^ Original-Research: Cantourage Group SE - from NuWays AG

04.11.2025 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS 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 Cantourage Group SE

Company Name: Cantourage Group SE ISIN: DE000A3DSV01

Reason for the research: Update Recommendation: Buy from: 04.11.2025 Target price: EUR 10.50 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr

Q3 prelims: Growth remains strong // int. expansion ongoing Cantourage's Q3 sales surged 52% to EUR 20m but regulatory uncertainties and price pressures weigh on margins. Maintain BUY with a EUR10.50 price target. Cantourage reported strong Q3 sales of EUR 20m, up 52% yoy (9m sales of EUR 74.9m, +148% yoy) thanks to a strong international momentum and continued demand in its home-turf Germany. Yet, this is a sequential slow down compared to the previous quarter with EUR 27.9m due to prevailing uncertainties surrounding regulatory changes in Germany and resulting cautious demand and somewhat lower pricing as several players notably decrease prices to clear inventories (cannabis flowers are perishable). EBITDA during the first nine months stood at EUR 3.9m (+86% yoy), implying a margin of 5.2%, partially underpinning the company's strong operating performance and high scalability of the business model but at the same time temporarily burdened by the German market's current price pressure amid an industry wide inventory wind down. FY25 expectations partially reachable. So far, the company has not issued a concrete guidance for this financial year. While market expectations for FY sales of EUR 87m (eNuW: EUR 88.6m) seem sensible, estimates for EBITDA of EUR 7m (eNuW old: EUR 6.5m) should be somewhat to high; eNuW new: EUR 4.9m. Regulatory uncertainties prevail. The Federal Ministry of Health is evaluating measures that could restrict telemedicine-based cannabis prescriptions and curb mail-order distribution. While the direct impact would be limited (telecan is not a meaningful revenue driver), these proposals, if enacted, could constrain patient access and affect market dynamics. Cannabis-focused pharmacies are therefore showing more cautious ordering patterns. It remains unclear, to what extent access will be restricted. However, we see Cantourage as well positioned to weather those changes; adapting the product offering, increasing cooperations with offline pharmacies and entering additional markets to decrease the dependency on Germany. European expansion ongoing. Next to Germany, Cantourage has already established itself as a significant player in the UK. In September, the company announced that it already supplied 1.5 tons of medical cannabis to the UK market (eNuW: low double-digit EUR m of sales). In Poland, Cantourage is further increasing its presence and is also preparing to enter further European markets such as Spain and Italy. Ultimately, the company is decreasing its dependency on the German market and adding additional growth pillars to the story. Current share price development remains de-coupled from the company's operational developments. Trading at 0.5x EV/sales FY25e despite expected growth of >70% seems unjustified. We confirm our BUY rating with an unchanged EUR 10.50 PT based on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=b7d2dc165f16e8850360b9c33adbca41 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 Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++

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2223196 04.11.2025 CET/CEST

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Quelle: dpa-Afx