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Original-Research: Yggdrasil SPAC 1 AG (to be renamed Innok Robotics Group
AG) - from GBC AG

26.10.2026 / 11:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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.

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Classification of GBC AG to Yggdrasil SPAC 1 AG (to be renamed Innok
Robotics Group AG)

     Company Name:          Yggdrasil SPAC 1 AG (to be renamed Innok
                            Robotics Group AG)
     ISIN:                  DE000A3EVV13

     Reason for the         Research Report (Initial Coverage)
     research:
     Recommendation:        BUY
     Target price:          EUR15.00
     Target price on        31.12.2027
     sight of:
     Last rating change:
     Analyst:               Cosmin Filker; Matthias Greiffenberger

Leading Physical AI and Robotics scale-up (outdoor-capable AMRs) in a strong
growth phase

Innok Robotics GmbH, based in Regenstauf, develops and markets autonomous
mobile robot systems (AMRs) for indoor and outdoor use. On 21 October 2026,
as part of their planned reverse IPO, the Annual General Meeting of the
already-listed Yggdrasil SPAC 1 AG resolved to incorporate the operating
entity Innok Robotics GmbH and subsequently change the company's name to
Innok Robotics Group AG. The legal completion of the transaction is expected
in late November 2026, following entry in the commercial register. The
following operational analysis, including historical financial figures,
therefore relates primarily to Innok Robotics GmbH, whilst the valuation is
based on the structure of the listed Innok Robotics Group AG expected
following completion of the transaction.

The technological foundation of their business model is formed by the
modular hardware platform HEROS and their in-house developed autonomy
software INNOK COCKPIT®, which is increasingly based on physical AI. With
the product families INDUROS, RAINOS and INSPECTOS, the company focuses in
particular on the sectors of intralogistics, irrigation, and inspection and
monitoring. A key differentiating factor is the ability to implement
autonomous transport processes even in existing industrial environments
(brownfield sites) and across combined indoor and outdoor routes. Sales are
handled via the company's own growing sales organisation (now comprising ten
sales staff) and, since 2025, via a rapidly expanding network of system
partners. In addition to direct sales, Innok Robotics offers a
Robotics-as-a-Service (RaaS) model, typically with a four-year contract term
and recurring usage fees.

The market is benefiting from structural growth drivers such as the
increasing labour shortage, rising labour costs and the ongoing automation
of industrial processes. In particular, the development of high-performance
physical AI systems is opening up new applications for autonomous robots
beyond the previously predominantly standardised production and warehouse
environments. With its technology for brownfield, outdoor and combined
indoor/outdoor applications, Innok Robotics specifically targets transport
processes in existing industrial sites that have been less automated.
Furthermore, additional growth potential arises from the increasing use of
autonomous robotic systems for inspection, monitoring and irrigation tasks,
as well as, in the longer term, from mobile manipulation applications.

According to estimates by Mordor Intelligence, the global AMR market volume
is expected to rise from USD 5.18 billion in 2026 to USD 10.56 billion in
2031. This corresponds to an average annual growth rate of 15.3%. For Innok
Robotics, additional market potential arises in particular from the
automation of material transport operations within existing industrial
sites, which have been carried out predominantly by hand. The potential
applications of modular technology in other sectors, such as agriculture,
inspection and security, further expand the addressable market. The strong
growth momentum in the still-nascent outdoor AMR segment is also illustrated
by data from the International Federation of Robotics (IFR), according to
which global sales of transport robots for non-public outdoor areas rose by
around 296% year-on-year in 2025.

Since the start of commercial sales of its series products in FY 2022, Innok
Robotics has increased its revenue from EUR1.03 million to EUR2.40 million in
the 2025 financial year. In the past financial year alone, revenue growth of
60.0% was achieved. At the same time, order intake rose to around EUR3.1
million (previous year: EUR1.6 million), an increase of around 100%,
indicating growing commercial demand for the robot systems. Following
successful pilot and test phases, the systems are now also being used by
larger industrial customers in ongoing production operations. This opens up
potential for follow-up orders as well as national and international
roll-outs. One example of this, according to the company, is the framework
agreement concluded with one of the three automotive suppliers headquartered
in Stuttgart, which forms the basis for simplified deliveries to other group
sites. Innok Robotics' customers include numerous internationally-active
industrial groups, amongst them Bosch, ZF, Volkswagen, Siemens and BASF. In
addition, the company supplies medium-sized enterprises such as ZwickRoell,
Rigdon and HORSCH. Their broad customer base offers the potential for
follow-up orders and a gradual expansion of robot deployment to further
company sites. However, due to their still comparatively low absolute level
of turnover and their upfront investments in staff expansion and
technological development, the company continues to operate at a loss as
planned. The EBITDA improved slightly in the 2025 financial year to EUR-0.98
million (previous year: EUR-1.09 million).

Innok Robotics' growth strategy is based in particular on further deepening
existing customer relationships, expanding sales activities, tapping into
additional fields of application and pursuing international expansion. In
addition to expanding direct sales, the international network of system
partners is to be gradually extended. Entry into the North American market
is planned from 2027, with further Asia-Pacific markets to be tapped from
2028. At the same time, by increasing its reliance on external production
and service partners, Innok Robotics is pursuing an 'asset-light' approach,
which is intended to enable the scaling up of business volume without a
proportional expansion of its own manufacturing and staffing capacities. The
continuous further development of the modular technology platform forms a
further basis for the planned business expansion.

Based on their business performance to date and the planned implementation
of their growth strategy, we expect a significant increase in turnover in
the coming financial years. For the current financial year 2026, we forecast
turnover of EUR5.42 million, which is expected to rise to EUR94.19 million by
the financial year 2030. Key drivers include the expected ramp-up in robot
system sales, the increasing contribution from recurring service and RaaS
revenue, geographical expansion and the development of new application
areas. Due to the expected economies of scale and the below-average growth
in staff costs and other operating expenses, we expect to reach the
operating break-even point from the 2028 financial year onwards. For the
financial year 2028, we forecast an EBITDA of EUR5.38 million, which is
expected to rise to EUR40.32 million by the financial year 2030.

Based on our three-stage DCF valuation model, we have determined a fair
equity value (31 December 2027) of EUR154.12 million for Innok Robotics Group
AG. Taking into account the 10.27 million shares used in the valuation
model, this corresponds to a fair value of EUR15.00 per share. Key factors
underpinning our valuation are the expected significant increase in
turnover, as well as the economies of scale resulting from the asset-light
business model and the associated improvement in operating profitability.



You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=3359c4b4a0d7da3310f8fe0d21825285

Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Disclosure of Potential Conflicts of Interest pursuant to Section 85 WpHG
and Article 20 MAR. The following potential conflicts of interest exist with
regard to the company analysed above: (5a, 7, 11). A list of potential
conflicts of interest is available at:
https://www.gbc-ag.de/de/Offenlegung.htm

Note on Issuer-Sponsored Research: This research report constitutes
issuer-sponsored research and has been prepared in accordance with the EU
Code of Conduct for Issuer-Sponsored Research.
+++++++++++++++
Completion (german): 23.10.2026 (09:50am)
First distribution (german): 23.10.2026 (11.00 am)
Completion (engl.): 26.10.2026 (08:13am)
First distribution (engl.): 26.10.2026 (11.00 am)

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2421790 26.10.2026 CET/CEST

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