Anchorcore Q2 26: Profitability in equity stake learnd strengthened further - NuWays AG Research
Wednesday, AnchorCore SE (formerly learnd SE) published its H1 26 report, along with a commercial update on its 49.5% equity stake learnd UK and Ireland.
ANNONS
learnd UK and Ireland sales broadly in line with expectations. Sales slightly declined by 2.9% yoy to € 33.2m (eNuW: € 34m), with € 16.4m attributable to Q2.
learnd UK and Ireland profitability strengthened. The adj. EBITDA came in significantly strengthened by 39.1% yoy at € 4.2m (eNuW: € 5.1m), compared to € 3m in H1 25. The adj. EBITDA margin expanded by 3.7pp to 12.5% in H1 26. However, this was largely attributable to the strong margin mix on high activity levels in Q1, while the temporary deceleration in project-based sales was accompanied by a lower-than-anticipated margin mix resulting in an adj. EBITDA margin of 7.9%.
Based on the sum-of-the-parts approach, containing the 49.5%-stake in learnd UK and Ireland, the Net Cash base reduced by the operating costs to € 0.3m (eNuW) and a holding discount of 10%, we confirm BUY at a PT of € 4.6.
