Märkte & Kurse

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Original-Research: SYNBIOTIC SE - from NuWays AG

19.12.2025 / 09:26 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to SYNBIOTIC SE

     Company Name:                SYNBIOTIC SE
     ISIN:                        DE000A3E5A59

     Reason for the research:     Update
     Recommendation:              BUY
     from:                        19.12.2025
     Target price:                EUR 5.50
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr

Additional capital to support strategic realignment; chg. PT

Recent developments at SYNBIOTIC have sharpened the company's strategic
realignment. Acombination of additional equity financing, a portfolio
consolidation and a new strategic investorshould help to make the equity
story more robust going forward, in our view.

Portfolio "clean up". SYNBIOTIC discontinued financial support for its
Austrian subsidiaryBushdoctor GmbH, which subsequently filed for insolvency.
The decision followed an internal reviewof the subsidiary's operational and
financial performance, revealing it was no longer aligned with thegroup's
strategic priorities. As a result, SYNBIOTIC has effectively removed a
loss-making, non-corebusiness from its portfolio, reducing cash outflows and
allowing management to concentrate resources on higher-potential areas such
as medical cannabis and industrial hemp.

Additional equity. SYNBIOTIC executed two small cash capital increases
without subscriptionrights, issuing a total of 387k new shares at prices of
EUR 1.60 and EUR 1.70, raising gross proceeds of upto EUR 0.64m. The resulting
dilution stands at roughly 5%. The capital will be used to support
growthinitiatives, including product development and operational execution
across the group's coresegments.
Strategic investor entry.

As part of one of those capital increases, SYNBIOTIC secured an
anchorinvestment from CANSOUL, a specialised equity fund investing across
the entire global value chainof the hemp and cannabis industry. Its holistic
investment approach covers cultivation, research,technology, extraction and
distribution through to pharmaceutical development. Importantly, this
dealinitiates a long-term strategic partnership (e.g. access to further
capital, CANASOUL's network),highlighting the strength and appeal of
SYNBIOTIC's diversified platform.

Our view: Overall, the recent measures represent tangible progress in
stabilising SYNBIOTIC'sfinancial and strategic positioning. The recent FY25
guidance cut reflects the currently challengingregulatory situation within
the company's key end market. Following this year's strategic
realignment,SYNBIOTIC should be able to return to higher growth from next
year onwards (carried by medicalcannabis and industrial hemp), in our view.
Until FY27e, we model EUR 25m sales, implying a 16%CAGR. With that, SYNBIOTIC
should be able to return to profitability as early as FY26e.

BUY with a EUR 5.50 PT (old: EUR 6.00) based on DCF

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https://eqs-cockpit.com/c/fncls.ssp?u=1a185fc41227b0d9e1c828e1338e5412
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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
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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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2249106 19.12.2025 CET/CEST

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