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

02.09.2026 / 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 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo

H1'26 review: costs above expectations; est. & PT chg.

Aiforia published its H1'26 report last Friday. Revenue of EUR 0.75m (-46% yoy) was already known from the July profit warning, which we attributed to the absence of onboarding revenue and a slower than expected usage ramp up of existing clinical clients (eNuW). Costs remained elevated despite the revenue decline. Material expenses of EUR 0.4m proved somewhat inflexible to the weaker revenue development, likely reflecting fixed cloud capacity and a relatively high Research revenue contribution, which still accounted for 54% of sales at EUR 0.4m. Personnel expenses were EUR 3.6m, including a EUR 1.1m non-cash one-off from an amendment to the option programmes, which extended the subscription periods of the 2016-25 schemes to end-2031. Other operating expenses fell yoy to EUR 1.7m (H1'25: EUR 2.0m). Adj. EBITDA was EUR -3.6m against our EUR -3.2m estimate. D&A of EUR 2.9m exceeded our EUR 2.7m, taking adj. EBIT to EUR -6.5m (eNuW: EUR -5.9m), versus EUR -5.4m a year prior.

H1'26 gave a first read on the recurring business. Approximately 98% of H1 revenue was reported to be recurring. The order book of EUR 3.5m was stable against year-end and is predominantly recurring, of which c. EUR 2.8m relates to Clinical. Contracts are structured so that minimum revenue is guaranteed irrespective of analysis volumes, to be paid out at the end of the year. This is set to support H2 sales should utilisation fall short of contracted levels.

Funding remains a central topic. Thanks to the EUR 6.4m directed share issue in June, cash stood at EUR 9.9m at end-June 2026. We see pre-financing cash flow of EUR -11.7m in FY26e and EUR -11.4m in FY27e, leaving Aiforia sufficiently capitalised to run operations without further funding through Q1'27 (eNuW). The EUR 20m EIB facility is signed, and management indicated on the call that capital will become available once milestones are delivered, though these have not been disclosed. Tranche timing is therefore the single most important near-term variable.

We make adjustments to our model as costs remain sticky while visibility on revenue turnaround remains limited (eNuW). We leave FY26e revenue unchanged at EUR 2.1m but cut our EBITDA to EUR -8.0m (old: EUR -5.6m). In FY27e we see revenue recovering to EUR 3.6m and EBITDA at EUR -6.0m (old: EUR -5.0m). We cut our PT to EUR 1.00 (old: EUR 1.10) and reiterate our HOLD rating.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=3bc87cb532b0e27bd4f2e8992fac331f 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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2392158 02.09.2026 CET/CEST

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Quelle: dpa-Afx