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

06.05.2026 / 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 q.beyond AG

Company Name: q.beyond AG ISIN: DE000A41YDG0

Reason for the research: Update Recommendation: BUY Target price: EUR 5.9 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald

Q1 preview: Soft start but case remains intact; Chg.

QBY will release its Q1'26 figures next Monday. Given the still challenging macroeconomic and geopolitical environment weighing on IT spending across the German Mittelstand, we expect a soft quarter with both revenues and EBITDA declining yoy. While this is unsurprising in the context of ongoing demand headwinds and planned investment activity, we continue to view the FY targets as achievable.

Revenue decline driven by Managed Services base effect. Q1 revenues are set to decline 4.5% yoy to EUR 44.3m (eNuW), primarily driven by the absence of around EUR 3m in one-time license revenues still booked in Q1/25 prior to the billing model transition. Organically, the MS segment continues to face headwinds from a cautious IT spending environment, with long-duration contract closures remaining delayed and pricing adjustments still required in parts of the portfolio. The Consulting segment should partially offset this, with low single-digit yoy growth expected (eNuW: 2%), supported by continued utilization improvements and a near- and off-shoring ratio now at 20% (vs 3% in FY23), a structural margin tailwind set to continue toward the mid-term target of 30%.

EBITDA step-back reflects investment phase. We estimate Q1 EBITDA of EUR 1.7m (Q1'25: EUR 2.3m), implying a margin of 3.8%. Gross profit will be burdened by the weaker MS revenue development. Ongoing investments in agentic AI capabilities running ahead of corresponding revenues are seen to be a further temporary margin drag. Additionally, M&A-related legal and advisory costs may have weighed on opex, as management is actively progressing on inorganic growth opportunities. Mind you, we expect at least one acquisition to be announced in FY26 (eNuW), with healthcare and energy as the key target verticals.

Recovery path and investment case intact. Despite the expected Q1 softness, we expect a meaningful improvement through the year, driven by progressive data center capacity monetization, early agentic AI revenue contributions and a continuing improvement in the delivery mix. Management's FY26 guidance of EUR 182-190m in sales (eNuW: EUR 183m) and EUR 10-16m in EBITDA (eNuW: EUR 11.2m) should remain unchanged, with the lower end representing a macro stress scenario, in our view. With 72% recurring revenues, long contract durations of 3-5 years, a net cash position of EUR 35m and an undemanding valuation of 5x FY26e EV/EBITDA, underpin the attractiveness of QBY.

The stock hence remains a BUY with a new PT of EUR 5.90 based on DCF. Stock is removed from our NuWays Alpha List due to the continued short-term headwinds.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=30210e54fc47ad482b42e192b28e5370 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. ++++++++++

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2322080 06.05.2026 CET/CEST

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Quelle: dpa-Afx