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Original-Research: Cantourage Group SE - from NuWays AG

05.09.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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: 05.09.2025
Target price: EUR 10.50
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

Regulatory uncertainty and oversupply weighing on momentum

Cantourage remains on a stable growth trajectory, supported by strong
international momentum and continued demand in its home-turf Germany.
Despite intensifying pricing pressures in certain market segments,
especially the low and mid price segment, due to a strongly increased
offering from several competitors, management continues to expect high
growth. Yet, the company has not issued a concrete FY guidance; eNuW: EUR 89m,
+72% yoy.

At the same time, regulatory uncertainty is beginning to weigh on sentiment.
The Federal Ministry of Health is currently evaluating measures that could
restrict telemedicine-based cannabis prescriptions and limit the mail-order
distribution channel. While the direct impact would be limited (telecan has
no notable top-line contribution), these proposals, if enacted, may
constrain access for patients and impact sector dynamics. Due to the
uncertainties, cannabis focused pharmacies are demonstrating more cautious
order behavior.

In light of this, Cantourage is fine-tuning its go-to-market strategy in
Germany, increasingly focusing on more premium strains.

Different picture outside of Germany. Next to Germany, Cantourage is also
active in the UK and Poland, which both demonstrate continued strong demand
growth, largely due to being in a much earlier market phase. In Poland,
Cantourage has expanded its product registrations, with the first export to
the country scheduled for the fourth quarter of 2025. The local market,
which experienced a steep decline in demand in 2024 following regulatory
tightening around telemedicine, is now showing clear signs of recovery.
Management expects Poland to contribute meaningfully to revenue from 2026
onward, with additional product approvals in the pipeline.

In the United Kingdom, Cantourage has firmly established itself as a
significant player. The UK subsidiary is on track to deliver approximately
150% revenue growth year-over-year, supported by an expanding product range
and consistent patient uptake. Over 1.5 tonnes of medical cannabis have
already been supplied in 2025, with a growing portfolio of more than 30 SKUs
now active in the market. The UK is emerging as a vital growth engine,
providing scale and attractive margins.

Importantly, CEO Philip Schetter has returned to his role after a short
personal break in August. His return comes at a pivotal moment as Cantourage
navigates evolving market dynamics and regulatory uncertainties in Germany
while accelerating its international expansion.

Trading at 0.5x EV/sales FY25e, the current valuation reflects an
unjustified discount to the share's fair value. In light of the temporarily
increasing uncertainty, we trim estimates and lower our PT to EUR 10.50 (old:
EUR 13) based on DCF but confirm our BUY rating. The recent 51% acquisition of
Remexian Pharma by US-listed High Tide should provide additional valuation
support as the purchase price implies an EV/sales multiple of 0.84x.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=83fd8e51da0374c97c855a318dd1c5c9
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 Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2193430 05.09.2025 CET/CEST

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