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Original-Research: Emerald Horizon AG - from NuWays AG

23.07.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Emerald Horizon AG

     Company Name:                Emerald Horizon AG
     ISIN:                        AT0000A3UZE1

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 1300
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Jorge Gonzalez

CEO reinforces commitment to accelerate commercial rollout

Emerald Horizon has announced that CEO and principal shareholder Florian
Wagner has pledged 75,000 existing shares as collateral for a private
Lombard loan. Importantly, the transaction does not involve any sale of
shares, with beneficial ownership, voting rights and dividend rights
remaining entirely with Mr. Wagner. According to Mr. Wagner, the proceeds
will be used primarily to support the commercialisation of DUALstore PLUS as
well as the accelerated technical implementation and industrialisation of
ADES, Emerald's accelerator-driven subcritical microreactor platform. The
measure forms part of a broader financing package announced by management.

In our view, the announcement is particularly relevant as Emerald enters the
most important phase of its development roadmap. Following several years
focused on technology development, industrial partnerships and validation of
its Energy-as-a-Service model, the company is now preparing for the
commercial deployment of DUALstore while simultaneously advancing ADES
towards prototype development, industrialisation and future regulatory
milestones. We note that Emerald's first DUALstore product, the modular 5
MWh BESS system, is expected to become available for commercial deployment
from Q3-26, with the signing of first customer contracts representing one of
the key near-term value drivers in the investment case. Importantly,
management's strategy is to establish a contracted customer base through
DUALstore deployments before attaching ADES generation modules to existing
customer relationships.

The announcement also comes shortly after the recently disclosed EUR 20m
equity funding commitment from Florian Wagner, to be provided in four EUR 5m
tranches through 2028. Based on our estimates, the first EUR 5m tranche alone
would be sufficient to fund the Company's current cash burn and support the
initial financing requirements associated with the ADES prototype programme
through year-end 2026. The second and third tranches would further
contribute to Emerald's funding needs during 2027 and, in our view, could
cover approximately 40% of the equity capital required under our eNuW
financing scenario for that year. While additional funding will still be
required to execute the full long-term growth strategy, the commitment
materially improves visibility over the next stages of development and
commercialisation.

As such, we expect investor focus over the coming quarters to remain centred
on the signing of initial EaaS contracts, the ramp-up of DUALstore
deployments and further progress on the ADES development roadmap.

Investment case unchanged. We continue to view the commercialisation of
DUALstore PLUS as the primary near-term value driver, while ADES provides
substantial long-term optionality. Importantly, Emerald's strategy is not
centred on bringing a novel energy-generation technology directly to market.
Instead, management intends to establish a contracted customer base,
financing infrastructure and recurring cash flows through DUALstore
deployments before introducing ADES into the same ecosystem. In our view,
this phased commercialisation strategy has the potential to reduce
customer-acquisition risk, improve future project bankability and create a
scalable EaaS platform ahead of the eventual deployment of ADES.
Consequently, the announcement remains fully consistent with the
commercialisation and financing roadmap underpinning our BUY recommendation
and EUR 1,300 PT.


You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=243dc8da42b362b1313279f4a860b5e3

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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2370344 23.07.2026 CET/CEST

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