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Good Brands AG is consistently aligning its portfolio with high-growth, profitable consumer goods brands. 89% of the clean-up of EUR 3.0 million announced today concerns legacy investments in which the company invested before 2018. The write-downs do not result in any cash outflow; the company's liquidity remains unaffected.

Portfolio key figures as of 30 June 2026 (portfolio under management)

Each figure shows the summed values of the last twelve months (LTM):

• Revenue: EUR 139.2 million, compared with EUR 105.4 million in the previous half-year (+32%) and EUR 73.4 million a year ago.
• EBIT: EUR 10.1 million, after EUR 9.5 million in the previous half-year (+6%).
• Marketing (ad spend): EUR 59.4 million as a driver of further growth.
• Size of the portfolio: 21 companies under management.

New investments and realised exit

In the first half of 2026, Good Brands AG invested in the D2C brand Natunora (T&L E-Commerce GmbH) and in the natural cosmetics brand mellow NOIR (Truly Natural Cosmetics GmbH). One further company joined the portfolio with success-based remuneration during the reporting period, and another one since 30 June 2026.

In addition, an exit was realised from the portfolio with success-based remuneration. Good Brands AG received remuneration of around EUR 1.1 million for it. Depending on business performance, further income of up to EUR 0.3 million is possible over the next three years (ad-hoc announcement of 19 June 2026). The company is currently examining exit options for further investments.

Net asset value

As of 30 June 2026, the NAV rose to EUR 16.9 million (31 December 2025: EUR 13.0 million). Both the portfolio clean-ups and the new additions were taken into account in its valuation. The NAV is published to the shareholders in the management board's regular half-yearly report. For an explanation of the calculation, the management board refers to this report.

“With the clean-up, we are correcting the carrying amount of investments from earlier investment phases that have not developed as expected. At the same time, the portfolio under our management is showing strong momentum: revenue growth within a single year is impressive, and the realised exit once again confirms our business model. We will continue to focus on building brands with resilient unit economics and a clear path to profitability together with outstanding founders,” says Henrik Sabban, member of the management board of Good Brands AG.

About Good Brands AG

Good Brands AG, based in Mannheim, has been investing in pre-seed and seed stage start-ups in the DACH region since 2016, primarily in e-commerce and D2C brands. It sees itself as an operational partner on an equal footing and supports its portfolio companies in organisation, finance and reporting, marketing and in preparing exits. In addition to its own investments, it manages the holdings of co-investors in return for fixed and success-based remuneration.

Contact: kontakt@goodbrands-ag.com

Today the management board of Good Brands AG decided to write down the value of the investments in United Screens GmbH (455 TEUR), Marvin Inc. (150 TEUR), WineGuys Germany GmbH (92 TEUR), truemorrow Solutions UG (haftungsbeschränkt) (60 TEUR), Pure Beverage GmbH (20 TEUR) and Make Love and Aid GmbH (2 TEUR) in full and the investment in stilfaser GmbH in part (by 2,243 TEUR), and to carry out a portfolio clean-up. The write-downs therefore total EUR 3.0 million.

In a regular shareholder letter, the management board of Good Brands AG informs the shareholders about the development of Good Brands AG. As an additional source of information for the shareholders, this report is published every six months.

In addition to managing its own portfolio companies, Good Brands also looks after strategic partners in the area of portfolio management and EXIT preparations. For this, the agreements provide for success-based remuneration alongside fixed monthly remuneration. A transaction accompanied by Good Brands was successfully completed today, and Good Brands receives remuneration of around 1,100 TEUR from it, which will be collected within the next 14 days. Depending on the business performance of the object sold, further income of up to 300 TEUR in total is possible over the next three years.

In a first shareholder letter, the management board of Good Brands AG informs the shareholders about the development of Good Brands AG. In future this report will be published every six months as an additional source of information for the shareholders.

Today, 03.12.2025, the supervisory board of Good Brands AG appointed Henrik Sabban a member of the management board of Good Brands AG. Henrik Sabban has sole power of representation, with the authority to conclude legal transactions in the name of the company with himself as the representative of a third party.

Henrik Sabban was appointed a member of the management board of Good Brands AG today, 03.12.2025. In order to tie him to Good Brands AG in the long term, a stock option program was agreed with Mr Sabban. The program relates to 5.0% of the shares of Good Brands AG, or 47,566 shares of Good Brands AG. The shares required for this are made available in full by the founding shareholders Langner Asset Management GmbH and Matthias Storch Ventures GmbH. No capital increase is carried out for the implementation of the stock option program. Today’s share price of 13.00 EUR per share was agreed as the exercise price. The option right is tied to the activity as a member of the management board. The entitlement to exercise the option arises in several steps. Around one third of the option (15,698 shares) can be exercised from 31.12.2026, a further third (15,698 shares) from 31.12.2027 and a further third (16,170 shares) from 31.12.2028.

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In today’s joint meeting, the management board and the supervisory board of Good Brands AG resolved amicably and jointly to end the appointment of Matthias Storch as a member of the management board of the company with effect from 16.05.2025. Matthias Storch was therefore removed from office as a member of the management board of Good Brands AG in the supervisory board meeting of 16.05.2025.

Mannheim, 10.07.2024

Today Good Brands AG sold its stake in FLBE Health GmbH. The proportionate fixed purchase price amounts to 466 TEUR. The total investment amount for the stake in FLBE Health GmbH was 50 TEUR. Based on the business performance in 2024 and 2025 and a corresponding achievement of targets, further additional purchase price payments of up to 250 TEUR have been contractually agreed.

In addition to managing its own portfolio companies, Good Brands also looks after strategic partners in the area of portfolio management and EXIT preparations. Alongside a fixed monthly remuneration, this agreement also provides for success-based remuneration. A transaction accompanied by Good Brands was completed today, and Good Brands receives remuneration of around 925 TEUR from it.

Mannheim, 16.03.2023

Today the management board of Good Brands AG decided not to support the portfolio companies Carrus Cultus GmbH and PHYNE GmbH financially any further and to carry out a portfolio streamlining. The write-downs total EUR 5.1 million, which are made up essentially of the write-downs on Carrus Cultus GmbH of around EUR 1.7 million and the write-down on PHYNE GmbH of around EUR 3.1 million.

Good Brands AG and Start Now Consulting GmbH agreed a strategic partnership today. Good Brands AG will now provide support in managing the investments of Start Now GmbH. The parties signed a corresponding agreement to this effect today. In addition to a fixed monthly remuneration, the agreement also contains success-based remuneration for Good Brands AG in the event of a disposal of a stake held by Start Now Consulting GmbH, which is to be measured against the effort and the exit proceeds of Start Now Consulting GmbH.

“We are very pleased with the strategic partnership between our two investment companies. There are many overlapping topics, but also specific expertise with each individual cooperation partner, so we will complement each other very well,” says Marc Langner, member of the management board of Good Brands AG. “We can only underline this very clearly,” adds Hannes Kohl, Managing Director of Start Now GmbH, “in the context of the joint investment BitterLiebe we have already worked very closely together and the EXIT completed in December 2020 was excellently initiated, accompanied and implemented by Good Brands AG. We now want to expand the trustful cooperation that has emerged from this.”

Good Brands AG and Start Now Consulting GmbH are investment companies with a focus on financing and providing strategic support to start-ups in direct-to-consumer business areas.

Mannheim/Munich, 1 December 2020. EXIT — Today Good Brands AG notarized a share sale agreement concerning its stake in BitterPower GmbH. The agreement provides for a complete disposal of the shares in BitterPower GmbH held by Good Brands AG. The closing / completion of the share purchase agreement is expected in December 2020. Upon completion of the share sale, Good Brands AG will receive a purchase price payment of around EUR 1.92 million. The funds invested amounted to EUR 0.1 million.

Good Brands AG is disposing of its stake in Honest Food Company GmbH. The sale takes place within the framework of a complete takeover of all shares by Delivery Hero SE.

Honest Food Company GmbH was founded two and a half years ago by Sebastian Klein and Robin Steps. Good Brands AG acquired a stake in the company in June 2017. Honest Food Company GmbH has built up and established a chain of so-called ghost restaurants.

The purchase agreements were signed on 20 December 2019. Completion / closing of the transaction is planned for the first quarter of 2020.

MH Berlin GmbH, based in Berlin, develops and distributes high-quality handbags and accessories under the brand “MAISON HĒROÏNE”. Maison Hēroïne stands for unmistakable creations that combine lifestyle, elegance and function.

Back in September, MH Berlin GmbH was able to secure further growth financing in the form of a convertible loan. The fresh capital is intended in particular to further build up the inventory volume.

BitterPower GmbH, based in Mannheim, develops and distributes food supplements based on bitter substances under the brand “Bitterliebe”. Until now the Bitterliebe drops, the superfood powder and the herbal tea have been distributed in particular online in D/A/CH.
With the successful appearance on 8 October on the VOX show “Die Höhle der Löwen”, the BitterPower team was able to win over Judith Williams as a new investor. At the same time, as of today all Bitterliebe products will be available across the board at the dm drugstores.

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BitterPower GmbH, based in Mannheim, develops and distributes food supplements based on bitter substances under the brand “Bitterliebe”. At present the Bitterliebe drops, the superfood powder and the herbal tea are distributed in particular online in D/A/CH.

For the further growth of the online business in Europe, for the placement in German offline retail and for the development of further products, BitterPower GmbH has been able to secure growth financing in the six-figure range.

On the basis of the authorized capital pursuant to § 4 para. 7 of the articles of association of the company (Genehmigtes Kapital 2018), the management board of Good Brands AG, Mannheim, HRB 724435 (the “company”), has resolved a further capital increase with the approval of the supervisory board, partially utilizing the authorized capital. The share capital will be increased from currently EUR 850,000 against cash contributions by up to EUR 80,000 to up to EUR 930,000 through the issue of up to 80,000 new registered no-par-value shares with a proportionate amount of the share capital of EUR 1.00. The issue price for the new shares is EUR 16.00. The new shares carry dividend rights from the beginning of the current financial year. The capital increase is carried out in the form of a subscription offer with a subscription period of two weeks at a subscription ratio of 1:11. The subscription right for fractional amounts was excluded.

The expected inflow of funds is intended to finance the further growth targeted by the company.

Disclaimer

This announcement constitutes neither an offer to sell nor an invitation to buy or to subscribe for securities of Good Brands AG. No public offer has been or will be made in connection with the transaction and no prospectus has been or will be published.

The new shares and the subscription rights are not and will not be registered either under the provisions of the United States Securities Act of 1933 as amended or with the securities regulators of individual states of the United States of America. The new shares and the subscription rights may not be offered or sold in the United States of America or delivered there directly or indirectly.

Honest Food Company is Europe’s leading “ghost restaurant” chain. Ghost restaurants are digitally optimized partner restaurants which, on behalf of Honest Food, prepare food specially optimized for the delivery services and deliver it to the customers. Honest Food is currently live in Germany and Austria with a total of 6 culinary concepts. By the end of 2019 the market entry into further European countries is to follow and the brand portfolio is to be expanded significantly.

For further growth, Honest Food Company has been able to secure a significant amount in the millions from international venture capital firms in a Series A financing.

The sock and lifestyle brand “von Jungfeld” completes a successful financing round in the lower seven-figure range.

Together with its existing investor Good Brands AG (ISIN DE000A2AA5A0) and further existing investors, von Jungfeld was able to complete a further growth financing round. In addition to an increase in the commitment of the existing shareholders, further new investors were also admitted.

Besides expanding the brand presence of von Jungfeld in offline retail in DACH and online, the freshly invested capital serves to build up the B2B corporate business. The websites customysocks.com for B2B customers and mysocks.io for B2C customers were launched recently and are enjoying very great popularity.

For 2019 the company plans revenue growth of between one hundred and one hundred and fifty percent over the previous year and a positive result at the annual level.

In November 2016, BUTIQ GmbH opened its concept store in Q6Q7 in Mannheim. The first months were very successful, the concept was very well received by customers and attracted a great deal of attention in retail. In February 2017 it was nominated by the Handelsverband Deutschland HDE for the “store of the year” award. From the second half of 2017 onwards, the visitor frequency of the Q6Q7 center in the area of BUTIQ became continuously lower. In 2018 this trend of declining visitor numbers continued even more strongly. Because of the declining visitor frequency, the revenues of the store could not be maintained and have fallen. In 2018 the management of BUTIQ GmbH implemented massive cost-saving programs.

Likewise, in 2018 there were intensive negotiations with the landlord of the retail premises about a restructuring and redesign of the lease. These negotiations were regarded as sensible by all parties involved and were supported in principle. Although the planning for this restructuring was already well advanced, the negotiations failed at the end of November 2018, which came as a surprise to BUTIQ GmbH. Without such a restructuring and redesign of the lease, and with the extremely low visitor frequency in the area of BUTIQ in Q6Q7, profitable operation is no longer possible because of the high fixed operating costs of a retail store.

Further financing of BUTIQ GmbH by Good Brands AG was therefore rejected by the management board and the supervisory board on 29.11.2018. The original planning calculations therefore had to be corrected, and under these circumstances a positive going-concern forecast is no longer given. The management of BUTIQ GmbH is therefore obliged to file an application to open insolvency proceedings for BUTIQ GmbH. The stake held by Good Brands AG in BUTIQ GmbH and the carrying amount of the financing funds provided, amounting to EUR 3.5 million, are therefore written down. The intention is to continue the discussions with the insolvency administrator to be appointed by the insolvency court in order to develop a viable solution for all parties involved. The prospects in this respect cannot, however, be assessed at present.

BitterPower GmbH has made it its mission to bring the power of bitter substances back into people’s diets. In doing so, the company attaches great importance to first-class products. The current focus and flagship is the product “MagenFreude” (PZN 14438160). Further products are already being planned, and internationalization in Europe is also to be tackled in 2019.

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The portfolio company of Good Brands AG, Honest Food Company GmbH, based in Berlin, has recorded impressive growth in recent months. Honest Food Company currently operates several food concepts in Vienna in so-called “ghost kitchens”. The company plans to roll out the successful concept in several cities in the D/A/CH region. For this purpose further partners have been won who are making available a significant financing in the single-digit million range.

On the basis of the authorized capital pursuant to § 4 para. 7 of the articles of association of the company (Genehmigtes Kapital 2018), the management board of Good Brands AG, Mannheim, HRB 724435 (the “company”), has resolved a capital increase with the approval of the supervisory board, partially utilizing the authorized capital. The share capital will be increased from currently EUR 750,000 against cash contributions by up to EUR 100,000 to up to EUR 850,000 through the issue of up to 100,000 new registered no-par-value shares with a proportionate amount of the share capital of EUR 1.00. The issue price for the new shares is EUR 16.00. The new shares carry dividend rights from the beginning of the current financial year. The capital increase is carried out in the form of a subscription offer with a subscription period of two weeks.

The expected inflow of funds is intended to finance further growth, in particular through the build-up and acquisition of portfolio companies.

Disclaimer

This announcement constitutes neither an offer to sell nor an invitation to buy or to subscribe for securities of Good Brands AG. No public offer has been or will be made in connection with the transaction and no prospectus has been or will be published.

The new shares and the subscription rights are not and will not be registered either under the provisions of the United States Securities Act of 1933 as amended or with the securities regulators of individual states of the United States of America. The new shares and the subscription rights may not be offered or sold in the United States of America or delivered there directly or indirectly.

Marvin Inc. has launched the Harper platform. The German business is conducted through the 100% subsidiary Marvin GmbH, based in Berlin. Harper is responsible for the scaling and distribution of organic content from influencers, opinion leaders and creatives. In doing so, Harper optimizes the delivery of the content through real-time bidding, AI and proprietary algorithms – all in the name of the original sender. Harper is live in private beta and launches publicly in the summer of 2018.

Good Brands AG has placed a convertible bond with a total volume of EUR 1.6 million (ISIN DE000A2G8TL6).

The convertible bonds issued, with a total nominal amount of EUR 1.6 million, are divided into 16 bearer bonds of equal rank among themselves with a nominal amount of EUR 100,000.00 each. The bonds bear interest on their nominal amount at 5.0% per year from 15 February 2018 (inclusive). The interest is payable quarterly in arrears on 15 May, 15 August, 15 November and 15 February of each year. The first interest payment is due on 15 May 2018. The bonds will be repaid on 15 February 2021 at their nominal amount plus interest accrued on the nominal amount up to the maturity date (exclusive), unless they have been repaid, converted or bought back before that.

The issuer grants every bondholder the right to convert, at any time during the exercise period, in whole but not in part, into bearer ordinary shares of the issuer with a proportionate amount of the issuer’s share capital of EUR 1.00 attributable to one share as at the issue date. The conversion price per share is EUR 21.51. The conversion right may be exercised by a bondholder from and including 02 January 2021 until five business days before the maturity date inclusive.

Good Brands AG, based in Mannheim, has acquired a stake in Honest Food Company GmbH, based in Berlin, together with Gregor Gerlach, the founder of the Vapiano restaurant chain.

Honest Food Company ships food under different brands via online platforms. All dishes are produced in its own kitchens and are exclusively delivered. Honest Food Company currently operates two successful concepts in Vienna. By the end of 2017, up to two further brands are to go live and further cities are to follow.