^

Original-Research: Cantourage Group SE - from NuWays AG

22.12.2025 / 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

invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

Classification of NuWays AG to Cantourage Group SE

Company Name: Cantourage Group SE

ISIN: DE000A3DSV01

Reason for the research: Update

Recommendation: BUY

from: 22.12.2025

Target price: EUR 10.50

Target price on sight of: 12 month

Last rating change:

Analyst: Christian Sandherr

FY25 EBITDA to come in ahead of market estimate

Cantourage announced that at the end of November, the company's EBITDA

already stood at EUR5.5m, exceeding the market's expectations of EUR 4.8m (eNuW

old: EUR 4.9m) already by roughly10%. Mind you, at the end of Q3, EBITDA stood

at EUR 3.9m as a result of a third quarter with a notablylower profitability.

This was the result of price pressure following political uncertainties,

whichtriggered industry-wide de-stocking in Germany. In our view, the fact

that the first two months of Q4came with a decent margin again, underpin

that (1) de-stocking has notably decreased and pricesshould be somewhat

normalising and (2) Cantourage is able to weather challenging

marketconditions well thanks to its unique set-up.

Our new FY25 estimates now imply a FY EBITDA margin of 6.8% compared to 5.5%

previously.Our FY25 sales estimate of EUR 89m remained unchanged.

Cantourage to weather potential regulatory changes in Germany well.

Cantourage is wellpositioned due to its ability to adapt its product mix

toward higher-margin premium strains, strengthencooperation with offline

pharmacies and actively manage inventories. At the same time, stronggrowth

in earlier-stage markets such as the UK and Poland and an improving

governance setupsignificantly reduce dependence on Germany and enhance

resilience against regulatory headwinds.

Improving corporate governance around the corner. As recently announced, the

group's newCFO will be starting in January, alongside the five-year

extension of the CEO's contract, whichtogether should notably improve

leadership stability, strengthen internal controls and enhance thequality

and timeliness of financial reporting, laying a more robust governance

foundation for futuregrowth. The still pending FY24 consolidated annual

report is expected to be release shortly, eNuW.

Valuation remains attractive. Shares continue to trade at a subdued

valuation of 0.4x EV/sales (6xEV/EBITDA) FY25e despite >70% growth improving

governance structures and the announcedbetter than expected margins thi

year. Mind you, in September, US-listed High Tide announced the 51%

acquisition of Remexian Pharma at an implied EV/sales multiple of 0.84x.

Canify, which isrumoured to IPO in 2026, is currently raising money at 2-3x

EV/sales (eNuW).

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=a89adc096fcfa9f7dc7c808d35ed839b

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

++++++++++

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.

++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=9238f568-df08-11f0-be29-0694d9af22cf&lang=en

---------------------------------------------------------------------------

2249658 22.12.2025 CET/CEST

°