^ Original-Research: NanoRepro AG - from NuWays AG

23.04.2026 / 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 NanoRepro AG

Company Name: NanoRepro AG ISIN: DE0006577109

Reason for the research: Update Recommendation: BUY Target price: EUR 4.3 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann

NanoRepro raises its equity stake in Deutsche Kosmetikwerke

Yesterday, NanoRepro announced an increase in its direct equity stake in DKW alongside its FY25p revenue figures. In detail:

A step on the way to building a strong multi-brand platform. NanoRepro raised its direct equity stake from 11.01% to 22.7% of voting rights. Indirectly, it holds 21.03% of DKW voting rights via its majority stake in the Paedi Protect AG. With the increase of the stake NanoRepro overall now holds 43.72% in DKW. In our opinion, this is a favorable development. It strengthens ties to the brand for active skin care designed for athletes and outdoor enthusiasts, which is projected to grow at a CAGR of 12.2% (eNuW) until FY28e. At a future date, which has not yet been determined, the stake could increase to a majority share, allowing for even closer collaboration.

Alongside this announcement NanoRepro also published preliminary revenue figures for FY25:

Rapid testing kits and premium nutritional elixirs came in at EUR 4.3m (eNuW: EUR 4.7m), down 3.1% yoy and below expectations. Premium nutritional elixirs made up EUR 0.5m (eNuW: EUR 0.5m), down 23% yoy as anticipated ahead of their rebranding to Phlas and transition to hyped about science. Rapid testing kits are seen to have proven resilient to temporary demand softness in Germany and Austria, developing flat-ish yoy to EUR 3.8m (eNuW: EUR 4.3m).

Skin care products for infants, children and adults under PAEDIPROTECT delivered EUR 11.7m in revenue (eNuW: EUR 11.7m). Thanks to its strong brand positioning and household recognized name, revenue was up 1.7% yoy, despite the weakness of general retail sales in H2'25. The Paedi Protect AG will be consolidated for the first time in the annual report of FY25.

Non-consolidated revenue streams from equity stakes: DKW/newkee's athletic skin care product sales rose by 37% yoy to EUR 2.6m (eNuW: EUR 2.5m). This clearly showcases the high appeal of the authentic founding story behind the brand with Angelique Kerber and Manuel Neuer, the advantages of the product formulas being developed specifically with sports activity related dermatologic challenges in mind, its clear, modern and genderneutral brand design and comparable competitive pricing. According to NanoRepro hyped about science also delivered first revenues, providing a positive signal. Since the company is in an early stage of its development and exact numbers were not released, we expect them to have been negligible.

Total consolidated preliminary revenue of EUR 16m beat the FY25 guidance of EUR 13-15m. We view this to be a solid base for future developments. The strategic focus has been sharpened and further growth initiatives have been prepared. Looking to FY26e, we continue to expect sales at EUR 17.6m (eNuW) and EBITDA at EUR -0.1m (eNuW) ahead of new guidance figures anticipated in June 2026, but view the increased stake in DKW/newkee as a step in the right direction. Maintaining BUY at a PT of EUR 4.3.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=290dffcdeb37255d38aa7be17af13728 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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2313522 23.04.2026 CET/CEST

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Quelle: dpa-Afx