NFON AG (von NuWays AG): BUY 21.08.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

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