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Original-Research: SYNBIOTIC SE - from NuWays AG

19.12.2025 / 09:26 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

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Classification of NuWays AG to SYNBIOTIC SE

Company Name: SYNBIOTIC SE

ISIN: DE000A3E5A59

Reason for the research: Update

Recommendation: BUY

from: 19.12.2025

Target price: EUR 5.50

Target price on sight of: 12 month

Last rating change:

Analyst: Christian Sandherr

Additional capital to support strategic realignment; chg. PT

Recent developments at SYNBIOTIC have sharpened the company's strategic

realignment. Acombination of additional equity financing, a portfolio

consolidation and a new strategic investorshould help to make the equity

story more robust going forward, in our view.

Portfolio „clean up“. SYNBIOTIC discontinued financial support for it

Austrian subsidiaryBushdoctor GmbH, which subsequently filed for insolvency.

The decision followed an internal reviewof the subsidiary's operational and

financial performance, revealing it was no longer aligned with thegroup'

strategic priorities. As a result, SYNBIOTIC has effectively removed a

loss-making, non-corebusiness from its portfolio, reducing cash outflows and

allowing management to concentrate resources on higher-potential areas such

as medical cannabis and industrial hemp.

Additional equity. SYNBIOTIC executed two small cash capital increase

without subscriptionrights, issuing a total of 387k new shares at prices of

EUR 1.60 and EUR 1.70, raising gross proceeds of upto EUR 0.64m. The resulting

dilution stands at roughly 5%. The capital will be used to support

growthinitiatives, including product development and operational execution

across the group's coresegments.

Strategic investor entry.

As part of one of those capital increases, SYNBIOTIC secured an

anchorinvestment from CANSOUL, a specialised equity fund investing acro

the entire global value chainof the hemp and cannabis industry. Its holistic

investment approach covers cultivation, research,technology, extraction and

distribution through to pharmaceutical development. Importantly, thi

dealinitiates a long-term strategic partnership (e.g. access to further

capital, CANASOUL's network),highlighting the strength and appeal of

SYNBIOTIC's diversified platform.

Our view: Overall, the recent measures represent tangible progress in

stabilising SYNBIOTIC'sfinancial and strategic positioning. The recent FY25

guidance cut reflects the currently challengingregulatory situation within

the company's key end market. Following this year's strategic

realignment,SYNBIOTIC should be able to return to higher growth from next

year onwards (carried by medicalcannabis and industrial hemp), in our view.

Until FY27e, we model EUR 25m sales, implying a 16%CAGR. With that, SYNBIOTIC

should be able to return to profitability as early as FY26e.

BUY with a EUR 5.50 PT (old: EUR 6.00) based on DCF

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=1a185fc41227b0d9e1c828e1338e5412

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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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2249106 19.12.2025 CET/CEST

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