AnchorCore SE (von NuWays AG): BUY 02.10.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: AnchorCore SE - from NuWays AG



02.10.2026 / 09:00 CET/CEST
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Classification of NuWays AG to AnchorCore SE



     Company Name:                AnchorCore SE
     ISIN:                        LU2358378979



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 4.60
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann



Q2 26: Profitability in equity stake learnd strengthened further



Wednesday, AnchorCore SE (formerly learnd SE) published its H1 26 report,
along with a commercial update on its 49.5% equity stake learnd UK and
Ireland. In detail:



learnd UK and Ireland sales broadly in line with expectations. Sales
slightly declined by 2.9% yoy to EUR 33.2m (eNuW: EUR 34m), with EUR 16.4m
attributable to Q2. This as the company focused on raising its profitability
and project-based sales decelerated in Q2 26.



learnd UK and Ireland profitability strengthened. The adj. EBITDA came in
significantly strengthened by 39.1% yoy at EUR 4.2m (eNuW: EUR 5.1m), compared
to EUR 3m in H1 25. The adj. EBITDA margin expanded by 3.7pp to 12.5% in H1
26. However, this was largely attributable to the strong margin mix on high
activity levels in Q1, while the temporary deceleration in project-based
sales was accompanied by a lower-than-anticipated margin mix resulting in an
adj. EBITDA margin of 7.9%.



AnchorCore incurred EUR 2.1m (eNuW: EUR 1.8m) of operating costs in H1 26,
reducing the cash base to EUR 0.5m. This includes two one-offs. The first
concerns a write-off of non-recoverable input VAT of £ 1m and as a second,
accounting, audit and legal fees came in elevated at £ 0.8m, related
predominantly to the FY25 year end, impacted by the consolidation of the MBO
and associated purchase price allocation work. With administrative costs
related to the MBO passed and total operating costs estimated at EUR 2.3m for
FY26e, only EUR 0.2m (eNuW) should weigh on the cash base in H2 26e.



learnd UK and Ireland has shown that it can deliver double-digit margins,
even on a broadly consistent top line and against a mixed business
environment in H1. H2 looks set for an acceleration in of the project-based
business component and new customer intake as business confidence,
manufacturing and service PMIs for Q3 published so far indicating an
improving environment (source: Trading Economics). Accounting for the slow
top-line development in H1, we lower our FY sales expectations for learnd UK
and Ireland from EUR 77.4m to EUR 72.6m, reflecting 5% yoy growth. Yet we
maintain our expectation of EUR 9.4m in adj. EBITDA for FY26e, with EUR 4.2m in
the books already and a margin expansion to 13.2% in H2 to be driven by a
stronger project-based component in the sales mix as well as further
internal optimization efforts.



Cash inflows from its stake expected for FY27e. Based on the low remaining
cash base of EUR 0.3m projected for the end of FY26e and the improving
profitability in learnd UK and Ireland, we expect to see cash inflows in H1
27e. These are seen as essential to fund the holding costs, guided now at ~
EUR 1.5m a year for the years following FY26. Given the improved visibility on
the cost structure post-MBO, we adjust our forecast accordingly (previously
EUR 2m) and expect this to reflect the regular administrative costs, as well
as additional administrative efforts in identifying potential additional
equity stakes on AnchorCore's transformation into an incubator for companies
operating in facility management and environmental services.



Following the last shareholder loan waived in April 26 the company is now
debt-free and should be able to pursue new financing arrangements for target
companies as soon as cash inflows are sufficient. In the mid- to long-term
we expect the company to add further equity stakes to its portfolio.



Based on the sum-of-the-parts approach, containing the 49.5%-stake in learnd
UK and Ireland, the Net Cash base reduced by the operating costs to EUR 0.3m
(eNuW) and a holding discount of 10%, we confirm BUY at a PT of EUR 4.6.



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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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2409294 02.10.2026 CET/CEST