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Original-Research: Aiforia Technologies Oyj - from NuWays AG

09.03.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Aiforia Technologies Oyj

Company Name: Aiforia Technologies Oyj
ISIN: FI400050793

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

Clinical growth accelerates, roadmap to scale is clear

Last Friday, Aiforia reported its H2'25 results. Our review in detail:

* Net sales grew +45% yoy to EUR 2.1m (vs eNuW +47% yoy)

* Clinical segment grew +68% yoy to EUR 1.5m (vs eNuW +70% yoy)

The clinical segment revenue growth was organic and accelerated sequentially
from H1'25 (+60% yoy). The good performance of Clinical was primarily driven
by an increased share of wallet of the installed base, as well as Clinical
tender wins (+5 in 2025). Of the total revenue, 10% came from Finland (vs
40% prior), 17% from North America (vs 45% prior), and the remaining 73%
mainly from Europe (vs 15% prior), reflecting the strong acceleration of
share of wallet of European clinical customers (12 out of 14 clinical
customers are located in Europe, excl. Finland).

On profitability, EBITDA was EUR -3.0m, improved from EUR -4.0m, (vs eNuW EUR
-2.7m). The profitability amelioration was driven by (i) strong double digit
growth generating operational leverage and (ii) lower personnel expenses.
Mind you, the company concluded workforce reductions in November, which aims
to reduce run-rate costs by EUR 2.5m, starting from FY26.

Aiforia ended the year with a cash position of EUR 9.5m (vs eNuW EUR 11.6m). The
higher cash burn was due to higher than anticipated WC requirements and
CAPEX. The business mix is shifting from research licensing deals to
pay-per-use clinical contracts; a temporary uptick in WC is therefore
expected, with WC investments normalising over time toward neutral to
slightly positive. Further, investments into intangibles are seen to have
peaked in FY25 (eNuW).
Looking forward, we expect the more tangible hyperscale years to be in
FY26-28. As mentioned in our preview, revenue growth is seen to accelerate
on the back of (i) an increased share of wallet, (ii) strategic partnerships
(e.g. Siemens Healthineers), (iii) deployment of Foundation Engine-powered
AI models and (iv) continued clinical tender wins. Noteworthy, the company's
14 clinical clients currently generate EUR ~2m run-rate recurring revenue,
with scope for a 3-4x increase through share of wallet expansion, at
incremental gross margins of ~75% and EBITDA margins of ~40% (eNuW). Aiforia
aims to win 50 clinical clients by 2030, an achievable target given the
company's past tender performance.

For FY26, we expect net sales to increase 70% yoy to EUR 6.0m. EBITDA is seen
to improve from EUR -6.0m to EUR -3.1m.

We make minor adjustments to our model. Given the strong performance of the
Clinical segment in H2'25, our conviction in the long-term story remains
intact. We thus 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=1c3dc1a4a212561eaaf46508e160f003
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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