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Original-Research: SYNBIOTIC SE - from NuWays AG

24.08.2026 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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Classification of NuWays AG to SYNBIOTIC SE

Company Name: SYNBIOTIC SE

ISIN: DE000A3E5A59

Reason for the research: Update

Recommendation: Under review

Target price: Under review

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Portfolio unwound; rating placed Under Review

SYNBIOTIC's investment case has changed fundamentally after a wave of

insolvencies and liquidations across the portfolio. What began with the

Bushdoctor (Austria) insolvency in December 2025 has widened sharply with

Hempro International, SOLIDMIND Group and Lean Labs Pharma, alongside the

wind-down of the hemp food and feed activities (HANF FARM ceasing

operations, Hemp Factory). The common trigger was falling CBD and hemp

demand plus regulatory uncertainty, prompting the parent to halt intra-group

funding to protect its remaining liquidity. After this clean-up, the

operating base is smaller but should also come with a notably reduced

fix-cost base (eNuW).

A far narrower core. Going forward, resources concentrate on WEECO Pharma

(medical cannabis), alongside MH medical hemp and the Croatian isolate

manufacturer Ilesol. Mind you, the latter two remain largely CBD /

hemp-extract businesses. Hence, WEECO is in practice the single genuinely

de-risked pillar, in our view.

WEECO the key asset. WEECO Pharma (eNuW: ~ 90% of our FY26e sales

estimates), a German importer and wholesale platform connecting

international medical-cannabis producers, several of them EU-GMP

manufacturers, it sits in the structurally growing, regulation-driven end of

the market rather than the CBD side that dragged the other units under. Its

pharma-oriented, GMP-track profile offers a more defensible margin and a

clearer route to scale once the end-market revitalizes (burdened by

over-supply following regulatory changes/uncertainty).

Operational base eroded, debt weighs. With most potentially revenue- and

cash-generating subsidiaries removed, the group now almost entirely relies

on WECCO. While we regard the reset as strategically sensible, i.e. cutting

structurally loss-making units lowers recurring cash consumption and sets up

a leaner, more focused group, it also raises balance-sheet, liquidity and

execution risk, and leaves the equity story dependent on WEECO. Mind you,

the German medical cannabis market, especially for value-oriented product

groups, is still challenging.

Conclusion: Given the uncertainty around the group structure, the

crystallising impairments, remaining liquidity and the path to a sustainable

model, we place our rating and price target UNDER REVIEW pending audited

accounts and clarity on funding.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=9d250c73f04389f51de2980808212a7c

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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2387160 24.08.2026 CET/CEST

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