^ Original-Research: NFON AG - from NuWays AG

14.08.2026 / 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 NFON AG

Company Name: NFON AG ISIN: DE000A0N4N52

Reason for the research: Update Recommendation: BUY Target price: EUR 5 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald

Weak Q2p triggers PW; chg. est. & PT

Yesterday, right after the bell, NFON published weak preliminary Q2/H1 figures alongside a significant guidance cut, that implies no return to growth in FY26. The key takeaways:

Q2 sales fell 5.4% yoy to EUR 20.9m (eNuW: EUR 21.6m), against the 2.3% decline seen in Q1. We see the reason for this in a continued soft momentum in the legacy cloud PBX business, which still accounts for the vast majority of sales. Here, seat erosion should have continued (eNuW: -4% to 631k) on subdued order intake and churn. Prolonged decision cycles on larger customer projects and continued investment reluctance among enterprise customers are additionally weighing on the top-line.

By contrast, profitability moved the right way as Q2 adj. EBITDA of EUR 2.6m implies a margin of 12.5%, up 4.3pp sequentially from 8.2% in Q1, as the cost measures under NFON Next 2027 are seen to bite. For H1, this leaves sales down 3.8% yoy at EUR 42.5m and adj. EBITDA down 22.8% at EUR 4.4m (margin -2.6pp yoy at 10.3%).

The revised guidance sees sales at EUR 84.5-86.0m or -4.3% at mid-point (old: low-to-mid single-digit growth) and adj. EBITDA at EUR 9.5-10.5m (old: > EUR 12m). Backing out H1, this implies H2 sales of EUR 42.0-43.5m, i.e. a 3.0-6.4% yoy decline, and adj. EBITDA of EUR 5.1-6.1m (margin: 12.1-14.0%). The updated outlook hence pushes the return to growth that management had previously expected from Q3 onwards.

AI traction remains the decisive lever, albeit off a still small base. Recurring revenues in Intelligent Assistant and Customer Engagement developed 'clearly positively' according to management. Together, the two accounted for c. 10% of sales as of Q1 while growing at a low-double-digit rate (eNuW), which is encouraging in itself, but not enough to offset the decline in the core. As a result, we now expect the crossover, at which AI-driven growth outweighs the core decline, to arrive later than previously assumed.

Action: We cut our FY26e estimates to sales of EUR 85.4m and adj. EBITDA of EUR 9.5m and take FY27 down respectively. Reaccelerating sales growth, faster AI monetisation and a normalisation in enterprise capex would come as upside.

At 6.9x FY26e EV/adj. EBITDA the shares are not optically cheap, yet with a >90% recurring revenue base, rising ARPU, positive FCF and a near-unlevered balance sheet, we still regard the the risk/reward as attractive from here.

BUY with a reduced PT of EUR 5.00 (old: EUR 8.30), based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=7001ba79d6e99de609d8906a6109ca29 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=614aa6b8-97a8-11f1-8534-027f3c38b923&lang=en

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

2382948 14.08.2026 CET/CEST

°

Quelle: dpa-Afx