Original-Research: EasyMotionSkin Tec AG - from GBC AG Classification of GBC AG to EasyMotionSkin Tec AG Company Name: EasyMotionSkin Tec AG ISIN: LI1147158318 Reason for the research: Managementinterview Recommendation: Managementinterview Last rating change: Analyst: Matthias Greiffenberger, Marcel Schaffer EasyMotionSkin revolutionizes the fitness experience with cutting-edge technology   EasyMotionSkin presents itself as the 'world's smallest gym' and is aimed at both fitness novices and experienced athletes with an advanced EMS training system. The innovative technology uses patented dry electrodes within a special EMS suit to activate up to 90% of the muscles using low-frequency electrical impulses. This not only promotes increased oxygen uptake and performance, but also enables optimum training results and efficient regeneration. The development of this trademarked high-tech product is based on the expert knowledge of a leading German cardiologist and is supported by scientific studies that prove its positive effects. As a premium product 'Made in Germany', EasyMotionSkin represents a milestone in the digitalization of the fitness sector and is continuously expanding its portfolio with innovative product solutions. The company is thus positioning itself as a pioneer of a future-oriented technology provider in the global health and lifestyle segment.   GBC AG: Could you give us a brief summary of what distinguishes EasyMotionSkin and what the company's mission is?   EasyMotionSkin Tec AG: With its established fitness brands EasyMotionSkin, milon and FIVE, EasyMotionSkin Tec AG has evolved from an innovative fitness system manufacturer to a future-oriented tech company in the international health and lifestyle sector. Technological and thematic leadership, the use of digitalization and the comprehensive range of efficient training systems including hardware and software make EasyMotionSkin the preferred partner for fitness providers and customers worldwide. With expertise, innovation and commitment, EasyMotionSkin Tec AG and its fitness brands are dedicated to the goal of sustainably promoting and maintaining the health, performance and vitality of its customers.   GBC AG: How does EasyMotionSkin focus on innovation to differentiate itself in a constantly evolving market? Are there any current projects or technologies that you are particularly proud of?   EasyMotionSkin Tec AG: EasyMotionSkin Tec AG's mission is to advance the healthcare industry by providing products and services that are leading in terms of topics and technology.   We are especially proud of our collaboration with the Austrian Space Forum. EasyMotionSkin is the official outfitter of the AMADEE-24 MARS ANALOG MISSION, a Mars simulation planned for March 2024 in Armenia. The expedition is an authentic test run for astronautical exploration of the Red Planet. A crew of analog astronauts wearing prototype spacesuits will conduct experiments in preparation for future Mars exploration missions. As a provider of innovative training systems, the collaboration with the Austrian Space Forum is a recognition of our quality and effectiveness - and it also means being part of an ambitious space project that will bring humanity much closer to Mars.   Prolonged weightlessness causes muscle and bone loss, similar to osteoporosis. The EasyMotionSkin EMS training system helps prevent muscle atrophy and the resulting bone loss in weightlessness.   EasyMotionSkin was already part of the DLR/ESA space mission COSMIC KISS in 2021 and 2022 and flew to the ISS with German ESA astronaut Matthias Maurer aboard SpaceX's Crew Dragon. Maurer trained with the EasyMotionSkin training system both during the preparation phase and on the ISS.   Whether on earth or in space - EasyMotionSkin has an extraordinary and high quality unique selling point.   GBC AG: How do you assess the current trends in the industry, and what challenges does EasyMotionSkin possibly see in the coming years?   EasyMotionSkin Tec AG: We see a global trend toward a holistic approach. People want to take responsibility for managing their health, fitness, performance and aesthetics according to their preferences and needs. The boundaries between wellness, activity, longevity and beauty are becoming increasingly blurred, and responding to customer needs and behaviors will be part of the challenge of the future. Those who can anticipate this trend and serve it with a high-quality portfolio of products and services will be able to further develop the industry and win customers as long-term partners.   GBC AG: How is EasyMotionSkin adapting to the changing needs of customers? What measures does the company take to maintain or increase customer satisfaction?   EasyMotionSkin Tec AG: We see ourselves as a partner to our customers, take our role as a leading designer and developer seriously, and have our finger on the pulse of the times by thinking and working with a strong focus on the future and anticipation, especially in this phase. In many ways, we see ourselves as a first mover.   GBC AG: To what extent does EasyMotionSkin attach importance to sustainability and social responsibility? Are there any specific initiatives or practices that can be highlighted in this regard?   EasyMotionSkin Tec AG: Sustainability plays a decisive role at EasyMotionSkin, especially since our business purpose is already committed to sustainability: to enable people to enjoy health, fitness, performance, mental strength and joie de vivre for as long as possible.   Of course, economic and ecological sustainability are also important in our day-to-day business. We live up to our social responsibility by supporting numerous aid projects, but also by providing know-how and services to a number of athletes with disabilities or after injuries. GBC AG: How does EasyMotionSkin assess the current competitive environment, and what strategies is the company pursuing to remain successful in the face of competition?   EasyMotionSkin Tec AG: We are currently investing a great deal of know-how and manpower in future-oriented concepts, especially in the area of customer acquisition and long-term customer loyalty - by supporting people individually in achieving their goals and increasingly offering well-designed systems for everyday life.   GBC AG: Are there any plans for further expansion of EasyMotionSkin?   EasyMotionSkin Tec AG: Our growth strategy and international expansion remain intact and are being continuously pursued - whether with in-house developments or targeted acquisitions to expand the company, whether with new sales partners for an expanded product range, also internationally. We are successful in Europe and in many other countries - and we still have a lot of potential worldwide.   GBC AG: Thank you very much for the interview. You can download the research here: http://www.more-ir.de/d/29017.pdf Contact for questions GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Datum (Uhrzeit) der Fertigstellung: 28.02.2024 (15:02 Uhr) Datum (Uhrzeit) der ersten Veröffentlichung: 29.02.2024 (11:00 Uhr) -------------------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.

Original-Research: EasyMotionSkin Tec AG - von GBC AG Einstufung von GBC AG zu EasyMotionSkin Tec AG Unternehmen: EasyMotionSkin Tec AG ISIN: LI1147158318 Anlass der Studie: Research Report (Anno) Empfehlung: Buy Kursziel: 15.50 EUR Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer Solid annual result 2022. Cooperations and new sales approaches contribute to the high growth momentum expected in the medium term.   EasyMotionSkin Tec AG has published pro forma annual financial statements for the listed parent company EasyMotionSkin Tec AG and the subsidiary EasyMotionSkin Tec GmbH. There are no comparative figures for the previous year, as EMS GmbH was no longer included due to a purchase reversal. According to the management, external sales of around € 4.7 million were generated in the 2021 financial year. Thus, in the past fiscal year 2022, sales revenues increased by 110.4% to € 9.89 million, of which the largest part of the sales came from the B2C sector. A TV documentary about the 'Power Suit' for astronaut training on the ISS also contributed significantly to an increase in awareness.   The company and also the entire industry were hit by cost increases. The cost increases were primarily caused by inflation and supply chain disruptions during the COVID-19 pandemic. In particular, the shortage of chips led to production bottlenecks and cost increases. The company also continued to invest heavily in marketing to strengthen its brand. Nevertheless, a positive EBITDA of € 0.77 million was achieved and a net result of € 0.35 million.   The company plans to expand its traditional sales strategy to include a rental and subscription model. The transition to a subscription model may lead to a temporary decrease in revenue, but may result in sustainable revenue growth in the long term. We expect overall revenue shifts of one year and forecast revenues of € 10.02 million for 2023, € 22.11 million for 2024, and € 28.0 million for 2025. EasyMotionSkin also plans to address the occupational health management market. We see a lot of potential here, as effective health management can offer many benefits for employees. In addition, a new study has shown that EMS training for back pain can be an effective measure as part of occupational health management.   We expect EBITDA to be € 1.16 million in 2023 and to increase to € 5.07 million by 2025 due to scaling effects. However, the high marketing expenses will impact earnings. We forecast net income of € 0.73 million in 2023, € 2.26 million in 2024, and € 3.25 million in 2025.   We have changed our valuation model and forecasts to EUR (previously: CHF), as the pro forma consolidation was carried out in EUR. Based on the DCF model, we adjust our price target to € 15.50 (previously: CHF 20.00 / € 20.32). The reason for the reduced price target is the increased risk-free interest rate and the adjusted forecast. Against the backdrop of the upside potential, we assign a Buy rating.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26847.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the study: 26.04.2023 (11:45) German version: 25.04.2023 (12:15) Date and time of the first disclosure of the study: 26.04.2023 (11:00) German version: 26.04.2023 (12:00) -------------------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.

Original-Research: EasyMotionSkin Tec AG - von GBC AG Einstufung von GBC AG zu EasyMotionSkin Tec AG Unternehmen: EasyMotionSkin Tec AG ISIN: LI1147158318 Anlass der Studie: Management Interview Empfehlung: BUY Kursziel: 20.00 CHF Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer There is a lot of movement at EasyMotionSkin Tec AG - a sales expansion, expansion of the management team and a possible company acquisition. We talked about the details with Jürgen Baltes, President of the Board of Directors and Managing Director, of EasyMotionSkin Tec AG.   EasyMotionSkin offers a sophisticated EMS training system known as the 'world's smallest gym', accessible to beginners and athletes alike. The EMS suit is equipped with patented dry electrodes that stimulate up to 90% of the body's muscles with low-frequency electrical pulses. This leads to increased oxygen uptake, performance enhancement, optimal training effects and regeneration.     GBC AG: Before we discuss the latest developments, perhaps a brief introduction of the products for investors and readers who are not yet familiar with EasyMotionSkin. What products does EasyMotionSkin offer and what advantages do the EMS training systems offer users compared to conventional training equipment? How does the EasyMotionSkin solution differ from other EMS providers?   Jürgen Baltes: EasyMotionSkin offers an innovative EMS training system that is ideal for both training and regeneration. As a tech company, we also offer an easy-to-use app that allows users to choose from different programmes. Whether fat burning, endurance or recovery - the body muscles are highly effectively stimulated with low-frequency current pulses in our high-tech training suit. Our product range is aimed at everyone who wants to lead a healthier and fitter life. Studies prove the positive effects, which include muscle building, a purified body, better body tension, optimised recovery and generally more vitality and performance. We see ourselves as a premium brand, are Made in Germany and address customers in both the B2C and B2B sectors with our EMS training system - primarily in the DACH region, but also globally.   GBC AG: Most recently EasyMotionSkin published that market expectations are being met. So the strategy seems to be working. Now a change in strategy has also been published. In addition to the classic one-time sale, a subscription and rental model is to be offered. How did the strategy change come about and which customers are to be addressed? Jürgen Baltes: It is not so much a change as a sales expansion, an extension. Up to now, we have mainly relied on classic one-off sales, but now we are adding subscription and rental variants to the range.   The new subscription and rental models can now be used - in addition to fitness studios, physio and health facilities - by businesses from the hotel, tourism, beauty and cosmetics sectors. Subscription and rental solutions are customer-friendly offers that are well received in the B2B segment. They are easy to calculate and can be integrated effortlessly into one's own business. Our customers can thus create an uncomplicated entry into new or additional business and generate regular income without tying up capital. We as a company will profit from the recurring revenues.   GBC AG: In addition to the adjusted strategy, a personnel change was also published. How is the management team changing?   Jürgen Baltes: The strategic expansion was accompanied by a personnel change on 01 March 2023. Christian Keck (54), an internationally experienced sales professional and entrepreneur with responsibility for sales and marketing, was recruited to take on the role of Board of Directors of the public limited company and Managing Director of the GmbH. The previous member of the board of directors, Michael Spitznagel, will now devote himself exclusively to the expansion of the franchise concept as managing director of BodyClub24 GmbH.   GBC AG: The EasyMotionSkin solution is an exciting opportunity for companies to provide occupational health management. How could this concept be designed and what advantages does this offer companies?   Jürgen Baltes: With the EasyMotionSkin training system, companies can offer their employees state-of-the-art possibilities for fitness training and health promotion within the framework of company health management. Only recently, a study was published by the Sana Heart Centre in Cottbus that shows our EMS training to be a highly effective measure within the framework of occupational health management and clearly confirms the positive effects, such as more muscle strength, significantly less back pain, an improvement in performance and generally a (re-)entry into a healthier, more active lifestyle.   We are noticing growing interest in this area on the part of companies. Fewer days of absence, high-performing employees and ultimately also the positioning as an innovative and attractive employer are just some of the advantages of this fiscally interesting measure for companies.   GBC AG: A highlight last year was that the EasyMotionSkin suit was also part of the ISS space mission 'Cosmic Kiss'. Will there be a follow-up mission and what was the result of the last space mission?   Jürgen Baltes: Participation in the ESA space mission 'Cosmic Kiss' was certainly an accolade for our EMS training system. The German astronaut Matthias Maurer - under the scientific direction of the Charité Berlin - successfully trained on the ISS with EasyMotionSkin against muscle atrophy and bone loss. Fortunately, there are currently talks concerning future space projects. I am not allowed to say more at this point.   GBC AG: EasyMotionSkin is currently looking into the acquisition of BodyClub 24 GmbH. How did this come about and what exactly does BodyClub 24 do? What added value can be achieved through the takeover?   Jürgen Baltes: The BodyClub offers attractive EMS training with the BodyClub app, which enables synchronised training - that is, training exercises and impulses are optimally coordinated. Potential operators are offered a ready-to-use and future-oriented franchise concept that offers entrepreneurs, investors, career changers as well as founders a promising business with an established premium brand in the upscale fitness market.   Integrating the BodyClub into EasyMotionSkin Tec AG is a sensible measure from which both sides can benefit in the long term. With its own franchise model in the company, EasyMotionSkin will of course remain a system supplier in the future, obtain additional point of sale locations in the core market and will generate new sales potential through scaling effects. Our product will be expanded with first-class video content to animated trainings and thus we address a new target group that particularly values this offer.   The 'EasyMotionSkin BodyClub' in turn - that would be the future name - should be happy about additional manpower, resources and infrastructure - and thus about more marketing effects, reputation and efficiency in product and system development.   GBC AG: Finally, a brief outlook. Where do you see the company in 5 years?   Jürgen Baltes: The company will continue on its chosen path. We are focusing on a strong expansion in the B2B area - especially through strategic partnerships with strong players in the market who want to enter into synergies with our premium brand and offer or transport our highly effective training technology. This will open up new target groups and market segments for us.   With the expansion of the sales strategy, we are anchoring ourselves more strongly in existing and new market segments. Marketing measures such as those as sponsor of the German Hockey Association and the bobsleigh team around Hansi Lochner ensure broad-based awareness. Scientific research results such as the successful participation in the ESA space mission 'Cosmic Kiss' or the Sana Heart Centre study prove the effectiveness and tangibly ensure acceptance and appreciation.   GBC AG: Thank you very much for the interview.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26551.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Datum (Uhrzeit) der Fertigstellung: 14.03.2023 (09:30 Uhr) Datum (Uhrzeit) der ersten Veröffentlichung: 15.03.2023 (12:00 Uhr) -------------------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.

Original-Research: EasyMotionSkin Tec AG - von GBC AG Einstufung von GBC AG zu EasyMotionSkin Tec AG Unternehmen: EasyMotionSkin Tec AG ISIN: LI1147158318 Anlass der Studie: Management Interview Empfehlung: BUY Kursziel: 20.00 CHF Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer The 'world's smallest gym' presented itself very well at the Munich Capital Markets Conference, investors can now also test the training system on site    EasyMotionSkin Tec AG presented itself very well with its 'smallest gym in the world' at the Munich Capital Markets Conference on November 15, 2022. For example, the company presented its EMS training suit with its patented dry electrode system to investors. By stimulating the body's muscles with low-frequency electrical impulses, oxygen uptake can be increased and an increase in performance as well as optimal training effects and regeneration can be achieved. After the conference, the company will offer investors the opportunity to see the technology product for themselves in person at the company's premises.   Matthias Greiffenberger, an analyst for GBC AG, took the opportunity at the MKK to conduct an interview with the head of sales, Michael Spitznagel, and the head of finance, Werner Murr, about the product, the company and the outlook going forward.   GBC AG: The MKK was the first capital market conference of EasyMotionSkin Tec AG after the IPO. How was your experience?   Michael Spitznagel / Werner Murr: For us as EasyMotionSkin Tec AG, it was very positive that numerous interested parties were present at our presentation. The MKK is a great opportunity for a company to present itself extensively to the capital market, the press and potential investors.   GBC AG: The past year was characterized by supply chain problems and the corona crisis. In your view, have these problems been completely resolved?   Michael Spitznagel / Werner Murr: Completely resolved is too much to say. But we are on the right track. Delivery times for various parts are still affected and gym operations are also suffering from the after-effects of corona. Despite these obstacles, we will succeed in significantly increasing our sales this year. We have used the recent past to optimize our product range and our distribution channels.   GBC AG: How would you imagine the optimization of sales?   Michael Spitznagel: As a company, we have to constantly evolve and consider new avenues. In this day and age, online sales are state of the art and we will also test this at EasyMotionSkin. In addition to our partner sales model, we will also address our customers directly in the future.   GBC AG: At the MKK, you also addressed the issue of rental/subscription models. How does this affect the figures and the future of the company?   Michael Spitznagel: We can't say at the moment what the impact will be, we have only just started with it. The creation of recurring revenues is important for us, as we then have cash flows that can be planned well. Due to the attractiveness of the rental conditions, this model could be scaled upwards as desired.   GBC AG: Will there be a change in the business model due to rental/abandonment models?   Michael Spitznagel: In the current status of the company, we will not radically change our business model, but will gradually adapt it and initially also operate it in parallel in some form.    GBC AG: How has your business developed in the current year?   Michael Spitznagel: The year has gone well so far. We have published current figures for MKK in the form of interim financial statements as of October 31, 2022. According to this, we generated sales of around CHF 8.6 million by the end of October. We estimate that we will have generated additional sales of around CHF 1.5 million by the end of the year, so that we will end up with around CHF 10 million. Thus, we should more than double our sales in the current year compared to the previous year.   GBC AG: When we talk about EMS, the question arises as to how a customer can imagine this feeling?   Michael Spitznagel: Theoretically, our product can be explained very well, but it is important to get to know EasyMotionSkin in practice. The experience is outstanding, the rate of positive purchase decisions is extremely high at over 75%.    GBC AG: You mentioned that it is very important in the EMS industry that customers experience the stimulation for themselves once. How and where can customers try out the EasyMotionSkin system?   Michael Spitznagel: To experience the full experience, we cordially invite anyone and everyone interested to our DOME in Seefeld. Alternatively, there is the possibility to do a test training with one of our numerous consultants—also privately at home. For this, please contact us via ir@ems.ag or directly via our contact form at: https://easymotionskin.com/de/interest   GBC AG: Thank you very much for the interview.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26161.pdf Kontakt für Rückfragen Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Datum (Uhrzeit) der Fertigstellung: 08.12.2022 (09:20 Uhr) Datum (Uhrzeit) der ersten Veröffentlichung: 08.12.2022 (12:00 Uhr) -------------------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.

Original-Research: EasyMotionSkin Tec AG - von GBC AG Einstufung von GBC AG zu EasyMotionSkin Tec AG Unternehmen: EasyMotionSkin Tec AG ISIN: LI1147158318 Anlass der Studie: Research Report (Anno) Empfehlung: BUY Kursziel: 20.00 CHF Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: - Analyst: Matthias Greiffenberger, Marcel Schaffer Numerous cooperations should offer further growth opportunities. Continued high growth momentum expected. EasyMotionSkin Tec AG was able to establish numerous cooperations and partnerships and we expect significant operational improvements for the following years. In the past fiscal year 2021, the company, similar to the entire fitness market, was affected by the challenges of the COVID-19 pandemic as well as supply bottlenecks from Asia. According to management, external sales across all companies amounted to approximately EUR 4.7 million. The company has not yet published consolidated financial statements. Consolidated financial statements are planned for the first time for the fiscal year 2023. As there are internal settlements between the companies EasyMotionSkin Tec AG, EasyMotionSkin Tec GmbH and EMS GmbH, the sales and results cannot be totaled. At EasyMotionSkin Tec AG, net sales fell by 38.8% to CHF 2.52 million (previous year: CHF 4.11 million), although a large proportion of this is attributable to non-EMS business units in the previous year. In contrast, the sales of EasyMotionSkin Tec GmbH increased by 9.3% to EUR 4.37 million (previous year: EUR 4 million). At EUR1.76 million (previous year: EUR1.79 million), sales at EMS GmbH remained at the previous year's level. EasyMotionSkin Tec AG's EBITDA decreased to CHF -0.35 million (PY: CHF 2.25 million) due to significantly lower sales. Because of their conversion of shareholder loans, a net result of CHF 4.28 million had been achieved in the previous year; in the past financial year 2021, the net result amounted to CHF -0.4 million. At EasyMotionSkin Tec GmbH, EBITDA fell to EUR -0.35 million (previous year: EUR 0.05 million) and the net result to EUR -0.53 million (previous year: EUR 0.04 million). At EMS GmbH, EBITDA increased by 112% to EUR 0.44 million (previous year: EUR 0.21 million), despite sales remaining at the previous year's level. A net result of EUR 0.19 million (previous year: EUR -0.10 million) was achieved through interest discounts. We expect significant sales increases in the coming years. We expect sales to increase to EUR 10.1 million (2022), EUR 24.7 million (2023) and EUR 32 million (2024). Important growth impulses are expected to come from the new managing director of EasyMotionSkin Tec GmbH (Michael Spitznagel). In addition, a cooperation agreement could be concluded with an internationally active automobile manufacturer to test research and installation in cars. Further use of the suits in ESA space missions could also be used, which should further strengthen the brand. In addition, ACISO plans to open numerous 'YOUR HEALTH CLUBs' in Europe; here, a supply and marketing cooperation was concluded with EasyMotionSkin. Furthermore, cooperations have been concluded in the beauty and medical sectors. Thus, numerous growth fields have been opened, which should pay off over the next few years. On the earnings side, we expect EBITDA of CHF 0.25 million for the current fiscal year 2022, followed by CHF 4.49 million for 2023 and CHF 6.02 million for 2024. Due to scaling effects, there should be successive margin improvements. In total, we expect a net result of CHF -0.46 million for the current fiscal year, followed by CHF 2.66 million in 2023 and CHF 3.74 million in 2024. Due to the slightly reduced forecasts and the increased risk-free interest rate, we have adjusted our price target to CHF 20.00 / EUR 20.32 (previously: CHF 21.00 / EUR 19.28) and confirm our Buy rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25221.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@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: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date and time of completion of the study: 30.08.2022 (12:30 a.m.) German version: 22.08.2022 (09:00 a.m.) Date and time of the first dissemination of the study: 30.08.2022 (10:25 a.m.) German version:22.08.2022 (12:00) -------------------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.

Original-Research: EasyMotionSkin Tec AG - von GBC AG Einstufung von GBC AG zu EasyMotionSkin Tec AG Unternehmen: EasyMotionSkin Tec AG ISIN: LI1147158318 Anlass der Studie: Research Comment Empfehlung: Buy Kursziel: 21.00 CHF / 19.28 EUR Kursziel auf Sicht von: 31.12.2022 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer Successful listing of EasyMotionSkin Tec AG on the m:access of the Munich Stock Exchange On 09.12.2021 EasyMotionSkin Tec AG was successfully listed on the m:access of the Munich Stock Exchange. The initial share price is 14.50 EUR. According to the management, no extensive capital market transactions are planned in the near future. The EasyMotionSkin Group consists of EasyMotionSkin Tec AG (EMS Tec AG) and its wholly owned subsidiaries EasyMotionSkin Tec GmbH (EMS Tec GmbH) and EMS GmbH. The Group primarily produces and distributes EMS training systems consisting of a suit, a PowerBox and an app solution. EMS stands for electro-muscle stimulation, which involves controlling and stimulating the muscles by means of electrical impulses. With an EMS system, good results can be achieved in the area of fitness and general health with comparatively little training effort. There are already competitors in the market with EMS studio chains or their own systems, but the EMS Group has a patented solution that should be a clear competitive advantage: The dry electrode and wireless training. With other EMS systems, the electrodes must be moistened prior to the workout in order to make contact with the body. The EasyMotionSkin product can be used without prior moistening. This is on the one hand more hygienic and, on the other hand, more comfortable for the user. The suit is a high-tech knitted product that withstands high stresses and requires a knitting time of over six hours per suit in production. In addition, an innovative woven-in and flexible cable harness has been woven in to avoid the use of external cables. According to the management, over 5,000 EMS systems have already been sold in the last three years and the product has been steadily improved. Now the company is to move into the growth phase and an extensive distribution network is to be established in the DACH region. The parent company EasyMotionSkin Tec AG was previously also used as an investment vehicle by the owner (Christian Jäger, 97.7%) and thus business areas outside the EasyMotionSkin Group were included in the company. This legacy business was spun off at the beginning of 2021. Therefore, comparability of the history with the forecast is only possible to a limited extent. No consolidated group balance sheet has been prepared to date either. The most informative period is the first half of 2021 with the pure EasyMotionSkin business, here EMS Tec AG generated revenues of CHF 1.36 million, EMS Tec GmbH EUR 3.00 million and EMS GmbH EUR 0.80 million. It is also important to note the supply chain in which EMS GmbH has the products manufactured, resells them to EMS Tec AG and the latter in turn resells them to EMS Tec GmbH. Respectively, net income of CHF 0.16 million (EMS Tec AG), EUR 0.24 million (EMS Tec GmbH) and EUR -0.07 million (EMS GmbH) was generated. For the forecast we rely on a consolidated view and expect very dynamic sales development. We based our sales forecast on the dynamic development of the current market leader Body Street, which has reached 29,000 members within four years. Our forecast is somewhat more conservative. The current fiscal year 2021 is still impacted by the Covid-19 pandemic, so while demand has increased, there have been supply shortages. As a result, we expect revenues of CHF 4.25 million in 2021, followed by CHF 14.20 million in 2022 and CHF 28.21 million in 2023, respectively. Strong growth is expected to be achieved through broad network distribution, an optimized online presence and studio partnerships. The company is also focusing on a modern app solution that will enable users to compete with others as well as be part of a community. In particular, the margin is to be increased via economies of scale in purchasing and we forecast a net result of CHF -1.17 million in 2021, CHF 1.02 million in 2022 and CHF 2.88 million in 2023. Based on our DCF model, we have determined a fair value per share of CHF 21.00 (EUR 19.28) and assign a BUY rating. The link to the GBC IPO Study can be found here: https://www.gbc-ag.de/veroeffentlichungen/research-report-ipoeasymotionskin -tec-ag/ Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23181.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date (time) of completion: 09.12.2021 (10:45 am) Date (time) of first distribution: 09.12.2021 (3:00 pm) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. 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