Original-Research: Advanced Blockchain AG (von GBC AG): Buy

Original-Research: Advanced Blockchain AG - from GBC AG



22.10.2026 / 16:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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Classification of GBC AG to Advanced Blockchain AG



     Company Name:                Advanced Blockchain AG
     ISIN:                        DE000A0M93V6



     Reason for the research:     Research Note
     Recommendation:              Buy
     Target price:                2.00
     Target price on sight of:    31.12.2027
     Last rating change:
     Analyst:                     Matthias Greiffenberger, Cosmin Filker



Progress at Polymer, peaq and Silencio underpins the investment thesis



Recent progress across Advanced Blockchain AG's investment portfolio
supports the company's long-term investment thesis. In early October,
Polymer reported cumulative cross-chain transfer volume of US$3.74 billion,
while monthly volume increased from approximately US$100 million in December
2025 to more than US$500 million in September 2026. At peaq, the
collaboration with Doosan Robotics highlights the potential for industrial
applications. Silencio is already demonstrating commercial progress: revenue
from its voice AI business increased from approximately US$0.10 million in
Q1 to US$0.30 million in Q2 2026. These developments could improve the
economic prospects of ABAG's equity investments and token rights.



The company is also advancing its operational realignment under ABAG 2.0.
FinPro is to be reactivated as a tokenisation platform, complemented by
selected investment activities. Project and budget planning for ABX
Analytics has been completed, and funding applications have been submitted.
Following a successful feasibility phase, Nutrivo is developing its first
usable product version. These initiatives offer additional revenue
opportunities, although their economic contribution will depend on
successful commercialisation.



The parent company's half-year results continue to reflect challenging
earnings conditions. Revenue declined by 33.8% to EUR89.4k (previous year:
EUR135.0k). Higher personnel expenses and legal and advisory costs weighed on
profitability. EBITDA deteriorated to -EUR661.3k (previous year: -EUR539.4k),
while the half-year net loss widened to -EUR703.5k (previous year: -EUR586.1k).
Insourcing activities previously performed externally is expected to
generate future savings, although these benefits are not yet evident in the
reported figures.



Equity declined from EUR5.40 million at year-end 2025 to EUR4.69 million, with
the equity ratio falling from 56.6% to 50.3%. The parent company's cash
balance decreased from EUR104.9k to EUR1.9k. These figures relate to its
standalone financial statements and do not provide a complete assessment of
group liquidity. A substantial part of the investment portfolio is held by
Incredulous Labs. Funding therefore remains dependent on available portfolio
proceeds, intra-group payments and, where necessary, additional financing.



We continue to value the group using an adjusted NAV approach incorporating
a partial recovery in selected equity investments and token rights. From the
assumed gross asset value of EUR14.70 million, we deduct EUR5.10 million for
liabilities and financing risks and EUR1.49 million for the present value of
future net holding costs. This results in an adjusted NAV of EUR8.11 million.
The reduced holding-cost assumption requires sustainable savings and a lower
net cost burden. Based on these assumptions, we reiterate our BUY rating
with a rounded price target of EUR2.00. Value realisation remains materially
dependent on token markets, successful portfolio monetisation and the
implementation of ABAG 2.0.





You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=4cdf533b79feba46ed0b45537316c8bd



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: (5a,11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung.htm



Hinweis zu Issuer-Sponsored Research: Vorliegende Researchstudie ist
Issuer-Sponsored Research und wurde in Übereinstimmung mit dem
EU-Verhaltenskodex (EU Code of Conduct) für Issuer-Sponsored Research
erstellt.
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Completion: 22 October 2026 (3.00 pm)
First distribution: 22 October 2026 (4.00 pm)



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2420594 22.10.2026 CET/CEST