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

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Original-Research: Advanced Blockchain AG - from GBC AG

15.10.2025 / 10:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of GBC AG to Advanced Blockchain AG

Company Name: Advanced Blockchain AG

ISIN: DE000A0M93V6

Reason for the research: Research Report (Anno)

Recommendation: Buy

Target price: 3.79 EUR

Last rating change:

Analyst: Matthias Greiffenberger, Cosmin Filker

From realignment to scaling

Die Advanced Blockchain AG (ABAG) underwent a profound transformation in

fiscal year 2024. The process centered on a complete management overhaul,

the resolution of irregularities at the subsidiary Incredulous Labs Ltd.,

and the introduction of strict governance and control mechanisms. While the

parent company's operational and financial performance in 2024 was shaped by

significant one-off expenses, the cleanup measures and portfolio progress

show that ABAG is now in a stronger position for sustainable growth. This

ongoing restructuring is essential to securing the company's future.

Independent audits uncovered deficiencies dating back to before the current

management took over, while also confirming that today's structures rest on

an independent and stable foundation. The resulting costs are unavoidable

and should be seen as an investment in stability, asset protection, and

transparency.

The parent company Advanced Blockchain AG generated revenues of EUR226k

(previous year: EUR105k), more than doubling year-over-year, but it remains

heavily dependent on income from its subsidiary Incredulous Labs Ltd., with

overall revenue levels still modest. High legal, auditing, and consulting

expenses combined with extraordinary write-downs led to a net loss of

EUR-1.78m (previous year: EUR-0.88m). Despite this loss, ABAG reports a solid

equity base of EUR8.88m (December 31, 2023: EUR9.56m), corresponding to an

equity ratio of 68.8% (December 31, 2024: 69.7%). The balance sheet was

strengthened by the resolution of tax liabilities from previous years and by

stabilizing liquidity. The auditor's qualified opinion relates solely to

uncertainties around receivables from Incredulous Labs.

The Cypriot subsidiary Incredulous Labs remains the core of the portfolio.

In 2024 it achieved revenues of USD 229k and a net profit of USD 1.25m,

while at the same time recording substantial impairments on projects.

Forensic audits confirmed cases of asset misappropriation. As a result, the

auditor issued a disclaimer of opinion for both 2023 and 2024. The new

management has since implemented a modern control system with

multi-signature wallets and institutional custody solutions, while also

initiating legal steps to recover lost assets.

Blockchain and cryptocurrency markets experienced a historic upswing in

2024: Bitcoin and Ethereum reached new multi-year highs, and overall market

capitalization surpassed USD 3.5 trillion. ABAG's portfolio benefited,

particularly from the successful token launch of peaq, which briefly

achieved unicorn status. However, the decline of the PEAQ token in the first

half of 2025 highlighted the high volatility and dependence on a few key

assets. As of June 30, 2025, the value of the 15 largest holdings was

reported at around USD 15m, down from USD 56m at the end of 2024. In

response, management adopted an active diversification strategy with a focus

on more liquid assets.

Based on the top 15 portfolio positions, after deducting holding costs and

factoring in a 30% latent upside, the NAV stands at EUR15.36m or EUR3.79 per

share. Taking this upside potential into account, we confirm our Buy rating.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=26b0d01ea94d7551b01d29d86189f9bc

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: 18.09.2025 (16:30 Uhr)

Initial publication: 19.09.2025 (10:30 Uhr)

Update with adjusted number of shares: 15.10.2025 10:00

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2212904 15.10.2025 CET/CEST

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