^ Original-Research: NanoRepro AG - from NuWays AG

22.07.2026 / 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 4.4 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann

NanoRepro AG; Preliminary H1'26 revenue beats expectations; chg. est. & PT

Yesterday, NanoRepro AG published its consolidated preliminary H1'26 revenue while also highlighting a key milestone from its systematic full internal review process. In detail:

Double-digit growth of 26% yoy marks a strong preliminary H1'26, underpinning the highly attractive growth prospects of the new consumer health and wellness platform that NanoRepro is establishing. Preliminary consolidated sales came in at EUR 13m, beating our expectations of EUR 11m. We attribute the majority of this beat to a strong performance from Paedi Protect, as an unusually warm June looks set to have driven demand especially for sunscreen products beyond the anticipated level. While the company has not yet published a FY26 guidance, our old FY estimate of EUR 17.6m looks to conservative (H1 already covered 74% of our old FY estimate).

Process optimization milestone reached, FY27 EBITDA to turn positive. To recap, NanoRepro together with Paedi Protect and Deutsche Kosmetikwerke (newkee) launched a full internal review of processes, aiming to uncover synergies and bring down costs. In a first step, all 17 process areas comprising 160+ tasks were mapped, of which six action fields were prioritized: IT, marketing, product development, warehousing & supply chain, sales and procurement. As a first tangible measure, skincare production competence has been bundled at Paedi Protect (raw & packaging material procurement plus production planning and execution), allowing DKW/newkee to focus on brand management, marketing and sales.

Further, Kirchhain is set to become the central logistics hub, and finance and back-office harmonization follows from Q4 under incoming CFO Mike Eckel. In our view, this implies the potential to lift the EBITDA margin from -11% in FY25 (eNuW) to 7% in FY27e (eNuW), as costs should rise only moderately against a strong top-line development.

Raising our FY26 top-line estimate. Given the strong H1 contribution and typical H2 seasonality, noting that the warm June likely pulled some sun-care demand into H1, we raise our FY26 sales estimate to EUR 18.8m (eNuW old: EUR 17.6m). At the same time, the substantial process optimization efforts are seen to add c. EUR 0.5m in personnel and EUR 0.25m in other operating expenses. While this slightly compresses the FY26 EBITDA margin by 0.3pp to -0.8% (eNuW), the improved set-up looks strategically important to enable rapid combined scaling of NanoRepro, Paedi Protect and DKW/newkee going forward. FY26 EBITDA is hence projected at EUR -0.1m (eNuW), still markedly improved from EUR -1.7m in FY25. The audited FY25 accounts follow on 30 July.

Maintaining BUY at a raised PT of EUR 4.4 (previously EUR 4.3), based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=8140ecf4ccf9887b0d33f411f8d3e569 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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2369640 22.07.2026 CET/CEST

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Quelle: dpa-Afx