Original-Research: NFON AG – from NuWays AG 27.02.2026 / 09:00 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. ————————————————————————— Classification of NuWays AG to NFON AG Company Name: NFON AG ISIN: DE000A0N4N52 Reason for the research: Update Recommendation: BUY Target price: EUR 8.7 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Solid Q4 caps of difficult FY25; Chg. Topic: Yesterday, NFON released a solid set of preliminary FY25 figures, slightly overshooting the latest guidance on the bottom-line. Moreover, management provided an outlook for FY26. In detail: Implied Q4p sales were largely flat (+0.2% yoy) at EUR 23.1m, thus ahead of the EUR 22.2m eNuW. The slight growth was mainly supported by the contribution of botario and initial AI project sales, while the core cloud PBX business remained impacted by subdued seat development (-2.7% yoy to 647k). The latter is largely due to still prolonged sales cycles and persisting headwinds causing temporarily increased churn. Positively, FY blended ARPU came in at EUR 9.91 (FY24: EUR 9.89), indicating the gradually improving mix. Recurring sales in Q4 slightly declined by 1.2% to EUR 20.2m (eNuW: EUR 20.7m), hence accounting for 87.6% of Q4 sales (92.1% of FY sales), underpinning revenue visibility into FY26e. Q4p adj. EBITDA came in at EUR 3.1m (eNuW: EUR 2.9m; EUR 2.9m reported), matching the Q4’24 figure. The implied margin was 13.4% (+0.2pp yoy). Thanks to this, the FY25p EBITDA of EUR 12.6m (+2.4% yoy) slightly exceeded management’s recent outlook of EUR 11.5-12.5m and is reflecting ongoing efficiency gains despite the tough ITC macro environment. For FY26, management provided a new outlook, targeting sales growth in the low to mid single-digit percentage range and adj. EBITDA of > EUR 12m (eNuW new: EUR 12.3m). We regard this as reasonable given the continued market uncertainty, while the improved mix thanks to recently launched AI features should drive ARPU and hence sales growth (eNuW: +5.3% yoy). Despite the rather muted FY25 operating performance, we appreciate the tangible process of the company, positioning NFON as a European AI-enabled communications provider with solutions like Nia. This should move the company beyond pure cloud telephony towards higher value use cases, overall enhancing the product offering and allowing for sizeable up-selling potential. Overall, the preliminary figures confirm that NFON remains operationally stable and strategically on track, even if a material growth reacceleration is still pending. Given a valuation of 6.2x FY26e EV/adj. EBITDA, the risk/reward profile remains attractive. Reiterate BUY with a new PT of EUR 8.70 (old: EUR 11.10) based on DCF. You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=49f4d7e339708b2f922aa6479f0b8296 For additional information visit our website: https://www.nuways-ag.com/research-feed Contact for questions: NuWays AG – Equity Research Web: http://www.nuways-ag.com Email: [email protected] 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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++ ————————————————————————— The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=a5bb8259-13ae-11f1-8534-027f3c38b923&lang=en ————————————————————————— 2282604 27.02.2026 CET/CEST
