^ Original-Research: Emerald Horizon AG - 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 Emerald Horizon AG

Company Name: Emerald Horizon AG ISIN: AT0000A3UZE1

Reason for the research: Update Recommendation: BUY Target price: EUR 1,300 Target price on sight of: 12 months Last rating change: Analyst: Jorge Gonzalez

EUR 135m equity plan could pave the way for institutional funding

Emerald Horizon plans to raise c. EUR 135m through up to five capital increases by Q3 2028, compared with our previous estimate of EUR 72m through YE 2028. The initial subscription price of c. EUR 1,013 represents an 11.9% discount to Monday's closing price (EUR 1,150). Importantly, CEO and majority shareholder Florian Wagner (52.9% stake) offers investors subscribing at least EUR 5m an additional 36 shares per 100 subscribed, transferred from his personal holdings after a 36-month holding period. Available for binding commitments before the initial EUR 45m subscription threshold is reached, this implies an effective entry price of c. EUR 745 per share, a 35.2% discount to Monday's close, without additional dilution. Note that Mr Wagner has already pledged EUR 20m in equity contributions over 2026-2028. Proceeds will support ADES development with VDL Groep and the equity component of DUALstore deployments.

A more clearly defined equity financing plan could improve Emerald's prospects for EIB financing. In our view, the announced programme could strengthen Emerald's positioning to secure financing from the European Investment Bank (EIB). In September, the EIB committed up to EUR 40m to Finnish nuclear developer Steady Energy, its first SMR financing, through an InvestEU-backed long-term convertible loan supporting research, testing and licensing of its LDR-50 reactor. Although technologically different from Emerald's subcritical thorium concept, the transaction illustrates the EIB's willingness to support early-stage nuclear development. Comparable financing could offer attractive long-term conditions but potentially require a substantial upfront equity contribution. Importantly, EIB participation would also represent a significant endorsement, helping de-risk ADES and reducing the need for a rapid commercial ramp-up of DUALstore (BESS + TESS) to materially lower the group's risk profile.

Institutional funding could help bridge substantial development requirements. Our previous EUR 72m equity assumption covered the first two ADES Test Loops and the equity component of initial storage deployments. However, gross funding requirements reach c. EUR 225m through 2030, before potential grants, including storage deployments, ADES Test Loops and demonstrators. Emerald has previously identified potential Slovak investment incentives of EUR 75-100m, a EUR 100m bank debt facility under discussion and potential EU funding programmes. Against this backdrop, the announced equity financing plan could facilitate complementary institutional funding and improve visibility over the development roadmap. Nevertheless, the Steady Energy precedent does not establish Emerald's eligibility for comparable EIB support.

Limited valuation impact, potentially meaningful financing catalyst. Incorporating the announced EUR 135m equity financing programme has a negligible impact on our DCF-based PT. Successful execution could nevertheless strengthen Emerald's financial position and improve visibility over its development roadmap. Potential EIB participation would represent a meaningful financing and credibility catalyst, although execution, financing and regulatory risks remain material. BUY, PT EUR 1,300 unchanged.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=496f1d845ad06b82094e6ef7795f0132 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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2432310 11.11.2026 CET/CEST

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Quelle: dpa-Afx