Discount 1 2027/06: Basiswert q.beyond

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

10.11.2026 / 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 q.beyond AG

Company Name: q.beyond AG

ISIN: DE000A41YDG0

Reason for the research: Update

Recommendation: BUY

Target price: EUR 4.90

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

Final Q3 offers no surprises

Following the guidance cut from 21 October and the preliminary sales and

EBITDA figures, the weak Q3 published by QBY yesterday did not come as a

surprise. To recap, Q3 sales declined 1.1% yoy to EUR 43.2m, as Consulting

growth (+13.2% yoy to EUR EUR 17.3m) could not fully offset persisting Managed

Services weakness (-8.8% to EUR 25.8m). The newly acquired GITG should have

contributed some EUR 1.5m (eNuW) in its first c. 2 monhts of consolidation to

Consulting, putting organic segment growth at 3.4%. The main organic driver

was an S/4HANA transformation mandate from Vitakraft.

More interesting is the quality of the EBITDA of EUR -7.1m. Of the EUR 9.5m

special items, EUR 7.3m are non-recurring (restructuring, internal S/4HANA

project, licences, Romania), while the EUR 2.2m of variable compensation were

merely pulled forward from Q4, which also explains the correction of the

prelims on 29 October. Adjusted for both, Q3 EBITDA stood at EUR 2.4m (eNuW),

compared with only c. EUR 0.4m in Q3 25 excluding the Plusnet gain. With

adjusted COGS of c. EUR 34m (Q3 25: EUR 36.3m), the cost measures already seem

to bite.

The main issue remains Managed Services as price pressure persists in both

new business and renewals. The adj. Q3 gross margin of 12% (vs 20% target)

should be mainly seen as a volume problem given the largely fixed cost base.

While OI turns points to the turn with the Q3 figures (EUR 49.7m) almost

matching H1, 9m book-to-bill still stands at only 0.8x and new contracts

usually take c. 6 months to ramp up, i.e. top-line effects should become

visible only in FY27e. Positively, management told investors during the cc,

that the Fressnapf renewal, one of QBY's largesst customers, is about to be

signed.

The FY guidance now implies EUR 0-2m EBITDA in Q4 (eNuW: EUR 1.7m), which looks

achievable given the seasonally strong Q4 and the relief from the variable

compensation. However, the bridge for the EUR 8m mid-point cut remains less

comforting, as it is unrelated to the restructuring. Management now

attributes EUR 3m to pipeline shifts into FY27, with the the rest explained by

one-off licence and internal S/4HANA costs (EUR 4m) as well as largely one-off

staff expenses incl. the Romania ramp-up (EUR 1m).

That said, our view has not shifted since our last update two weeks ago: the

story lacks a catalyst at the moment, and a likely withdrawal of the FY28

targets could work in the opposite direction. On the other hand, we continue

to see significant potential in the company, which in our view should be

able to achieve EBITDA margins of c. 10%. Raising data centre utilisation to

80% alone would generate c. EUR 2.5m of EBITDA on sales of c. EUR 4m (eNuW). On

top of this come the savings from the restructuring programme. Q1 27 should

therefore be the first reality check, as it will show whether the measures

are taking effect. BUY, unchanged EUR 4.9 PT based on DCF.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=195db31c59edfd8d53788ce2b2ed79d1

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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2431332 10.11.2026 CET/CEST

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