Märkte & Kurse

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Original-Research: Aiforia Technologies Oyj - from NuWays AG

17.04.2026 / 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 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

Aiforia secures landmark hospital group as sole AI provider

Aiforia France has been selected as the sole AI partner for the French
government-backed PROSTIA project. The partnership expands Aiforia's
existing Assistance Publique-Hôpitaux de Paris (AP-HP) relationship from 2
to 7 hospitals, integrating its prostate cancer AI model into routine
clinical diagnostics.

We view this as a landmark clinical deployment and a validation of Aiforia's
market leadership in AI-assisted cancer diagnostics in Europe. PROSTIA is a
two-year project led by AP-HP, the largest public hospital group in Europe,
and funded by France's public investment bank Bpifrance, under France's EUR
54bn national France 2030 program.

Aiforia was selected as the only AI partner on PROSTIA, a testament to
Aiforia's techstack leadership, reinforcing an already strong moat. Hospital
system integrations carry significant upfront installation costs; new sites
must be onboarded, scanners connected, workflows reconfigured, and clinical
staff trained. Once embedded in a hospital's diagnostic workflow, switching
costs are high and the organisational inertia of large hospital groups like
AP-HP makes displacement by a competitor structurally difficult. The deal is
also significant, because France is the most important European market for
AI-assisted cancer diagnostics, based on size and state funding availability
for AI healthcare.

The contract value is not disclosed. However, it is estimated that 3k
biopsies a year represents the analysis of 30k whole slide images (WSIs).
Revenue per WSI varies from EUR 5 to EUR 10, translating to recurring revenue of
EUR 150k to EUR 300k annually at gross margins of ~75% and incremental EBITDA
margins of ~40% (eNuW), excl. significant one-off onboarding revenue from
integrating five new hospitals into the AI network. Noteworthy, the current
scope of PROSTIA is only for prostate cancer, but the objective is to expand
the framework to other high-prevalence cancers such as breast, lung,
gastric, and colorectal cancers. Thus, the long-run revenue potential from
AP-HP is only a fraction of what PROSTIA will generate in FY26.

As the goal of PROSTIA is to evaluate the medical, operational, and economic
benefits of AI pathology, the project can meaningfully shift procurement
from hospital budgets to state funding, for not only prostate but also other
types of common cancers, a key pivot for wider adoption of AI technology in
oncology. The structural urgency is real: pathologists are retiring much
faster than they're being replaced, and AI is increasingly the only credible
answer.

We do not make changes to our estimates. Our FY26e sales forecast of EUR 6m
already bakes in strong clinical wins and share-of-wallet expansion across
installed base. The PROSTIA contribution is consistent with our current
model assumptions. The more important read-through is qualitative: contract
wins of this calibre validate the growth runway expected in the hyperscale
years FY26-28. We remain convinced by the investment and reiterate our BUY
rating with a PT of EUR 3.80.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=514c968269fcdc7643ea04567928027d
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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2310206 17.04.2026 CET/CEST

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