Original-Research: UmweltBank AG (von GBC AG): Buy

Classification of GBC AG to UmweltBank AG

Company Name:	UmweltBank AG
ISIN:	DE0005570808
Reason for the research:	Research Comment
Recommendation:	Buy
Target price:	€9.40
Target price on sight of:	31.12.2026
Last rating change:
Analyst:	Cosmin Filker, Marcel Goldmann

Private customer business grows strongly in the fourth quarter

According to the latest press release, UmweltBank AG achieved strong growth in its private customer business in the fourth quarter of 2025. The total number of private customers rose to 184,000 in the 2025 financial year. Compared to the previous year, this represents growth of around 29,000 customers. With around 23,000 new customers, the fourth quarter was primarily responsible for this increase. Although the number of new customers fell short of the original expectations, which had forecast an increase to 210,000 customers by the end of the 2025 financial year, the bank was able to meet its ambitious forecast for retail customer deposits exactly. These increased significantly by around €0.8 billion to the forecast value of €4.3 billion (previous year: €3.5 billion). Here, too, the fourth quarter of 2025 was responsible for the majority of the deposit inflows recorded for the year as a whole, with customer deposits increasing by more than €0.4 billion. The most important driver behind the successful development in the fourth quarter is likely to be the overnight money campaign that has been running since October 2025, which guarantees 3.0% for the first three months. In addition, the current account introduced in the second half of 2025 is also likely to have contributed.

For the current 2026 financial year, UmweltBank's management expects the positive development in private customer business to continue and anticipates an increase in private customer deposits to €5.4 billion. The number of customers is expected to rise by around 75,000 to 260,000. In particular, customer deposits are expected to grow more strongly than in the previous scenario, which had assumed an increase in customer deposits to €5.0 billion. The company is generally assuming a higher deposit volume per customer, which is certainly due to the positive development in the fourth quarter of 2025. As previously communicated, the products introduced in the past financial year (current account, digital investment advice, etc.) and the exploitation of cross-selling potential are expected to contribute to this. In addition, new campaigns could be launched opportunistically.

As expected, however, corporate banking business declined. At around €120 million, the volume of new loans (Q4 2025: around €47 million) was below the forecast of €200 to €250 million, which had already been reduced in the 9-month figures for 2025. Overall, the outstanding loan volume is therefore likely to have decreased. This development was to be expected given UmweltBank AG's initial capital-conserving approach to new lending. Following the capital increase carried out in September 2025, the company now has a significantly higher capital buffer. According to preliminary figures, the total capital ratio as at 31 December 2025 is around 17.0%, which represents a comfortable buffer to the total capital requirement of 15.6%. In its press release, UmweltBank AG reiterated its expectation that capital requirements are likely to be reduced in 2026. In this context, the termination of the special representative appointed by BaFin on 14 July 2025 is important, as it is evidence of the regulatory progress that has been made.

In its press release, UmweltBank's management confirms both the growth scenario presented at last year's Capital Markets Day and the earnings forecast for 2025. The preliminary figures for 2025 and the forecast for 2026 will be published on 25 February 2026. Until then, we are maintaining our forecasts and price target unchanged.

You can download the research here: 20260119_UmweltBank_Comment_engl

Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Date (time) Completion: 19.01.2026 (9:12 am)
Date (time) first transmission: 19.01.2026 (11:30 am)