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Original-Research: Hoenle AG - from NuWays AG

10.12.2025 / 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.

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Classification of NuWays AG to Hoenle AG

Company Name: Hoenle AG

ISIN: DE0005157101

Reason for the research: Update

Recommendation: BUY

from: 10.12.2025

Target price: EUR 15.00

Target price on sight of: 12 month

Last rating change:

Analyst: Christian Sandherr

Niche specialist Hoenle offers a unique exposure comprising 50 years of

technological leadership in UV curing and one of the largest specialized

product portfolios divided into three business units (Adhesive Systems,

Curing, Disinfection). Its solutions, featuring customer-centric product

design, are key to operational and product excellence for its customers in

diversified end markets.

Focus on the right technology. In many cases, UV-based methods (related to

adhesives and curing) are superior to others such as heat-based or

chemically reactive curing, as their use is faster, cheaper, more

environmentally friendly, more flexible and safer for workers as well as end

users. Advantages, highly desirable in end markets such as consumer

electronics, automotive, medical, food & water purification, printing and

surface treatment/converting. Within the respective niches, Hoenle offer

the broadest set of products and solutions, making the company a „go-to“

player in the rather fragmented market.

Hoenle is market leader in UV curing devices, which can be integrated into

various manufacturing environments. For instance, within the printing

market, Hoenle's solutions are used by offset printers (e.g. from

Heidelberger Druck or König & Bauer), where high paper throughput demand

instant ink drying. Growing market share for its complementary Adhesive

Systems, highly tailored for specific use case perks, is the company's key

growth focus. Hoenle also benefits from tailwinds in its powerful

Disinfection business unit.

A high degree of innovation across its end markets coupled with the

company's „problem-solver“ mentality creates new use cases. Particular

attention has been on the ultra-pure water disinfection units (e.g. semi

applications) of which first revenues were recognized in FY 2024/2025,

deepening the involvement in the automotive sensor market and an improving

geographical expansion.

Despite challenging macro environment, stemming from temporary demand

contractions, geopolitical uncertainty and changing supply chains in Asia,

Hoenle has been taking action to improve its position. It unified its brand

into one cohesive brand identity, redesigned its website, discontinued

unprofitable business lines, implemented strict cost control and and

divested former portfolio companies. This should allow the company to return

to growth (eNuW: 6.2% CAGR until 2030) while also notably improving EBITDA

(eNuW: 13.9% margin by 2030e).

For FY 2025/2026 a guidance of EUR 95m to EUR 105m (1.4-12.1% yoy growth) in

sales and EUR 6m to EUR 9m EBITDA (6.3-8.6% margin) was issued, implying

moderate improvements. In our opinion, this seems feasible as the

transformation should begin to bear fruit. The company's versatile product

portfolio is well positioned to adapt effectively to shifting end-market

dynamics, partially coinciding with geopolitical uncertainty. Supported by

its strong technical expertise, Hoenle looks set to return to growth during

the coming years. BUY with an unchanged PT of EUR 15 (eNuW).

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=59f2decb660153c811d87265b8fefdc7

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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2242950 10.12.2025 CET/CEST

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