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Original-Research: Cantourage Group SE - from NuWays AG

05.09.2025 / 09:00 CET/CEST

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

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Classification of NuWays AG to Cantourage Group SE

Company Name: Cantourage Group SE

ISIN: DE000A3DSV01

Reason for the research: Update

Recommendation: BUY

from: 05.09.2025

Target price: EUR 10.50

Target price on sight of: 12 month

Last rating change:

Analyst: Christian Sandherr

Regulatory uncertainty and oversupply weighing on momentum

Cantourage remains on a stable growth trajectory, supported by strong

international momentum and continued demand in its home-turf Germany.

Despite intensifying pricing pressures in certain market segments,

especially the low and mid price segment, due to a strongly increased

offering from several competitors, management continues to expect high

growth. Yet, the company has not issued a concrete FY guidance; eNuW: EUR 89m,

+72% yoy.

At the same time, regulatory uncertainty is beginning to weigh on sentiment.

The Federal Ministry of Health is currently evaluating measures that could

restrict telemedicine-based cannabis prescriptions and limit the mail-order

distribution channel. While the direct impact would be limited (telecan ha

no notable top-line contribution), these proposals, if enacted, may

constrain access for patients and impact sector dynamics. Due to the

uncertainties, cannabis focused pharmacies are demonstrating more cautiou

order behavior.

In light of this, Cantourage is fine-tuning its go-to-market strategy in

Germany, increasingly focusing on more premium strains.

Different picture outside of Germany. Next to Germany, Cantourage is also

active in the UK and Poland, which both demonstrate continued strong demand

growth, largely due to being in a much earlier market phase. In Poland,

Cantourage has expanded its product registrations, with the first export to

the country scheduled for the fourth quarter of 2025. The local market,

which experienced a steep decline in demand in 2024 following regulatory

tightening around telemedicine, is now showing clear signs of recovery.

Management expects Poland to contribute meaningfully to revenue from 2026

onward, with additional product approvals in the pipeline.

In the United Kingdom, Cantourage has firmly established itself as a

significant player. The UK subsidiary is on track to deliver approximately

150% revenue growth year-over-year, supported by an expanding product range

and consistent patient uptake. Over 1.5 tonnes of medical cannabis have

already been supplied in 2025, with a growing portfolio of more than 30 SKU

now active in the market. The UK is emerging as a vital growth engine,

providing scale and attractive margins.

Importantly, CEO Philip Schetter has returned to his role after a short

personal break in August. His return comes at a pivotal moment as Cantourage

navigates evolving market dynamics and regulatory uncertainties in Germany

while accelerating its international expansion.

Trading at 0.5x EV/sales FY25e, the current valuation reflects an

unjustified discount to the share's fair value. In light of the temporarily

increasing uncertainty, we trim estimates and lower our PT to EUR 10.50 (old:

EUR 13) based on DCF but confirm our BUY rating. The recent 51% acquisition of

Remexian Pharma by US-listed High Tide should provide additional valuation

support as the purchase price implies an EV/sales multiple of 0.84x.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=83fd8e51da0374c97c855a318dd1c5c9

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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2193430 05.09.2025 CET/CEST

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