Märkte & Kurse

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

09.01.2026 / 09:00 CET/CEST
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Classification of NuWays AG to q.beyond AG

     Company Name:                q.beyond AG
     ISIN:                        DE0005137004

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 1.3
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

Margin trajectory intact heading into FY26

As QBY approaches FY26, the company is leaving the most demanding phase of
its multi-year transformation behind. The past year has been shaped by a
clear prioritization of profitability and cash generation over top-line
growth. A strategy, that is seen to continue to deliver tangible results
despite an unchanged challenging demand environment.

That said, Q3 as the latest reported quarter proved to be operationally
weaker with sales sequentially down amid cautious customer spending. Yet,
this did not derail the broader trajectories, in our view. Thanks to
sustained cost discipline, improved consulting utilization and a better mix,
operating EBTIDA (adj. for positive tax assessment in Q3 of EUR 2.6m) still
came in positive at EUR 0.4m (1% margin). Importantly, management reiterated
that the FY25 outlook of EUR 184-190m sales (eNuW: EUR 184m), EUR 12-15m EBITDA
(eNuW: EUR 12.1m) as well as positive net income (eNuW: EUR 1.0m) and FCF (EUR
1.3m) remains intact.

Overall, FY25 thus for has demonstrated a resilient business model with 9m
EBITDA standing at EUR 8.1m (6.0% margin), supported by a high share of
recurring revenues of c. 70%, long contract durations and low churn of
around 5%. At the same time, the organization became leaner and more
focused, while the near- and off-shoring ratio increased to 18% (Q3'25),
providing a structural margin tailwind.

Looking ahead, FY26 should mark a gradual normalization phase. With most
portfolio clean-up measures completed and utilization further stabilizing,
sales are set to return to moderate growth (eNuW: +7% yoy). This is
supported by easing macro headwinds, rising demand for cloud, security and
AI-enabled services and a further progressing near- and off-shoring ratio
towards the mid-term target of 30%.

In parallel, profitability remains the key upside lever. Operating leverage
from the streamlined cost base, combined with mix improvements, are set to
lead to further expanding EBITDA margins in in FY26e (eNuW: 8.4%). With a
net liquidity position of EUR 35m and no financial debt, QBY moreover retains
the necessary flexibility to execute on targeted M&A deals. In fact, we
expect at least one acquisition to be announced this year. As communicated
before, management is putting an eye on the energy and healthcare sectors,
aiming to add new verticals.

Besides that, in December management and supervisory board decided to
convene an EGM on 30 January, where a reverse stock split in the a ratio of
5:1 will be proposed. A sensible measure in our view, as it will sustainably
lift the share price above EUR 1.00, thus eliminating penny stock status and
thus improve perception.

Overall, while Q3 highlighted continued demand volatility, the investment
case remains fully intact, as centered on margin expansion, cash generation
and valuation. That said, share continue to trade on highly undemanding
levels of 4.0x EV/EBITDA FY25e (2.7x FY26e). We hence reiterate BUY with an
unchanged PT of EUR 1.30 based on DCF.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=80f8d1605c59285d858c752ed7d97404
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
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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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2257628 09.01.2026 CET/CEST

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