Classification of GBC AG to Finexity AG

Company Name:	Finexity AG
ISIN:	DE000A40ET88
Reason for the research:	Research Report (Initial Coverage)
Recommendation:	BUY
Target price:	72.00 EUR
Target price on sight of:	31.12.2026
Last rating change:
Analyst:	Matthias Greiffenberger, Cosmin Filker

Digital capital market infrastructure for private markets with high scalability potential

Finexity AG is a German fintech company that operates a digital platform for the issuance and trading of so-called tokenized securities. Tokenization refers to the process of representing traditional financial assets such as bonds, funds or equities digitally on a blockchain. The underlying technology is referred to as DLT. DLT stands for Distributed Ledger Technology and describes a decentralized database in which transactions are recorded in a transparent, secure and tamper-resistant manner. This technology enables securities to be issued digitally and traded more efficiently.

Finexity combines several functions within an integrated model. The company structures investment products, brings them to market as digital securities and subsequently enables trading through its own platform. This gives investors access to private markets that have historically been accessible mainly to institutional investors. Issuers benefit from a standardized digital infrastructure, a growing investor network and established distribution partnerships with external partners. At the same time, Finexity already operates its own infrastructure and digital ecosystem for the issuance, placement and trading of digital securities. Through the integrated OTC trading venue, an increasing number of issuances are being listed that were not structured by Finexity itself. As a result, the platform is gradually evolving from a pure issuance and trading solution into an open infrastructure for digital securities. Strategically, Finexity aims to develop this platform into a regulated digital market infrastructure over time. This means that, going forward, the company intends not only to structure and distribute securities, but also to operate a regulated digital trading and settlement system. If successful, Finexity would be able to participate more directly in each transaction and generate higher and partly recurring revenues. This strategic development specifically involves the transformation of the existing OTC platform into a fully regulated DLT-based trading and settlement system (DLT TSS) under the EU DLT Pilot Regime. Unlike traditional multilateral trading systems, the intended model integrates not only the trading function but also settlement and an on-chain register. This could allow clearing and settlement processes to take place almost in real time on a T+0 basis, which would create structural efficiency gains and improve margin quality. If successful, Finexity would evolve from a platform solution into a regulated market infrastructure operator.

Financially, Finexity remains clearly in an investment and scaling phase. Our forecasts are largely derived from the ambitious growth targets communicated by management and the strategic roadmap to develop the company into a regulated digital trading and settlement infrastructure. The underlying scenario therefore assumes that the announced expansion in transaction volumes, the regulatory milestones and the development of the platform will be implemented as planned. For 2026 we expect revenue of €9.62 million, EBITDA of minus €3.53 million and a net result of minus €3.75 million. The negative profitability reflects a deliberately front-loaded investment strategy. Investments in technological infrastructure, regulatory development and the expansion of the team in distribution and capital markets lead to a high fixed cost base in the short term that is designed to support significantly higher volumes in the future.

In our model the operational turning point is reached in 2028. At revenue of €24.20 million we expect positive EBITDA of €0.21 million and a net result of €0.00 million. In our view this represents the breakeven point. This scenario assumes that the planned increase in transaction volumes is realized and that the platform reaches a critical scale at which the existing cost structure is fully covered.

In the following years the scalability of the business model becomes clearly visible. For 2029 we model revenue of €40.00 million, EBITDA of €7.00 million and a net result of €6.79 million. For 2030 we expect revenue of €80.00 million, EBITDA of €22.00 million and a net result of €21.79 million, corresponding to an EBITDA margin of around 27.5 percent. The strong margin expansion reflects the operating leverage of a digital platform model in which additional volumes can be processed at comparatively low incremental cost.

If the ambitious growth and scaling targets communicated by management are achieved as planned, we see significant upside potential for the share. In particular, the successful transformation into a scalable and regulated digital trading and settlement infrastructure platform would in our view lead to a substantial rerating of the company, as both revenue visibility and margin quality would improve structurally. Based on our DCF model we derive a fair value of €72.00 per share and assign a Buy rating.

You can download the research here: 202600318_IC_Finexity_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
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Completion: 18.03.2026 (20:00)
Initial release: 19.03.2026 (10:00)