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Original-Research: DN Deutsche Nachhaltigkeit AG - from GBC AG

24.11.2025 / 11:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of GBC AG to DN Deutsche Nachhaltigkeit AG

Company Name: DN Deutsche Nachhaltigkeit AG

ISIN: DE000A3DW408

Reason for the research: Research Note

Recommendation: BUY

Target price: EUR6.53

Target price on sight of: 31.12.2025

Last rating change:

Analyst: Cosmin Filker, Marcel Goldmann

Strategic realignment towards impact investing with a strong investment

portfolio and attractive NAV potential

DN Deutsche Nachhaltigkeit AG (formerly NEON Equity AG) realigned it

business model in the past financial year. The company's focus is currently

described as „impact investing“. This means that in future, it will

primarily invest in companies that are active in future-oriented industries.

DN AG's investment portfolio currently comprises three major investments:

EcoMotion Holding AG (formerly First Move! AG) and More Impact AG (More

Impact for short), in which an investment was made in the 2023 financial

year. At the same time, these two investments, as well as the minority

investments in Global Health Care AG (formerly EasyMotionSkin Tec AG), SW

Safe The Water Holding AG and Susmata Holding AG, represent the company'

new investment approach focused on sustainable business models.

At EUR13.24 million, total income for the first six months of 2025 wa

significantly higher than the previous year's level (EUR4.99 million). As the

investments are not consolidated at DN AG but are recognised in the

financial result, total income mainly comprises proceeds from the

transaction of securities and investment income (dividends, interest).

However, the sharp rise in total income was offset by a significant increase

in other operating expenses, which led to a noticeable increase in operating

costs to EUR-4.39 million (previous year: EUR1.26 million). These are primarily

related to costs for consulting services, external work and commissions. In

addition, the financial result was significantly below the previous year'

figure at EUR-5.23 million (previous year: EUR1.92 million). While the previou

year was positively influenced by income from securities, DN AG had to write

down securities held by an investment in the first six months of 2025. Thi

was necessary due to the persistently low price level. Interest expense

also rose in connection with the higher outstanding bond volume. All in all,

the company posted a net profit for the period of EUR3.49 million (previou

year: EUR5.55 million), which is below the previous year's figure.

As at 30 June 2025, DN AG reported an increase in available liquidity to

EUR8.86 million (31 December 2024: EUR3.69 million). Both the sale of securitie

and the continued issuance of the 10% corporate bond are likely to have

contributed to this. On the other hand, there was a significant increase in

other assets, which is likely to have had a negative impact on liquidity.

The balance sheet of DN AG shows characteristics typical of investment

companies. It is characterised by the dominance of equity, which increased

to EUR288.51 million as at 30 June 2025 (31 December 2024: EUR285.02 million)

and an equity ratio of 88.0%. As a result of the contribution in kind of 88%

of the shares in EcoMotion Holding AG after the balance sheet date, equity

rose further to around EUR367 million and the equity ratio is now over 90%.

We use the NAV approach to value DN Deutsche Nachhaltigkeit AG. The total

NAV calculated amounts to EUR363.03 million (previously: EUR282.62 million). The

significantly higher NAV is distributed across a higher number of

outstanding shares (55.58 million shares), which corresponds to a NAV per

share of EUR6.53 (previously: EUR6.42). As announced in the last research study,

the acquisition of Eco-Motion Holding AG has no significant impact on the

NAV per share, as it was carried out as part of a capital increase in kind

at EUR6.80 per share, which is close to the fair share value. Based on the

current share price, we assign a „BUY“ rating.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=ce27c2e6a5b901429133c5664de1b53d

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: http://www.gbc-ag.de/de/Offenlegung

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Completion (german): 19.11.2025 (1:57 pm)

First disclosure (german): 20.11.2025 (09:00 am)

Completion (engl.): 24.11.2025 (09:19 am)

First disclosure (engl.): 24.11.2025 (11:00 am)

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2234878 24.11.2025 CET/CEST

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