Original-Research: Finexity AG (von GBC AG): Buy

Classification of GBC AG to Finexity AG

Company Name:	Finexity AG
ISIN:	DE000A40ET88
Reason for the research:	Research Report (Anno)
Recommendation:	Buy
Target price:	81.11 EUR
Target price on sight of:	31.12.2027
Last rating change:
Analyst:	Matthias Greiffenberger, Cosmin Filker

Digital capital market infrastructure for private markets with high scalability potential

FINEXITY AG is a fintech company positioned as an infrastructure provider for tokenised securities. The Group operates an OTC trading venue and covers a broad part of the value chain, including structuring, tokenisation, placement, trading, settlement and lifecycle management. Its current focus is on tokenised bonds, while the platform is being expanded toward tokenised funds and equities. Strategically, FINEXITY aims to evolve from its current OTC infrastructure into a regulated DLT-based trading and settlement infrastructure under the EU DLT Pilot Regime.

The 2025 financial year confirmed the Group’s transition from an issuance- and project-driven model toward a broader infrastructure-oriented platform model. Pro forma revenue increased by 15.5% to €7.85 million, compared with €6.80 million in the previous year. Growth was primarily driven by the Infrastructure segment, which benefited from higher brokerage activity via Effecta and increasing trading partner fees. At the same time, the Capital Markets segment remained broadly stable, with a shift toward advisory and structuring revenues. Earnings remained clearly negative and reflected FINEXITY’s ongoing investment and platform-building phase. EBITDA declined to €-3.64 million, compared with €-1.25 million in 2024. The weaker profitability was mainly driven by a less favourable revenue mix, high pass-through costs from Effecta-related brokerage revenues and increased operating expenses for personnel, legal, consulting, IT and regulatory projects. We therefore continue to view 2025 as a transition year, in which FINEXITY built the organisational, regulatory and technological basis for future scaling.

The growth outlook remains ambitious but strategically well supported. FINEXITY reported pro forma Group revenue of €2.10 million in Q1 2026, approximately 40% above the company’s internal budget, with the Infrastructure segment being the main driver. In the near term, growth should be driven by higher utilisation of the existing OTC infrastructure, the planned Effecta integration and the expansion of the distribution network. More than 250 tokenised securities are already listed on the infrastructure, while the planned expansion into tokenised funds and equities should broaden the addressable product universe.

We maintain our revenue forecasts of €9.62 million for 2026, €13.50 million for 2027, €24.20 million for 2028, €40.00 million for 2029 and €80.00 million for 2030. The acceleration from 2028 onward is linked to the planned transition toward FINEXITY 3.0, including the launch of a regulated DLT Trading and Settlement System, subject to regulatory approval, technical implementation and market readiness. Under FINEXITY 4.0, the Group also intends to open its infrastructure to exchange operators, regulated trading venues and order-flow providers through white-label partnerships.

Based on our DCF valuation model, we increase our target price from €72.00 to €81.11 and maintain our BUY rating. The increase in the target price is primarily attributable to the rollover effect, reflecting the shift of the valuation base to the target date of 31.12.2027. Overall, FINEXITY offers significant scalability potential as an early infrastructure provider for tokenised securities, but the investment case remains dependent on successful Effecta integration, regulatory approval of the DLT-TSS infrastructure, higher platform volumes and the transition toward recurring, higher-margin infrastructure revenues.

You can download the research here: 20260721_Anno_Finexity_EN
Contact for questions:
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Disclosure of potential conflicts of interest pursuant to Section 85 of the German Securities Trading Act (WpHG) and Article 20 of the Market Abuse Regulation (MAR) The following potential conflict of interest exists in relation to the company analysed above: (5a,11); A list of potential conflicts of interest can be found at: https://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Completion: 21.07.2026 (9:45)
First publication: 21.07.2026 (12:00)