Classification of GBC AG to Advanced Blockchain AG

Company Name:	Advanced Blockchain AG
ISIN:	DE000A0M93V6
Reason for the research:	Research Note
Recommendation:	Buy
Target price:	2.00
Target price on sight of:	31.12.2027
Last rating change:
Analyst:	Matthias Greiffenberger, Cosmin Filker

Progress at Polymer, peaq and Silencio underpins the investment thesis

Recent progress across Advanced Blockchain AG’s investment portfolio supports the company’s long-term investment thesis. In early October, Polymer reported cumulative cross-chain transfer volume of US$3.74 billion, while monthly volume increased from approximately US$100 million in December 2025 to more than US$500 million in September 2026. At peaq, the collaboration with Doosan Robotics highlights the potential for industrial applications. Silencio is already demonstrating commercial progress: revenue from its voice AI business increased from approximately US$0.10 million in Q1 to US$0.30 million in Q2 2026. These developments could improve the economic prospects of ABAG’s equity investments and token rights.

The company is also advancing its operational realignment under ABAG 2.0. FinPro is to be reactivated as a tokenisation platform, complemented by selected investment activities. Project and budget planning for ABX Analytics has been completed, and funding applications have been submitted. Following a successful feasibility phase, Nutrivo is developing its first usable product version. These initiatives offer additional revenue opportunities, although their economic contribution will depend on successful commercialisation.

The parent company’s half-year results continue to reflect challenging earnings conditions. Revenue declined by 33.8% to €89.4k (previous year: €135.0k). Higher personnel expenses and legal and advisory costs weighed on profitability. EBITDA deteriorated to -€661.3k (previous year: -€539.4k), while the half-year net loss widened to -€703.5k (previous year: -€586.1k). Insourcing activities previously performed externally is expected to generate future savings, although these benefits are not yet evident in the reported figures.

Equity declined from €5.40 million at year-end 2025 to €4.69 million, with the equity ratio falling from 56.6% to 50.3%. The parent company’s cash balance decreased from €104.9k to €1.9k. These figures relate to its standalone financial statements and do not provide a complete assessment of group liquidity. A substantial part of the investment portfolio is held by Incredulous Labs. Funding therefore remains dependent on available portfolio proceeds, intra-group payments and, where necessary, additional financing.

We continue to value the group using an adjusted NAV approach incorporating a partial recovery in selected equity investments and token rights. From the assumed gross asset value of €14.70 million, we deduct €5.10 million for liabilities and financing risks and €1.49 million for the present value of future net holding costs. This results in an adjusted NAV of €8.11 million. The reduced holding-cost assumption requires sustainable savings and a lower net cost burden. Based on these assumptions, we reiterate our BUY rating with a rounded price target of €2.00. Value realisation remains materially dependent on token markets, successful portfolio monetisation and the implementation of ABAG 2.0.

You can download the research here: 20261022_Note_ABAG_en

Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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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: https://www.gbc-ag.de/de/Offenlegung.htm

Hinweis zu Issuer-Sponsored Research: Vorliegende Researchstudie ist Issuer-Sponsored Research und wurde in Übereinstimmung mit dem EU-Verhaltenskodex (EU Code of Conduct) für Issuer-Sponsored Research erstellt.
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Completion: 22 October 2026 (3.00 pm)
First distribution: 22 October 2026 (4.00 pm)