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Original-Research: LION E-Mobility AG - from NuWays AG
13.11.2025 / 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: 3.2
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
LION delivered solid Q3 results. Here are the key takeaways:
Q3 sales came in at EUR 5.9m, largely in line with expectations (eNuW: EUR 6m)
implying a 10.6% yoy decrease. 9m sales of EUR 16.3m grew by 31% yoy. This was
largely driven by the company's Mobility segment, which benefitted from a
broad demand recovery following a particularly weak 2024. Mind you, last
year was marked by several customers' insolvencies, pricing pressure and
overall subdued end market demand.
More importantly, Q3 strongly underpinned the successful profitability
turnaround as EBITDA improved from EUR -1.3m to EUR 1.2m (20.3% margin). 9m
figures paint an even stronger picture as EBITDA reached EUR 2.4m (vs. a EUR 6m
loss last year). This is partially driven by higher sales but also ongoing
tight cost control across the group.
In accordance with the top- and bottom-line improvements as well as high
visibility on a strong Q4, management confirmed its FY guidance of EUR 28-35m
sales (eNuW: EUR 32m) and positive EBITDA (eNuW new: EUR 2.8m). In our view,
this should allow the company to return to EBIT profitability.
BESS to accelerate from FY26e onwards. While BESS is likely to play only a
minor role in the FY25e sales mix, this should change from next year on. In
fact, LION received its first order from the cooperation with LEAP Energy.
This first order encompasses a 5 MW/20MWh storage system to be delivered in
Q1 2026 and should pose a revenue potential of some EUR 750k, in our view.
More importantly, LION highlighted a total project pipeline of >7.5 GWh (not
yet signed), which could translate into roughly EUR 280m of revenue potential
(eNuW) for the company. EBITDA margins for BESS projects should be in the
double-digit range (NuW: 10-15%).
Further, LION announced a new partnership of its subsidiary LION Smart
Production GmbH with Castrol, a producer of cooling fluids, in order to
jointly develop a new high-performing battery module for EV applications
(e.g. car, truck, BESS) with implemented enhanced battery thermal
management. This could enable faster charging and discharging time in the
product. Castrol ON EV Thermal Fluids are useful for enabling ideal heat
dissipation, which aids in improving the power density, the product
lifecycle and the safety of the battery pack. While this is still a R&D
project it does offer long-term revenue opportunities. Mind you, the
immersion cooled battery pack that is being development for and with a
German truck OEM remains ongoing.
Our take: LION's Q3 performance came in roughly as expected yet marked by a
strengthened bottom line. While new development partnerships and initiatives
require R&D time and resources to materialize into tangible improvements in
the mid-term, first orders for its BESS offering could already positively
impact operations in the short-term, further cementing the operational
turnaround throughout 2026. Yet, clear visibility on when large BESS orders
come through remains somewhat clouded as regulatory approvals for the
projects are the key bottlenecks.
BUY with a slightly raised PT of EUR 3.20 (old: EUR 2.90).
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=7c0fd4793398bce03a993aaed91f2937
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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2229026 13.11.2025 CET/CEST
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