LION E-Mobility FY25: Significant progress on balance sheet de-risking - NuWays AG Research
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LION E-Mobility FY25: Significant progress on balance sheet de-risking - NuWays AG Research

Yesterday, LION released its full year report for 2025. While its operating performance had already been indicated by preliminary figures, further details confirmed a successful rollover of a majority of the company's debt.

Revenue rose by 67.4% yoy to € 28.3m (eNuW). Customer demand came in stronger throughout the year. Additionally, customers pre-stocked on battery packs from the previous generation ahead of the NMC+ products in the mobility segments, on account of which Q4 revenue came in significantly accelerated. EBITDA turned positive, with € 6.5m significantly ahead of € -3.6m in the previous year, given commercial momentum strengthening. The overall margin came in at 22.8%. LION generated a net profit of € 2.3m. The improvements put the result considerably ahead of the previous year's loss of € 6.6m.

LION confirmed its guidance of more than € 35m in sales and a strongly positive EBITDA. As outlined above, we expect a significant pick-up of commercial activity from H2 2026 onwards, reflecting in our projections of € 36m (eNuW) in sales for FY26e and € 5.7m (eNuW) in EBITDA. Hence, we reiterate our BUY recommendation at € 3.2, according to DCF.
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