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Original-Research: Cantourage Group SE - from NuWays AG

20.01.2026 / 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
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

FY26 outlook: Continued growth despite temporary headwinds

German market dynamics remain challenging, yet manageable. Germany is in the
midst of changing its current cannabis laws. The most likely outcome would
require a physical doctor's visit in order to receive a prescription. As
large numbers of patients would have to re-qualify their current
prescriptions, it is expected that this would lead to a temporary demand
shock as well as a certain "wash-out" of less active patients. Germany is
also considering restricting online pharmacies from dispensing medical
cannabis.

In our view, Cantourage is well positioned to weather potential regulatory
changes. For one, the company is already adapting its product mix toward
higher-margin premium strains which are typically less exposed to demand
shocks. Cantourage is also strengthening its cooperations with offline
pharmacies and adapting its telemedicine platform's, telecan, operational
set-up (i.e. connecting patients with physical doctors).

UK and Poland to show strong growth. Next to Germany, the UK and Poland are
Cantourage's most important end markets. As both markets are seen to remain
on a strong growth path (broadening product offering + focus on premium
strains), they should be able to partially offset the stagnating/slightly
decrease sales in Germany, in our view.

Driving European expansion. Cantourage should be entering additional
promising European markets such as Spain and Italy, which are gradually
emerging markets following regulatory changes. In October of last year,
Spain has officially integrated medicinal cannabis into its healthcare
system under strict pharmaceutical rules, allowing only standardized THC/CBD
extracts prescribed by specialists and dispensed through hospital
pharmacies. While we don't expect notable revenue contributions for FY26e,
the company should define go-to-market strategies and realize first small
sales volumes (eNuW).

Corporate governance improvements are imminent. As previously announced,
Cantourage's new CFO assumed office at the beginning of the year. Coupled
with the extension of the CEO's contract by five years and additional hires,
the group took the necessary steps to significantly enhance leadership
continuity, reinforce internal control structures, and improve the quality
and timeliness of financial reporting, ultimately establishing a stronger
governance platform to support future growth. The outstanding FY24
consolidated annual report is expected to be published shortly, eNuW.

We confirm our BUY rating with a EUR 10 PT based on a DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=106e7ee5c277c9ede82a682b3c11b01d
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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2262540 20.01.2026 CET/CEST

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