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

invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

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 Tiko 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 Tiko 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:

https://eqs-cockpit.com/c/fncls.ssp?u=4186e16f1d4fdee01e0dcf3ac314e021

Contact for questions:

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

++++++++++++++++

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR

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

+++++++++++++++

Completion: 01.06.2026 (2:00 p.m.)

First distribution: 01.06.2026 (4:00 p.m.)

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=2e7fc162-5db9-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2337200 01.06.2026 CET/CEST

°