Original-Research: SMARTBROKER HOLDING AG (von GBC AG): Buy

Classification of GBC AG to SMARTBROKER HOLDING AG

Company Name:	SMARTBROKER HOLDING AG
ISIN:	DE000A2GS609
Reason for the research:	Research Note
Recommendation:	Buy
Target price:	17.60 EUR
Target price on sight of:	31.12.2026
Last rating change:
Analyst:	Matthias Greiffenberger, Cosmin Filker

Dynamic growth accelerates as management raises full year targets

Smartbroker Holding AG has once again increased its corporate guidance for the current financial year, confirming the continued exceptionally strong operating performance in 2025. Management now expects group revenue of between 65 and 70 million euros, previously 60 to 66 million euros, as well as operating EBITDA in a range from minus 1.5 million euros to plus 1.5 million euros, previously minus 3 million euros to zero. The main driver behind this renewed adjustment is customer trading activity that has been significantly stronger than planned, supported by rising client numbers in brokerage, ongoing product improvements within SMARTBROKER+, a compelling overall offering, and an increasingly constructive capital market environment. At the same time, the media segment is developing noticeably better than in the prior year, aided by growing editorial reach.

Based on this improved corporate outlook, we are adjusting our estimates for the 2025 financial year. Previously, we expected revenues of 65.0 million euros and operating EBITDA of minus 1.2 million euros. Following the latest guidance increase, we now raise our revenue estimate to 68.0 million euros and expect operating EBITDA to break even. This adjustment reflects the exceptionally strong operational momentum in the brokerage segment as well as visible efficiency gains in platform operations.

The operating performance in 2025 supports this assessment. Smartbroker now serves more than 250,000 brokerage clients, including nearly 80,000 new customers added during the current year. Assets under custody exceeded 14 billion euros at the end of October, while cash under custody reached 915 million euros. The sharply higher trading activity highlights the attractive value proposition and the consistent further development of SMARTBROKER+, which is additionally evidenced by several major awards.

Despite the dynamic performance, 2025 remains a transition year, with focused investments in growth, platform optimization, and increased marketing intensity. However, the broader customer base that has been established and the higher level of trading activity will form the foundation from 2026 onward for stronger recurring revenues and a significant improvement in margins.

The renewed guidance increase strengthens our investment case across key dimensions and underscores the company’s growing potential. As a result of our moderate forecast increase, our price target rises slightly to 17.60 euros, from 17.50 euros previously. We reaffirm our buy recommendation, as recent operating and financial developments clearly support our view that Smartbroker will fully meet and solidly confirm our expectations over the course of the year.

You can download the research here: 20260107_Smartbroker_Note_en

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: January 7, 2026 (11:15 a.m.)
First disclosure: January 8, 2026 (10:00 a.m.)