Nynomic: Q1 prelims: Inflection point reached; PT Up - NuWays AG Research

Q1 preliminary sales grew 8% yoy to € 22.3m, marking the first quarter with top-line growth since Q1 2024. EBIT turned positive at € 0.1m versus € -0.9m a year ago, supported by the improved top line and confirming that the NyFIT2025 efficiency program is translating into structural margin recovery. The annualised savings of approximately € 5m are now visibly flowing through the P&L, and with group structure leaner and the cost base materially reduced, the operative platform is well positioned to leverage revenue growth into profitability at an accelerating rate through the year.

After two transition years, the combination of a recovering demand base, a leaner cost structure, strong order intake and structural mid-term drivers make for a compelling setup. We hence confirm our BUY rating and increase our PT to € 25 (old: € 21) based on DCF as we raise our margin estimates going forward.

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