Original-Research: ASMALLWORLD AG (von NuWays AG): BUY

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Original-Research: ASMALLWORLD AG - from NuWays AG

08.04.2026 / 09:00 CET/CEST

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Classification of NuWays AG to ASMALLWORLD AG

Company Name: ASMALLWORLD AG

ISIN: CH0404880129

Reason for the research: Update

Recommendation: BUY

Target price: CHF 2

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

FY25 figures out, new CEO driving transformation; chg.

FY25 sales reached CHF 19.1m, down 9% yoy due to the absence of significant

one-off sales generated from low-margin event-related activities; Services

business -38% yoy to CHF 3.8m while Subscription sales were up 4% to CHF

15.2m thanks to the growing number of paying members despite the

introduction of free entry membership. A refocus on profitable services

(margin over sales) further impacted the group's top-line development.

EBITDA amounted to CHF 0.9m, broadly in line with guidance. The absolute

number is down from CHF 1.4m in 2024. Cost discipline was real: the company

conducted a comprehensive review of its activities, exiting non-core and

unprofitable projects and streamlining its organisational structure, which

also resulted in headcount reductions to lower the operating cost base going

into 2026. Related one-off expenses amounted to roughly CHF 0.4m.

Beyond the numbers, two strategic pillars stand out. First, B2B

distribution: new airline partnerships with Cathay Pacific and Turkish

Airlines were added alongside a global alliance with Klarna, which now

integrates ASW to provide curated travel and lifestyle benefits to its

cardholder and membership offerings. These deals are meaningful because they

address ASW's historically high cost of member acquisition by embedding the

brand within existing high-affinity ecosystems.

Second, ASW launched a multi-year data and AI transformation programme

focused on enabling more efficient, data-driven operations, supporting more

targeted member acquisition, engagement and cross-selling but also driving

cost efficiencies.

Strengthened community engagement. 952 events were hosted worldwide in 2025

versus 864 in 2024 and the ASW Collection hotel booking platform grew to

nearly 1,800 hotels globally with member bookings up over 15%.

Improved balance sheet. The company reduced debt by 25%, to CHF 2.4m. Over

two years, ASW has now eliminated the vast majority of its legacy debt

burden. With a lean balance sheet and a tighter cost structure, ASW is

heading into 2026.

FY26 outlook. Management's FY26 guidance is notably conservative and signals

a deliberate pivot from growth-at-any-cost to profitable monetisation.

Memberships are expected to reach 135-140k, an increase of 12-15%, while

total revenue is projected at CHF 17.5-19.5m, flat to down yoy. EBITDA is

guided at CHF 0.9-1.1 million suggesting margin stability as cost reductions

offset continued investment.

All in all, new CEO seems to tackle the right levers to foster a sustainable

turnaround in growth and profitability. Against this backdrop, we reiterate

BUY with a new PT of CHF 2.00 (old: CHF 2.50), based on DCF. - change of

analyst -

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=4cb20eb83deef3a4c1803df1a4a223a3

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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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.

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2304624 08.04.2026 CET/CEST

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