<pre>    ^
Original-Research: SMAG Mobile Antenna Masts AG - from NuWays AG

01.10.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to SMAG Mobile Antenna Masts AG

     Company Name:                SMAG Mobile Antenna Masts AG
     ISIN:                        DE000A42FR12

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 47
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller

Output growth accelerates as orders firm up

Q2 output growth accelerated. Total output rose 31% yoy to EUR 10.3m (eNuW: EUR
9.5m), following 11% yoy growth in Q1. Sales increased 4% yoy to EUR 6.2m; the
difference reflects a build-up of work in progress ahead of delivery and
customer acceptance in H2. Importantly, SMAG obtained its first industrial
customer approval on a TaWAN system at the end of June. These milestones
show the production ramp progressing well overall, in our view.

Adj. EBIT amounted to EUR 0.2m (Q2 25: EUR 1.1m), corresponding to a 1.9%
margin. Earnings reflect investment in staff, with headcount up 47% yoy, and
production capacity ahead of higher delivery volumes. Continued work on
lower-margin legacy projects also weighed on profitability. Project mix is
seen to improve as higher-margin programmes gain weight and lower-margin
legacy work gradually winds down. Favourable H2 seasonality should lift
deliveries and customer acceptances, and the higher volumes are expected to
generate operating leverage. Together, these effects look set to support a
marked margin recovery in H2.

Order conversion from frame-to-fixed is gaining pace. Yesterday, SMAG signed
a EUR 70m contract with a European defence prime, moving the volume from frame
to fixed backlog. The contract covers deliveries with revenue recognition
planned from 2028 to 2035, strengthening visibility beyond the current
production ramp. Fixed backlog had already risen c. 30% from EUR 140m at YE25
to EUR 182m at end-June, supported by a EUR 34m order for deployment on NATO's
eastern flank. A further EUR 6m service order signed this week adds evidence
of demand from the installed base. Total backlog remained at c. EUR 1.4bn at
end-June.

Further order catalysts lie ahead. The company already pointed to a possible
EUR 150-200m air defence programme order, with signing around the turn of the
year. Moreover, we expect the optional TaWAN volumes to be called-off later
in 2027.

SMAG reiterated its FY26 guidance of EUR 55-60m total output and a 19-21% adj.
EBIT margin. Achieving it requires a pronounced H2 ramp, consistent with the
project-driven timing of deliveries and customer acceptances. TaWAN, the
eastern-flank programme and better utilisation of the expanded production
base are set to drive that step-up. Beyond 2026, the planned expansion of
the Salzgitter facility should create room for materially higher volumes.

Accelerating output points to progress in executing existing orders and
recent contract signings increase the fixed backlog and strengthen
visibility on future growth. At c. 12x 2027e earnings (eNuW), the shares
offer an attractive risk/reward. BUY, PT EUR 47, based on DCF.

You can download the research here:</pre>
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<pre>For additional information visit our website:
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Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2408356 01.10.2026 CET/CEST

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Original-Research: SMAG Mobile Antenna Masts AG (von NuWays AG): BUY

SMAG Mobile Antenna Masts

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