q.beyond AG (von NuWays AG): BUY 11.08.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: q.beyond AG - from NuWays AG



11.08.2026 / 09:00 CET/CEST
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Classification of NuWays AG to q.beyond AG



     Company Name:                q.beyond AG
     ISIN:                        DE000A41YDG0



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 5.10
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Cutting into a weak year; chg. est., PT down



Yesterday, QBY reported a weak Q2 and cut its FY26 guidance significantly,
with both events telling different stories. In detail:



Q2 sales were down 3% yoy to EUR 43.0m (eNuW: EUR 43.4m), as the weak MS segment
offset the positive developments visible within Consulting. A split we
expected, but not as pronounced as this. MS sales were down 7.7% to EUR 27.0m
(eNuW: EUR 27.8m) impacted by the ongoing investment restraint in the German
Mittelstand, which by now hurts on two fronts: new business is slow, but the
heavier drag sits in the installed base. Here, renewals keep coming in at
worse terms, which management does not see turning before FY27. Importantly,
the volume is holding, visible in stable purchased services yoy despite the
lower top-line. The account base is therefore intact, but the margin is set
to be harder to win back as in the case of a volume shortfall. Consulting on
the other hand stood out, growing 5.8% yoy to EUR 16.0m (eNuW: EUR 15.6m),
carried by demand for S/4HANA migration support and AI implementation work,
plus commissions out of the SAP business.



On margins, the headline is a misleading, as reported EBITDA of EUR 1.6m
includes a EUR 0.9m restructuring provision, booked entirely into MS cost of
sales. Adj. EBITDA hence was at EUR 2.5m (eNuW: EUR 2.1m reported), or a 5.8%
margin but still down 10% yoy. Group gross profit was only slightly down at
EUR 8.4m (eNuW: EUR 8.1m) despite carrying the charge, with the two segments
moving hard in opposite directions: Consulting with 26% gross margin (+11pp
yoy), MS down to 16% (-6pp yoy). Next to the one-off, MS margin suffered
from neg. operating leverage. Consulting on the other hand delivered the
strongest quarter in years thanks to better utilisation and a rising degree
of AI-driven automation in delivery. Yet with high-margin SAP commissions of
a low single-digit EUR m amount inside that number, 26% should not be read as
the new base level, even if the trough in Consulting is clearly behind us.



Guidance cut. FY26 sales are now seen at EUR 176-180m (old: EUR 182-190m) and
EBITDA at EUR 3-7m (old: EUR 10-16m), implying a negative net result and FCF
this year. EUR 5-6m of the EBITDA cut relates to one-off transformation costs,
i.e. EUR 8-13m ex one-offs. Note that the new sales range already includes
GITG (c. EUR 3m for five months, eNuW), putting the organic range closer to EUR
173-177m. The remaining EUR 4-5m of one-offs are lay-off costs booked across
Q3 and Q4 as around 70-80 employees (c. 10% of the German workforce). With
the service-desk relocation to Romania, this should yield c. EUR 7m of annual
savings from FY27 onwards.



Buyback ahead. With the six-month period following the capital reduction
ending on 17 August, management reiterated that repurchases are planned from
end of August. EUR 37m of net cash (excl. leasing) against an EUR 82m market cap
leaves ample room. In our view the only non-operational catalyst in H2, and
the strongest argument for sitting through a transition year.



Reiterate BUY with a new PT of EUR 5.10 (old: EUR 5.90) based on DCF. The cut is
largely driven by MS, where the price concessions now sit in the base for
the full contract term rather than reversing with the cycle, leaving the
cost side as the only lever into FY27e.



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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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2380358 11.08.2026 CET/CEST