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Original-Research: mVISE AG - from NuWays AG

26.09.2025 / 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 mVISE AG

Company Name: mVISE AG

ISIN: DE0006204589

Reason for the research: Update

Recommendation: Buy

from: 26.09.2025

Target price: EUR 1.30

Target price on sight of: 12 month

Last rating change:

Analyst: Philipp Sennewald

H1'25: Strong margin improvements despite weaker top-line

* H1 EBITDA comes in at EUR 0.5m, implying a 16.5% margin

* Successful bond refinancing at favourable condition

H1'25 sales came in at EUR 3.1m (eNuW: EUR 3.9m), representing a 34% yoy decline

caused by (1) the

reorganization of the business model (i.e. reducing workforce to achieve

improved utilization + active

discontinuation of low-margin projects) as well as current market weakne

leading to reduced order

volumes by clients.

Remarkably, profitability even improved on the other hand. H1'25 EBITDA came

in at EUR 0.5m

(eNuW: EUR 0.6m), implying a strong margin uplift to 16.5% (+6.6pp yoy). Thi

comes on the back of

the successful restructuring, which led to a leaner cost base especially

concerning personnel (-59%

yoy), improved production control, and the transition from a pure

project-driven IT service provider to

a software-focused business model with recurring revenues.

Against this backdrop, adj. FCF (excl. gains from waiver of receivables in

connection with repayment

of bank liabilities) arrived at EUR 0.4m (H1'24: EUR -0.03m), thus indicating

strong earnings quality amid a

76% cash conversion.

While management did not make any specific comments on the FY guidance, we

regard this as a

confirmation of the EUR 1.3m EBITDA target, in line with our updated

estimates. In our view, this look

plausible considering an improved top-line development in H2 (eNuW new: EUR

3.8m) as well as further

efficiency gains.

Successful refinancing. Following the refinancing of its bank debt in Q1'25,

mVISE has now also

successfully reallocated its 22/26 convertible. Furthermore, a legally

secured option was established

to extend the bond's maturity to 2030, with an increased strike of EUR 1.85

and the coupon remaining at

an attractive 4.5% - a structure we consider highly favorable for the

company. Importantly, in thi

case mVISE would have no major debt maturities in the next four years,

enabling management to

fully focus on the planned business transformation.

Capital reduction. At last week's EGM, shareholders approved the previously

announced capital

reduction via a reverse stock split (10:1 ratio). On this basis, management

intends to carry out a cash

capital increase with subscription rights, followed by a private placement,

for which new investor

already expressed interest, according to management.

Contingent upon the success of the capital measure, mVISE is an a strong

position to further

transform the business into an active investment platform, pursuing a Buy &

Build strategy. Initial

transactions will likely involve minority stakes, with the goal of combining

risk control with the

continued involvement of existing shareholders. Unlike traditional serial

acquirers, mVISE intends to

pursue a central, hands-on approach, actively supporting its portfolio

companies to accelerate

organic growth and create synergies. First acquisition discussions are

already underway, and

management expects to complete initial transactions within FY25.

Reiterate BUY with an unchanged PT of EUR 1.30 based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=4aee2ccf6aab7529b2873681a463cb74

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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2204144 26.09.2025 CET/CEST

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