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

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:	Research Report (Initial Coverage)
Recommendation:	BUY
Target price:	€15.00
Target price on sight of:	31.12.2027
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 €1.03 million to €2.40 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 €3.1 million (previous year: €1.6 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 €-0.98 million (previous year: €-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 €5.42 million, which is expected to rise to €94.19 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 €5.38 million, which is expected to rise to €40.32 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 €154.12 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 €15.00 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: 20261026_Innok_IC_engl

Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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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.
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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)