Original-Research: Planethic Group AG (von Parmantier & Cie. GmbH): Buy

Classification of Parmantier & Cie. GmbH to Planethic Group AG

Company Name: Planethic Group AG

ISIN: DE000A3E5ED2

Reason for the research: Initial Study

Recommendation: Buy

from: 13.04.2026

Target price: 11.00 EUR

Target price on sight of: 12 month

Last rating change: initial

Analyst: René Parmantier & Benedikt Krämer

"House of brands with an innovative product portfolio on the step to

sustainable growth through innovation after strategic reset"

Planethic Group AG (formerly Veganz Group AG) is in the middle of a major

strategic repositioning: away from a traditional vegan retailer/wholesaler

model and toward a technology-driven holding company focused on food

technology ("FoodTech"). The centrepiece of this transformation is MILILK®

and its patented 2D printing approach for producing dehydrated beverage

concentrates ("Drinksheets") that can be processed by end users or

professional customers.

While the strategic upside appears substantial mainly driven by Capex-light

modular production, logistical advantages, and early commercial traction,

the equity story has also suffered from impaired capital-market trust. In

our view, this was particularly visible around the OrbiFarm transaction

communication, which contributed to renewed pressure on the share price.

Against that backdrop, a key positive development is the management: CEO

Sascha Voigt is not only described as a "full-blooded entrepreneur," but

also the lead technology mind behind MILILK®, shifting the narrative from

"story" to "execution" and bringing Planethic on a clear path to break-even.

The company aims to position itself as a leading multi-brand platform within

the food-tech solutions space, leveraging its established MILILK® pipeline

to drive sustainable, long-term growth.

Planethic is supported by its patented MILILK® 2D printing technology, which

provides a strong IP moat and cost advantages, alongside a capital-light

model enabling rapid scaling and a path to break-even. Early traction

includes secured US contracts (10M litres in Year 1, 50M in Year 2, Project

financing for the US facility) and indicated demand exceeding 400M litres

annually, with the EUR30M OrbiFarm exit validating its brand-building and

capital recycling capabilities.

However, scaling depends on external financing, and investor trust remains

impacted by past communication issues. Additional production lines require

upfront capital, and potential equity issuance may lead to near-term

dilution.

DISCLAIMER

LEGAL NOTICE

This research report ('Investment Recommendation') was prepared by

Parmantier & Cie. Research, with contributions from Mr. Parmantier and Mr.

Krämer, and is distributed solely by Parmantier & Cie. Research. It is

intended only for the recipient and may not be shared with other entities,

even if they are part of the same corporate group, without prior written

consent. The report contains selected information and makes no claim to

completeness. The investment recommendation is based on publicly available

information ('Information'), which is considered correct and complete.

However, Parmantier & Cie. Research does not verify or guarantee the

accuracy or completeness of this information. Any potential errors or

omissions do not create liability for Parmantier & Cie. Research, which

assumes no liability for direct, indirect, or consequential damages.

In particular, Parmantier & Cie. Research accepts no responsibility for the

accuracy of statements, forecasts, or other content in this investment

recommendation concerning the analyzed companies, their subsidiaries,

strategies, economic conditions, market and competitive positions,

regulatory frameworks, and similar factors. While care has been taken in

preparing this report, errors or omissions cannot be excluded. Parmantier &

Cie. Research, including its partners and employees, accepts no liability

for the accuracy or completeness of statements, estimates, or conclusions

derived from the provided information in this investment recommendation.

To the extent this investment recommendation is provided as part of an

existing contractual relationship (e.g., financial advisory services),

Parmantier & Cie. Research's liability is limited to cases of gross

negligence or intentional misconduct. In cases of breach of essential

obligations, liability is limited to simple negligence but is restricted to

foreseeable and typical damages in all cases. This investment recommendation

does not constitute an offer or solicitation to buy or sell securities.

Partners, managing directors, or employees of Parmantier & Cie. Research or

its subsidiaries may hold responsible positions, such as supervisory board

mandates, in the companies mentioned in this report. The opinions expressed

in this investment recommendation may change without notice and reflect the

personal view of the research analyst. Unless otherwise stated, no part of

the research analyst's compensation is directly or indirectly related to the

recommendations or opinions contained in this report. All rights reserved.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=fdc797ed8ae8ffc38c19c884dc767f75

Contact for questions:

Parmantier & CIE. Research

Hungener Straße 6

60389 Frankfurt

info@parmantiercie.com

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