Original-Research: LION E-Mobility AG (von NuWays AG): BUY

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Original-Research: LION E-Mobility AG - from NuWays AG

28.05.2026 / 09:00 CET/CEST

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Classification of NuWays AG to LION E-Mobility AG

Company Name: LION E-Mobility AG

ISIN: CH0560888270

Reason for the research: Update

Recommendation: BUY

Target price: EUR 3.2

Target price on sight of: 12 months

Last rating change:

Analyst: Sarah Hellemann

First BESS containers on the ground in Germany

Yesterday, LION announced its first delivery of BESS containers to

Finsterwalde (Eastern Germany). Here are the next steps and what this means

for group's Storage business in detail:

Timeline on first construction phase specified. First containers were

already delivered to the location of project developer Renoc GmbH. A LION

Smart team is at the site and has started the next step of grid connection

works. Now pending grid approval, commissioning is planned for July on 5 MW

installed capacity and storage capacity of 20 MWh (eNuW: total project value

EUR 750k, prepayments received Q4 2025).

Second construction phase planned for early 2027. For the same project, a

further expansion to 15 MW installed power and 40 MWh storage is intended to

follow early next year (eNuW: project value EUR 1.5m). A partial advance

payment is anticipated for the second half of 2026. This clearly supports

our view of rising BESS sales volumes in H2 2026 (eNuW).

LION in advanced talks for further customer signings. As highlighted in the

Q1 earnings announcement, LION is currently negotiating further concrete

deals from its 7.5 Gwh project pipeline (not yet signed), which has a total

revenue potential of some EUR 280m, in our view.

Impact on Storage: While the short-term impact on the group's P&L is rather

limited, the project validates one of the mid-term growth pillars of LION.

The pent-up demand for storage solutions in Europe is significant while the

bottleneck is clearly grid connection approvals. Once this eases, LION's

Storage business looks set to meaningfully contribute to group earnings.

Looking ahead, we continue to expect LION to deliver on its FY26 guidance of

more than EUR 35m sales (eNuW: EUR 36m) and a strongly positive EBITDA (EUR 5.7m),

mainly driven by the ramp-up of the new NMC+ production, which is supported

by several key customers already having placed orders but also a stronger H2

for Storage.

We confirm our BUY rating with an unchanged EUR 3.2 PT, based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=8b94337e5b36d2c7ead1154e44357801

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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2334758 28.05.2026 CET/CEST

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