Original-Research: Yggdrasil SPAC 1 AG (to be renamed Innok Robotics Group AG...

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Original-Research: Yggdrasil SPAC 1 AG (to be renamed Innok Robotics Group

AG) - from GBC AG

26.10.2026 / 11:00 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.

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Classification of GBC AG to Yggdrasil SPAC 1 AG (to be renamed Innok

Robotics Group AG)

Company Name: Yggdrasil SPAC 1 AG (to be renamed Innok

Robotics Group AG)

ISIN: DE000A3EVV13

Reason for the Research Report (Initial Coverage)

research:

Recommendation: BUY

Target price: EUR15.00

Target price on 31.12.2027

sight of:

Last rating change:

Analyst: Cosmin Filker; Matthias Greiffenberger

Leading Physical AI and Robotics scale-up (outdoor-capable AMRs) in a strong

growth phase

Innok Robotics GmbH, based in Regenstauf, develops and markets autonomous

mobile robot systems (AMRs) for indoor and outdoor use. On 21 October 2026,

as part of their planned reverse IPO, the Annual General Meeting of the

already-listed Yggdrasil SPAC 1 AG resolved to incorporate the operating

entity Innok Robotics GmbH and subsequently change the company's name to

Innok Robotics Group AG. The legal completion of the transaction is expected

in late November 2026, following entry in the commercial register. The

following operational analysis, including historical financial figures,

therefore relates primarily to Innok Robotics GmbH, whilst the valuation is

based on the structure of the listed Innok Robotics Group AG expected

following completion of the transaction.

The technological foundation of their business model is formed by the

modular hardware platform HEROS and their in-house developed autonomy

software INNOK COCKPIT®, which is increasingly based on physical AI. With

the product families INDUROS, RAINOS and INSPECTOS, the company focuses in

particular on the sectors of intralogistics, irrigation, and inspection and

monitoring. A key differentiating factor is the ability to implement

autonomous transport processes even in existing industrial environments

(brownfield sites) and across combined indoor and outdoor routes. Sales are

handled via the company's own growing sales organisation (now comprising ten

sales staff) and, since 2025, via a rapidly expanding network of system

partners. In addition to direct sales, Innok Robotics offers a

Robotics-as-a-Service (RaaS) model, typically with a four-year contract term

and recurring usage fees.

The market is benefiting from structural growth drivers such as the

increasing labour shortage, rising labour costs and the ongoing automation

of industrial processes. In particular, the development of high-performance

physical AI systems is opening up new applications for autonomous robots

beyond the previously predominantly standardised production and warehouse

environments. With its technology for brownfield, outdoor and combined

indoor/outdoor applications, Innok Robotics specifically targets transport

processes in existing industrial sites that have been less automated.

Furthermore, additional growth potential arises from the increasing use of

autonomous robotic systems for inspection, monitoring and irrigation tasks,

as well as, in the longer term, from mobile manipulation applications.

According to estimates by Mordor Intelligence, the global AMR market volume

is expected to rise from USD 5.18 billion in 2026 to USD 10.56 billion in

2031. This corresponds to an average annual growth rate of 15.3%. For Innok

Robotics, additional market potential arises in particular from the

automation of material transport operations within existing industrial

sites, which have been carried out predominantly by hand. The potential

applications of modular technology in other sectors, such as agriculture,

inspection and security, further expand the addressable market. The strong

growth momentum in the still-nascent outdoor AMR segment is also illustrated

by data from the International Federation of Robotics (IFR), according to

which global sales of transport robots for non-public outdoor areas rose by

around 296% year-on-year in 2025.

Since the start of commercial sales of its series products in FY 2022, Innok

Robotics has increased its revenue from EUR1.03 million to EUR2.40 million in

the 2025 financial year. In the past financial year alone, revenue growth of

60.0% was achieved. At the same time, order intake rose to around EUR3.1

million (previous year: EUR1.6 million), an increase of around 100%,

indicating growing commercial demand for the robot systems. Following

successful pilot and test phases, the systems are now also being used by

larger industrial customers in ongoing production operations. This opens up

potential for follow-up orders as well as national and international

roll-outs. One example of this, according to the company, is the framework

agreement concluded with one of the three automotive suppliers headquartered

in Stuttgart, which forms the basis for simplified deliveries to other group

sites. Innok Robotics' customers include numerous internationally-active

industrial groups, amongst them Bosch, ZF, Volkswagen, Siemens and BASF. In

addition, the company supplies medium-sized enterprises such as ZwickRoell,

Rigdon and HORSCH. Their broad customer base offers the potential for

follow-up orders and a gradual expansion of robot deployment to further

company sites. However, due to their still comparatively low absolute level

of turnover and their upfront investments in staff expansion and

technological development, the company continues to operate at a loss as

planned. The EBITDA improved slightly in the 2025 financial year to EUR-0.98

million (previous year: EUR-1.09 million).

Innok Robotics' growth strategy is based in particular on further deepening

existing customer relationships, expanding sales activities, tapping into

additional fields of application and pursuing international expansion. In

addition to expanding direct sales, the international network of system

partners is to be gradually extended. Entry into the North American market

is planned from 2027, with further Asia-Pacific markets to be tapped from

2028. At the same time, by increasing its reliance on external production

and service partners, Innok Robotics is pursuing an 'asset-light' approach,

which is intended to enable the scaling up of business volume without a

proportional expansion of its own manufacturing and staffing capacities. The

continuous further development of the modular technology platform forms a

further basis for the planned business expansion.

Based on their business performance to date and the planned implementation

of their growth strategy, we expect a significant increase in turnover in

the coming financial years. For the current financial year 2026, we forecast

turnover of EUR5.42 million, which is expected to rise to EUR94.19 million by

the financial year 2030. Key drivers include the expected ramp-up in robot

system sales, the increasing contribution from recurring service and RaaS

revenue, geographical expansion and the development of new application

areas. Due to the expected economies of scale and the below-average growth

in staff costs and other operating expenses, we expect to reach the

operating break-even point from the 2028 financial year onwards. For the

financial year 2028, we forecast an EBITDA of EUR5.38 million, which is

expected to rise to EUR40.32 million by the financial year 2030.

Based on our three-stage DCF valuation model, we have determined a fair

equity value (31 December 2027) of EUR154.12 million for Innok Robotics Group

AG. Taking into account the 10.27 million shares used in the valuation

model, this corresponds to a fair value of EUR15.00 per share. Key factors

underpinning our valuation are the expected significant increase in

turnover, as well as the economies of scale resulting from the asset-light

business model and the associated improvement in operating profitability.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=3359c4b4a0d7da3310f8fe0d21825285

Contact for questions:

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

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

Disclosure of Potential Conflicts of Interest pursuant to Section 85 WpHG

and Article 20 MAR. The following potential conflicts of interest exist with

regard to the company analysed above: (5a, 7, 11). A list of potential

conflicts of interest is available at:

https://www.gbc-ag.de/de/Offenlegung.htm

Note on Issuer-Sponsored Research: This research report constitutes

issuer-sponsored research and has been prepared in accordance with the EU

Code of Conduct for Issuer-Sponsored Research.

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Completion (german): 23.10.2026 (09:50am)

First distribution (german): 23.10.2026 (11.00 am)

Completion (engl.): 26.10.2026 (08:13am)

First distribution (engl.): 26.10.2026 (11.00 am)

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2421790 26.10.2026 CET/CEST

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