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Original-Research: 123fahrschule SE - from NuWays AG

11.09.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

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Classification of NuWays AG to 123fahrschule SE

Company Name: 123fahrschule SE

ISIN: DE000A2P4HL9

Reason for the research: Update

Recommendation: BUY

from: 11.09.2025

Target price: EUR 7.90

Target price on sight of: 12 month

Last rating change:

Analyst: Philipp Sennewald

Strong H1 were no surprise after preliminary figure

Yesterday, 123fahrschule released a strong set of H1 figures, which were in

line with the prelims published on 13 August (click here for update). In

detail:

H1'25 sales increased 16.9% yoy to EUR 12.9m, mainly driven by the private

customer segment as well as the newly consolidated simulator segment.

Private customer sales increased 20.3% yoy to EUR 10.1m on the back of a 30%

increase in net registrations as well as price increases. Moreover, the

branch network grew to 61 locations (H1'24: 56), thus explaining the sharp

sales increase in part as well. Following the acquisition of Foerst GmbH in

FY24, the simulator segment initially contributed EUR 0.7m sales, which wa

predominantly stemming from truck simulators as car simulator demand slowed

due to the pending legislation. Yet, once we see clarity in this regard, we

expect catch-up effects to materialize, accelerating segment growth further.

Sales in professional driver training however decreased to EUR 0.8m (-13.4%

yoy) due to lower demand related to project delays and fewer funded training

measures. The same held true for the driving instructor training segment,

where sales declined 27.5% to EUR 1.2, which came however against a tough

comparable base and capacity adjustments in light of the organizational

fine-tuning.

Against this backdrop, H1'25 EBITDA doubled yoy to EUR 1.0m (H1'25 reported v

H1'24 adj. EBITDA), clearly displaying the scalability of the business model

visible in a rising capacity utilization as well as continuous digitization

and process automation. The H1 EBITDA margin strongly improved to 7.6%,

+5.5pp yoy.

On this basis, management confirmed the positive outlook for FY25, targeting

sales of EUR 28-30m (eNuW: EUR 28.7m) and EBITDA of EUR 1.5-2.5m (eNuW: EUR 2.5m).

While the upper end of the EBITDA guidance looks well in reach, the top-line

guidance appears ambitious (32% implied H2 sales growth at low end) but

achievable, in our view. Mind you, that the newly opened branches were still

largely in the ramp-up stage during H1, which is why we regard a further

growth acceleration in H2 as feasible, especially in combination with the

potential catch-up effect in the car simulator business.

Overall, in light of the strong release, the upcoming legislation changes,

the ongoing and successful branch expansion as well as the scalable digital

platform we regard 123fahrschule well on track for sustained and profitable

growth.

We thus maintain our conviction in the case and confirm our BUY rating with

an unchanged EUR 7.90 PT based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=2bd978a56a701625d994fac819568315

For additional information visit our website:

https://www.nuways-ag.com/research-feed

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 Abschlu

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2196052 11.09.2025 CET/CEST

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