^ Original-Research: SMAG Mobile Antenna Masts AG - from NuWays AG

01.10.2026 / 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 SMAG Mobile Antenna Masts AG

Company Name: SMAG Mobile Antenna Masts AG ISIN: DE000A42FR12

Reason for the research: Update Recommendation: BUY Target price: EUR 47 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller

Output growth accelerates as orders firm up

Q2 output growth accelerated. Total output rose 31% yoy to EUR 10.3m (eNuW: EUR 9.5m), following 11% yoy growth in Q1. Sales increased 4% yoy to EUR 6.2m; the difference reflects a build-up of work in progress ahead of delivery and customer acceptance in H2. Importantly, SMAG obtained its first industrial customer approval on a TaWAN system at the end of June. These milestones show the production ramp progressing well overall, in our view.

Adj. EBIT amounted to EUR 0.2m (Q2 25: EUR 1.1m), corresponding to a 1.9% margin. Earnings reflect investment in staff, with headcount up 47% yoy, and production capacity ahead of higher delivery volumes. Continued work on lower-margin legacy projects also weighed on profitability. Project mix is seen to improve as higher-margin programmes gain weight and lower-margin legacy work gradually winds down. Favourable H2 seasonality should lift deliveries and customer acceptances, and the higher volumes are expected to generate operating leverage. Together, these effects look set to support a marked margin recovery in H2.

Order conversion from frame-to-fixed is gaining pace. Yesterday, SMAG signed a EUR 70m contract with a European defence prime, moving the volume from frame to fixed backlog. The contract covers deliveries with revenue recognition planned from 2028 to 2035, strengthening visibility beyond the current production ramp. Fixed backlog had already risen c. 30% from EUR 140m at YE25 to EUR 182m at end-June, supported by a EUR 34m order for deployment on NATO's eastern flank. A further EUR 6m service order signed this week adds evidence of demand from the installed base. Total backlog remained at c. EUR 1.4bn at end-June.

Further order catalysts lie ahead. The company already pointed to a possible EUR 150-200m air defence programme order, with signing around the turn of the year. Moreover, we expect the optional TaWAN volumes to be called-off later in 2027.

SMAG reiterated its FY26 guidance of EUR 55-60m total output and a 19-21% adj. EBIT margin. Achieving it requires a pronounced H2 ramp, consistent with the project-driven timing of deliveries and customer acceptances. TaWAN, the eastern-flank programme and better utilisation of the expanded production base are set to drive that step-up. Beyond 2026, the planned expansion of the Salzgitter facility should create room for materially higher volumes.

Accelerating output points to progress in executing existing orders and recent contract signings increase the fixed backlog and strengthen visibility on future growth. At c. 12x 2027e earnings (eNuW), the shares offer an attractive risk/reward. BUY, PT EUR 47, based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=dae30174da6dd02cd6c493242481d3ee 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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2408356 01.10.2026 CET/CEST

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Quelle: dpa-Afx