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

23.07.2026 / 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.

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Classification of NuWays AG to Aiforia Technologies Oyj

Company Name: Aiforia Technologies Oyj ISIN: FI4000507934

Reason for the research: Update Recommendation: HOLD Target price: EUR 1.1 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo

Aiforia H1 profit warning triggers downgrade to HOLD

Aiforia issued a profit warning with H1'26 revenues coming in at a mere EUR 0.75m, down from EUR 1.4m in H1'25 (-46% yoy), against our expectation of roughly doubling yoy, following last year's strong Clinical momentum (organic growth of +65%). At the same time, the order book at the end of H1 stood at EUR 3.5m, down from EUR 5.1m in H1'25 (-32%). Despite this, management maintains its mid-term targets of financial independence by 2027.

In our view, we regard the weak H1 sales development to likely be carried by two factors, the absence of onboarding revenues as well as less pronounced usage of Aiforia's solutions at already onboarded clients:

* First, Aiforia won ten clinical clients between 2024-25, likely bringing significant one-off onboarding and integration revenue that made up a meaningful share of the total revenue (eNuW). By contrast, H1'26 only contained one new clinical win (Spain), as the AP-HP (France) expansion extended an existing relationship rather than adding a new logo. The press release confirms that the Spanish hospital group is only set to be monetised in H2, meaning that H1'26 should have carried very little one-off integration revenue (eNuW).

* Second, usage ramp up of the recurring clinical business looks weaker than expected. The preliminary H1 revenue figure of EUR 0.75m looks particularly low considering that Research alone generated some EUR 0.6m in H1'25. While we do estimate that Research lost some business (sales -50% yoy, eNuW), usage volumes among onboarded clinical clients likely ran low as well, in our view. This could likely be stemming from (i) integration delays, (ii) remaining technology friction with existing pathology workflows, and/or (iii) pathologists simply defaulting to manual reads over leveraging the AI tool.

Implications to the investment case. In the short-term we expect lower sales growth and as a result higher losses due to the limited fix cost coverage; FY26e revenue at EUR 2.1m vs EUR 6m before and an EBITDA loss of now EUR 5.6m (old: EUR 3.1m loss). While we expect sales to pick back up in FY27e (higher installed base allowing for rising recurring revenues), the FCF breakeven is now seen to happen in FY32 rather than FY29, in our view. Aiforia's recently resolved EUR 6.4m capital increase as well as the EUR 20m EIB loan provide the company with some financial leeway, yet in our view not enough to reach sustainable cash generation, increasing mid-term funding uncertainties.

The investment case now stands at a pivotable point as Aiforia needs to re-accelerate recurring Clinical revenue growth in order to justify the investments into the model portfolio. In light of the above, we cut our PT to EUR 1.10 (old: EUR 3.60) and downgrade our recommendation to HOLD.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=0003f59b6c9a611866702ede533ffa57 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 ++++++++++ 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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2370338 23.07.2026 CET/CEST

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Quelle: dpa-Afx