^ Original-Research: Aiforia Technologies Oyj - from NuWays AG

11.03.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

Classification of NuWays AG to Aiforia Technologies Oyj

Company Name: Aiforia Technologies Oyj ISIN: FI4000507934

Reason for the research: Update Recommendation: BUY Target price: EUR 3.8 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo

Clinical growth accelerates, roadmap to scale is clear

Last Friday, Aiforia reported its H2'25 results. Our review in detail:

* Net sales grew +45% yoy to EUR 2.1m (vs eNuW +47% yoy)

* Clinical segment grew +68% yoy to EUR 1.5m (vs eNuW +70% yoy)

The clinical segment revenue growth was organic and accelerated sequentially from H1'25 (+60% yoy). The good performance of Clinical was primarily driven by an increased share of wallet of the installed base, as well as Clinical tender wins (+5 in 2025). Of the total revenue, 10% came from Finland (vs 40% prior), 17% from North America (vs 45% prior), and the remaining 73% mainly from Europe (vs 15% prior), reflecting the strong acceleration of share of wallet of European clinical customers (12 out of 14 clinical customers are located in Europe, excl. Finland).

On profitability, EBITDA was EUR -3.0m, improved from EUR -4.0m, (vs eNuW EUR -2.7m). The profitability amelioration was driven by (i) strong double digit growth generating operational leverage and (ii) lower personnel expenses. Mind you, the company concluded workforce reductions in November, which aims to reduce run-rate costs by EUR 2.5m, starting from FY26.

Aiforia ended the year with a cash position of EUR 9.5m (vs eNuW EUR 11.6m). The higher cash burn was due to higher than anticipated WC requirements and CAPEX. The business mix is shifting from research licensing deals to pay-per-use clinical contracts; a temporary uptick in WC is therefore expected, with WC investments normalising over time toward neutral to slightly positive. Further, investments into intangibles are seen to have peaked in FY25 (eNuW).

Looking forward, we expect the more tangible hyperscale years to be in FY26-28. As mentioned in our preview, revenue growth is seen to accelerate on the back of (i) an increased share of wallet, (ii) strategic partnerships (e.g. Siemens Healthineers), (iii) deployment of Foundation Engine-powered AI models and (iv) continued clinical tender wins. Noteworthy, the company's 14 clinical clients currently generate EUR ~2m run-rate recurring revenue, with scope for a 3-4x increase through share of wallet expansion, at incremental gross margins of ~75% and EBITDA margins of ~40% (eNuW). Aiforia aims to win 50 clinical clients by 2030, an achievable target given the company's past tender performance.

For FY26, we expect net sales to increase 70% yoy to EUR 6.0m. EBITDA is seen to improve from EUR -6.0m to EUR -3.1m.

We make minor adjustments to our model. Given the strong performance of the Clinical segment in H2'25, our conviction in the long-term story remains intact. We thus reiterate our BUY rating with a EUR 3.80 PT based on our DCF model.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=ab71ff4e234defc6c3a0701bf9728036 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. ++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=62cd2a91-1d1d-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2289280 11.03.2026 CET/CEST

°

Quelle: dpa-Afx