Märkte & Kurse

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

12.05.2026 / 09:00 CET/CEST
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Classification of NuWays AG to q.beyond AG

     Company Name:                q.beyond AG
     ISIN:                        DE000A41YDG0

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 5.9
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

Q1 confirms MS headwinds; Chg.

Yesterday, QBY reported Q1'26 results that came in below our already
cautious estimates. In detail:

Q1 sales declined 7.7% yoy to EUR 42.8m (eNuW: EUR 44.3m), which was entirely
driven by a stronger-than-expected deterioration in Managed Services, where
revenues fell 12.7% to EUR 27.6m (eNuW: EUR 29.2m). Even after stripping out the
c. EUR 2.7m impact from the billing model transition in Microsoft-related
sales still present in Q1'25, the underlying performance remains a concern,
pointing towards volume and pricing pressure. The bright spot of the release
was again Consulting, which grew 2.9% to EUR 15.3m (eNuW: EUR 15.1m), supported
by improved utilization and a continued reduction of free-lancer usage,
resulting in a segment gross margin improvement of 3.7pp to 17.2%. Overall
gross margin still declined by 1.5pp to 17.8% due to the Managed Services
weakness. Another positive item was order intake, which increased 7% yoy to
EUR 31.3m, providing some comfort going forward, though conversion continues
to be slow.

Accordingly, also EBITDA marginis under pressure, as EBITDA declined 35.2%
yoy to EUR 1.5m (eNuW: EUR 1.7m), implying a margin of 3.5%. This reflects both
the weaker Managed Services development, continued investments into agentic
AI capabilities as well as the ramp-up of the new nearshoring hub in Cluj,
Romania (set to open in Q2). FCF arrived at EUR 1.9 net cash remained solid at
EUR 31.2m (incl. leases).

Despite the soft print, management confirmed the FY26 guidance of EUR 182-190m
sales and EUR 10-16m EBITDA. However, given the weak Managed Service momentum,
we continue to view the lower end of both ranges as realistic (eNuW: EUR 182m
sales & EUR 10.4m EBITDA).
Strategy 2028 remains intact. Despite the near-term softness, the mid-term
investment case remains compelling, in our view. The ongoing shift toward
higher-value AI-orchestration services, deepening vertical expertise in
logistics and retail and the progressive internationalization via
nearshoring hubs underpin the path toward EUR 250m in sales and a ~10% EBITDA
margin by FY28 (M&A implied, not reflected in eNuW).

M&A remains a key near-term catalyst. With net cash of EUR 31.2m and no
financial debt, QBY retains significant firepower for value-accretive
acquisitions. Management is actively progressing inorganic opportunities,
with healthcare and energy as the key target verticals. We continue to
expect at least one deal to be announced in FY26, which is not reflected in
our estimates and thus provides certain upside.

At 4.6x FY26e EV/EBITDA, valuation remains undemanding. Upcoming catalysts
that are expected to result in a re-rating are a stabilization of Managed
Services and tangible M&A progress, both of which we expect to emerge
through H2'26.

Reiterate BUY, PT EUR 5.90 based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=ea91c716876f5363c3f6004ca8e4519b
For additional information visit our website:
https://www.nuways-ag.com/research

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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2325734 12.05.2026 CET/CEST

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