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

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Original-Research: NFON AG - von NuWays AG

21.08.2026 / 09:00 CET/CEST

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Einstufung von NuWays AG zu NFON AG

Unternehmen: NFON AG

ISIN: DE000A0N4N52

Anlass der Studie: Update

Empfehlung: BUY

Kursziel: EUR 5

Kursziel auf Sicht von: 12 months

Letzte Ratingänderung:

Analyst: Philipp Sennewald

Final Q2: More detail, same picture

Following last week's guidance cut and preliminary H1 figures, NFON

yesterday released its H1 report. In detail:

Top line came in as pre-released, with Q2 sales down 5.2% yoy to EUR 20.9m,

taking H1 to EUR 42.5m (-3.8% yoy). Recurring revenue of EUR 19.8m in was down

3.6% while non-recurring fell 26.8% to EUR 1.2m on lower project volumes and

hardware, lifting the recurring share to 94.4%. Underneath this, seats

shrank 4.2% yoy to 630k, partly attributable to deliberate portfolio

simplification, but predominantly driven by genuine churn based on

continuous corporate spending cautiousness related to shifting IT budgets

(eNuW). Blended ARPU though improved sligthly to EUR 9.95 (+ EUR 0.03 yoy),

thanks to targeted price adjustments and a higher share of premium

solutions. Notably, recurring sales from AI products like Intelligent

Assistant (+39% yoy) and Customer Engagement (+12%) continued to show strong

traction, yet still of small relative size (c. 10% of total) to make up for

the weak momentum in the legacy business. However, this is clearly pointing

in the right direction, in our view, with the mix getting closer to the

turning point, and the top-line trough reached this year (eNuW). Hence, the

current decline is rather a timing problem than structural, provided PBX

attrition does not accelerate further from here.

Profitability up sequentially. Q2 adj. EBITDA margin came in at EUR 2.6m

(-14.6% yoy) implying a 12.5% margin, up 4.3pp qoq. The sequential step-up

was mainly driven by reduced other opex, while a EUR 0.5m reorganization

charge booked to adjustments. The latter largely relates to the support

organisation, where a combination of lay-offs and near-shoring took place.

On the other hand, personnel expenses remained stable with the cost ratio up

0.9pp yoy or 1.5pp qoq (unadjusted).

Implied H2 margin needs further improvement. The revised guidance of EUR

84.5-86.0m sales and EUR 9.5-10.5m adj. EBITDA implies H2 sales of EUR

42.0-43.5m (-4.8% yoy at mid-point) and an adj. EBITDA margin of 11.7-14.5%

(H2'25: 15.4%; H1: 10.4%). In our view, the support restructuring hardy

bridges the gap, so mix improvements and deferred project business have to

realize as well (eNuW). We thus continue to position ourselves on the lower

end of the adj. EBITDA guidance.

Overall, H1 confirms a year of transition rather than a broken business

model. ARPU is holding, and Intelligent Assistant and Customer Engagement

are compounding at rates that will matter once the base is large enough. As

outlined, eyes should be on seat count in H2, as the mix shift only pays off

against a stabilised floor.

Against this backdrop, we confirm BUY at a PT of EUR 5.00 based on DCF.

Die vollständige Analyse können Sie hier downloaden:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=3085a5d2f5b1ee8f891e0fca12ad4ebd

Die Analyse oder weiterführende Informationen zu dieser können Sie hier

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

Kontakt für Rückfragen:

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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2386642 21.08.2026 CET/CEST

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