Original-Research: UmweltBank AG (von GBC AG): BUY - T-Online

The issuer is solely responsible for the content of this research. The

invitation to conclude certain stock exchange transactions.

Target price on sight of: 31.12.2027

largely stable trend in net interest income, which stood at EUR43.79 million

(previous year: EUR43.35 million). In the third quarter of 2026, following a

trend was achieved with a 13.8% increase in net interest income.

expense. Since October 2025, UmweltBank AG has been offering 3.0% interest

to three months. This initially led to a sharp rise in customer deposits.

customer deposits, which had fallen to approximately EUR3.7 billion as at 30

September 2026 (31 December 2025: approximately EUR4.3 billion), a decline

greater than expected. During the period when the special rates were in

the promotional deposit rate, resulting in a negative interest margin. The

income, having picked up noticeably in the first nine months of 2026. With

and 2024 were already exceeded by the end of the first nine months of 2026.

company, demand in the renewable energy and property sectors remains high.

of 2026 fell significantly to EUR3.61 million (previous year: EUR14.84 million).

income arising from a profit distribution by a subsidiary. The net

level at EUR4.98 million (previous year: EUR5.30 million). This was primarily

The overall decline in total income to EUR51.72 million (previous year: EUR60.72

to EUR46.42 million (previous year: EUR51.59 million). This was driven in

consultancy and audit fees, other administrative expenses) to EUR20.36 million

(previous year: EUR29.26 million). This more than offset the increase in staff

costs to EUR25.79 million (previous year: EUR21.85 million), which was due to

the planned expansion of the workforce and salary adjustments. As a result,

UmweltBank AG achieved a pre-tax profit of EUR5.31 million (previous year:

EUR9.13 million) in the first nine months of 2026. The positive trend

reflected in net interest income is also evident on a quarterly basis.

Following a pre-tax profit of EUR0.23 million (Q1 2026) and EUR1.95 million (Q2

2026), the figure for the third quarter stood at EUR3.13 million.

for the current financial year. Whilst the forecast for net interest income

million (previously: EUR10-15 million). This is due to the expected

weaker-than-expected income from the securities business.

forecast for retail customer deposits at the end of 2026 to around EUR4.0

billion (previously: EUR4.0-5.4 billion). Together with lower customer growth,

total expenses are also expected to fall significantly. With the additional

million (previously: EUR32 million). This would offset part of the expected

lower net commission and trading income. Furthermore, due to the ongoing

million is forecast for the full year. Overall, these effects result in an

unchanged EBT forecast of EUR12.5-17.5 million, with earnings expected to be

at the lower end of the forecast range.

with the updated company guidance. Given lower commission and trading

unchanged pre-tax profit of EUR11.72 million (previously: EUR12.02 million). Our

estimates for the coming financial years remain unchanged. On 10 December

year 2031. This will also involve a reassessment of the previous long-term

adjustment of our forecasts for the coming financial years. Our marginal

determined using the residual income model. We therefore confirm the price

target of EUR8.00 and reiterate our 'BUY' rating.

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=e64a2bc22bf49793471b55265797f77e

Regulation (MAR). The following potential conflict of interest exists in

relation to the company analysed above: (1,4,5a,7,11). A list of potential

conflicts of interest can be found at: https://www.gbc-ag.de/de/Offenlegung

Date (time) Completion: 29.10.2026 (09:47 am)

Date (time) first transmission: 29.10.2026 (11:00 am)

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