Learnd: Transformational year complete - Ready for next steps - NuWays AG Research

On Friday, learnd SE released its FY25 report, reflecting on action taken during a year of transformation.

2025 as a transformational year. To recap, in September 2025 learnd SE divested 50.5% of shares in its subsidiary learnd Atlas Ltd. to learnd Arrow Ltd., a founder-owned entity. This sizeable MBO, along with further transformational efforts turned learnd SE into a leaner holding structure with a strengthened balance sheet, including improvements in its liquidity and equity position.

Following completion of the transformation, in our view learnd SE is now positioned to gradually pursue additional equity investments, leveraging its ability to recognize use cases for cutting-edge technology, expertise in operational building maintenance its network in the UK and Ireland and its access to growth capital to drive value creation.

Ideally positioned for a fresh start in 2026. We anticipate further steps in a gradual transformation of learnd SE into an incubator for companies operating in facility management and environmental services. Further portfolio additions are to follow in the mid-term. learnd Atlas Ltd. looks set to raise margins by 1pp per year with scaling and operational improvements. Confirming BUY at a PT of € 4.8, based on a sum-of-the-parts approach, valuing the individual portfolio companies.

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