Good Brands AG: Portfolio under management grows to EUR 139 million in LTM revenue – sharpened focus on high-growth investments

Good Brands AG is consistently aligning its portfolio with high-growth, profitable consumer goods brands. 89% of the EUR 3.0 million portfolio clean-up announced today relates to legacy investments made by the company before 2018. The write-downs are non-cash and do not affect the company’s liquidity.

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

All figures are aggregated values for the last twelve months (LTM):

• Revenue: EUR 139.2 million, up from EUR 105.4 million at the end of the previous half-year (+32%) and EUR 73.4 million a year earlier.
• EBIT: EUR 10.1 million, up from EUR 9.5 million at the end of the previous half-year (+6%).
• Marketing (ad spend): EUR 59.4 million as a driver of further growth.
• Portfolio size: 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 performance-based fee portfolio during the reporting period, and another has joined since 30 June 2026.

In addition, an exit was realised from the performance-based fee portfolio, for which Good Brands AG received a fee of around EUR 1.1 million. Depending on business performance, up to EUR 0.3 million in further income may follow over the next three years (ad hoc announcement of 19 June 2026). The company is currently reviewing exit options for further investments.

Net asset value

As of 30 June 2026, NAV rose to EUR 16.9 million (31 December 2025: EUR 13.0 million). Both the portfolio clean-up and the new additions are reflected in this figure. The NAV will be published in the Management Board’s regular half-year report to shareholders, to which the Management Board refers for an explanation of the calculation.

“With this clean-up, we are correcting the carrying amounts 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 one year has been impressive, and the realised exit once again confirms our business model. We will continue to focus on building brands with robust 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, headquartered 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 equal footing and supports its portfolio companies in organisation, finance and reporting, marketing, and exit preparation. In addition to its own investments, it manages the holdings of co-investors in return for a fixed and a performance-based fee.

Contact: kontakt@goodbrands-ag.com