Original-Research: Nynomic AG (von NuWays AG): BUY

    ^
Original-Research: Nynomic AG - from NuWays AG

14.08.2025 / 09:00 CET/CEST
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Classification of NuWays AG to Nynomic AG

     Company Name:                Nynomic AG
     ISIN:                        DE000A0MSN11

     Reason for the research:     Update
     Recommendation:              BUY
     from:                        14.08.2025
     Target price:                EUR 24.50
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr

Weak Q2 amid restructuring expenses and weak demand; PT down

Q2 revenue of EUR 21.5m was down roughly 13% yoy (H1: EUR42.1m, down 11.7% yoy).
The weakness was broad-based across segments, driven by continued
geopolitical uncertainty, new trade restrictions, and demand softness in
multiple end markets. Customers remain defensive, reducing inventories and
delaying larger commitments. This shift in ordering behavior (shorter lead
times and avoidance of binding long-term orders) directly impacted
visibility and capacity planning. Consequently, order backlog at the end of
H1 stood at EUR 43.4m, down 27% YoY from EUR59.5m. Importantly, management
reiterated that no projects have been cancelled but call-offs lowered and
new project launches pushed back.

Q2 EBIT came in at EUR -1.1m (H1: EUR -2.0m), compared with EUR 2.6m in Q2 2024
(H1 2024: EUR4.2m). This deterioration was driven by lower revenues, reduced
production utilization, an unfavorable product mix and restructuring
expenses of roughly EUR1.5m recognized in H1 under the NyFIT2025 program.

FY25 forecast adjusted. Management reduced it FY25 guidance from EUR 105-110m

revenue and EUR8.5-10.0m EBIT to EUR 100-105m revenue (eNuW old: EUR 108m) and EUR

2.0-4.0m EBIT (eNuW old: EUR 9.1m). The downgrade reflects
slower-than-expected order normalization, delayed project awards, and the
temporary EBIT drag from restructuring. Despite this, management anticipates
a sequential improvement in H2, with Q4 expected to be the strongest quarter
of the year, similar to recent years.

Efficiency program "NyFIT2025" formally introduced. Internally launched in
late 2024, NyFIT2025 targets EUR 5-6m in annual cost savings from 2026 onwards
(eNuW: EUR 5m). Measures include workforce adjustments (number of employees
was down 5% at the end of H1), optimization of internal processes, and
structural consolidation; notably, merging Spectral Engines GmbH into m-u-t
GmbH to simplify operations. The majority of the related upfront costs were
already booked during H1 (~ EUR 1.5m). Going forward, management expects
enhanced productivity, improved flexibility, and a leaner fixed cost base,
better aligning the company to a volatile demand environment.

We are reducing our price target to EUR 24.5 (old: EUR 34.5) accounting for the
temporary subdued demand situation across key end markets but reiterate our
BUY recommendation as the prospects during the mid-term remain bright. Once
notable sales volumes return, one should expect an overproportionate impact
on margins supported by the current right-sizing of operations.



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https://eqs-cockpit.com/c/fncls.ssp?u=4bccf383fccd484a74121ebe2e22ba70
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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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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2183802 14.08.2025 CET/CEST

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