Märkte & Kurse

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

03.06.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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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:                     Sarah Hellemann

NMC+ charges ahead: Orderbook for FY26e nearly filled

Yesterday, LION provided an update on the developments in its mobility
segment - specifically the transition to NMC+ battery packs. In detail:

2026 order book nearly filled to planned production capacity. To recap,
first prototypes were tested and qualified by existing customers in Q4 25.
On this basis significant orders were already in place. With further orders
received during recent weeks, the company's FY26 production capacity is
already nearly booked out. Importantly, order momentum should remain
positive.

FY27 order book also filling up, carried by defence. So far, orders for
LION's battery packs were largely stemming from mobility solutions (e.g.
small city buses and school buses). Yet, demand from defence customers
(solutions recently introduced) seems to quickly gain traction. In fact, for
FY27, defence is emerging as a key growth driver.

Progress on transition to NMC+. Currently the conversion of existing
production lines in LIONs state-of-the-art factory are well underway.
Completion is still expected for June. First mass produced NMC+ battery
cells are scheduled to arrive within a month in Germany from China in
preparation for the production start and ramp-up of the battery packs.

Operational inflection point likely reached. LION's strong order momentum as
well as new the diversification into additional end markets (e.g. defence)
and the Storage business showing first signs of increasing revenue
contributions (last week, LION delivered first BESS containers to a project
in Finsterwalde) underpin our positive view on the case. We remain confident
in the company's FY26 guidance of > EUR 35m (eNuW: EUR 36m) sales but also
sustainable strong growth thereafter; +32% to EUR 48m in FY27e.

We hence confirm our BUY rating with an unchanged EUR 3.20 PT based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=035ece689f2ac2e0bf56fc1b654b848d
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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2338400 03.06.2026 CET/CEST

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