NanoRepro AG (von NuWays AG): BUY 22.07.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: NanoRepro AG - from NuWays AG



22.07.2026 / 09:00 CET/CEST
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Classification of NuWays AG to NanoRepro AG



     Company Name:                NanoRepro AG
     ISIN:                        DE0006577109



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 4.4
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann



NanoRepro AG; Preliminary H1'26 revenue beats expectations; chg. est. & PT



Yesterday, NanoRepro AG published its consolidated preliminary H1'26 revenue
while also highlighting a key milestone from its systematic full internal
review process. In detail:



Double-digit growth of 26% yoy marks a strong preliminary H1'26,
underpinning the highly attractive growth prospects of the new consumer
health and wellness platform that NanoRepro is establishing. Preliminary
consolidated sales came in at EUR 13m, beating our expectations of EUR 11m. We
attribute the majority of this beat to a strong performance from Paedi
Protect, as an unusually warm June looks set to have driven demand
especially for sunscreen products beyond the anticipated level. While the
company has not yet published a FY26 guidance, our old FY estimate of EUR
17.6m looks to conservative (H1 already covered 74% of our old FY estimate).



Process optimization milestone reached, FY27 EBITDA to turn positive. To
recap, NanoRepro together with Paedi Protect and Deutsche Kosmetikwerke
(newkee) launched a full internal review of processes, aiming to uncover
synergies and bring down costs. In a first step, all 17 process areas
comprising 160+ tasks were mapped, of which six action fields were
prioritized: IT, marketing, product development, warehousing & supply chain,
sales and procurement. As a first tangible measure, skincare production
competence has been bundled at Paedi Protect (raw & packaging material
procurement plus production planning and execution), allowing DKW/newkee to
focus on brand management, marketing and sales.



Further, Kirchhain is set to become the central logistics hub, and finance
and back-office harmonization follows from Q4 under incoming CFO Mike Eckel.
In our view, this implies the potential to lift the EBITDA margin from -11%
in FY25 (eNuW) to 7% in FY27e (eNuW), as costs should rise only moderately
against a strong top-line development.



Raising our FY26 top-line estimate. Given the strong H1 contribution and
typical H2 seasonality, noting that the warm June likely pulled some
sun-care demand into H1, we raise our FY26 sales estimate to EUR 18.8m (eNuW
old: EUR 17.6m). At the same time, the substantial process optimization
efforts are seen to add c. EUR 0.5m in personnel and EUR 0.25m in other
operating expenses. While this slightly compresses the FY26 EBITDA margin by
0.3pp to -0.8% (eNuW), the improved set-up looks strategically important to
enable rapid combined scaling of NanoRepro, Paedi Protect and DKW/newkee
going forward. FY26 EBITDA is hence projected at EUR -0.1m (eNuW), still
markedly improved from EUR -1.7m in FY25. The audited FY25 accounts follow on
30 July.



Maintaining BUY at a raised PT of EUR 4.4 (previously EUR 4.3), based on DCF.




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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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2369640 22.07.2026 CET/CEST