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Original-Research: Hoenle AG - from NuWays AG

02.02.2026 / 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 Hoenle AG

Company Name: Hoenle AG
ISIN: DE0005157101

Reason for the research: Update
Recommendation: BUY
Target price: EUR 15
Target price on sight of: 12 months
Last rating change:
Analyst: Sarah Hellemann

FY 24/25 as expected // tide to turn in FY 25/26; chg.

Last week, Hoenle released its annual report for FY 24/25 (preliminary
figures were already published in Dec. 2025). Key takeaways in detail and
what to expect in FY 25/26:

FY 24/25 revenue declined by 5.1% yoy to EUR 93.7m (eNuW: EUR 93.7m) amidst a
challenging market environment, particularly for Adhesives and ongoing
restructuring in Curing, which were not compensated for by Disinfection. Q4
revenue stood at EUR 23.9m (-10.5% yoy). Importantly, FY 24/25 EBITDA
increased by 94% yoy to EUR 5.8m (eNuW: EUR 5.8m), thanks to positive
restructuring effects in Curing, a favourable product mix during the year
and general tight cost control. In Q4, EBITDA came in at EUR 2.7m (Q4 23/24:
-0.96m) implying a 11.4% margin.

Disinfection FY revenue rose by 6.7% to EUR 26.3m (eNuW: EUR 25.9m), as
tailwinds persisted and first revenues were recorded from the ultra-pure
water solutions. An EBITDA-contribution of EUR 3.2m (+ 6.6% yoy) supported the
overall result and rose largely in line with sales. Q4 revenue accelerated
by 10% yoy to EUR 7.2m with EUR 0.8m EBITDA (+93% yoy).

Adhesives FY revenue declined by 9.6% yoy to EUR 33.9m (eNuW: EUR 33.6m), due to
a notable reduction in automotive orders and shifting consumer electronic
supply chains amid high geopolitical uncertainty. The EBITDA amounted to EUR
2.8m (-36% yoy) accordingly. Q4 revenue fell by 7% yoy to EUR 9m, but EBITDA
contributed EUR 0.4m, compared to EUR -0.7m a year prior.

Curing FY revenue was down 8.5% yoy at EUR 33.4m (eNuW: EUR 34.2m), as a result
of lower end market demand and restructuring activities. These developments
led to a significantly lower EBITDA loss of EUR -0.2 m (vs EUR -3.2m in FY
23/24). While Q4 sales fell by 27% yoy to EUR 7.7m, the EBITDA contribution
significantly improved to EUR 2.5m (vs EUR -0.8m in FY 23/24), supported by the
business' seasonality.

FY 25/26, the tide looks set to turn. As reflected in the recently published
FY25/26 guidance of EUR 95-105m revenue and EUR 6-9m EBITDA, management expects
the group to return to growth following three consecutive years with a
decreasing top-line. The bottom-line should rise as a result of higher
revenue and cost cutting measures increasingly bearing fruit.

We expect moderate top-line growth of 4.8% to EUR 98.2m (eNuW) and 22%
stronger bottom-line with EUR 7.1m (eNuW) EBITDA on the basis of growing
after-sales activities, product portfolio reviews and tight cost control. In
terms of end market developments, strong growth in semiconductors, moderate
growth in consumer electronics, slight growth in automotives, mixed
performance in printing and tighter EU regulation towards packaging is
indicated by market researchers and should support the group. With tailwinds
intact and increasing revenues from ultra-pure water use cases, Disinfection
should growth by 8% yoy to EUR 28.5m (eNuW), followed by Adhesives (eNuW: +5%
yoy to EUR 35.6m) and Curing (eNuW: +2% yoy to EUR 34.1m).

Confirming BUY at a PT of EUR 15, based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=60a0330f428b32731e6ecaee495888d9
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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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2269304 02.02.2026 CET/CEST

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