^ Original-Research: q.beyond AG - from NuWays AG

24.03.2026 / 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 q.beyond AG

Company Name: q.beyond AG ISIN: DE000A41YDG0

Reason for the research: Update Recommendation: BUY Target price: EUR 6.5 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald

QBY puts out upbeat 2028 targets; chg.

Yesterday, QBY presented its "Strategy 2028", marking a pivotal shift in the investment narrative from a pure margin recovery story to a structured growth case. In detail:

For FY28, management targets EUR 250m in sales and a ~10% EBITDA margin (1.8x implied FY28 EV/EBITDA). The building blocks for these, in our view bullish, targets are a c. 5% organic sales CAGR, AI-driven upside and targeted M&A. This is underpinned by three strategic pillars:

Industry focus driving margins. Going forward, QBY intends to deepen its strongholds in logistics (EUR 25m of FY25p sales) and retail (EUR 50m), while entering healthcare and energy via M&A. Both new verticals currently feature fragmented IT landscapes and high regulatory complexity, thus posing a fertile ground for sovereign platforms like QBY's. The M&A filter is disciplined, targeting companies with >10% EBITDA margins. While the strategic logic is sound, execution remains unproven . Encouragingly, management reiterated on the call that capital discipline takes precedence over deal velocity, even after having passed on several transactions last year on valuation grounds. A reassuring signal given the EUR 42m net cash position. Overall, M&A is expected to contribute c. EUR 20m towards the FY28 revenue target, with at least one deal anticipated in FY26 (eNuW). Note that future inorganic growth is not reflected in our estimates.

Top-line acceleration via AI orchestration. QBY is currently in the midst of transforming into a sovereign AI orchestrator for the German Mittelstand, building and operating industry-specific agents on its BSI-certified German data centre infrastructure. In our view, this is the most value-relevant pillar and it appears more tangible than typical AI strategy slides. The company already has a handful of paying external AI clients, is confident of reaching 20 by YE, and already has >300 agents deployed. The commercial model targets EUR 100-300k in recurring Managed Service sales per customer, with setup and development fees on top. The sovereign positioning creates a genuine moat against hyperscalers in the Mittelstand. However, the key open question is how quickly the recurring revenue share builds up, as the consulting-heavy early phase will be margin-dilutive before it inflects. Management targets >60 enterprise clients by FY28, translating into c. EUR 20m in AI revenues. We view this as ambitious and position ourselves more conservatively (eNuW: EUR 10m), preferring to see further tangible progress first.

Internationalisation. Nearshore hubs in Spain and Latvia are aimed to be converted into active sales hubs, targeting 10% international revenue share by FY28 vs. 3% today. This would pose a significant diversification away from the stagnating German market, though the financial impact remains comparably modest relative to the other two pillars.

Besides that, management targets FY26 sales of EUR 182-190m and EUR 10-16m, implying further margin expansion progress at mid-point. CEO Rixen confirmed on the call that the lower end represents a pure macro stress scenario and not a strategic investment drag, leaving the underlying margin trajectory intact.

That said, valuation remains highly undemanding, as shares are trading at only 3.0x FY26e EV/EBITDA. BUY, new PT of EUR 6.50 (post capital reduction) based on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=7fb61dfb3bcbd02668aec4e49e05d4a7 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. ++++++++++

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

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=691a2cd5-2751-11f1-8534-027f3c38b923&lang=en

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

2296380 24.03.2026 CET/CEST

°

Quelle: dpa-Afx