^ Original-Research: NanoRepro AG - from NuWays AG

05.10.2026 / 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.

---------------------------------------------------------------------------

Classification of NuWays AG to NanoRepro AG

Company Name: NanoRepro AG ISIN: DE0006577109

Reason for the research: Update Recommendation: BUY Target price: EUR 4.40 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann

NanoRepro gains majority in Deutsche Kosmetikwerke

On Wednesday, NanoRepro announced that it has gained the majority in Deutsche Kosmetikwerke (DKW) with its skincare brand newkee, to be consolidated from October '26 onwards. In detail:

Bringing active skincare brand newkee into the fold. NanoRepro's omnichannel distribution model is seen to open up revenue and cost synergy potential as well as additional market access for newkee. And newkee allows NanoRepro access to customer groups its other brands currently do not reach.

Transaction. NanoRepro swapped 263,000 treasury shares from a previous buyback worth c. EUR 0.45m at current market prices for a 6.52% stake of DKW held by Angelique Kerber and one additional previous shareholder. DKW was valued at c. EUR 12m total, valuing the acquired stake at EUR 0.8m (eNuW). This implies a transaction discount of c. 43.8% and which in our view is due to DKW not yet seen as profitable.

Integrating the platform is key to adding value. DKW is seen to add revenue of EUR 0.4m (eNuW) in FY26e and EUR 3.1m (eNuW) in FY27e. However, building the brands ALPHABIOL and newkee comes with high promotional expenses of some EUR 4m (eNuW) of which the majority is seen to fall into FY27e. newkee also contributes its own workforce with current personnel expenses of EUR 0.7m (eNuW). In our view, this should delay the point of break-even for EBITDA to FY28e (eNuW; previously FY27e), despite ongoing internal optimization efforts such as the finance and back office harmonization planned for Q4 26e.

Scaling to pay off in the mid- and long-term. With the integration of distribution and market access (e. g. in brick-and-mortar retail) planned for FY27 and the heavy brand marketing behind it, EBITDA should turn clearly positive in FY28e and accelerate thereafter. Confirming BUY at a PT of EUR 4.4, based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=6f7bc2206d9678d6a4e0b88098814935 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. ++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=488a43f5-c086-11f1-9d22-0a083a71a9ab&lang=en

---------------------------------------------------------------------------

2409940 05.10.2026 CET/CEST

°

Quelle: dpa-Afx