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Original-Research: Hoenle AG - from NuWays AG

20.05.2026 / 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

Q2 FY25/26: Adhesives glue in a stronger EBITDA performance

Hoenle published its Q2 FY25/26 results (covering Jan-Mar 2026) yesterday.
The bottom-line improved notably, beating expectations. In detail:

Q2 revenue declined by 7.8% yoy to EUR 23.8m, (eNuW: EUR 28m). Market
environments continued to prove difficult in Curing, which was enhanced by
the insolvency of a large client, Manroland Sheetfed GmbH (eNuW: EUR 4m in
hoenle sales p. a.). Growth of 3.4% yoy in Adhesive Solutions partially
mitigated the negative effect, thanks to selectively improved demand.

Q2 EBITDA rose by 57% yoy to EUR 2.2m, (eNuW: EUR 1.6m), translating into an
EBITDA margin of 9.2% (+3.6pp yoy; eNuW: 6.3%). The improvement was
attributable to a strong contribution from Adhesive Systems as well as tight
cost control.

Adhesive Systems reported revenue of EUR 9.3m (+3.4% yoy; eNuW: EUR 9.3m),
supported by progress on several client orders despite continued cautious
customer behavior, as well as portfolio optimization efforts. Thanks to the
latter, as well as efficiency gains in production, logistics and a lower
material cost ratio, the EBITDA contribution rose by 90% yoy to EUR 1.5m
(eNuW: EUR 0.8m).

Curing revenue fell by 22.7% yoy to EUR 7.3m (eNuW: EUR 8.8m), declining more
significantly than we expected due to continued soft demand for plant
equipment amid sustained geopolitical uncertainty. While VDMA data had
pointed in the direction of a decline ahead of the results, the weakness
affected hoenle more broadly than anticipated, including both printing press
related products and the industrial surface coating product group. On top of
a difficult market environment, struggling key client Manroland Sheetfed
GmbH entered insolvency in early March. Despite this, restructuring efforts
from FY24/25 supported the bottom line, leading to a stable yet negative
EBITDA contribution of EUR -0.2m, which was in line with our expectations.

Disinfection revenue came in flat yoy at EUR 7.3m (eNuW: EUR 7.8m), following a
strong Q1 performance driven by risen demand in water purification
solutions. Despite this, the segment's EBITDA contribution came in below
last year's figure at EUR 0.8m (eNuW: EUR 1.0m) vs EUR 1.2m in Q2 24/25. Next to
raised sales capabilities forwater purification solutions, product mix
effects (strong comparable base) were the drivers behind it.

Management confirmed its FY25/26 guidance of EUR 95-105m in sales and EUR 6-9m
in EBITDA, yet pointing towards the lower ends in light of the current
environment, which is marked by cautiousness. Taking into account the
particularly weak Curing performance with limited significant improvements
in sight, management has not ruled out additional right-sizing measures.

Adjusted segment expectations. In light of these developments, we lower our
FY25/26e expectations for Curing (revenue down 5% yoy to EUR 31.7m and EUR 0.4m
EBITDA). This leads us to FY25/26 revenue of EUR 95.8m and EUR 6.8m in EBITDA
(eNuW), implying top-line growth of 2.3% yoy and bottom-line improvement of
18% yoy, 7.1% margin. The guidance continues to look achievable on the lower
end. Adjustments made overall do not impact the PT of EUR 15. Maintaining BUY.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=ba0b10a8e2be051036f661141c45f698
For additional information visit our website:
https://www.nuways-ag.com/research

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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