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

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

07.04.2026 / 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: Christian Sandherr

Blockbuster Q4 results closed FY25 on a high note

Q4 revenue soared by 267% yoy to EUR 12m (eNuW: EUR 11.8m), due to recovering

customer demandfrom bus manufacturers in North America and Karsan. EBITDA

doubled to EUR 5.1m from EUR 2.5m inthe previous Q4, based on higher

profitability within the orders processed. This led to an excellentEBITDA

margin of 42.5%, which we view as partly driven by customer-specific,

urgency-relatedpricing and therefore not fully indicative of the sustainable

run-rate.

FY25 revenue rose by 67.5% yoy to EUR 28.3m (eNuW: EUR 28.1m), due to the

significant demandacceleration in Q4, meeting the guidance of EUR 28m to EUR 35m.

The positive EBITDA of EUR 7.5m(eNuW: EUR 5.1m) showed a marked improvement over

EUR -3.6m a year prior. The implied EBITDAmargin came in at 26.4%, largely

driven by improved procurement efficiency and the positive one-offeffects in

Q4.

LION made significant progress in its turnaround. The Operating CF improved

considerably fromEUR -8.9m in FY24 to EUR 7.7m. Total debt was reduced by

approx. EUR 6.8m (eNuW) through theconversion of convertible bonds held by

shareholders into equity. This strengthened the equity ratiofrom 22.0% in

FY24 to 38.1% in FY25.

Mobility: In FY25, utilization of its state-of-the-art factory improved as

demand strengthened. Initialdeliveries of the new NMC+ battery packs

commenced in Q4. With a maximum annual productioncapacity of approximately

40k battery packs still largely underutilized, the company is well

positionedto support the continued ramp-up of the NMC+ rollout in FY26e.

Given the product's superiortechnological profile, we expect a broad

transition of existing customers to NMC+, alongside a likelyexpansion of the

customer base.

Storage: In April 2025, LION formed its strategic partnership with

LeapEnergy, which gave LIONaccess to assembled BESS solutions. Now offering

one-stop-shop solutions (product, integration andafter-market services),

LION can successfully address the rapidly emerging energy storage market.

The total project pipeline of >7.5 GWh (not signed yet), represents revenue

potential of EUR 280m(eNuW) at low double-digit EBITDA margins (eNuW: 10-12%).

Installation on its first grid-scaleproject in Germany (20 MW/h) with

potential sales of EUR 750k (eNuW) is scheduled for Q1 2026.

Looking to FY26e, revenue is projected to grow by approx. 30% to EUR 36.4m

(eNuW), driven bystrong mobility product momentum and opportunities in

storage opening up with new partnershipsformed in 2025. FY26e guidance:

revenue of above EUR 35m. With a rising storage contribution in theproduct

mix, we anticipate lower margins (15.6% vs. 26.5%). EBITDA is expected to

normalize to EUR5.7m (eNuW) following a stronger one-off contribution in FY25.

FY26 guidance: strongly positive EBITDA.

With achieving sustainable cash generation in FY25 under ongoing cost

control efforts and improvedprocurement, the company should continue to

gradually turn the balance sheet around as it scalesup. Maintaining BUY with

an unchanged EUR 3.20 PT, based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=816b381fde8d649ecbe850c6df139983

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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2303960 07.04.2026 CET/CEST

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