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Original-Research: SMARTBROKER HOLDING AG - from GBC AG

19.11.2025 / 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 SMARTBROKER HOLDING AG

Company Name: SMARTBROKER HOLDING AG
ISIN: DE000A2GS609

Reason for the Research Report (Initial Coverage)
research:
Recommendation: BUY
Target price: 17.50 EUR
Target price on 31.12.2026
sight of:
Last rating change:
Analyst: Matthias Greiffenberger, Cosmin Filker, Niklas
Ripplinger

Strong growth in new customers heralds growth phase - sustainable
profitability in sight from 2027

Smartbroker Holding AG is an integrated capital market platform provider
with two complementary business segments: online brokerage and digital
financial media. Under the Smartbroker+ brand, the company operates a
multi-award-winning online broker that is the only provider in Germany to
combine the service portfolio of a traditional full-service broker with the
conditions of a modern neobroker. At the same time, the group operates four
of the most widely read financial portals in the German-speaking world:
wallstreet-online.de, boersenNews.de, FinanzNachrichten.de, and ARIVA.de. In
2024, these generated a total of around 2.5 billion page views and reached
over 4.5 million monthly active users in the current year. This makes
Smartbroker one of the largest financial portal operators in Germany.

Their hybrid business model combining media and brokerage segments enables
high operational efficiency and strong synergy potential. The portals act as
the group's own lead channel, significantly reducing customer acquisition
costs (CAC) compared to competitors. The expansion of content links between
portals and Smartbroker+, such as through the integration of market
analyses, news feeds, and community functions directly into the trading
platform, also increases user loyalty and transaction frequency.

In fiscal year 2024, Smartbroker Holding AG achieved an increase in revenue
to EUR52.48 million (previous year: EUR46.54 million), driven by the successful
migration to Smartbroker+ and increasing trading activity among customers.
EBITDA increased significantly to EUR8.97 million (previous year: EUR1.35
million), marking the transition from the build-up to the scaling phase. In
addition, operating cash flow rose to EUR9.99 million (previous year: EUR2.1
million). Following the successful relaunch of Smartbroker+ and the
consolidation of the technical infrastructure, 2025 will be marked by
accelerated growth and targeted market penetration.

In the first half of 2025, Smartbroker Holding AG generated revenue of
EUR32.31 million (previous year: EUR25.51 million) and EBITDA of EUR0.06 million
(previous year: EUR2.92 million). We therefore expect revenue to rise to EUR65.0
million (+23.9%) in the 2025 financial year, driven by strong new customer
growth of approximately 80,000 securities accounts and a significant
increase in customer deposits to over EUR850 million. In the short term,
operating earnings will continue to be negative as a result of the greatly
expanded marketing measures to acquire customers. We forecast EBITDA of
EUR-1.2 million and net income of EUR-10.06 million. However, these expenses are
strategic in nature and aim to build a sustainably profitable customer base
with positive lifetime value. From 2026 onwards, the company should enter
the earnings phase and generate an estimated EBITDA of EUR3.83 million before
reaching operational break-even in 2027 and a significant increase in
earnings, both on an EBITDA basis at EUR12.76 million and at the level of net
income at EUR8.29 million, and free cash flow of EUR9.79 million.

Smartbroker Holding AG has excellent growth prospects in the medium term. In
addition to scaling Smartbroker+, the expansion of heavy trader functions,
API connections, interest-bearing accounts and children's accounts, as well
as the integration of personalized content, are key growth drivers.
Regulatory changes such as the PFOF ban from 2026 are likely to further
change the competitive environment in favor of the Smartbroker Group, as its
revenue structure is not significantly dependent on order flow remuneration.

Based on a DCF model, we have determined a price target of EUR17.50 per share.
Compared to the current price of EUR11.45 (as of November 6, 2025), there is
significant upside potential and we assign a 'BUY' rating.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=5033a106c3a1ae8ca2be9d3873fd5cba

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:
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Completion: 18.11.2025 (15:00)
First disclosure: 19.11.2025 (11:00)

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2231966 19.11.2025 CET/CEST

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