^ Original-Research: Limes Schlosskliniken AG - from NuWays AG

05.02.2026 / 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 Limes Schlosskliniken AG

Company Name: Limes Schlosskliniken AG ISIN: DE000A0JDBC7

Reason for the research: Update Recommendation: BUY Target price: EUR 710 Target price on sight of: 12 months Last rating change: Analyst: DE000A0JDBC7

Superb H2 leads to clear guidance beat; Chg.

Yesterday, LIMES delivered a strong set of preliminary FY25 figures, beating both our top- and bottom-line estimates, with the latter already ahead of the company's guidance. In detail:

FY25p sales increased 40% yoy to EUR 53.1m (eNuW: EUR 49.5m; H2 +60% yoy), driven by strong growth across all clinics, most notably at the Paracelsus Recovery Clinic (PRC) in Zurich. This resulted in a significant increase in average revenue per patient day to EUR 1,014 (+30% yoy), underlining continued pricing power and an increasingly favorable case mix. On the other hand, total patient days grew 9.1% to 52k, reflecting the effect of the new clinics Abtsee and Bergisches Land, which opened in July.

Profitability improved disproportionately, as FY25p EBITDA was up 78% yoy to EUR 12.8m (eNuW: EUR 11.3m; H2 EUR 6.6m at 22% margin), corresponding to a 5pp margin expansion to 24%. This was driven by the strong performance of the established clinics leading to operating leverage as well as a faster-than-anticipated ramp-up of the new sites, which were materially below plan. EBIT more than doubled to EUR 9.2m (17% margin, +112% yoy), highlighting the scalability of the operating model as fixed costs were absorbed over a higher revenue base.

With this, management's FY25 outlook has been significantly exceeded, as initially sales of EUR 50.8m and EBITDA of EUR 8.7m was targeted.

Notably, CPS almost doubled to EUR 43 (FY24: EUR 24), highlighting the cash generating nature of the business model, that is characterized by limited capital intensity. On this basis, the company should be able to achieve cash conversion ratios of >75% (EBITDA basis) in a steady-state scenario.

New clinics up and running. As aforementioned, the new clinics exceeded expectations thus far. In fact, management reports that the Abtsee clinic for adolescents is experiencing strong demand and is already showing profitability since January. At the same time, break-even for the Bergisches Land clinic is set for Q2.

On that basis, management guides for a solid development at the established sites and an increase in sales and earnings at the new clinics. While growth at existing clinics should be to a large extent connected to pricing effects, the new clinics are seen to close in on the group average occupancy level over the next 24 months (eNuW), allowing for continued strong top-line and earnings expansion (eNuW: +52% sales and 12pp EBIT margin FY25p-27e).

Overall, the preliminary results strongly reinforce our confidence in the case, which still offers a highly attractive entry point at 5.8x FY26e EV/EBITDA despite the +37% YTD performance.

Confirm BUY with a new PT of EUR 710 (old: EUR 600) based on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=576ec418c33e81534f2a0a7a87dab141 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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++

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2271766 05.02.2026 CET/CEST

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Quelle: dpa-Afx