diff --git a/public/confirm-aktionariat/confirm.js b/public/confirm-aktionariat/confirm.js
index 6ac52f1..d19f613 100644
--- a/public/confirm-aktionariat/confirm.js
+++ b/public/confirm-aktionariat/confirm.js
@@ -42,7 +42,7 @@
   // confirmation email always reaches this web page; the app registers the scheme
   // to re-open itself after confirmation.
 
-  var STATES = ['loading', 'confirmed', 'invalid', 'unavailable'];
+  var STATES = ['loading', 'confirmed', 'invalid', 'no-registration', 'unavailable'];
   function show(state) {
     STATES.forEach(function (s) {
       document.getElementById('state-' + s).hidden = s !== state;
@@ -58,6 +58,8 @@
       show('confirmed');
     } else if (status === 'invalid') {
       show('invalid');
+    } else if (status === 'no-registration') {
+      show('no-registration');
     } else {
       show('unavailable');
     }
@@ -66,7 +68,7 @@
   function confirm() {
     show('loading');
 
-    // Mock hook for LOCAL preview only (?mock=confirmed|invalid|unavailable).
+    // Mock hook for LOCAL preview only (?mock=confirmed|invalid|no-registration|unavailable).
     // Never honored on the real realunit.app / dev.realunit.app hosts, so a
     // shared prod link cannot render a spoofed confirmation screen.
     var mock = params.get('mock');
diff --git a/public/confirm-aktionariat/index.html b/public/confirm-aktionariat/index.html
index 07da093..753d429 100644
--- a/public/confirm-aktionariat/index.html
+++ b/public/confirm-aktionariat/index.html
@@ -117,6 +117,16 @@ <h1 data-i18n="invalid.title">Link ungültig oder abgelaufen</h1>
         <p data-i18n="invalid.body">Dieser Bestätigungslink ist ungültig oder bereits abgelaufen. Bitte fordern Sie in der App einen neuen an.</p>
       </div>
 
+      <!-- no-registration: the share register confirmed the email, but no wallet
+           registration matched it — a permanent outcome, so no retry CTA. -->
+      <div id="state-no-registration" hidden>
+        <div class="icon icon--warn">
+          <svg viewBox="0 0 24 24" aria-hidden="true" fill="none" stroke="currentColor" stroke-width="2.4" stroke-linecap="round" stroke-linejoin="round"><circle cx="12" cy="12" r="9"/><path d="M12 8v5"/><path d="M12 16h.01"/></svg>
+        </div>
+        <h1 data-i18n="no-registration.title">Link passt zu keiner Registrierung</h1>
+        <p data-i18n="no-registration.body">Ihre E-Mail-Adresse wurde zwar bestätigt, aber wir haben dazu keine Wallet-Registrierung gefunden. Bitte prüfen Sie, ob Sie in der RealUnit-App eine andere E-Mail-Adresse verwendet haben, oder kontaktieren Sie unseren Support.</p>
+      </div>
+
       <!-- unavailable -->
       <div id="state-unavailable" hidden>
         <div class="icon icon--wait">
diff --git a/public/js/lib/confirm-core.js b/public/js/lib/confirm-core.js
index bbaba5f..7f10543 100644
--- a/public/js/lib/confirm-core.js
+++ b/public/js/lib/confirm-core.js
@@ -39,6 +39,9 @@
       'unavailable.body':
         'Wir konnten die Bestätigung gerade nicht abschliessen. Bitte versuchen Sie es in ein paar Minuten erneut.',
       'unavailable.cta': 'Erneut versuchen',
+      'no-registration.title': 'Link passt zu keiner Registrierung',
+      'no-registration.body':
+        'Ihre E-Mail-Adresse wurde zwar bestätigt, aber wir haben dazu keine Wallet-Registrierung gefunden. Bitte prüfen Sie, ob Sie in der RealUnit-App eine andere E-Mail-Adresse verwendet haben, oder kontaktieren Sie unseren Support.',
     },
     en: {
       'doc.title': 'RealUnit — Address confirmation',
@@ -57,6 +60,9 @@
       'unavailable.body':
         'We couldn’t complete the confirmation right now. Please try again in a few minutes.',
       'unavailable.cta': 'Try again',
+      'no-registration.title': 'Link doesn’t match a registration',
+      'no-registration.body':
+        'Your email address was confirmed, but we couldn’t find a wallet registration for it. Please check whether you used a different email address in the RealUnit app, or contact our support.',
     },
   };
 
@@ -148,13 +154,19 @@
 
   // Map an API response to a UI state. Any non-2xx (validation 400, rate-limit
   // 429, 5xx) is a transient/unknown state → 'unavailable' (retryable), never a
-  // hard rejection. On 2xx the body's own status decides, and an unrecognized
+  // hard rejection. On 2xx the body's own status decides: 'confirmed_no_registration'
+  // (the email was confirmed but no wallet registration matched it — a permanent
+  // outcome, not a transient failure) maps to the dedicated 'no-registration' state,
+  // the other recognized statuses pass through unchanged, and an unrecognized
   // status is treated as unavailable rather than trusted.
   function mapResult(response) {
     if (!response.ok) {
       return 'unavailable';
     }
     var status = response.body && response.body.status;
+    if (status === 'confirmed_no_registration') {
+      return 'no-registration';
+    }
     if (status === 'confirmed' || status === 'invalid' || status === 'unavailable') {
       return status;
     }
diff --git a/test/confirm-core.test.mjs b/test/confirm-core.test.mjs
index f7b828a..56ce91d 100644
--- a/test/confirm-core.test.mjs
+++ b/test/confirm-core.test.mjs
@@ -173,6 +173,12 @@ describe('mapResult', () => {
     expect(mapResult({ ok: true, body: { status: 'unavailable' } })).toBe('unavailable');
   });
 
+  test('a 2xx response with status confirmed_no_registration maps to no-registration', () => {
+    expect(mapResult({ ok: true, body: { status: 'confirmed_no_registration' } })).toBe(
+      'no-registration',
+    );
+  });
+
   test('a 2xx response with an unrecognized status maps to unavailable', () => {
     expect(mapResult({ ok: true, body: { status: 'weird' } })).toBe('unavailable');
   });
diff --git a/tests/__screenshots__/desktop-chromium/confirm-no-registration-en.png b/tests/__screenshots__/desktop-chromium/confirm-no-registration-en.png
new file mode 100644
index 0000000..803b84b
Binary files /dev/null and b/tests/__screenshots__/desktop-chromium/confirm-no-registration-en.png differ
diff --git a/tests/__screenshots__/desktop-chromium/confirm-no-registration.png b/tests/__screenshots__/desktop-chromium/confirm-no-registration.png
new file mode 100644
index 0000000..73d4351
Binary files /dev/null and b/tests/__screenshots__/desktop-chromium/confirm-no-registration.png differ
diff --git a/tests/__screenshots__/mobile-safari/confirm-no-registration.png b/tests/__screenshots__/mobile-safari/confirm-no-registration.png
new file mode 100644
index 0000000..24e2658
Binary files /dev/null and b/tests/__screenshots__/mobile-safari/confirm-no-registration.png differ
diff --git a/tests/__screenshots__/tablet-chromium/confirm-no-registration.png b/tests/__screenshots__/tablet-chromium/confirm-no-registration.png
new file mode 100644
index 0000000..6b5eadf
Binary files /dev/null and b/tests/__screenshots__/tablet-chromium/confirm-no-registration.png differ
diff --git a/tests/behavior.spec.mjs b/tests/behavior.spec.mjs
index 61b04ab..49a891d 100644
--- a/tests/behavior.spec.mjs
+++ b/tests/behavior.spec.mjs
@@ -75,7 +75,7 @@ test.describe('confirm-aktionariat flow', () => {
     expect(confirmCalls).toEqual([]);
   });
 
-  for (const state of ['confirmed', 'invalid', 'unavailable']) {
+  for (const state of ['confirmed', 'invalid', 'no-registration', 'unavailable']) {
     test(`?mock=${state} renders the ${state} state`, async ({ page }) => {
       await page.goto(`/confirm-aktionariat/?mock=${state}`);
       await expect(page.locator(`#state-${state}`)).toBeVisible();
@@ -178,6 +178,14 @@ test.describe('confirm-aktionariat flow', () => {
     await expect(page.locator('#state-invalid')).toBeVisible();
   });
 
+  test('a 200 response with the confirmed_no_registration status shows the no-registration state', async ({
+    page,
+  }) => {
+    await routeConfirm(page, { status: 200, body: { status: 'confirmed_no_registration' } });
+    await page.goto('/confirm-aktionariat/?email=a%40b.ch&code=C&user=U');
+    await expect(page.locator('#state-no-registration')).toBeVisible();
+  });
+
   test('a non-2xx API response shows the unavailable state', async ({ page }) => {
     await routeConfirm(page, { status: 500, body: {} });
     await page.goto('/confirm-aktionariat/?email=a%40b.ch&code=C&user=U');
diff --git a/tests/pages.mjs b/tests/pages.mjs
index eb3b49f..976a6a2 100644
--- a/tests/pages.mjs
+++ b/tests/pages.mjs
@@ -20,8 +20,8 @@ export const PROJECTS = ['desktop-chromium', 'tablet-chromium', 'mobile-safari']
 //              override before the page scripts run, so platform.js sets
 //              html[data-platform] deterministically regardless of the device
 //   waitFor  — optional confirm-page state ('confirmed' | 'invalid' |
-//              'unavailable') to wait for before the shot (the ?mock hook renders
-//              it after a short delay)
+//              'no-registration' | 'unavailable') to wait for before the shot (the
+//              ?mock hook renders it after a short delay)
 //   projects — the viewports this view applies to
 //
 // Coverage: the landing page in both its equal-badge (desktop/tablet) and
@@ -73,6 +73,20 @@ export const VIEWS = [
     waitFor: 'invalid',
     projects: ['desktop-chromium'],
   },
+  // Confirm — no-registration state (email confirmed, no wallet registration
+  // matched it — a permanent outcome, no retry CTA).
+  {
+    slug: 'confirm-no-registration',
+    path: '/confirm-aktionariat/?mock=no-registration&lang=de',
+    waitFor: 'no-registration',
+    projects: ['desktop-chromium', 'tablet-chromium', 'mobile-safari'],
+  },
+  {
+    slug: 'confirm-no-registration-en',
+    path: '/confirm-aktionariat/?mock=no-registration&lang=en',
+    waitFor: 'no-registration',
+    projects: ['desktop-chromium'],
+  },
   // Confirm — service unavailable (the retry button is shown).
   {
     slug: 'confirm-unavailable',