^ Original-Research: q.beyond AG - from NuWays AG

28.10.2025 / 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 q.beyond AG

Company Name: q.beyond AG ISIN: DE0005137004

Reason for the research: Update Recommendation: BUY from: 28.10.2025 Target price: EUR 1.3 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald

Q3 preview: Expect margin expansion despite macro headwinds

QBY will release its Q3 results on November 11. We expect continued macroeconomic pressure to weigh on topline growth, while efficiency measures should again drive a clear improvement in margins. In detail:

Q3 sales are seen at EUR 44.3m (eNuW), reflecting a still muted demand environment in German IT Services. Segment-wise, Managed Services sales are expected flat yoy on an adj. basis at EUR 29.0m (eNuW), as customers continue to postpone modernization projects. Positively, Consulting revenues are seen at EUR 15.4m (eNuW), a further sequential improvement qoq, based on improving utilization and increasing near-shore quotas. Despite soft revenues, we expect another step-up in margins. With the ongoing one.QBY program, management continues to optimize structures, leverage near- and off-shoring (eNuW: 18% vs. 14% a year ago), and implement AI-based efficiency tools. We therefore forecast a Q3 EBITDA of 3.1m, implying a margin of 7.1% (+2.5pp yoy).

On this basis, management is seen to confirm the FY25 outlook of EUR 184-190m sales (eNuW: EUR 185m), EUR 12.15m EBITDA (eNuW: EUR 13.7m), as well as positive net income (eNuW: EUR 1m) and FCF (eNuW: EUR 7.4m).

All in all, Q3 should underline the effectiveness of ongoing efficiency and automation measures while highlighting QBY's resilience in a still challenging market. In our view, the positive margin trend confirms management's focus on profitable growth rather than pure scale. With macro headwinds likely persisting into Q4, we view QBY's disciplined cost approach and high share of recurring revenues (c. 75%) as key stabilizers.

Beyond near-term operations, M&A remains a key value driver. With c. EUR 40m net cash (incl. leases), QBY has ample flexibility as management is screening targets of EUR 10-20m sales and double-digit margins, mainly in energy, healthcare, cybersecurity, and AI. Such acquisitions would broaden the vertical footprint and strengthen capabilities in high-demand (i.e. data-sovereign digital solutions). While no deal is expected before YE25, H1'26 could bring tangible newsflow, adding upside optionality to our estimates.

Valuation x-read. A further positive read-across stems from Allgeier's sale of its IT-Managed Services unit to Synova, valued in the "upper double-digit million euro range". As this should translate to at least EUR 75m EV (eNuW), the implied sales multiple would be 1.5x. Applying this to QBY's EUR 124m Managed Service sales in FY25 (eNuW) and even considering a 20% discount given possibly lower margins (data centre utilization currently at c. 70% at QBY), would imply an EV of c. EUR 150m. This poses a significant upside to the company's total current EV of only EUR 72m, thus underscoring the current undervaluation of the shares.

Based on this, we confirm QBY as part of our AlphaList and keep our recommendation unchanged: BUY, EUR 1.30 PT based on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=d7ea0eb17c57aa764c01f0f273f0de97 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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2219452 28.10.2025 CET/CEST

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Quelle: dpa-Afx