Hoenle: Material bottom-line improvements expected for Q2 FY25/26 - NuWays AG Research

Hoenle looks set to report its Q2 25/26 results (covering January - March 2026) on 13th of May. We anticipate mixed end market performance and further strengthening of the bottom line.

Prospects are seen to gradually improve, as the end market mix continues to develop on a slowly improving basis and short-term measures, such as process optimization and portfolio reviews support the company’s development. The field of UV disinfection for ultra-pure water is seen to gain traction on a modest basis. Hence in our view, the FY25/26 guidance of € 90.5 to 105m in sales and € 6 to 9m in EBITDA appears achievable. We expect sales of € 98.2m (eNuW) and EBITDA of € 7.1m (eNuW), implying moderate top-line growth of 4.8% yoy and bottom-line improvement of 22% yoy. Maintaining BUY at a € 15 PT, based on DCF.

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