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Original-Research: Cantourage Group SE - from NuWays AG

11.12.2025 / 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
Target price: EUR 10.5
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

Cantourage strengthening its leadership structure

Cantourage has moved to solidify its leadership structure with the
appointment of Monique Jaqqam as CFO from January 2026 and the renewal of
CEO Philip Schetter's contract for another five years. This is part of the
ongoing professionalisation of the company's governance structure, which is
necessary to lay the structural foundation for further strong growth.

Jaqqam brings over 20 years of international experience across finance,
private equity, real estate and hospitality. Her track record in financial
transformation, organizational restructuring and building modern finance
infrastructures, demonstrated at Future Group, BaseCamp Student and
Kempinski, should materially strengthen Cantourage's internal capabilities,
particularly within the finance department. Delays in regards to the
publication of consolidated financial reports as seen with the FY24 annual
report (eNuW: to be released shortly), should henceforth be a thing of the
past.

FY25 figures to come in strong with sales of EUR 89m (eNuW, +72% yoy) and
EBITDA of EUR 4.9m (eNuW, 5.5% margin). This is despite the currently
challenging situation in the company's most important end market, Germany.
As a reminder, the Federal Ministry of Health is evaluating measures that
could restrict telemedicine-based cannabis prescriptions and curb mail-order
distribution. As a result, cannabis-focused pharmacies are therefore showing
more cautious ordering patterns, triggering inventory reductions (cannabis
flowers are perishable goods). Nevertheless, we regard Cantourage as well
positioned to weather those temporary headwinds, adapting the product
offering, increasing cooperations with offline pharmacies and entering
additional markets to decrease the dependency on Germany.

Beyond its home market, Cantourage has built a meaningful position in the UK,
where cumulative deliveries reached 1.5 tons of medical cannabis as of
September (eNuW: low double-digit EUR million in sales). The company is also
expanding its footprint in Poland and preparing market entries in additional
European countries. This broader geographic reach gradually reduces
Cantourage's reliance on Germany and adds new structural growth drivers.

Conclusion: With a strengthened management team, an increasing governance
setup, the ongoing European expansion as well as a strong positioning in its
home-turf Cantourage looks well positioned to capitalise on the industry's
prospects. Valuation remains subdued with shares trading on 0.4x EV/sales
FY26e despite >70% growth. We confirm our BUY rating with an unchanged EUR
10.50 PT based on a DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=3383870a00798a831e29ee5f1f9270c1
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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2243726 11.12.2025 CET/CEST

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