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Original-Research: Cantourage Group SE - from NuWays AG

22.12.2025 / 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
from: 22.12.2025
Target price: EUR 10.50
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

FY25 EBITDA to come in ahead of market estimates

Cantourage announced that at the end of November, the company's EBITDA
already stood at EUR5.5m, exceeding the market's expectations of EUR 4.8m (eNuW
old: EUR 4.9m) already by roughly10%. Mind you, at the end of Q3, EBITDA stood
at EUR 3.9m as a result of a third quarter with a notablylower profitability.
This was the result of price pressure following political uncertainties,
whichtriggered industry-wide de-stocking in Germany. In our view, the fact
that the first two months of Q4came with a decent margin again, underpins
that (1) de-stocking has notably decreased and pricesshould be somewhat
normalising and (2) Cantourage is able to weather challenging
marketconditions well thanks to its unique set-up.

Our new FY25 estimates now imply a FY EBITDA margin of 6.8% compared to 5.5%
previously.Our FY25 sales estimate of EUR 89m remained unchanged.

Cantourage to weather potential regulatory changes in Germany well.
Cantourage is wellpositioned due to its ability to adapt its product mix
toward higher-margin premium strains, strengthencooperation with offline
pharmacies and actively manage inventories. At the same time, stronggrowth
in earlier-stage markets such as the UK and Poland and an improving
governance setupsignificantly reduce dependence on Germany and enhance
resilience against regulatory headwinds.

Improving corporate governance around the corner. As recently announced, the
group's newCFO will be starting in January, alongside the five-year
extension of the CEO's contract, whichtogether should notably improve
leadership stability, strengthen internal controls and enhance thequality
and timeliness of financial reporting, laying a more robust governance
foundation for futuregrowth. The still pending FY24 consolidated annual
report is expected to be release shortly, eNuW.

Valuation remains attractive. Shares continue to trade at a subdued
valuation of 0.4x EV/sales (6xEV/EBITDA) FY25e despite >70% growth improving
governance structures and the announcedbetter than expected margins this
year. Mind you, in September, US-listed High Tide announced the 51%
acquisition of Remexian Pharma at an implied EV/sales multiple of 0.84x.
Canify, which isrumoured to IPO in 2026, is currently raising money at 2-3x
EV/sales (eNuW).

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=a89adc096fcfa9f7dc7c808d35ed839b
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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2249658 22.12.2025 CET/CEST

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