learnd SE (von NuWays AG): BUY 27.05.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: learnd SE - from NuWays AG



27.05.2026 / 09:00 CET/CEST
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Classification of NuWays AG to learnd SE



     Company Name:                learnd SE
     ISIN:                        LU2358378979



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 4.8
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann



learnd UK & Ireland delivers strong operational progress in Q1



Yesterday, learnd SE published a Q1 trading update for its equity stake
(49.5%) in learnd UK & Ireland. In detail:



Adj. EBITDA rose by 63% yoy to EUR 2.9m. This increase reflected initiated
structural measures, including portfolio optimizations, efficiency gains,
pricing measures and cost discipline while revenue remained largely flat yoy
at EUR 16.8m. The implied adj. EBITDA margin improved by approx. 6.6pp to
17.3%, highlighting operational leverage, once growth accelerates again.



Operational profitability improvements to support learnd SE. Importantly,
the strong Q1 profitability implies that learnd UK & Ireland has already
achieved around 31% of our full-year FY26e adj. EBITDA forecast (eNuW: EUR
9.4m), indicating a robust start to the year and supporting confidence in
the sustainability of the ongoing restructuring measures. Progress on
scaling and operational improvements at learnd UK & Ireland are viewed as
vital to support learnd SE's valuation and future growth (eNuW: potential
additional equity stakes in related companies).



To recap, learnd SE finished FY25 with a strengthened balance sheet and a
leaner holding structure, following the sizeable MBO of 50.5% of learnd UK &
Ireland. It is ideally positioned to gradually pursue new growth
opportunities, such as additional equity stakes. Here, the company stands to
leverage its access to growth capital to drive value creation and to benefit
from its ability to recognize cutting-edge technology use cases, operational
building management expertise from its network in UK & Ireland.



learnd SE remains ideally positioned to turn FY26e into a fresh start. We
continue to expect gradual steps towards its transformation into an
incubator for companies operating in the fields of environmental services
and facility management. Further portfolio additions are to follow in the
mid-term.



We maintain our BUY rating with an unchanged PT of EUR 4.8, based on a
sum-of-the-parts approach, valuing the individual portfolio companies.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=29702a6ec2b54c2c1a3c983bd3918521
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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2333886 27.05.2026 CET/CEST