Märkte & Kurse

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Original-Research: g.beyond AG - from NuWays AG

12.08.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
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Classification of NuWays AG to g.beyond AG

     Company Name:                g.beyond AG
     ISIN:                        DE0005137004

     Reason for the research:     Update
     Recommendation:              BUY
     from:                        12.08.2025
     Target price:                EUR 1.30
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

Q2 results display continuous operational improvements; chg.

Yesterday, q.beyond released its Q2/H1 report, showing ongoing operational
improvements with adj. sales growth of 2% and as well as significant margin
improvements. In detail:

Q2 '25 sales increased by 2% (adj.) yoy to EUR 44.4m, while the reported yoy
change was -6.1% following the communicated accounting change this year in
accordance with IFRS 15. As in Q1, this was again driven by the Consulting
segment, which showed 12.0% yoy sales growth to EUR 15.2m. This came with a
further improved profitability, visible in the segment's 15.0% gross margin
(+8.3pp yoy) following an increased near- and off-shoring ratio of 17% (+5%
yoy; FY25 target: 20%) as well as an improved utilization. Reported Managed
Services sales on the other hand decreased 14.9% yoy to EUR 22.8m mainly due
to the aformentioned accounting change. Yet, the segment margin rose to
22.1% (+1.4pp yoy) resulting in an overall gross margin of 19.7% (+3.0pp
yoy; EUR 8.7m gross profit).

On this basis, Q2'25 EBITDA increased disproportionately by 24.2% yoy to EUR
2.7m thanks to ongoing operating leverage, efficiency gains and despite
one-offs connected with internal projects (SAP integration, new time
recording system; total FY25e costs: EUR 1m).

Next to the operating results, QBY announced that it has received the funds
from the Plusnet transaction (EUR 8.6m), which were directly reinvested to
reduce trade payables and other liabilities. On this basis, a FCF figure
that can act as a comparable is hard to find due to this one-off. Mind you,
QBY will have to pay c. EUR 3.6m taxes during the remainder of FY25 in
connection with the transaction.

Guidance confirmed. Against the backdrop of the sound release management
confirmed the FY outlook of EUR 184-190m sales, EUR 12-15m EBITDA as well as
sustainably positive net income and FCF, which appears totally sensible in
our view given the release as well as the seasonally strong Q4 still ahead.

M&A pending. CEO Rixen reiterated that QBY is currently in advanced
negotiations for a potential M&A deal which is likely to by modeled like the
logineer transaction (e.g. JV with industry partner). The CEO further
underscored that targets should be in the EUR >10m and 10% EBITDA margin
ballpark. In our view, it is also likely that targets will increase public
sector exposure (i.e. energy, healthcare). Mind you, that future M&A is not
included in our calculations.

Reiterate BUY with an unchanged PT of EUR 1.30 based on DCF.



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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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2182500 12.08.2025 CET/CEST

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