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Original-Research: Cantourage Group SE - from NuWays AG

11.12.2025 / 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

Target price: EUR 10.5

Target price on sight of: 12 month

Last rating change:

Analyst: Christian Sandherr

Cantourage strengthening its leadership structure

Cantourage has moved to solidify its leadership structure with the

appointment of Monique Jaqqam as CFO from January 2026 and the renewal of

CEO Philip Schetter's contract for another five years. This is part of the

ongoing professionalisation of the company's governance structure, which i

necessary to lay the structural foundation for further strong growth.

Jaqqam brings over 20 years of international experience across finance,

private equity, real estate and hospitality. Her track record in financial

transformation, organizational restructuring and building modern finance

infrastructures, demonstrated at Future Group, BaseCamp Student and

Kempinski, should materially strengthen Cantourage's internal capabilities,

particularly within the finance department. Delays in regards to the

publication of consolidated financial reports as seen with the FY24 annual

report (eNuW: to be released shortly), should henceforth be a thing of the

past.

FY25 figures to come in strong with sales of EUR 89m (eNuW, +72% yoy) and

EBITDA of EUR 4.9m (eNuW, 5.5% margin). This is despite the currently

challenging situation in the company's most important end market, Germany.

As a reminder, the Federal Ministry of Health is evaluating measures that

could restrict telemedicine-based cannabis prescriptions and curb mail-order

distribution. As a result, cannabis-focused pharmacies are therefore showing

more cautious ordering patterns, triggering inventory reductions (cannabi

flowers are perishable goods). Nevertheless, we regard Cantourage as well

positioned to weather those temporary headwinds, adapting the product

offering, increasing cooperations with offline pharmacies and entering

additional markets to decrease the dependency on Germany.

Beyond its home market, Cantourage has built a meaningful position in the UK,

where cumulative deliveries reached 1.5 tons of medical cannabis as of

September (eNuW: low double-digit EUR million in sales). The company is also

expanding its footprint in Poland and preparing market entries in additional

European countries. This broader geographic reach gradually reduce

Cantourage's reliance on Germany and adds new structural growth drivers.

Conclusion: With a strengthened management team, an increasing governance

setup, the ongoing European expansion as well as a strong positioning in it

home-turf Cantourage looks well positioned to capitalise on the industry'

prospects. Valuation remains subdued with shares trading on 0.4x EV/sale

FY26e despite >70% growth. We confirm our BUY rating with an unchanged EUR

10.50 PT based on a DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=3383870a00798a831e29ee5f1f9270c1

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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2243726 11.12.2025 CET/CEST

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