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

10.11.2026 / 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 4.90 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald

Final Q3 offers no surprises

Following the guidance cut from 21 October and the preliminary sales and EBITDA figures, the weak Q3 published by QBY yesterday did not come as a surprise. To recap, Q3 sales declined 1.1% yoy to EUR 43.2m, as Consulting growth (+13.2% yoy to EUR EUR 17.3m) could not fully offset persisting Managed Services weakness (-8.8% to EUR 25.8m). The newly acquired GITG should have contributed some EUR 1.5m (eNuW) in its first c. 2 monhts of consolidation to Consulting, putting organic segment growth at 3.4%. The main organic driver was an S/4HANA transformation mandate from Vitakraft.

More interesting is the quality of the EBITDA of EUR -7.1m. Of the EUR 9.5m special items, EUR 7.3m are non-recurring (restructuring, internal S/4HANA project, licences, Romania), while the EUR 2.2m of variable compensation were merely pulled forward from Q4, which also explains the correction of the prelims on 29 October. Adjusted for both, Q3 EBITDA stood at EUR 2.4m (eNuW), compared with only c. EUR 0.4m in Q3 25 excluding the Plusnet gain. With adjusted COGS of c. EUR 34m (Q3 25: EUR 36.3m), the cost measures already seem to bite.

The main issue remains Managed Services as price pressure persists in both new business and renewals. The adj. Q3 gross margin of 12% (vs 20% target) should be mainly seen as a volume problem given the largely fixed cost base. While OI turns points to the turn with the Q3 figures (EUR 49.7m) almost matching H1, 9m book-to-bill still stands at only 0.8x and new contracts usually take c. 6 months to ramp up, i.e. top-line effects should become visible only in FY27e. Positively, management told investors during the cc, that the Fressnapf renewal, one of QBY's largesst customers, is about to be signed.

The FY guidance now implies EUR 0-2m EBITDA in Q4 (eNuW: EUR 1.7m), which looks achievable given the seasonally strong Q4 and the relief from the variable compensation. However, the bridge for the EUR 8m mid-point cut remains less comforting, as it is unrelated to the restructuring. Management now attributes EUR 3m to pipeline shifts into FY27, with the the rest explained by one-off licence and internal S/4HANA costs (EUR 4m) as well as largely one-off staff expenses incl. the Romania ramp-up (EUR 1m).

That said, our view has not shifted since our last update two weeks ago: the story lacks a catalyst at the moment, and a likely withdrawal of the FY28 targets could work in the opposite direction. On the other hand, we continue to see significant potential in the company, which in our view should be able to achieve EBITDA margins of c. 10%. Raising data centre utilisation to 80% alone would generate c. EUR 2.5m of EBITDA on sales of c. EUR 4m (eNuW). On top of this come the savings from the restructuring programme. Q1 27 should therefore be the first reality check, as it will show whether the measures are taking effect. BUY, unchanged EUR 4.9 PT based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=195db31c59edfd8d53788ce2b2ed79d1 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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2431332 10.11.2026 CET/CEST

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Quelle: dpa-Afx