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Original-Research: SMARTBROKER HOLDING AG - from GBC AG

19.11.2025 / 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 SMARTBROKER HOLDING AG

Company Name: SMARTBROKER HOLDING AG

ISIN: DE000A2GS609

Reason for the Research Report (Initial Coverage)

research:

Recommendation: BUY

Target price: 17.50 EUR

Target price on 31.12.2026

sight of:

Last rating change:

Analyst: Matthias Greiffenberger, Cosmin Filker, Nikla

Ripplinger

Strong growth in new customers heralds growth phase - sustainable

profitability in sight from 2027

Smartbroker Holding AG is an integrated capital market platform provider

with two complementary business segments: online brokerage and digital

financial media. Under the Smartbroker+ brand, the company operates a

multi-award-winning online broker that is the only provider in Germany to

combine the service portfolio of a traditional full-service broker with the

conditions of a modern neobroker. At the same time, the group operates four

of the most widely read financial portals in the German-speaking world:

wallstreet-online.de, boersenNews.de, FinanzNachrichten.de, and ARIVA.de. In

2024, these generated a total of around 2.5 billion page views and reached

over 4.5 million monthly active users in the current year. This make

Smartbroker one of the largest financial portal operators in Germany.

Their hybrid business model combining media and brokerage segments enable

high operational efficiency and strong synergy potential. The portals act a

the group's own lead channel, significantly reducing customer acquisition

costs (CAC) compared to competitors. The expansion of content links between

portals and Smartbroker+, such as through the integration of market

analyses, news feeds, and community functions directly into the trading

platform, also increases user loyalty and transaction frequency.

In fiscal year 2024, Smartbroker Holding AG achieved an increase in revenue

to EUR52.48 million (previous year: EUR46.54 million), driven by the successful

migration to Smartbroker+ and increasing trading activity among customers.

EBITDA increased significantly to EUR8.97 million (previous year: EUR1.35

million), marking the transition from the build-up to the scaling phase. In

addition, operating cash flow rose to EUR9.99 million (previous year: EUR2.1

million). Following the successful relaunch of Smartbroker+ and the

consolidation of the technical infrastructure, 2025 will be marked by

accelerated growth and targeted market penetration.

In the first half of 2025, Smartbroker Holding AG generated revenue of

EUR32.31 million (previous year: EUR25.51 million) and EBITDA of EUR0.06 million

(previous year: EUR2.92 million). We therefore expect revenue to rise to EUR65.0

million (+23.9%) in the 2025 financial year, driven by strong new customer

growth of approximately 80,000 securities accounts and a significant

increase in customer deposits to over EUR850 million. In the short term,

operating earnings will continue to be negative as a result of the greatly

expanded marketing measures to acquire customers. We forecast EBITDA of

EUR-1.2 million and net income of EUR-10.06 million. However, these expenses are

strategic in nature and aim to build a sustainably profitable customer base

with positive lifetime value. From 2026 onwards, the company should enter

the earnings phase and generate an estimated EBITDA of EUR3.83 million before

reaching operational break-even in 2027 and a significant increase in

earnings, both on an EBITDA basis at EUR12.76 million and at the level of net

income at EUR8.29 million, and free cash flow of EUR9.79 million.

Smartbroker Holding AG has excellent growth prospects in the medium term. In

addition to scaling Smartbroker+, the expansion of heavy trader functions,

API connections, interest-bearing accounts and children's accounts, as well

as the integration of personalized content, are key growth drivers.

Regulatory changes such as the PFOF ban from 2026 are likely to further

change the competitive environment in favor of the Smartbroker Group, as it

revenue structure is not significantly dependent on order flow remuneration.

Based on a DCF model, we have determined a price target of EUR17.50 per share.

Compared to the current price of EUR11.45 (as of November 6, 2025), there i

significant upside potential and we assign a „BUY“ rating.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=5033a106c3a1ae8ca2be9d3873fd5cba

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: 18.11.2025 (15:00)

First disclosure: 19.11.2025 (11:00)

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2231966 19.11.2025 CET/CEST

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