Discount 1 2026/06: Basiswert q.beyond

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

30.01.2026 / 09:00 CET/CEST

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Classification of NuWays AG to q.beyond AG

Company Name: q.beyond AG

ISIN: DE0005137004

Reason for the research: Update

Recommendation: BUY

Target price: EUR 1.3

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

Strong Q4 as FY25p is largely in line with est.

Topic: Ahead of today's EGM, QBY yesterday released preliminary, unaudited

FY25 figures, showing stable top-line development and improved

profitability. The final FY25 report will be released on March 30th. In

detail:

FY25p sales came in at EUR 183m (eNuW: EUR 184m; eCons: EUR 184m), up 1.4% on a

comparable basis when eliminating accounting changes affecting EUR 13m of FY24

sales. This implies Q4p sales of EUR 48.2m (-5.9% reported), showing

sequential improvements vs. Q2 and Q3. While the company did not provide

segment details, we expect Consulting to have shown another strong quarter

driven by improved utilization.

Preliminary EBITDA came in at EUR 12.3m (eNuW: EUR 12.1m; eCons: EUR 12.7m),

implying an 6.7% margin (+1.2pp yoy). While the FY figure was to a certain

extent supported by one-off effects to the tune of EUR 2.6m (adjusted margin

of 5.3% or -0.2pp yoy), the Q4 operating EBITDA was in line with Q4'24 at EUR

4.2m, but at an improved margin of 8.7% (+0.5pp yoy). In addition to the

improvements in Consulting, we see the increased near- and off-shoring

ratio, now at 20%, as one of the main drivers for this. Until YE'27, we

expect QBY to increase this ratio to 30%, which alone should translate into

a gross margin improvement of 2pp (eNuW).

FCF came in at EUR 5.5m (company definition: change in liquidity), resulting

in a comfortable net cash position (excluding lease liabilities) of EUR 42m,

or EUR 0.34 per share leaving ample room for potential M&A (eNuW: at least one

acquisition in FY26). Moreover, management reiterated in yesterday's press

release the aim to distribute dividends and buy back shares following the

proposed capital reduction at today's EGM.

Overall, the company achieved its revised FY25 targets, including positive

net income (EUR 2.5m) in a continued tough environment. We expect management

to issue a new guidance for FY26 with the release of the final FY25 report

end of March. In our view, FY26 will remain a challenging year for the

IT-service industry, yet outgrowing the broader economy with 5.8% market

growth (Bitkom). In our view, QBY should be able to slightly outperform

given the high potential in Managed Services and a structurally improving

delivery mix, that shifts more and more toward higher-value consulting,

AIenabled services and vertical-specific solutions, which tend to be more

resilient and margin accretive even in cautious IT spending environments. In

sum, QBY should grow sales by 7% to EUR 197m and continue to expand

profitability as we see EBITDA to come in at EUR 16.6m (8.4% margin, all

eNuW).

Overall, the solid Q4 has shown that the case, which is focused on steady

margin expansion and cash generation, remains fully intact. On the other

hand, the stock is currently trading at a mere 3.9x FY26e EV/EBITDA, which

compares to an 8.0x peer group median. Reiterate BUY with an unchanged EUR

1.30 PT based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=6c4e35caddb444a411732543e5067660

For additional information visit our website:

https://www.nuways-ag.com/research-feed

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 Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2268544 30.01.2026 CET/CEST

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