Original-Research: UmweltBank AG - from GBC AG
Classification of GBC AG to UmweltBank AG
Q1 results largely in line with expectations; capital requirement reduced by 60 basis points, price target unchanged The significantly lower total revenue of €15.93 million in the first quarter of 2026 (previous year: €27.56 million) is primarily attributable to the decline in net financial income to €0.62 million (previous year: €12.38 million). The prior-year figure included a one-time effect from a profit distribution by a subsidiary. In light of the decline in total revenue, Umwelt-Bank AG reported a decrease in pre-tax profit to €0.23 million (previous year: €10.23 million). This was offset by a reduction in operating expenses to €15.57 million (previous year: €17.15 million). In particular, with regard to other administrative expenses, the company benefited from the elimination of costs for external consultants as well as from lower IT costs. In general, the company is pursuing a cost and efficiency program aimed at achieving further cost savings of approximately €3.3 million, in addition to this effect (consultants, auditors). The figures released are largely in line with our expectations. However, given the special terms, we had anticipated a slightly lower impact on the interest margin. We are therefore slightly adjusting our expected net interest income to €63.85 million (previous estimate: €66.28 million). This aligns with the company's guidance, which now projects net interest income between €60 million and €65 million (previously: €62.5 million to €67.5 million). However, this adjustment has only a marginal effect on the expected pre-tax profit of €14.36 million (previous estimate: €14.65 million). On the one hand, we are raising the net commission and trading income in light of upcoming product launches; on the other hand, we anticipate slightly lower operating expenses. The estimates for the coming fiscal years remain unchanged. The slight forecast adjustment has no effect on the price target of €9.00 determined using the residual income model. We therefore maintain our "BUY" rating. You can download the research here: 20260504_UmweltBank_Comment_engl Contact for questions: GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (1,4,5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) Completion: 04.05.2026 (08:25 am) Date (time) first transmission: 04.05.2026 (10:00 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2320060 04.05.2026 CET/CEST
