Original-Research: DN Deutsche Nachhaltigkeit AG (von GBC AG): BUY

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

29.07.2025 / 11:00 CET/CEST

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

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 study (Anno)

Recommendation: BUY

Target price: 6,42 EUR

Target price on sight of: 31.12.2025

Last rating change:

Analyst: Cosmin Filker, Marcel Goldmann

Realignment of business model towards impact investing

In the past financial year, DN Deutsche Nachhaltigkeit AG (DN AG) realigned

its business model. The company's current focus is described by the term

'impact investing'. This means that, in future, investments will be made in

companies that, in addition to generating returns, also have a positive

social or environmental impact. DN Deutsche Nachhaltigkeit AG has identified

AI, mobility, the circular economy, nutrition, health and energy as

potential future sectors.

The new corporate strategy is also reflected in a fundamental change to the

investment portfolio. Until the 2024 financial year, publity AG, which

operates in the real estate investment sector, was the company's main

investment. As part of the new strategy, it was sold to Olek Capital GmbH.

The portfolio currently comprises First Move! AG, More Impact AG and

EasyMotionSkin Tec AG, representing three significant investments.

The listed investment More Impact AG is a high-tech medical hub that has

developed inhaler technology. This technology enables smokers to benefit

from gradual nicotine withdrawal. Another technology is the needle-free

syringe 'Speedinject', which can help patients with needle phobia or chronic

injection requirements. Although the shares in First Move! AG have already

been transferred to DN AG, the registration of the capital increase through

contribution in kind is still pending. First Move! AG has patented automated

car park technology that significantly optimises the use of parking spaces.

Finally, the third significant investment, EasyMotionSkin Tec AG,

manufactures high-tech suits with integrated EMS devices for the fitness and

health industry.

Operating performance in the 2024 financial year was dominated by the

implementation of the new strategy. On the one hand, the company reported

total income of EUR204.45 million (previous year: EUR76.41 million), which

resulted in particular from a revaluation of the investment in More Impact

AG. However, this was offset by significantly higher other operating

expenses, which are likely to be connected to the sale of publity below

their carrying amount. The after-tax result of EUR20.19 million (previous

year: EUR19.36 million), which mainly stems from valuation gains, was on a par

with the previous year.

We determined the fair value of Deutsche Nachhaltigkeit AG using a NAV

approach. The net asset value (NAV) represents the economic equity capital

resulting from the market values of the assets less liabilities. The shares

in affiliated companies, which are attributable exclusively to More Impact

AG, represent by far the largest asset item of the company at EUR280.93

million. After adding other assets (investment in EasyMotion, own bonds) and

deducting interest-bearing liabilities and overheads, we have determined a

fair enterprise value of EUR282.62 million. This corresponds to EUR6.42 per

share. Based on the current share price of EUR5.10, we assign a 'BUY' rating.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=909df66361dee60374cd23332b33ecb9

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

ﯯ뻻ﯯ뻻

Completion (german): 28.07.2025 (11:47 am)

First disclosure (german): 28.07.2025 (2:30 pm)

Completion (engl): 29.07.2025 (09:45 am)

First disclosure (engl): 29.07.2025 (11:00 am)

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2176030 29.07.2025 CET/CEST

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