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Original-Research: Limes Schlosskliniken AG - from NuWays AG

11.12.2025 / 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 Limes Schlosskliniken AG

Company Name: Limes Schlosskliniken AG

ISIN: DE000A0JDBC7

Reason for the research: Initiation

Recommendation: BUY

Target price: EUR 600

Target price on sight of: 12 month

Last rating change:

Analyst: Philipp Sennewald

A good investment in a good cause; INITIATE with BUY

LIMES Schlosskliniken AG („LIMES“) is a premium provider of psychiatric and

psychosomatic care, operating a growing network of medically led private

clinics in Germany, Switzerland and Liechtenstein. The group combine

evidence-based treatment, strong clinical governance and restorative

environments into a model designed to meet structurally rising demand for

high-quality mental-health services in the DACH region. As public-sector

capacities remain constrained and prevalence rates continue to climb acro

all demographic groups, LIMES is positioned at the intersection of medical

necessity, societal relevance and scalable economic potential.

Founded in its current form in 2015, the company has developed a clearly

differentiated therapeutic concept, anchored in interdisciplinary

psychiatry, psychotherapy and psychosomatic medicine, complemented by sport

therapy, mindfulness practices and structured daily routines. This model i

implemented across all sites and overseen by a central medical leadership

and a scientific advisory board. The result is a treatment architecture

difficult to replicate in the private market and highly valued by referring

physicians, insurers and corporate health partners.

The group now operates six clinics: Mecklenburgische Schweiz (opened 2016),

Bad Brückenau (2020), the newly launched Bergisches Land and Abtsee (both

2025), as well as majority-stakes in Paracelsus Recovery in Zurich (56%) and

Clinicum Alpinum in Liechtenstein (51%). This footprint enables LIMES to

serve adult, adolescent and high-acuity international segments within a

unified quality framework.

Demand-side fundamentals remain exceptionally strong. Rising incidence of

depression, burnout, trauma and anxiety disorders, combined with long

waiting times in public psychiatric care, have created a structural

treatment gap that LIMES is uniquely positioned to address. Particularly

relevant is the pronounced increase among highly educated, professionally

active cohorts, and the youth segment, which is targeted via the new clinic

Abtsee.

With two new clinics onstream since July 2025, LIMES enters a phase where

newly added capacity meets an undersupplied and growing market. Supported by

strong referral pathways, high therapy intensity and a brand associated with

medical quality rather than commercial positioning, the group is set to

benefit from rising utilisation, operating leverage and improved cash-flow

conversion. In fact, sales are seen to compound at >20% p.a. through FY28e,

driven primarily by volume growth as new clinics ramp up.

Against this backdrop, we also expect significant margin expansion going

forward given improved fixed cost coverage and stabilising treatment

intensity. Hence, EBIT is seen to 5x to EUR 21.3m by FY28e (24.9% margin;

+13.4pp vs FY24), also resulting in a strongly sharpened return profile with

ROICs of >50%.

On the basis of structural demand, disciplined expansion and improving

profitability, LIMES represents a compelling long-term quality growth story

within premium inpatient mental health. We initiate coverage with BUY and a

EUR 600 PT based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=1e8e892445c46424230967c3f2ca2694

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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2243722 11.12.2025 CET/CEST

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