Märkte & Kurse

    ^
Original-Research: Aiforia Technologies Oyj - from NuWays AG

12.12.2025 / 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
invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

Classification of NuWays AG to Aiforia Technologies Oyj

     Company Name:                Aiforia Technologies Oyj
     ISIN:                        FI4000507934

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 3.8
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo

Cap hike to ease short-term liquidity constraints; BUY

Aiforia Technologies announced that it had successfully carried out a
directed share issuance, whereby it raises some EUR 4.2m in gross proceeds,
issuing a total of 2m new shares. This coupled with reduced operating
expenses should put the company notably closer to sustainable cash
generation.

In detail, Aiforia issued 6.3% new shares at a 10% discount to previous
day's close price of EUR 2.34. The directed share issuance alleviates
short-term liquidity concerns. In fact, current cash on hand should be
sufficient to finance operations throughout FY2026, in our view.

Mind you, in November, the company concluded change negotiations, which,
according to management, will lead to annual cost savings of EUR 2.5m starting
from 2026. As a result, the number of employees is reduced by 8. The change
negotiations were justified by the company's management as a strategic
pivot, whereby the company shifts focus from product development to product
commercialisation.

In our initiation report from October 2025, we had estimated the cash burn,
until Aiforia reaches positive FCF, to be EUR 27.8m. Following the change
negotiations and the capital increase, we project the additional cash
requirements to be in the tune of EUR 19.1m. Prior to our estimate changes, we
viewed positive FCF as feasible by 2030e. however, this has now changed to
2029e. The cash burn for 2026e is projected to be EUR 9.3m.

As mentioned above, the directed share issuance alleviates short-term
liquidity concerns, while the share price has been under pressure since the
start of the year (-33% ytd.) Given the company's cash burn rate, which is
largely being spend on sales, the company is expected to deliver strong
growth figures in H2 2025, demonstrating that the commercialisation and
scale period of the business is clearly underway.

In that respect we view the results of H2 2025 as a pivot point. In H1 2025,
the company grew a timid 2% yoy, which in our view has largely contributed
to the recent share price weakness. In must be highlighted however, that
this performance was largely due to the weak performance of the Research
segment. During the same time, Clinical, which is the scalable part of the
business, grew by 60%. For FY25e, we model 66% growth in the Clinical
segment compared to a 16% sales decline of the Research segment, which would
translate to an aggregate yearly growth of 25%, eNuW.

Management clearly views the years 2026-28e as hyperscale years for Aiforia,
translating into a CAGR of 65.4% for 2026-28e.

In sum, we view the present issuance as positive, easing Aiforia's
short-term liquidity concerns. Going forward, all eyes will be on Aiforia's
H2 2025 results, where strong growth is expected. We update our model only
to reflect the cost savings from the change negotiations, which causes our
PT to increase from EUR 3.50 to EUR 3.80 while we reiterate our BUY rating.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=350a636788041258f13c0227a481a55c
For additional information visit our website:
https://www.nuways-ag.com/research-feed

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.
++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
View original content:
https://eqs-news.com/?origin_id=d4d0486e-d72d-11f0-be29-0694d9af22cf&lang=en

---------------------------------------------------------------------------

2244544 12.12.2025 CET/CEST

°