NFON AG (von NuWays AG): BUY 11.11.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: NFON AG - from NuWays AG



11.11.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.



---------------------------------------------------------------------------



Classification of NuWays AG to NFON AG



     Company Name:                NFON AG
     ISIN:                        DE000A0N4N52



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 5
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Q3 preview: Seat decline to continue, margin to recover



On 19 November, NFON will publish its Q3 report. We expect another decline
on the top line, while profitability should continue its sequential
recovery. In detail:



Top line still declining, but at a slower pace. Q3 sales should come in at EUR
21.1m (eNuW), down 3.4% yoy, marking a sequential improvement vs Q2's -5.2%.
The seat base should have shrunk faster than sales (eNuW: -4% to 622k),
reflecting the ongoing simplification of the product portfolio and still
muted order intake in the legacy PBX business. Blended ARPU should hold
above EUR 10 (eNuW: EUR 10.03), as price increases and premium solutions cushion
the volume decline. In H1, botario's recurring revenues grew 24% to EUR 1.0m,
while project revenues nearly halved. We expect this shift towards recurring
to have continued in Q3, supported by the further productisation of the AI
suite, keeping the recurring ratio at a strong 94%.



Q3 adj. EBITDA is seen to come in at EUR 2.5m (eNuW), implying a 11.8% margin
vs 10.3% in H1. Main drivers are first savings from the support
restructuring as well as continued other opex discipline. Yet, those cannot
fully offset the ongoing sales decline, reflected in the yoy comparison
(Q3'25: EUR 3.0m, 13.6% margin).



With our implied 9M at EUR 63.6m sales and EUR 6.9m adj. EBITDA, the FY guidance
(EUR 84.5-86.0m sales & EUR 9.5-10.5m adj. EBITDA) is well in reach, although we
regard the lower ends of both ranges as the likely outcome, in line with 9M
trendsImplied Q4 performance to reach the mid-points would be EUR 21.7m sales
(-6.1% yoy) and EUR 3.1m adj. EBITDA (14.4% margin or -2.8pp yoy).



Demand appears intact. X-reading the operating performance of Gamma, NFON's
most direct listed peer in Germany via Plactel and Starface, shows organic
top-line growth in of 5% in H1 with a stated demand acceleration across
partner and direct channels. We read that as follows: While demand is
intact, NFON's decline is largely self-inflicted, driven by the portfolio
simplification and a weaker UK (H1: -12.3% yoy), where Gamma also reports
pricing pressure. In our view, the base should hence stabilize once the
portfolio clean-up fades, allowing AI-driven ARPU growth to reaccelerate top
line growth. Here, NFON should benefit from first-mover effects as most
German peers are only now launching AI voice agents (Placetel AI in 2026,
sipgate's sona and Pascom's Pia in September), while NFON has been building
its stack since the botario acquisition in 2024 and released its own
Text-to-Speech service in April. The head start also shows in the numbers,
with botarios's recurring run rate of EUR 2m sales comparing to Gamma's EUR 600k
AI run rate. This makes AI progress the key metric to track, which is why we
would welcome dedicated AI KPIs in the company's reporting going forward.



Reiterate BUY, unchanged EUR 5.00 PT based on DCF.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=8859e524459bcbb2726ab266c326506d
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
++++++++++
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.
++++++++++



---------------------------------------------------------------------------



The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
View original content:
https://eqs-news.com/?origin_id=48ab4e95-dda1-11f1-b46d-066675bb9927&lang=en



---------------------------------------------------------------------------



2432314 11.11.2026 CET/CEST