Original-Research: DN Group AG (von GBC AG): Buy

Classification of GBC AG to DN Group AG

Company Name:	DN Group AG
ISIN:	DE000A3DW408
Reason for the research:	Research study (Anno)
Recommendation:	Buy
Target price:	EUR 6,90
Target price on sight of:	31.12.2026
Last rating change:
Analyst:	Cosmin Filker, Marcel Goldmann

Further expansion of the investment portfolio implemented, sig-nificant improvement in earnings achieved, rating BUY DN Group AG sees itself as an impact investing company, focusing on investments in sectors of the future. The company has identified companies primarily in the fields of AI, mobility, the circular economy, food, health and energy as such sectors. As part of the corporate strategy, investments are made in line with this investment focus and based on the proprietary Venture Impact Assessment process, and companies are supported in their capital market activities. Based on its carrying amount, More Impact AG is currently the most significant investment. The company describes itself as a listed “high-tech medical hub” and focuses on product innovation and strategic investments in the medical sector. Key assets include BG Braingate Technology GmbH, with its patented cigarette preparation device Z-Boxx for reducing the intake of harmful substances and nicotine consumption, as well as M-Boxx for medical cannabis. In addition, the subsidiary The Key Unternehmensberatung GmbH is developing the needle-free injection technology Speedinject, which is particularly significant for patients with a fear of needles or who require regular injections. DN Group AG acquired approximately 25% of the shares in Algene Holding SE at the end of 2025. The purchase price of €105 million was settled through a share swap involving the transfer of 30 million More-Impact shares. Algene produces high-purity microalgae as a sustainable raw material base for the food, cosmetics, pharmaceutical and other sectors. The company uses a patented, closed production system characterised by high productivity, continuous manufacturing and GMP-Cosmetics certified quality. In September 2025, DN Group AG carried out a capital increase in return for a contribution in kind of 88% of the shares in EcoMotion Holding AG. EcoMotion possesses patented automated parking and car park technology. By eliminating traditional infrastructure such as ramps, manoeuvring areas and stairwells, space efficiency is significantly increased. Target customers include, among others, property developers, logistics companies, car park operators and property owners. In the past financial year 2025, DN Group AG recorded a decline in total revenue to €47.52 million (previous year: €204.45 million). At the same time, the company achieved an increase in profit after tax to €23.10 million (previous year: €20.19 million). This was primarily due to valuation gains from the More Impact investment in connection with the Algene acquisition, as well as significant consultancy revenues of €2.51 million for the first time. At the same time, other operating expenses fell significantly to €10.88 million, as, unlike in the previous year, there were no significant accounting losses. We have determined the fair value of DN Group AG using a net asset value (NAV) approach. Net asset value (NAV), or net asset value, represents the economic equity resulting from the market values of the assets less liabilities. As at 31 December 2025, investments in associates amounted to €412.72 million (31 December 2024: €280.93 million), making them by far the company’s largest asset item. Adding the other assets and deducting interest-bearing liabilities and overhead costs, we have calculated a total NAV of €383.63 million. This equates to €6.90 per share, which is why we assign a “BUY” rating.

You can download the research here: 20260611_DN_Anno_engl 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: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Completion: 11.06.2026 (11:05 am) First release: 11.06.2026 (2:30 pm)