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Original-Research: Finexity AG - from GBC AG

08.05.2026 / 10:00 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
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invitation to conclude certain stock exchange transactions.

Classification of GBC AG to Finexity AG

Company Name: Finexity AG
ISIN: DE000A40ET88

Reason for the research: Research Note
Recommendation: Buy
Target price: 72.00 EUR
Target price on sight of: 31.12.2026
Last rating change:
Analyst: Matthias Greiffenberger, Cosmin Filker

Capital Increase as a Catalyst for Platform Expansion

Since the publication of our Initial Coverage, Finexity has gained
noticeable operational momentum. The investment case not only remains
intact, but has been further supported by several new operational
milestones. The company is increasingly evolving from a platform for
tokenized private market investments into a scalable infrastructure and
distribution provider for digital securities.

We view the strong start to the 2026 financial year as particularly
positive. On a combined pro forma basis, including Effecta, Finexity
generated revenue of around EUR2.1 million in the first quarter of 2026,
which, according to company information, was 40% above budget. EBITDA
amounted to around EUR0.7 million negative and was also better than planned.
These figures are preliminary, unaudited and presented on a pro forma basis
including Effecta. At the same time, management confirmed its 2026 full year
guidance of around EUR9.6 million in revenue and around EUR3.5 million negative
EBITDA. The operating performance therefore provides early indications of
increasing traction in the business model and the emergence of initial
scaling effects.

In addition, Finexity resolved a cash capital increase with subscription
rights on 5 May 2026. The company plans to issue up to 205,778 new
registered no par value shares through the partial use of the 2025
authorized capital. The subscription ratio was set at 6:1, meaning that six
existing shares entitle shareholders to subscribe for one new share. The
subscription price is EUR36.00 per new share, resulting in a maximum issue
volume of around EUR7.4 million. The subscription period runs from 8 May 2026
to 22 May 2026, and oversubscription is possible. Shares not subscribed for
by existing shareholders are then to be offered publicly at the subscription
price until 8 June 2026 via the new AI driven subscription route FINEXITY
Access.

The latest company announcements strengthen several key pillars of the
investment case. Together with Cashlink and Tangany, Finexity has brought a
regulated tokenized capital markets infrastructure on the Stellar blockchain
into live operation. The first use case is the tokenized securities issuance
for the Ratekau solar park, with an issue volume of up to EUR3.0 million. This
once again demonstrates Finexity's ability not only to position regulated
tokenization strategically, but also to translate it operationally into
marketable products.

We also view the successful placement of the first Circus bond in a seven
digit volume as positive. Even more relevant, in our view, is the related
strategic financing partnership for further financings of up to EUR50 million.
Over time, this partnership could generate recurring transaction volumes and
underlines Finexity's role as a capital markets partner for growth oriented
companies.

Another important operational step is the launch of FINEXITY Access, a
modular digital subscription route for the primary market distribution of
tokenized and conventional securities. The solution is the first module of
an AI transformation agenda designed for a 24 month period, through which
Finexity aims to further digitalize and automate additional process steps
along the securities value chain, from issuance and trading through to
settlement. At launch, Finexity offers two specialized subscription routes:
one version for issuers distributing securities themselves under the issuer
exemption, and another version for tied agents and distribution partners
operating in a MiFID II environment. Both routes can support tokenized as
well as traditional securities.

From our perspective, FINEXITY Access is strategically particularly relevant
because the subscription route can be integrated into existing distribution
channels as a plug and play solution, for example via websites, mailings,
digital campaigns or QR codes. This makes Finexity more attractive to banks,
financial distributors, advisors and issuers as a white label and
infrastructure partner. At the same time, the solution addresses a key
bottleneck in the primary market business: the efficient, regulatory
compliant and scalable digital processing of subscription workflows. Initial
AI supported components are expected to be used, among other areas, in
preliminary customer data checks, identification, appropriateness
assessments and investment related information. Finexity is therefore
significantly expanding its role within the value chain. The company is no
longer merely a platform operator for its own tokenized products, but is
increasingly providing scalable subscription and process infrastructure for
external capital markets participants.

The subsequent announcement of Girolist as the first cooperation partner for
FINEXITY Access provides additional validation of this approach. According
to the company, the solution is intended to become a central subscription
channel in the primary market within twelve months, with a volume target in
the eight digit range. The cooperation is therefore an important proof point
that FINEXITY Access is not merely an internal platform module, but also
offers external partners tangible benefits in the distribution and digital
processing of securities issuances.

Additional tailwind comes from the cooperation with Ihre Volksbank eG Neckar
Odenwald Main Tauber for the launch of VB Token, a platform for tokenized
real asset and private debt investments within the cooperative banking
environment. The minimum investment amount is EUR500. The first project,
"Solar Zeven & Pforzheim", comprises two rooftop photovoltaic systems with
battery storage. Strategically, this cooperation is particularly valuable
because it makes Finexity's access to the cooperative banking sector visible
and shows that tokenized private market products can increasingly be
integrated into established bank distribution structures.

Valuation and Recommendation

We confirm our Buy rating and our price target of EUR72.00. The latest
announcements indicate that Finexity is operationalizing the strategic core
elements of the investment case faster than was initially visible. In
particular, the combination of strong Q1 performance, new infrastructure
products, white label partnerships and bank distribution increases the
quality of the equity story.

Finexity remains a growth oriented small cap with high sensitivity to
execution, but the recent operational progress justifies a more positive
tone. The investment case is gaining credibility as initial scaling effects,
new distribution partnerships, FINEXITY Access as a digital subscription and
process infrastructure, and concrete tokenized issuances become visible. If
the roadmap is successfully implemented, the upside potential remains
substantial. In addition, we believe that the dynamic growth trajectory
could accelerate further over time, as management has stated that it is
continuously reviewing additional M&A opportunities. Potential inorganic
growth steps could further strengthen the platform's reach, regulatory
infrastructure, distribution power or technological value creation, thereby
enabling additional scaling effects.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=88dcc48c4a05b035da45fa2bdcbb8f01

Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Completion: 07.05.2026 (14:00)
First publication: 08.05.2026 (10:00)

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