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Original-Research: LION E-Mobility AG - from NuWays AG

16.01.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to LION E-Mobility AG

     Company Name:                LION E-Mobility AG
     ISIN:                        CH0560888270

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 3.2
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr

FY26e: LION set to pounce on growth opportunities

LION E-Mobility should continue to grow its top-line at a significant pace
in FY26e, after having passed the operational trough in H2 2025. Here is
what to expect:

Following a challenging FY 24 with merely EUR 17m sales (-70% yoy), revenue
for FY25 (preliminary release) grew strongly by 66% yoy to some EUR 28m, based
on improved customer demand from bus manufacturers in North America and
Karsan. With this, LION met its guidance for FY 25 of EUR 28m to EUR 35m in
revenue and positive EBITDA. In fact, the EBITDA margin is not merely
positive but should be >15% (eNuW) thanks to a particularly strong Q4.

Growth to continue. For FY26e, we estimate revenue to grow by some 30% to EUR
36.4m, driven by strong mobility product momentum and storage opportunities
opening up with new partnerships formed in 2025. While EBITDA will also
continue to grow, we model lower margins (15.6% vs. 18%) due to a changing
product mix (stronger storage sales growth).

Mobility: To recap, LION currently operates a highly underutilized
state-of-the-art factory, capable of an annual output of ~40k battery packs.
With a growing customer base and the launch of the new NMC+ battery pack in
full swing, utilization should gradually improve in during the next years.
As the new battery pack technologically superior to the current version
(NMC), we expect most existing customers to switch to NMC+. In Q4 2025, the
first NMC+ deliveries were successfully made.

Storage: The strategic partnership with LeapEnergy (entered in April 2025)
has given LION access to assembled BESS solutions. This allows LION to offer
a one-stop-shop solution (product, integration and after-market service).
The company should hence be able to successfully address to rapidly emerging
energy storage market. In fact, in terms of revenue contribution, Storage
should account for roughly half of group sales in FY26e (eNuW).

With a total project pipeline of >7.5 GWh (not yet signed), LION is looking
at a revenue potential of roughly EUR 280m (eNuW) at low double-digit EBITDA
margins (eNuW: 10-12%). Importantly, the company has already secured its
first grid-scale project in Germany - a 20 MW/h installation scheduled for
delivery in Q1 2026 estimated to have a revenue potential of EUR 750k (eNuW).

In December 2026, LION hired two new sales specialists for the German and
the Italian market and entered a strategic cooperation with CircUnomics, a
B2B marketplace for industrial battery and energy storage solutions, which
should further support the current positive operational momentum.

LION's outlook appears significantly brighter than a year ago, given these
dynamic developments and strong support from a key shareholder. After
achieving sustainable cash generation in FY25e, the company should gradually
turn the balance sheet around. BUY with an unchanged EUR 3.20 PT.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=6c33237f284231a3e083abefae1af276
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.
++++++++++

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2261066 16.01.2026 CET/CEST

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