Business
Original-Research: UmweltBank AG (von GBC AG): BUY
Original-Research: UmweltBank AG (von GBC AG): BUY
About this update from Umweltbank Ag
Original-Research: UmweltBank AG - from GBC AG 03.03.2026 / 10:00 CET/CEST Dissemination of a Research, transmitted by - a service of . 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. Classification of GBC AG to UmweltBank AG Company Name:UmweltBank AGISIN: Reason for the research:Research CommentRecommendation:BUYTarget price:€9.00Last rating change: Analyst:Cosmin Filker, Marcel GoldmannOperational turnaround achieved in 2025, continued growth expected According to preliminary figures for the 2025 financial year, UmweltBank AG achieved a significant increase in operating income to €83.10 million (previous year: €63.47 million), as expected. The increase in net interest income to €58.45 million (previous year: €44.95 million) made a significant contribution to this. In our view, this is due in particular to strong growth in the core private customer business. As already announced in January 2026, retail customer deposits climbed to the previously forecast figure of around €4.3 billion (previous year: €3.5 billion) as of December 31, 2025. The strong growth in retail deposits also offset the below-expectations performance in corporate banking. Outstanding environmental loans fell to €3.12 billion as of December 31, 2025 (December 31, 2024: €3.46 billion). This is the result of low gross new lending of €120 million (previous year: €250 million). Originally, new loans of €200 million to €250 million had been promised. The limited capital resources during the year had a restrictive effect here. In addition, the company reports project postponements into the current fiscal year. In view of the significant increase in total revenue, earnings before taxes and reserves climbed to €6.43 million (previous year: €-8.50 million), which was in line with the guidance, which had forecast earnings before taxes in a range of €5 million to €10 million. The bottom line is that net income for the year increased to €14.26 million (previous year: €0.73 million). The reversal of reserves in accordance with Section 340g of the German Commercial Code (HGB) in the amount of €5.0 million contributed to this in particular. This is a passive exchange, i.e., a conversion into retained earnings recognized in equity. These reserves were ...