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Original-Research: Hoenle AG - from NuWays AG

05.05.2026 / 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 Hoenle AG

Company Name: Hoenle AG
ISIN: DE0005157101

Reason for the research: Update
Recommendation: BUY
Target price: EUR 15.0
Target price on sight of: 12 months
Last rating change:
Analyst: Sarah Hellemann

Material bottom-line improvements expected for Q2 FY25/26

Hoenle looks set to report its Q2 25/26 results (covering January - March
2026) on 13th of May. We anticipate mixed end market performance and further
strengthening of the bottom line. In detail:

Q2 revenue should grow by 0.9% yoy to EUR 28m (eNuW). In our opinion, moderate
Adhesive Systems growth from mixed sector performance and moderate to high
growth from Disinfection should compensate for continued soft demand in
Curing, as indicated by VDMA data.

Q2 EBITDA is anticipated 13% stronger yoy at a 0.4 pp improved EBITDA margin
of 6.3%, totaling EUR 1.6m (eNuW), mainly driven by an improved gross profit
margin from the relevant product portfolio, process improvements and
continued disciplined cost management.

Adhesive Systems should show moderate growth of 4% yoy to EUR 9.3m sales
(eNuW), based on mixed end-market trends. In our view, demand for
opto-electronics should have developed favorably, due to stronger demand in
EVs following soaring fuel prices, while consumer electronics demand remains
muted. Cosmetics and luxury packaging is seen to continue to present
interesting opportunities as the long-term driver of improving quality in
packaging persists. Further end markets (i.e. photovoltaic and medical
products) are seen to come in at stable to slightly declining demand, based
on efforts in various countries to stabilize health care costs and a slow
adoption of more flexible photovoltaic products. Ongoing portfolio
optimization and process improvements should have limited positive
short-term effects. EBITDA is to come in largely flat at EUR 0.8m (eNuW).

Curing revenue is seen down 6.4% yoy to EUR 8.8m (eNuW), as weak demand for
plant equipment continues. We expect geopolitical uncertainty to have once
again amplified increased customer hesitancy, as supported by recent VDMA
data. Within customers of printing equipment, we see only selective positive
signaling for strengthening in demand. While restructuring efforts have been
made in FY24/25, we believe the decreasing top-line to impact the EBITDA
contribution of the segment, pushing it to EUR -0.1m (eNuW).
Disinfection is anticipated to deliver moderate growth with +6% yoy to EUR
7.8m (eNuW) as a consequence of continued demand growth in end markets as
well as marketing efforts taken regarding water purification solutions.
Given the strong comparable base in the previous year and potential
marketing-related cost effects, the EBITDA contribution of EUR 1.0m (eNuW)
ought to come in strong but slightly below prior year's levels (eNuW: EUR
-0.1m yoy) at an EBITDA-margin of 13.3% (eNuW; -2.6pp yoy).

Prospects are seen to gradually improve, as the end market mix continues to
develop on a slowly improving basis and short-term measures, such as process
optimization and portfolio reviews support the company's development. The
field of UV disinfection for ultra-pure water is seen to gain traction on a
modest basis. Hence in our view, the FY25/26 guidance of EUR 90.5 to 105m in
sales and EUR 6 to 9m in EBITDA appears achievable. We expect sales of EUR 98.2m
(eNuW) and EBITDA of EUR 7.1m (eNuW), implying moderate top-line growth of
4.8% yoy and bottom-line improvement of 22% yoy. Maintaining BUY at a EUR 15
PT, based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=4622b542a3582400103fd2af2fc5ff91
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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2321050 05.05.2026 CET/CEST

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