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Original-Research: SMARTBROKER HOLDING AG - from GBC AG

08.01.2026 / 10:00 CET/CEST
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Classification of GBC AG to SMARTBROKER HOLDING AG

Company Name: SMARTBROKER HOLDING AG
ISIN: DE000A2GS609

Reason for the research: Research Note
Recommendation: Buy
Target price: 17.60 EUR
Target price on sight of: 31.12.2026
Last rating change:
Analyst: Matthias Greiffenberger, Cosmin Filker

Dynamic growth accelerates as management raises full year targets

Smartbroker Holding AG has once again increased its corporate guidance for
the current financial year, confirming the continued exceptionally strong
operating performance in 2025. Management now expects group revenue of
between 65 and 70 million euros, previously 60 to 66 million euros, as well
as operating EBITDA in a range from minus 1.5 million euros to plus 1.5
million euros, previously minus 3 million euros to zero. The main driver
behind this renewed adjustment is customer trading activity that has been
significantly stronger than planned, supported by rising client numbers in
brokerage, ongoing product improvements within SMARTBROKER+, a compelling
overall offering, and an increasingly constructive capital market
environment. At the same time, the media segment is developing noticeably
better than in the prior year, aided by growing editorial reach.

Based on this improved corporate outlook, we are adjusting our estimates for
the 2025 financial year. Previously, we expected revenues of 65.0 million
euros and operating EBITDA of minus 1.2 million euros. Following the latest
guidance increase, we now raise our revenue estimate to 68.0 million euros
and expect operating EBITDA to break even. This adjustment reflects the
exceptionally strong operational momentum in the brokerage segment as well
as visible efficiency gains in platform operations.

The operating performance in 2025 supports this assessment. Smartbroker now
serves more than 250,000 brokerage clients, including nearly 80,000 new
customers added during the current year. Assets under custody exceeded 14
billion euros at the end of October, while cash under custody reached 915
million euros. The sharply higher trading activity highlights the attractive
value proposition and the consistent further development of SMARTBROKER+,
which is additionally evidenced by several major awards.

Despite the dynamic performance, 2025 remains a transition year, with
focused investments in growth, platform optimization, and increased
marketing intensity. However, the broader customer base that has been
established and the higher level of trading activity will form the
foundation from 2026 onward for stronger recurring revenues and a
significant improvement in margins.

The renewed guidance increase strengthens our investment case across key
dimensions and underscores the company's growing potential. As a result of
our moderate forecast increase, our price target rises slightly to 17.60
euros, from 17.50 euros previously. We reaffirm our buy recommendation, as
recent operating and financial developments clearly support our view that
Smartbroker will fully meet and solidly confirm our expectations over the
course of the year.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=4c51474ecf137543e259313ad30a9cf7

Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Completion: January 7, 2026 (11:15 a.m.)
First disclosure: January 8, 2026 (10:00 a.m.)

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2256444 08.01.2026 CET/CEST

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