UmweltBank AG

Latest Results (20.03.2026):

UmweltBank AG — Q1 2024 (covering FY‑2023 results and the Q1‑2024 update): The company confirmed its FY‑2023 preliminary figures: new lending fell, net interest income dropped to €41.11m (FY‑2022: €58.79m) and financial result normalized to €7.17m (FY‑2022: €24.83m), producing a sharply reduced EBT of €1.09m and EAT of €0.76m. Q1‑2024 showed strong customer/deposit acquisition (≈8,000 new customers and ≈€250m new deposits), but an operationally weak quarter with Q1 EBT ≈‑€10.7m. Management expects FY‑2024 EBT of around ‑€15m to ‑€20m while targeting a return to profitability from 2025 onward.

FY‑2023 headline results

New lending fell to ~€459m (FY‑2022: €623m). Net interest income was €41.11m, financial result €7.17m, net commission/trading ≈€9.05m, EBT €1.09m and net profit €0.76m. Loan book rose to €3.35bn; customer deposits at year‑end were €2.85bn.

Cost drivers and one‑off effects

Administrative expenses rose sharply (extraordinary migration costs €10.14m). Personnel costs increased to €25.62m and total admin costs materially reduced FY‑2023 earnings versus FY‑2022.

Q1‑2024 operational update

Early 2024 progress: ~8,000 new customers and ≈€250m new customer deposits in Q1, customer count up from ~132k to ~140k and deposits to ~€3.1bn (31‑Mar‑2024). Sales: two wind‑farm stakes and one property sold profitably in Q1. Q1 EBT reported roughly ‑€10.7m (impacted by migration-related and treasury effects).

Regulatory capital & solvency

BaFin increased a capital surcharge (3.7% as of 31‑Dec‑2023). UmweltBank exceeded minimum ratios at year‑end (total capital ratio ~15.9%) and reported a total capital ratio of ~16.4% as of 31‑Mar‑2024. After the balance‑sheet date BaFin’s requirement rose to 15.5%.

Guidance and strategic outlook

2024 is a transformation year with planned technology, organisation and marketing investments; FY‑2024 EBT guidance: approx. ‑€15m to ‑€20m. Management targets return to positive EBT in 2025 and material improvement in 2026, aims to grow private deposits (target 500k customers by 2028) and to re‑focus lending on corporate renewable/eco property financing.

Research / valuation note included in the report

The provided research values UmweltBank at a fair value of €9.60 per share and retains a BUY rating (GBC). The reference share price in the report was €6.44 (25‑Jun‑2024).