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

11.11.2026 / 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 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

Q3 review: Quality over quantity; FY guidance at lower ends

Sales came in at EUR 19.9m (-2% yoy, -9% qoq), while EBITDA swung to EUR 1.9m from EUR -2.2m in Q3'25 (Q2: EUR 2.9m). The margin improved by 20.5pp yoy to 9.5%, yet the weakest of the year (Q1: 10.6%, Q2: 13.1%). Besides German price pressure, this was due to the regulatory transition in the UK, which cost sales in a higher-margin market. Gross margin almost doubled to 35.3% (-1.1pp qoq). For 9M, sales fell 17% yoy to EUR 62.3m, yet EBITDA rose 74% to EUR 6.8m (10.9% margin vs. 5.2%). In short, Cantourage keeps choosing price over volume in an increasingly crowded market.

Germany: price pressure reaches the premium shelf. Domestic sales eased to EUR 9.5m (Q2: EUR 10.1m). Falling flower prices and more competitors weigh on the market, and even premium strains are no longer fully shielded. Offers at around EUR 2/g are in our view hard to reconcile with regulatory requirements and should not prove sustainable in the mid-term.

UK and Poland: soft Q3, better set-up for Q4. UK sales slipped to EUR 9.3m (Q2: EUR 9.6m) as the market adjusted to a new rule allowing only EU-GMP certified products. In Q3, this weighed on volumes and margin, as products without EU-GMP certification could no longer be supplied. From Q4, however, the rule should work in Cantourage's favour: with three certified partners, Cantourage is well placed as non-compliant rivals drop out. In Poland, sales halved to EUR 1.1m (Q2: EUR 2.1m) with avg. prices down 25% and Cantourage deliberately shipped lower volumes, protecting margins rather than share. Together, both markets still contribute more than half of group sales.

Broader portfolio reduces reliance on third-party flowers. The own brand gramz. (launched in July, >EUR 0.5m sales in Q2) is sourced outright instead of via revenue share, leaving a higher margin and more pricing control with Cantourage. In September, a crude extract and a distillate ("Blue Dream") followed, allowing pharmacies to compound new dosage forms such as gummies or inhalables, partly for self-paying patients. Distillates and extracts are already growing particularly strongly. On supply, All Nations, Green Karat and LOT420 have completed EU-GMP certification with Cantourage, coming with five-year exclusivity and easing regulatory burdens (e.g. in UK).

Guidance at the lower ends, still demanding. Management confirmed the FY26 guidance of EUR 85-95m sales and EUR 10-12m adj. EBITDA, but now points towards the lower ends. Reaching EUR 85m and EUR 10m requires Q4 sales EUR 22.7m (+14% qoq) and adj. EBITDA of EUR 3.2m (c. 14% margin), which looks challenging given Q3 trends, even with UK tailwinds; eNuW EUR 84.2m sales and EUR 9.7m adj. EBITDA.

FY25 group report and new CEO still outstanding. Following the IFRS switch decided in October, Cantourage had promised the audited FY25 group accounts with an HGB/IFRS reconciliation for early November. Both are still missing, so today's yoy figures rest on restated but unaudited prior-year numbers. Likewise, a successor for CEO Philip Schetter, who announced his early departure in September, has yet to be named. Importantly, he remains in office until then.

In sum, Q3 underpins that sacrificing volume to protect margins was the right decision in light of the significantly declining prices (notable oversupply). With headwinds in the UK already easing, recent EU-GMP certifications and a broadening product portfolio, the group should in our view be able to return to growth in 2027. The group's growing net cash position (EUR 10.8m at the end of Sept.) is seen to support this. BUY with a new EUR 10 PT (old: EUR 10.5) based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=e549cd41db27fc679f78219cd5ef0c4d 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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2432320 11.11.2026 CET/CEST

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Quelle: dpa-Afx