Original-Research: Beaconsmind AG - from First Berlin Equity Research GmbH 21.11.2024 / 18:35 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. 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. Classification of First Berlin Equity Research GmbH to Beaconsmind AG Company Name: Beaconsmind AG ISIN: CH0451123589   Reason for the research: Update Recommendation: BUY from: 21.11.2024 Target price: €18.50 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on beaconsmind AG (ISIN: CH0451123589). Analyst Christian Orquera reiterated his BUY rating and increased the price target from EUR 14.50 to EUR 18.50.Abstract: On 19 November 2024, beaconsmind announced the acquisition of information and communication technology (ICT) services provider Swissnet AG and Dubai-based traveltech specialist Lokalee for a total amount of CHF 21.3m, which will be financed through shares, a vendor loan and cash. The deals are expected to close by January 2025. Beaconsmind has recently completed the integration of five acquired companies whose full consolidation in 2024 has strengthened its operational and financial foundation in preparation for the next growth step. This transaction aligns with Beaconsmind's strategic evolution, leveraging synergies across customer bases, technologies, and markets to build an international leading digital infrastructure and SaaS provider. The company gains Lokalee's AI capabilities which it can leverage across the group and direct access to the high-growth MENA region. Beaconsmind will adopt Swissnet Group as its new company name to capitalise on the Swiss company's strong brand and achieve significant growth in revenue, EBITDA and free cash flow driven by an expanded management team. Management is guiding to group revenue of CHF27.5m and EBITDA of CHF6.7m (margin: 24.6%) in 2025. The new Swissnet Group will be well-positioned to offer a broad range of attractive ICT, traveltech and customer engagement solutions to several industries, including hospitality and retail. We have adjusted our financial forecasts for 2025 and subsequent years. Our DCF model yields a price target of €18.50 (previously €14.50). We maintain our Buy recommendation. First Berlin Equity Research hat ein Research Update zu beaconsmind AG (ISIN: CH0451123589) veröffentlicht. Analyst Christian Orquera bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 14,50 auf EUR 18,50.Zusammenfassung: Am 19. November 2024 gab beaconsmind die Übernahme des Informations- und Kommunikationstechnologie (ICT)-Dienstleisters Swissnet AG und des in Dubai ansässigen Traveltech-Spezialisten Lokalee für einen Gesamtbetrag von CHF21,3 Mio. bekannt, der durch Aktien, ein Verkäuferdarlehen und Barmittel finanziert wird. Der Abschluss der Transaktion wird bis Januar 2025 erwartet. Beaconsmind hat kürzlich die Integration von fünf akquirierten Unternehmen abgeschlossen, deren Vollkonsolidierung im Jahr 2024 das operative und finanzielle Fundament des Unternehmens in Vorbereitung auf den nächsten Wachstumsschritt gestärkt hat. Diese Transaktion steht im Einklang mit der strategischen Entwicklung von Beaconsmind, die Synergien über Kundenstämme, Technologien und Märkte hinweg nutzt, um einen international führenden digitalen Infrastruktur- und SaaS-Anbieter aufzubauen. Das Unternehmen erhält die KI-Fähigkeiten von Lokalee, die es gruppenweit nutzen kann, sowie einen direkten Zugang zur wachstumsstarken MENA-Region. Beaconsmind wird den neuen Firmennamen Swissnet Group annehmen, um von seiner starken Marke zu profitieren und um ein signifikantes Wachstum bei Umsatz, EBITDA und freiem Cashflow zu erzielen, das von einem erweiterten Managementteam getragen wird. Das Management erwartet für 2025 einen Gruppenumsatz von CHF27,5 Mio. und ein EBITDA von CHF6,7 Mio. (Marge: 24,6%). Die neue Swissnet Gruppe wird gut positioniert sein, um eine breite Palette attraktiver ICT-, Traveltech- und Customer-Engagement-Lösungen für verschiedene Branchen, darunter das Gastgewerbe und den Einzelhandel, anzubieten. Wir haben unsere Finanzprognosen für 2025 und die Folgejahre angepasst. Unser DCF-Modell führt zu einem Kursziel von €18,50 (vorher €14,50). Wir halten an unserer Kaufempfehlung fest. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse.   You can download the research here: http://www.more-ir.de/d/31413.pdf Contact for questions: First Berlin Equity Research GmbHHerr Gaurav TiwariTel.: +49 (0)30 809 39 686web: www.firstberlin.comE-Mail: g.tiwari@firstberlin.com The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2036015  21.11.2024 CET/CEST

Original-Research: Advanced Blockchain AG - from GBC AG 20.11.2024 / 14:45 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. 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. Classification of GBC AG to Advanced Blockchain AG Company Name: Advanced Blockchain AG ISIN: DE000A0M93V6   Reason for the research: Research Comment Recommendation: Kaufen Target price: 10.75 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Marcel Goldmann Valuation update: Successful peaq Token Launch Leads to Reassessment of Portfolio Position In our most recent valuation of Advanced Blockchain AG on November 11, 2025, we intentionally refrained from preempting the outcome of the peaq token launch, opting instead to wait and observe its development. Historically, token launches tend to be highly volatile, which was why our previous assessment was published prior to the launch. Many tokens typically experience price declines of up to 80% shortly after launch, as early investors liquidate their positions. Accordingly, we sought to base our conclusions on the actual market response. The peaq token was ultimately listed at a price of $0.50 but subsequently settled at approximately $0.25. Nevertheless, the token has demonstrated relative stability compared to similar projects, significantly outperforming the expected benchmark trends. This stabilization now allows for a well-founded reassessment. As of the last Top-15 portfolio evaluation on June 30, 2024, Advanced Blockchain AG held 88,056,000 peaq tokens. ABAG acquired these tokens at minimal costs through its incubation activities. Following the launch, at a price of $0.25 per token, their value is now approximately $22.01 million USD or €20.80 million (exchange rate: 1 USD = 0.944849 EUR, as of November 19, 2024, 14:50 UTC). In our view, this represents a significant value increase of around $15.03 million USD (€14.22 million). Although the peaq tokens are subject to a lockup agreement until Q3 2025, they can be utilized for staking during this period. Token staking involves cryptocurrency holders locking their tokens in a wallet to support the network, such as by validating transactions or providing liquidity. In return, they receive rewards in the form of additional tokens. Advanced Blockchain AG plans to actively stake its peaq tokens to generate additional tokens. This approach could enhance token yields during the lockup phase and further improve the company's return on capital. With 3.79 million outstanding shares, the value increase of €14.22 million results in a NAV rise of approximately €3.75 per share. Consequently, based on our previous price target of €7.00, the new price target is €10.75 per share. Overall, we continue to view the company as excellently positioned, with a solid liquidity base. As of June 30, 2024, the parent company held liquid assets of approximately €1.62 million. According to management, liquid assets at the group level amounted to around €2 million as of the same date. Additionally, the investment subsidiary holds a range of tokens that can be liquidated mid-term, ensuring additional financial flexibility. Given the significant upside potential, we maintain our Buy rating. You can download the research here: http://www.more-ir.de/d/31393.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@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:https://www.gbc-ag.de/de/Offenlegung+++++++++++++++Date (time) of completion: 20.11.2024 (14:00) Date (time) of first publication: 20.11.2024 (14:45) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2034935  20.11.2024 CET/CEST

Original-Research: Vidac Pharma Holding Plc - from Sphene Capital GmbH 20.11.2024 / 09:15 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. 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. Classification of Sphene Capital GmbH to Vidac Pharma Holding Plc Company Name: Vidac Pharma Holding Plc ISIN: GB00BM9XQ619   Reason for the research: Update Report Recommendation: Buy from: 20.11.2024 Target price: EUR 4.90 (unchanged) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler Important patent protection granted by the USPTO The positive news flow of Vidac Pharma continues. Vidac Pharma has been granted a patent by the USPTO that—in our view—fully protects the company’s efforts to bring its entirely new class of cancer products to market. As of our knowledge, Vidac Pharma is the only company in the world whose products are aimed at reversing the altered metabolism of cancer cells (known as Warburg effect), and now holds an exclusive patent for this promising mode of action in the US market. After the strong share price performance since our initiation of coverage (+194.4% vs. DAX 2.4%), we confirm our Buy rating and our three-stage discounted cash flow entity model based share price target of EUR 4.90 (base case scenario). Our price target is based on the assumption that Vidac Pharma receives approval for its current core product VDA-1102-AK. Monte Carlo scenario values range between EUR 4.04 (10% quantile) and EUR 5.40 (90% quantile) per share. Vidac Pharma has been granted a broad and exclusive patent by the United States Patent and Trademark Office (USPTO) that provides comprehensive protection for the mode of action of its two oncology and onco-dermatology therapeutic candidates VDA-1275 and VDA-1102 (phase 2b clinical trial for AK and phase 2 trial for cutaneous T-cell lymphoma). The patent protects the use of Vidac Pharma's novel chemical entities that prevent the enzyme hexokinase-2 (HK2) from attaching to the mitochondrial VDAC channels, in order to reverse the malignant metabolism of cancer cells and to restore normal cell functioning—as of Vidac's clinical studies the drug candidates have the potential to stop cancer cell proliferation, re-instate programmed cell death (apoptosis), and suppress the immunosuppressive properties of the tumour microenvironment. Vidac Pharma is thus (1) to our knowledge the only company in the world with products designed to reverse the altered metabolism of cancer cells and (2) now holds an exclusive patent for this mode of action in the US market. Vidac Pharma also received additional capital of more than EUR 0.6mn from existing investors and management to accelerate the development of its products. Vidac Pharma will use the funds to advance a number of clinical trials, including a second phase 2b clinical trial for its lead candidate VDA-1102 in patients with advanced actinic keratosis (AK), a potentially premalignant disease of the skin with high estimated global prevalence. According to the company, VDA-1102 has also been shown to be safe and effective in the treatment of cutaneous T-cell lymphoma; Vidac Pharma has completed a phase 2a proof-of-concept study, the results of which are expected to be published shortly. VDA-1275, meanwhile, is also in advanced preclinical studies. You can download the research here: http://www.more-ir.de/d/31381.pdf Contact for questions: Peter Thilo Hasler, CEFA+49 (152) 31764553 The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2034157  20.11.2024 CET/CEST

Original-Research: INDUS Holding AG - from NuWays AG 19.11.2024 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. 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. Classification of NuWays AG to INDUS Holding AG Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: Buy from: 19.11.2024 Target price: EUR 34.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr RT feedback: Strong FCF and well filled M&A pipeline Topic: On Monday we hosted a digital roundtable with INDUS, here are our key takeaways. M&A pipeline well filled: INDUS expects to see another deal to sign within the Infrastructure segment this year. However, the purchase price is likely not to be paid until FY25e. Further, INDUS has in prospect to spend around € 50-70m on M&A next year. Considering the recent decline in acquisition multiples for German SME’s, it is now a good time for INDUS to expand its portfolio in our view. Infrastructure shows a solid development in FY24 (10.2% EBIT margin in 9M, +1.9ppts yoy), which is expected to continue for FY25e. In addition, the Engineering segment should improve at least slightly next year. As communicated by management in the Q2 CC, product mix in H2’24e is much more favorable than in H1. Consequently, the operating margin in Q3 already improved considerably compared to H1’24 (9.0% vs. 5.2% in H1). In our view H2’24e should be a better reference point for FY25e than the muted H1. On the other hand, Materials should be more challenging next year. While the medical companies show resilience, companies in the metal production and processing sectors are more affected by the current difficult macro environment. In addition, order backlog in Materials decreased over the last year, which puts further pressure on the top-line (€ 120m backlog in 9M’24 vs. € 153m end of FY23). Strong Free Cashflows: INDUS continues to expect above € 110m in FCF this year (eNuW: € 115m), delivering a strong FCFY’24e of c. 10% (eNuW). Beyond that, a further reduction in working capital for FY25e looks plausible, which is however dependent on the sales development next year. This should support free cashflows in FY25e. Already in 9M, working capital decreased c. € 33m yoy to € 506m (vs. € 538m end of 9M’23; € 618m end of 9M’22), thanks to an ease of supply chains, muted sales growth and an active working capital management. We continue to like the stock and confirm INDUS as one of NuWays’ Alpha Picks. Reiterate BUY with an unchanged PT of € 34, based in FCFY’24e. You can download the research here: http://www.more-ir.de/d/31361.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2032767  19.11.2024 CET/CEST

Original-Research: INDUS Holding AG - from Parmantier & Cie. GmbH 18.11.2024 / 15:05 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. 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. Classification of Parmantier & Cie. GmbH to INDUS Holding AG Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Q3 2024 Recommendation: Buy from: 18.11.2024 Target price: 34.30 Target price on sight of: 12 month Last rating change: no change Analyst: Daniel Großjohann, Thomas Schießle 2024 guidance after Q3 confirmed in key points, public share buyback offer announced *Closing price XETRA (15 November 2024)INDUS Holding AG generated sales of € 443.1 million in Q3 (9M 24: € 1,282.2 million; Q3 23: € 459.7 million), which was still 3.6% below the previous year's figure, but exceeded the H1 quarters of 2024. The Q3 EBITA margin (9.9%) was also higher than the H1 figure (8.8%). The annual, scheduled impairment test led to a total impairment of € 6.7 million and had a negative impact on EBIT. 9M earnings after taxes (€ 50 million; +15.2%) and 9M EPS (€ 1.89; +18.1%) exceeded the previous year's figures, which were negatively impacted by the result from discontinued operations. The already challenging environment for SMEs has not been made any easier by the political uncertainty (Germany, USA). The remarkable improvement in group sales and the operating margin during the year can therefore not yet be seen as a sustainable turnaround with a view to 2025. However, we believe that the INDUS share is still trading below its fair value, so the new public share buyback offer is consistent with this. Due to the high quality of the portfolio companies, the shareholder-friendly dividend policy (buyback programme; dividend yield > 5%) and the attractive valuation (P/E 2024e: 8.4), the INDUS share remains a Buy. INDUS has already paid out around € 56 million to shareholders in H1 2024 via the regular dividend and a share buyback programme. A public buyback offer has now been announced (from 12.11.24 to 25.11.24; max. volume: 0.7 million shares at € 21.65) and a subsequent buyback programme (volume: max. 0.2 million shares or max. € 5 million). The repurchased shares are expected to be cancelled subsequently. Outlook for 2024: INDUS has confirmed the key points of its guidance despite the challenging environment. Sales are still expected to be between € 1.7 billion and € 1.8 billion and the EBIT margin between 7% and 8%. The free cash flow target (> € 110 million) was also confirmed. In terms of EBIT, the result of the annual scheduled impairment test was the main reason for lowering the EBIT target to a target corridor of € 115 million to € 125 million (previously € 125 million to € 145 million).DISCLAIMERLEGAL NOTICE This research report ('Investment Recommendation') was prepared by Parmantier & Cie. Research, with  contributions from Mr. Grossjohann, 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: http://www.more-ir.de/d/31349.pdf Contact for questions: Kontakt:PARMANTIER & Cie. GmbHinfo@parmantiercie.com The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2032341  18.11.2024 CET/CEST

Original-Research: Havila Kystruten AS - from Montega AG Classification of Montega AG to Havila Kystruten AS Company Name: Havila Kystruten AS ISIN: NO0011045429 Reason for the research: Update Recommendation: Kaufen from: 03.06.2024 Target price: 2,80 NOK Target price on sight of: 12 Monaten Last rating change: - Analyst: Tim Kruse (CFA) Havila Q1: good but not great (yet) Havila Kystruten AS reported the figures for Q1 2024 last Thursday in conjunction with its annual shareholder meeting. The company also held its first quarterly earnings call, which as a further step in the managements intention to increase capital market activities. Even if we had expected Havila to break even on EBITDA level in Q1 we would not overrate this quarter, as all relevant KPIs are moving in the right direction and there were also some one-offs in Q1. Overall sales in the first quarter amounted to 292.9 m NOK which fell short of our expectation (312.2 m NOK) due to two reasons. Firstly, the contractual revenue (Actual: 96.9 m NOK vs. MONe 102.7 m NOK) from the government was lowered by 5.7 m NOK due to an accounting effect. The contract with the Ministry of Transport includes an option to extend the contract by one year after 2030. The option rate differs from the rate in the fixed period so that this revenue loss is spread over the entire contract period. We had not yet reflected this non-cash effect in our estimates and have changed them accordingly. Secondly, the average cabin rate (ACR) of 3.900 NOK came in slightly below expectation albeit having increased considerably against the previous and last years Quarter (3.100 and 3.000 NOK respectively). The company sees good potential to increase ACR, as realized prices are still influenced by ticket sales from the previous years, where the company had to deal with several cancellations and current trips sold are showing significantly better prices. EBITDA came in at -17.5 m NOK which was below our expectation (+29 m NOK). Apart from the above mentioned effects LNG cost as well as material expenses where higher than expected, which we are reflecting in our lowered full year expectations. Also personnel cost were inflated due training expenses in the light of the ramp-up of operations. Havila will be facing its first high season with full operations of all four ships this year. Therefore the company is busy digesting the sacle-up in operations at the moment but will increase attention to streamlining operations and occupancy across the route. An indication of these efforts is the launch of the 'Pure Northern Collection'. This specially curated package, which includes a morning flight from Oslo as well as a variety of hand-picked excursions in the Arctic wonderland of Kirkenes, should increase the occupancy of the usually less populated southern route. We therefore remain confident that margins will improve considerably from here on out albeit having lowered our estimates to account for Q1 cost levels. Industry parameters promising: In the past months the cruise line industry has shown a strong booking development leading to record Q1 numbers and an increased outlook for all of the the top three cruise line operators (Carnival, Norwegian, Royal Caribbean). Although the direct overlap with the coastal express should be limited it does reflect the overall demand and appetite for cruise holidays which should also support the Coastal Express and Havila. Conclusion: Even if Havila did not quite achieve our expectation in Q1 we are satisfied with the overall development. We believe this investment case will unfold over several quarters and are certain their moat will widen as time goes by. With significantly positive FCF and the new revolving credit facility of 200 m NOK we see Havila well financed and have lowered our beta to reflect the refinancing of the tranch a bond. We therefore reiterate price target and recommendation. +++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Bitte lesen Sie unseren RISIKOHINWEIS / HAFTUNGSAUSSCHLUSS unter http://www.montega.de +++ Über Montega: Die Montega AG ist eines der führenden bankenunabhängigen Researchhäuser mit klarem Fokus auf den deutschen Mittelstand. Das Coverage-Universum umfasst Titel aus dem MDAX, TecDAX, SDAX sowie ausgewählte Nebenwerte und wird durch erfolgreiches Stock-Picking stetig erweitert. Montega versteht sich als ausgelagerter Researchanbieter für institutionelle Investoren und fokussiert sich auf die Erstellung von Research-Publikationen sowie die Veranstaltung von Roadshows, Fieldtrips und Konferenzen. Zu den Kunden zählen langfristig orientierte Value-Investoren, Vermögensverwalter und Family Offices primär aus Deutschland, der Schweiz und Luxemburg. Die Analysten von Montega zeichnen sich dabei durch exzellente Kontakte zum Top-Management, profunde Marktkenntnisse und langjährige Erfahrung in der Analyse von deutschen Small- und MidCap-Unternehmen aus. You can download the research here: http://www.more-ir.de/d/29947.pdf Contact for questions Montega AG - Equity Research Tel.: +49 (0)40 41111 37-80 Web: www.montega.de E-Mail: research@montega.de LinkedIn: https://www.linkedin.com/company/montega-ag -------------------transmitted by EQS Group AG.------------------- 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.

bet-at-home’s (BAH’s) interim results were consistent with the view in our May 2022 outlook note that 2022 would be a challenging year, as the group continues to navigate the regulatory landscape in its key markets. Full year guidance was lowered in June given legal and regulatory changes in Germany and Switzerland, and BAH exited the UK market in July following a licence review. Management continues to look forward to a potential new licence in the Netherlands, which would provide a new growth opportunity. Given the significant fall in BAH’s share price in the year to date, the group’s June 2022 net cash position (excluding client money) of €28.3m would represent 92% of its current market capitalisation.

Original-Research: All for One Group SE - von BankM AG Einstufung von BankM AG zu All for One Group SE Unternehmen: All for One Group SE ISIN: DE0005110001 Anlass der Studie: Beendigung der Coverage Empfehlung: n.a. seit: 11.10.2022 Kursziel: n.a. Letzte Ratingänderung: 11.10.2022, vormals Kaufen Analyst: Daniel Grossjohann Termination of Coverage Due to the expiration of the contract, we are terminating our coverage of the company. Our target price as well as our valuation rating are no longer valid. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25575.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden http://www.bankm.de/webdyn/141_cs_Research%20Reports%20Disclaimer.html. Kontakt für Rückfragen BankM AG Daniel Grossjohann Mainzer Landstrasse 61, 60329 Frankfurt Tel. +49 69 71 91 838-42 Fax +49 69 71 91 838-50 Email: daniel.grossjohann@bankm.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.