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

29.04.2026 / 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: Philipp Sennewald

Dividend debut & strong Q1 reinforce growth trajectory

Today, LIMES announced that its supervisory board has approved the FY25 annual accounts, confirming the preliminary figures published in February, and will propose a dividend of EUR 10.00 per share at the AGM in June. This marks the group's first-ever dividend, a meaningful signal of financial maturity and cash generation ability, in our view. The dividend is well covered: at EUR 10.00 per share, the total payout amounts to EUR 2.9m against FY25p FCF of EUR 4.0m, implying a payout ratio of c. 73% on an FCF basis, despite FY25 FCF being temporarily burdened by the capex associated with the openings of Abtsee and Bergisches Land. As these investments normalise (eNuW: EUR 100k capex per clinic), FCF conversion is set to improve materially, leaving ample room for continued dividend growth and reinvestments into the clinic network. The initiation of a dividend also broadens the potential investor base, as income-oriented shareholders can now participate in the LIMES story.

Equally compelling, management flagged that FY26 has started stronger than expected. Q1 total sales came in at EUR 15.5m (+38% yoy), which should have been predominantly driven by the contributions of the new clinics. EBITDA came in at EUR 3.9m (+32% yoy), implying a margin of 25%. The strong growth is particularly noteworthy given that Q1 is seasonally a rather soft period, suggesting that the ramp-up of Abtsee and Bergisches Land is progressing well ahead of schedule, which is in-line with what management told is in recent roadshow meetings. Annualising Q1 revenues alone points to a run rate of c. EUR 62m, and given that Abtsse and Lindlar will continue to close the gap to group-average KPIs, full-year sales could comfortably exceed the company's communicated target of EUR 65.6m as well as our estimates (67.3m).

This is fully confirming our investment thesis on LIMES. First, it validates our core assumption that when LIMES opens capacity, it fills driven by the group's differentiated referral ecosystem, strong brand recognition among physicians, psychotherapists and corporate health departments, and a structural undersupply of high-quality psychiatric care that shows no sign of abating. Second, the margin profile of 25% in Q1 underscores the operating leverage inherent in the model as new clinics progressively absorb their fixed cost base. Third, the maiden dividend alongside a strong operational start to FY26 demonstrates that the business has entered a new phase of financial maturity, transitioning from an investment cycle into a self-funding, cash-generative platform.

At current levels, the shares trade at just 6.4x FY26e EV/EBITDA, a significant discount for a business compounding revenues at >25% with expanding margins, a pristine balance sheet and now a dividend.

Reiterate BUY with a PT of EUR 710 based on DCF and keep LIMES in our Alpha List.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=d8c953b5dfc104b7c77bc1bb8e4b6bbb 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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2317264 29.04.2026 CET/CEST

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Quelle: dpa-Afx