^ Original-Research: Cantourage Group SE - from NuWays AG

11.12.2025 / 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 Cantourage Group SE

Company Name: Cantourage Group SE ISIN: DE000A3DSV01

Reason for the research: Update Recommendation: BUY Target price: EUR 10.5 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr

Cantourage strengthening its leadership structure

Cantourage has moved to solidify its leadership structure with the appointment of Monique Jaqqam as CFO from January 2026 and the renewal of CEO Philip Schetter's contract for another five years. This is part of the ongoing professionalisation of the company's governance structure, which is necessary to lay the structural foundation for further strong growth.

Jaqqam brings over 20 years of international experience across finance, private equity, real estate and hospitality. Her track record in financial transformation, organizational restructuring and building modern finance infrastructures, demonstrated at Future Group, BaseCamp Student and Kempinski, should materially strengthen Cantourage's internal capabilities, particularly within the finance department. Delays in regards to the publication of consolidated financial reports as seen with the FY24 annual report (eNuW: to be released shortly), should henceforth be a thing of the past.

FY25 figures to come in strong with sales of EUR 89m (eNuW, +72% yoy) and EBITDA of EUR 4.9m (eNuW, 5.5% margin). This is despite the currently challenging situation in the company's most important end market, Germany. As a reminder, the Federal Ministry of Health is evaluating measures that could restrict telemedicine-based cannabis prescriptions and curb mail-order distribution. As a result, cannabis-focused pharmacies are therefore showing more cautious ordering patterns, triggering inventory reductions (cannabis flowers are perishable goods). Nevertheless, we regard Cantourage as well positioned to weather those temporary headwinds, adapting the product offering, increasing cooperations with offline pharmacies and entering additional markets to decrease the dependency on Germany.

Beyond its home market, Cantourage has built a meaningful position in the UK, where cumulative deliveries reached 1.5 tons of medical cannabis as of September (eNuW: low double-digit EUR million in sales). The company is also expanding its footprint in Poland and preparing market entries in additional European countries. This broader geographic reach gradually reduces Cantourage's reliance on Germany and adds new structural growth drivers.

Conclusion: With a strengthened management team, an increasing governance setup, the ongoing European expansion as well as a strong positioning in its home-turf Cantourage looks well positioned to capitalise on the industry's prospects. Valuation remains subdued with shares trading on 0.4x EV/sales FY26e despite >70% growth. We confirm our BUY rating with an unchanged EUR 10.50 PT based on a DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=3383870a00798a831e29ee5f1f9270c1 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden 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=40293579-d662-11f0-be29-0694d9af22cf&lang=en

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

2243726 11.12.2025 CET/CEST

°

Quelle: dpa-Afx