Aktienanleihe Classic 6,1% 2027/03: Basiswert q.beyond

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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.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=8a0829f3c2deddc7fb8baa6c9a4af12e

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

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