Märkte & Kurse

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Original-Research: Nynomic AG - from NuWays AG

25.03.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Nynomic AG

     Company Name:                Nynomic AG
     ISIN:                        DE000A0MSN11

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 21
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr

FY25 prelims: Leaving the trough behind

Nynomic released its preliminary FY25 figures, meeting the lower ends of the
updated guidance but more importantly providing a FY26 guidance signalling
an inflection towards profitable growth following two difficult years.

FY25 group revenues came in at EUR 92.6m, down 10% yoy, reflecting the
persistently weak demand environment across Nynomic's core industrial
end-markets throughout much of the year. This was particularly evident for
the Clean Tech segment with roughly 12% lower sales. EBIT landed at EUR 2.0m,
implying a margin of around 2%, strongly impacted by lower sales volumes but
also EUR 1.5m of one-off expenses related to the cost-cutting initiative
NyFit2025 (less FTE and merged organisational structures).

The Q4 performance is where the real story lies. The fourth quarter
delivered revenues of approximately EUR 27.7m, the strongest quarterly outturn
of the year, and EBIT of approximately EUR 3.5m, implying a Q4 margin of
roughly 12.6%. This was partially due to the regular seasonality but also
positive implications from the reduced fixed-cost basis as NyFit2025 is
genuinely beginning to flow through to the bottom line. Mind you, annualized
cost savings from it should amount to ~EUR 5m.

FY26 with a return to profitable growth. Management has issued a FY26
guidance expecting EUR 100-105m sales, implying roughly 8-13% top-line growth
(eNuW: 8%) with an EBIT margin of 6-8% (eNuW: 6.7%). Sales growth should be
carried by increased Pharma, MedTech and Semiconductor demand, supported by
early positive indications from key customers. Management highlighted better
Q1 order intake vs last year during the earnings call. Taking into account
the annualised cost savings from NyFit2025, its one-off costs and expected
increased sales volumes, the margin guidance looks rather conservative, in
our view. This is despite partial labour and material cost increases.
Importantly, the guidance underpins Nynomic's margin prospects once growth
returns.

Beyond the near-term recovery, one of Nynomic's most compelling mid-term
drivers is LayTec, which produces precision measurement tools used in
semiconductor manufacturing. One of its niches is Indium Phosphide (InP), a
compound semiconductor that, unlike silicon, can generate and transmit
light, making it essential for the high-speed optical connections inside AI
datacentres. Within InP process metrology, LayTec holds a near-monopoly.

Nynomic should have passed the trough with the group returning to profitable
growth in FY26e. At the same time, the company can rely on a healthy balance
sheet with EUR 14.5m of cash at the end of FY25p. Assuming Nynomic's ability
to deliver at least the lower ends of the FY26 guidance (conservatively),
the current valuation still offers upside, despite the recent ~50% jump. BUY
with an unchanged EUR 21 PT based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=5b25caadec592ae97df580f643e09ad8
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2297258 25.03.2026 CET/CEST

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