Original-Research: Emerald Horizon AG (von NuWays AG): BUY

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Original-Research: Emerald Horizon AG - from NuWays AG

09.09.2026 / 09:00 CET/CEST

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Classification of NuWays AG to Emerald Horizon AG

Company Name: Emerald Horizon AG

ISIN: AT0000A3UZE1

Reason for the research: Update

Recommendation: BUY

Target price: EUR 1,300

Target price on sight of: 12 months

Last rating change:

Analyst: Jorge Gonzalez

ADES Test Loop with VDL moves into execution

First project-specific ADES agreement strengthens industrialisation path.

Emerald Horizon (SMRX) yesterday officially kicked off the Test Loop

programme for ADES, Emerald's accelerator-driven subcritical SMR, together

with industrial partner VDL Groep at its LaboraTHorium in Graz. Importantly,

the parties signed a project-specific agreement for the Test Loop under

their long-term framework covering the development of ADES and TESS, marking

the first project-specific agreement for an ADES Loop under the broader

cooperation framework. The megawatt-scale Loop will now be developed with

VDL in Eindhoven as a further step towards the fully integrated ADES

prototype targeted for 2029.

Testing and industrial design now progress in parallel. Following four

previous Loop generations developed and tested by Emerald in Graz, the new

megawatt-scale Loop represents the first Loop programme undertaken together

with industrial partner VDL. Building on the results of the previous

iterations, the programme will further validate the interaction of key

fluid-thermodynamic components and systems, including the pump, molten-salt

circulation, piping, heat exchanger, instrumentation and controls, while VDL

incorporates the resulting engineering findings into the design. The

objective is therefore not only further system validation, but also to

translate Emerald's development work into an industrially manufacturable and

scalable design.

VDL involvement extends into co-development and industrialisation. While

Emerald retains system leadership and reactor-physics development in Graz,

VDL will contribute engineering, manufacturing, assembly and supply-chain

expertise in Eindhoven. According to management, VDL will also commit its

own resources to the programme, reflecting its involvement from the

development stage. Importantly, involving VDL's manufacturing specialists

already during design should incorporate manufacturability and scalability

from the outset, while using VDL's existing industrial infrastructure

supports Emerald's asset-light industrialisation strategy.

Roadmap unchanged; execution now key. The current Test Loop is expected to

run for c. 12-18 months (eNuW), with a further Loop expected ahead of the

fully integrated ADES prototype targeted for 2029, followed by industrial

serial production from 2031. Hence, yesterday's kick-off does not change our

financial estimates or ADES deployment assumptions. However, the transition

from the broader VDL cooperation framework into project-specific execution

represents an important development and industrialisation milestone, with

successful Loop validation expected to further de-risk the development path.

We reiterate BUY with an unchanged EUR1,300 PT. ADES remains the main source

of SMRX's long-term value potential. In our view, successful execution of

the Test Loop should progressively increase confidence in the development

roadmap towards the fully integrated prototype and subsequent

industrialisation.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=96430996b63802bd14007e5503b67982

For additional information visit our website:

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

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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2396194 09.09.2026 CET/CEST

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