Original-Research: NanoRepro AG (von NuWays AG): BUY - T-Online

The issuer is solely responsible for the content of this research. The

invitation to conclude certain stock exchange transactions.

consolidated reports. The key takeaways are stronger-than-expected Paedi

listing for newkee, which underlines the progress of the platform strategy.

Consolidated figures to be released by the end of 2026. The publication of

due to additional consolidation-related work. With its new CFO in place

processes and the improvement of group-wide reporting structures. These

measures should increase efficiency, transparency and comparability. More

Paedi Protect sales in H1 26 higher than anticipated. NanoRepro confirmed

its preliminary H1 26 sales at EUR 13m. While holding sales (mainly Rapid

Testing Kits) decreased by 11.5% yoy to EUR 2.2m (eNuW: EUR 2.5m), this implies

Paedi Protect sales came in stronger than expected at EUR 10.9m (eNuW: EUR

10.6m). We attribute the higher Paedi Protect sales to stronger demand in

sunscreen products related to an unusually warm June. The lower holding

as they were largely transitioned to its trade partner's Mivolis brand.

Bottom-line strengthening in NanoRepro holding. In H1 26, the holding

slightly reduced its EBITDA loss to EUR -0.8m (eNuW EUR -0.6m) compared to EUR -1m

in H1 25. The weaker-than-anticipated topline was offset by NanoRepro making

progress on reducing costs. For example, the material cost ratio was reduced

by 6.4pp yoy to 33.9%, driven by improved procurement efficiencies.

Marketing expenses fell 53.5% yoy, as Rapid Testing Kits marketing and

trade partner and ALPHABIOL marketing was reduced.

Platform strategy opens the drugstore channel for newkee. From January 2027,

German drugstore chain. From March, newkee and PAEDIPROTECT products will

also be prominently placed on in-store promotional displays. The joint

The initial phase should contribute only modestly (eNuW: EUR 0.1-0.2m in

additional FY27e sales). Its real value lies in what may follow: a permanent

shelf listing, which we conservatively see adding EUR 1-2m in annual sales.

into a multi-brand consumer health platform.

Guidance confirmed, platform on track. NanoRepro reiterated its targets of

c. EUR 18m in sales for FY26e, c. EUR 28m for FY28e and c. EUR 40m for FY30e

including further acquisitions. With the platform taking shape and first

view. We confirm our BUY rating with an unchanged PT of EUR 4.40, based on

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=3f739478eeefa4f63c3e715a32fcc063

LinkedIn: https://www.linkedin.com/company/nuwaysag

analysierten Unternehmen befindet sich in der vollständigen Analyse.

Financial/Corporate News and Press Releases.

https://eqs-news.com/?origin_id=ef007090-d75a-11f1-b46d-066675bb9927&lang=en

Die Ströer Digital Publishing GmbH übernimmt keine Gewähr für die Richtigkeit, Genauigkeit und Vollständigkeit der Angaben. Verzögerung der Kursdaten: Deutsche Börse 15 Min., Nasdaq und NYSE 20 Min.