Nanorepro: Preliminary H1'26 revenue beats expectations; chg. est. & PT - NuWays AG Research
Yesterday, NanoRepro AG published its consolidated preliminary H1'26 revenue while also highlighting a key milestone from its systematic full internal review process.
ANNONS
Raising our FY26 top-line estimate. Given the strong H1 contribution and typical H2 seasonality, noting that the warm June likely pulled some sun-care demand into H1, we raise our FY26 sales estimate to € 18.8m (eNuW old: € 17.6m). At the same time, the substantial process optimization efforts are seen to add c. € 0.5m in personnel and € 0.25m in other operating expenses. While this slightly compresses the FY26 EBITDA margin by 0.3pp to -0.8% (eNuW), the improved set-up looks strategically important to enable rapid combined scaling of NanoRepro, Paedi Protect and DKW/newkee going forward. FY26 EBITDA is hence projected at € -0.1m (eNuW), still markedly improved from € -1.7m in FY25. The audited FY25 accounts follow on 30 July.
Maintaining BUY at a raised PT of € 4.4 (previously € 4.3), based on DCF.
