Fit Group: H2 to show significant acceleration; chg. est. - NuWays AG Research
FIT GROUP published its H1 figures together with a Q3 trading update. H1 was dominated by the IPO, but sales have accelerated sharply since the listing and management confirmed its FY26 targets.
ANNONS
H1 sales up strongly, result burdened by IPO costs. Sales came in at € 608k (+24% yoy). Operating costs of € 461k, personnel costs of € 289k and one-off IPO costs of € 220k led to a loss of € 361k, or € 141k excluding the IPO.
Outlook: The confirmed guidance of € 3.6m (+156% yoy) implies Q4 sales of € 1.6m, only 13% above Q3, with October planned at € 450k, 44% below September. Management expects a strong and profitable Christmas business, for which it invested upfront. With a gross margin of some 65%, H2 sales of c. € 3m should be sufficient to put the group into the targeted profitability range.
Growth prospects rest on broader retail distribution. EURES, Utz Lebensmittel and the deeper cooperation with MediaMarktSaturn widen retail access; sell-through and re-orders are the key data points from here. Further triggers are the planned central listing of TUNNELBLICK caffeine pouches after test markets at REWE and EDEKA, and a longevity product line due in 2027. AI in logistics and customer support should allow scaling without a matching rise in headcount, while higher purchasing volumes support margins.
While we raise our growth estimates for the next years and the PT (from € 13.50 to € 16), we downgrade our rating to SELL (old: BUY) purely as a result of the significant share price performance since the IPO (roughly +235%).
