^ Original-Research: Hoenle AG - from NuWays AG

29.07.2026 / 09:15 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 Hoenle AG

Company Name: Hoenle AG ISIN: DE0005157101

Reason for the research: Update Recommendation: BUY Target price: EUR 14 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann

Q3e: Continued restructuring expected

hoenle looks set to publish its Q3 FY25/26 results August 18th. Here is what to expect:

A flat-ish topline from mixed segment performance coming in at EUR 22.6m (eNuW: -0.1% yoy). We expect the segments Disinfection and Adhesives to show continued growth largely mitigating a challenging environment and persisting headwinds at Curing. At the same time, gross profit margin improvements and restructuring efforts are seen to contribute a bottom-line strengthening of 24.5% yoy to EUR 0.7m (eNuW) in EBITDA, leading to an implied EBITDA-margin of 3.2%, up by 0.6pp yoy.

Disinfection positioned as key growth driver should contribute a 7.9% yoy improvement to EUR 6.6m (eNuW) revenue, due to a strengthening demand in water purification solutions. The persistent top-line improvement is seen to support a slight margin expansion by 0.2pp to 11% (eNuW); absolute EBITDA +9% to EUR 0.7m (eNuW).

Adhesives should grow 6.8% yoy to EUR 8.4m sales (eNuW), in particular driven by optoelectronics, where demand for components developed strongly during the quarter and a solid demand for medical devices, especially in North America, supporting suppliers of medical-grade adhesives and bonding solutions. EBITDA is seen to improve by 15% to EUR 0.6m (eNuW), as a result of successful portfolio optimization and internal process improvements.

Curing to remain under pressure. Given a continued challenging environment in mechanical engineering with a reduced growth outlook for FY26 (source: VDMA) and continued negative one-off effects from key client Manroland having entered insolvency in early March, we anticipate revenue to come in at EUR 7.6m (eNuW), down 12.1% yoy. Given the anticipated top-line development, a negative bottom-line contribution looks set to remain despite positive effects from restructuring measures taken in FY25. Yet, EBITDA is to come in at EUR -0.5m (eNuW), improved from EUR -2.2m in Q3 24/25. Mind you, the weak performance of Curing is largely the driver behind the company's recent FY guidance cut (now: EUR 92-95m sales and EUR 5-6m EBITDA).

Continued internal optimization efforts expected. In light of the particularly challenging situation at Curing (key end market is still printing), we would expect the company to further right-size its respective cost structure.

Reiterating BUY at EUR 14, based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=82b7d81fbc07cd623f4615fd42fd0f43 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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2373170 29.07.2026 CET/CEST

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Quelle: dpa-Afx