Bank-In­de­pen­dent In­vest­ment Hou­se, GBC AG

GBC AG

Bank-In­de­pen­dent In­vest­ment Hou­se

GBC AG, headquartered in Augsburg, is one of the leading bank-independent investment houses in Germany and an experienced issuing expert for German SMEs.

As an owner-managed company, GBC AG knows the financing needs of German SMEs and is an independent and reliable partner for all capital market issues.

Within the GBC Group, GBC AG offers corporate analysis & research, capital market & financing consulting as well as capital market conferences.

GBC Kapital GmbH complements the services in the group with corporate finance in the areas of placement & brokerage of bonds and shares.

Equity Bottom-Up

<ul>
<li>In the first three months of 2026, CENIT AG achieved a significant improvement in its operating metrics.</li>
<li>While revenue rose only slightly to €52.47 million (PY: €51.51 million), the cost-saving measures implemented in previous reporting periods led to a noticeable improvement in EBITDA to €5.03 million (PY: -€2.44 million).</li>
<li>The slight increase in revenue, which is in line with expectations, is attributable in particular to the further rise in revenue from proprietary software sales by 4.7% to €4.62 million (PY: €4.41 million) and in consulting/service revenue by 4.5% to €23.15 million (PY: €22.15 million).</li>
</ul>


In the first three months of 2026, CENIT AG achieved a significant improvement in its operating metrics.
While revenue rose only slightly to €52.47 million (PY: €51.51 million), the cost-saving measures implemented in previous reporting periods led to a noticeable improvement in EBITDA to €5.03 million (PY: -€2.44 million).
The slight increase in revenue, which is in line with expectations, is attributable in particular to the further rise in revenue from proprietary software sales by 4.7% to €4.62 million (PY: €4.41 million) and in consulting/service revenue by 4.5% to €23.15 million (PY: €22.15 million).


Research Comment English – CENIT AG - 13.05.2026

<ul>
<li>In the 2025 financial year, CENIT AG achieved a slight increase in revenue of 1.1% to €209.51 million (previous year: €207.33 million), thereby slightly exceeding the company forecast adjusted at the half-year 2025.</li>
<li>Growth was primarily driven by inorganic expansion through the first-time full consolidation of Analysis Prime, whilst organic growth saw a slight decline.</li>
<li>Difficult market conditions, particularly in the automotive and mechanical engineering sectors, which are key for the company, prevented a stronger revenue performance.</li>
</ul>


In the 2025 financial year, CENIT AG achieved a slight increase in revenue of 1.1% to €209.51 million (previous year: €207.33 million), thereby slightly exceeding the company forecast adjusted at the half-year 2025.
Growth was primarily driven by inorganic expansion through the first-time full consolidation of Analysis Prime, whilst organic growth saw a slight decline.
Difficult market conditions, particularly in the automotive and mechanical engineering sectors, which are key for the company, prevented a stronger revenue performance.


Research study (Anno) – CENIT AG - 15.04.2026

<ul>
<li>According to preliminary figures, CENIT AG achieved a significant improvement in operating performance in fiscal year 2025, particularly in the fourth quarter.</li>
<li>With consolidated revenue of €209.5 million for the full year (previous year: €207.3 million), the company met the revenue guidance of at least €205 million, which had been adjusted in the 2025 half-year report.</li>
<li>Our previous estimates, in which we had anticipated revenue of €208.95 million, were also slightly exceeded.</li>
</ul>


According to preliminary figures, CENIT AG achieved a significant improvement in operating performance in fiscal year 2025, particularly in the fourth quarter.
With consolidated revenue of €209.5 million for the full year (previous year: €207.3 million), the company met the revenue guidance of at least €205 million, which had been adjusted in the 2025 half-year report.
Our previous estimates, in which we had anticipated revenue of €208.95 million, were also slightly exceeded.


Research Comment english - CENIT AG - 25.03.2026

<ul>
<li>Although CENIT AG achieved a slight increase in revenue of 1.8% to €154.20 million after nine months (previous year: €151.43 million), this growth was primarily attributable to the first-time inclusion of Analysis Prime, which was acquired in July 2024.</li>
<li>However, this effect is limited to the first six months and, according to our findings, is likely to have amounted to around €6 million.</li>
<li>Adjusted for this effect, the company would have had to accept a decline in revenue of around 2% in the first nine months of 2025.</li>
</ul>


Although CENIT AG achieved a slight increase in revenue of 1.8% to €154.20 million after nine months (previous year: €151.43 million), this growth was primarily attributable to the first-time inclusion of Analysis Prime, which was acquired in July 2024.
However, this effect is limited to the first six months and, according to our findings, is likely to have amounted to around €6 million.
Adjusted for this effect, the company would have had to accept a decline in revenue of around 2% in the first nine months of 2025.


Research Comment english – CENIT AG - 07.11.2025

<ul>
<li>In the past 2024 financial year, CENIT AG achieved a visible jump in sales of 12.2% with sales of € 207.33 million (previous year: € 184.72 million).</li>
<li>The guidance adjusted in October, which forecast sales of € 205 to € 210 million, was thus fully met.</li>
<li>The first-time inclusion of sales from the companies acquired in 2024, CCE and Analysis Prime, was responsible for sales of € 12.95 million, meaning that the company reported organic sales growth of 5.2%.</li>
</ul>


In the past 2024 financial year, CENIT AG achieved a visible jump in sales of 12.2% with sales of € 207.33 million (previous year: € 184.72 million).
The guidance adjusted in October, which forecast sales of € 205 to € 210 million, was thus fully met.
The first-time inclusion of sales from the companies acquired in 2024, CCE and Analysis Prime, was responsible for sales of € 12.95 million, meaning that the company reported organic sales growth of 5.2%.


Researchstudie (Anno) english - CENIT AG - 22.04.2025

Germany

CENIT AG is an international operating consulting company which provides product lifecycle management consulting, outsourcing, and enterprise content management.

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CENIT (CSH GR)

Research Comment English – CENIT AG - 13.05.2026

While revenue rose only slightly to €52.47 million (PY: €51.51 million), the cost-saving measures implemented in previous reporting periods led to...

GBC AG

Research study (Anno) – CENIT AG - 15.04.2026

Growth was primarily driven by inorganic expansion through the first-time full consolidation of Analysis Prime, whilst organic growth saw a slight...

GBC AG

Research Comment english - CENIT AG - 25.03.2026

According to preliminary figures, CENIT AG achieved a significant improvement in operating performance in fiscal year 2025, particularly in the...

GBC AG

Research Comment english – CENIT AG - 07.11.2025

Although CENIT AG achieved a slight increase in revenue of 1.8% to €154.20 million after nine months (previous year: €151.43 million)...

GBC AG

Researchstudie (Anno) english - CENIT AG - 22.04.2025

In the past 2024 financial year, CENIT AG achieved a visible jump in sales of 12.2% with sales of € 207.33 million (previous year: € 184.72...

GBC AG

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