^ Original-Research: THE NAGA GROUP AG - from NuWays AG

19.12.2025 / 09:31 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 THE NAGA GROUP AG

Company Name: THE NAGA GROUP AG ISIN: DE000A41YCM0

Reason for the research: Preview / Review Recommendation: BUY from: 19.12.2025 Target price: EUR 9.50 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow

Guidance cut due to subdued market conditions; chg

Earlier this month, NAGA cut its FY25 guidance as a result of ongoing subdued market conditions.Further, the company announced the implementation of a reverse stock split. Here is what isimportant:

NAGA cut its sales outlook to EUR 62-66m from EUR 74m previously (vs EUR 63m in FY24). We hadalready anticipated a shortfall of the guidance (eNuW old: EUR 70m), but the magnitude was a bitsurprising. The main reason for the muted outlook was according to management the persistently lowvolatility throughout 2025. Mind you, that volatility is usually the main driver of number of transactionsand hence volumes. Due to the ongoing low volatility, number of transaction fell short of expectationsand should now come in at only 7.6m (eNuW; vs 7.6m in FY24 vs eNuW old: 8.3m). Assuming thatrevenues per transaction remain rather stable, we now expect sales to come in at EUR 64m.

EBITDA guidance is cut to EUR 3-6m from EUR 12m (vs. eNuW old: EUR 10m, vs EUR 8m in FY24). Positively, the cost base remained stable and largely aligned with planned strategic initiatives within 2025.Hence, EBITDA is primarily affected by the adjusted sales guidance.

Initially, we had expected meaningful growth in 2025 after the transition year 2024 was mainlycharacterized by integration, automation and efficiency processes. This expectation was based onthe restart of the company's growth engine in early 2025, supported by measures such as thecooperation with BVB (Q4'24) and with Mike Tyson in (Q1'25). Still, we expect the measures bearingfruit once volatility is normalizing again. Nevertheless and in order to take a conservative stance, weslightly trimmed our estimates also for FY26 to EUR 70m in sales (vs eNuW old: EUR 79m) and to EUR 9.5m inEBITDA (vs eNuW old: EUR 14.9m).

In addition to the guidance cut, management implemented a reverse stock split at a ratio of 10:1. Given that the share price had fallen well below EUR 1, this step was appropriate to bring the share priceback into a more "normal" range. A higher nominal share price should also help improve marketperception and liquidity. Moreover, with the share price now above EUR 1, capital measures are onceagain technically possible.

BUY with a reduced PT of EUR 9.50 based on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=855feca6c1d386b4d74b425222028fa6 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++

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2249114 19.12.2025 CET/CEST

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Quelle: dpa-Afx