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Original-Research: Cantourage Group SE - from NuWays AG

18.03.2026 / 09:00 CET/CEST
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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

FY25 prelim confirm the growth story; chg. est.

Cantourage published preliminary group figures for FY25, reporting sales of
EUR 92.8m (eNuW old: EUR 88.6m), implying growth of 82% yoy vs. EUR 50.9m in FY24.
Preliminary EBITDA rose to EUR 5.7m, largely in line with our expectations of
EUR 6m. Most importantly, the preliminary results confirm the operational
momentum cross the group's end markets. This is despite the temporary
pricing headwinds in Germany in H2 as the group evidently compensated
through volume, an increasing focus on less effected premium strains and
strongly growing sales in the UK and Poland.

International expansion gaining traction. The company's focused rollout
across key European markets is increasingly supporting both top-line growth
and overall earnings quality. The UK alone contributed more than 20% of
total group revenue in 2025. This is relevant for two main reasons: firstly,
UK sales are structurally higher-margin (higher avg. selling price compared
to Germany's more volume-driven flower segment; secondly, a broader
geographic footprint helps alleviate regulatory concentration risk, which
has historically weighed on market sentiment.

In addition to the UK, Poland is also expanding at a pace well above the
underlying market. Consistent with its strategy, further entries into
European markets are likely over the short to medium term (eNuW),
reinforcing the company's transition into a pan-European player.

Greater emphasis on premiumisation in Germany. Profitability in the German
market has come under pressure due to intensified price competition in the
lower-end segment, following a surge in supply, partly triggered by
regulatory uncertainty and subsequent inventory adjustments across the
industry, particularly over the summer period. In response, Cantourage has
repositioned its portfolio towards higher-margin premium strains, which tend
to be more resilient to demand volatility. As a result, competitive
differentiation is shifting away from scale towards product curation and
quality.

FY26e sales to exceed EUR 100m (8% yoy growth, eNuW) despite the challenging
market conditions in Germany as Cantourage is successfully repositioning the
local product portfolio and international markets retain high growth rates.
More importantly, margins are seen to further improve to 8.5% (EBITDA),
+2.4pp yoy, benefitting from the aforementioned premiumisation in Germany
and a strategic shift (opportunistically) from pass-through distributor to
principal buyer, taking inventory onto its own book and capturing a
structurally larger share of the margin stack.

Valuation remains deeply undemanding. The prelims reinforce the M&A
reference point we established in our last note. The Sanity/Organigram
transaction at ~4.2x EV/sales for a wholesale-only, barely profitable
business stands in stark contrast to Cantourage's ~0.7x EV/Sales FY25p with
a clearly positive and growing EBITDA. The market continues to under-price
both the operational trajectory and the de-risking of the regulatory
overhang. We confirm our BUY rating with an unchanged EUR 10 PT (DCF-based).

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=1fc3a6b655a38755ad18e9e443e196d5
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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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2293230 18.03.2026 CET/CEST

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