^ Original-Research: Nynomic AG - from NuWays AG

06.11.2026 / 09:01 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 Nynomic AG

Company Name: Nynomic AG ISIN: DE000A0MSN11

Reason for the research: Update Recommendation: BUY Target price: EUR 30 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr

Q3 prelims: OI at multi-year high; top end of guidance in reach

Topic: Nynomic released preliminary 9M figures, showing accelerating top-line growth, a further step-up in profitability and a sharply expanded order backlog. In detail:

Growth accelerates for the third quarter in a row. 9M sales rose 16.2% yoy to EUR 75.4m (eNuW: EUR 72.7m), implying Q3 sales of EUR 27.7m, up 21.5% yoy. Growth has thus picked up every quarter this year (Q1: +8%, Q2: +18%, Q3: +21%). Main drivers were the broad customer and application base in semiconductors, gas measurement technology for energy infrastructure and continued strong demand across the Clean Tech segment (67% of FY26e group sales).

Turnaround now fully visible in the margin. 9M EBIT came in at EUR 4.9m (9M 25: EUR -1.5m), a 6.5% margin. Stripping out H1 (EUR 1.8m), Q3 EBIT stood at EUR 3.1m, equal to an 11.2% margin (eNuW: 8.3%). This compares to 6.7% in Q2 and roughly breakeven in Q1. Two factors are at play: first, the fixed-cost base was cut sustainably through last year's NyFIT programme (c. EUR 5 m annual savings), so additional volume now drops through at high incremental margins. Second, the large semiconductor orders typically carry above-average margins, lifting the product mix.

Order intake outpaced sales. Backlog rose to EUR 77.3m, +59% yoy and +22% qoq (H1 26: EUR 63.5m), implying Q3 order intake of c. EUR 41.5m (+49% yoy) and a book-to-bill of c. 1.5x, after 1.3x in Q2. The order book has thus grown in every quarter of 2026, reaching the highest level since Q2 2023, confirming that the demand recovery is broad-based rather than driven by single large tickets.

LayTec: a picks-and-shovels play on AI optics. Subsidiary LayTec supplies in-situ metrology for MOCVD reactors, monitoring layer growth in real time during epitaxy to lift yields in GaN and InP production. As an OEM sub-system in Aixtron's reactors, it follows Aixtron shipments with a short lag. Aixtron's Q3 order intake more than doubled to EUR 275m on AI-driven demand for InP optical components, with larger laser system deliveries just ramping up. This should support LayTec volumes well into 2027.

Upper end of guidance well within reach. Management confirmed FY26 guidance of EUR 100-105m sales and a 6-8% EBIT margin, but now sees the upper end of both ranges as well achievable. We share this view. Reaching the upper ends requires Q4 sales of EUR 29.6m (+7% yoy) and EBIT of EUR 3.5m (11.8% margin), i.e. broadly a continuation of the Q3 run rate. Mind you, Q4 is traditionally the strongest quarter of the year, as customers pull deliveries into year-end.

Well positioned for 2027 and beyond. Assuming demand stays strong in Q4, Nynomic should enter 2027 with a well-filled order book, setting the stage for another strong year but also mid-term. Besides LayTec, tec5 (spectrometer modules for semiconductor metrology OEMs) and Avantes (global no. 2 in fibre-optic spectrometers) also give the group meaningful semiconductor exposure, positioning it for an extended capex cycle in the sector. Together with energy infrastructure and recovering MedTech demand, we model a 10.5% sales CAGR (2025-28e). As the semiconductor business carries above-average margins, the mix shift should keep lifting profitability (eNuW: 13.2% EBIT margin by 2028e). BUY with an increased EUR 30 PT (old: EUR 28) based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=7f5d68c9f792312fc768eeecb31d1391 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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2429684 06.11.2026 CET/CEST

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Quelle: dpa-Afx