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

12.05.2026 / 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 Cantourage Group SE

Company Name: Cantourage Group SE ISIN: DE000A3DSV01

Reason for the research: Update Recommendation: BUY Target price: EUR 10 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr

Q1 prelims confirm focus on profitable growth

Cantourage released preliminary Q1 2026 figures, showing revenue of EUR 20.6m and EBITDA of EUR 2.2m (margin: 10.6%). While the numbers broadly confirm the stabilisation thesis after a difficult H2 2025, the year-on-year read is complicated by an exceptionally strong Q1 2025 that benefited from the initial wave of demand following Germany's CanG legalisation.

On a sequential basis, the picture is clearly constructive. Revenue grew roughly 11% qoq versus Q4 2025, underpinning that the business has found its footing after the pricing-driven contraction seen through the summer and autumn of last year (in Germany). We regard this as evidence that Cantourage's deliberate pivot away from low-margin standard volumes toward premium positioning is beginning to bear fruit.

On profitability, the 10.6% EBITDA margin (EUR 2.2m) represents a meaningful step up from FY25p (6.1%) and reinforces the view that gross margin protection through a deliberate shift in product mix (focus in premium flowers).

Geographically, the UK continues to grow in strategic importance, now representing 41.3% of revenues versus Germany's 51.5% (Poland with 7.3%). This convergence is a structural positive: it reduces Cantourage's dependency on a single regulatory environment and on the German price cycle, and provides a more resilient earnings base from which to grow. Going forward, the group's Germany exposure is seen to further decrease as management hinted at potential additional market entries into France, Spain and Italy during short to mid-term, supporting the company's transition into a pan-European player.

Healthy balance sheet. With a net cash position of EUR 8.8m, the company is well equipped to finance its expansion plans, both geographical and product (e.g. new forms of administration). Importantly, the group's net cash should further grow thanks to positive cash flows and no direct need for significant capex, in our viw.

Valuation remains undemanding. The Sanity/Organigram transaction at ~4.2x EV/sales for a wholesale only, barely profitable business stands in contrast to Cantourage's ~0.7x EV/Sales FY26p with a clearly positive and growing EBITDA. The market continues to under-price both the operational trajectory and the de-risking of the regulatory overhang.

We confirm our BUY rating with an unchanged EUR 10 PT based on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=3c74330611adc16e4a109ae3e64fcd0a 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. ++++++++++

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

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=21664a0a-4dcb-11f1-8534-027f3c38b923&lang=en

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

2325736 12.05.2026 CET/CEST

°

Quelle: dpa-Afx