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Original-Research: Aiforia Technologies Oyj - from NuWays AG

27.02.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Aiforia Technologies Oyj

Company Name: Aiforia Technologies Oyj
ISIN: FI4000507934

Reason for the research: Update
Recommendation: BUY
Target price: EUR 3.8
Target price on sight of: 12 months
Last rating change:
Analyst: Julius Neittamo

H2'25 preview; accelerating clinical revenue growth expected

Aiforia will report H2'25 results on March 6. Our preview in detail:

H2'25 sales look set to increase 47% yoy to EUR 2.18m (eNuW). Clinical revenue
growth is seen to accelerate sequentially (+70% vs +60% yoy in H1'25, eNuW)
and Research revenue is set to recover to +6% yoy (eNuW), following a soft
H1'25 (-30% yoy).

Focus is on the clinical segment to scale the business, explaining the
modest growth expectations for Research in H2'25 (eNuW). The growth
trajectories of both segments should also differ beyond FY25, with the
Research segment to grow at an ~8% CAGR and the Clinical segment at a strong
~84% (FY26-28, eNuW). Clinical growth for the coming years should be
supported by:

* An increased share of wallet across the installed base of 14 major
clinical clients, driven by an acceleration in the adoption rate of
pathology AI technology;

* Strategic partnerships with leading industry players, such as Siemens
Healthineers, which should broaden Aiforia's commercial reach and help
ramp up sales growth by embedding its AI solutions into large,
established digital pathology networks; and

* The recently launched foundation engine, which is viewed as an
improvement over supervised convolutional neural networks in terms of
commercial scalability, as it enables faster deployment of AI models,
greater adaptability to new use cases, and lower operating costs.

We expect incremental tailwinds from the foundation engine to happen over
the course of FY26-28. While an acceleration in the adoption pace of AI
technology by clinical clients in H2'25 would provide a positive trigger for
the growth story, we expect the more tangible hyperscale years to be in
FY26-28. The company has an excellent track record in developing advanced AI
models and in securing tenders, giving us confidence that Aiforia can
convert clinical tenders into strong growth execution.

On profitability, H2'25 EBITDA is expected to improve to EUR -2.7m (vs EUR -4.0m
a year prior), on the back of operational leverage and lower OPEX driven by
a reduced headcount. Mind you, the company concluded workforce reductions in
November, which should lead to annual cost savings of EUR 2.5m starting from
FY26.

Aiforia is set to end FY25 with EUR 11.6m in cash. We estimate the company's
operating cash burn to be EUR 9.3m in FY26, thus Aiforia should have
sufficient cash runway to cover at least the whole of FY26.

Ahead of the H2'25 results, our conviction in Aiforia's long-term story
remains intact. We reiterate our BUY rating with a EUR 3.80 PT based on our
DCF model.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=cc417bf2c970e4c50dbe4e180875443e
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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analysierten Unternehmen befindet sich in der vollständigen Analyse.
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