Original-Research: Finexity AG (von GBC AG): Buy

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Original-Research: Finexity AG - from GBC AG

21.07.2026 / 12:00 CET/CEST

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Classification of GBC AG to Finexity AG

Company Name: Finexity AG

ISIN: DE000A40ET88

Reason for the research: Research Report (Anno)

Recommendation: Buy

Target price: 81.11 EUR

Target price on sight of: 31.12.2027

Last rating change:

Analyst: Matthias Greiffenberger, Cosmin Filker

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 EUR7.85 million, compared with

EUR6.80 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 EUR-3.64 million, compared with EUR-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 EUR2.10 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 EUR9.62 million for 2026, EUR13.50 million

for 2027, EUR24.20 million for 2028, EUR40.00 million for 2029 and EUR80.00

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 EUR72.00

to EUR81.11 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:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=035c56729cac65918c93f6388056c773

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/de/Offenlegung

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Completion: 21.07.2026 (9:45)

First publication: 21.07.2026 (12:00)

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