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Original-Research: Cantourage Group SE - from NuWays AG

10.03.2026 / 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

Valuation remains de-coupled from operations

Consolidated FY24 figures finally out - no surprises, sentiment overhang
lifted. While the individual financial statements (Einzelabschlüsse) had
been available for some time, the delayed publication of the consolidated
FY24 accounts had been weighing on sentiment. With those now released, all
concerns prove unfounded: results came in as expected, with sales of EUR 50m
and EBITDA of EUR 3.5m. Cash at year-end stood at EUR 3.3m. The publication
removes a key technical overhang and should allow the investment case to
refocus on fundamentals going forward.

Strong operational momentum across all markets. FY25 revenues of EUR 89m (+74%
yoy) and record EBITDA of ~EUR 6m (eNuW) carried by over 100,000 patients
served monthly fully underpin the group's growth trajectory. Demand remains
particularly strong in flowers, the highest-margin product category, while
the UK and Poland are growing well above market rates. The initially
anticipated demand shock in Germany due to the pending regulatory changes
has so far turned out to be less pronounced as initially expected.
Nevertheless, management already adjusted its product offering, focusing on
higher-margin premium strains which are typically less exposed to demand
shocks. We hence remain confident in our growth and margin assumptions for
FY26e and beyond.

Regulatory risk more manageable than feared. The ongoing debate around
amendments to the MedCanG and potential telemedicine restrictions has been a
source of share price volatility, but signals from Berlin are increasingly
constructive. A full rollback to pre-legalisation status looks highly
unlikely; what is emerging instead is a moderate adjustment of existing
legislation. If anything, tighter quality requirements around initial
consultations could accelerate market consolidation, benefiting established,
quality-focused operators like Cantourage at the expense of lower-quality
entrants.

Governance upgrades underway. ERP implementation, IFRS adoption, and broader
infrastructure upgrades are set to deliver materially faster and
higher-quality financial reporting going forward. The appointment of new CFO
Monique Jaqqam signals a clear commitment to capital markets readiness.
Management also flagged ambitions to become an active consolidator, a
credible ambition given the Sanity transaction has now established clear M&A
pricing benchmarks for the sector.

Sanity deal sets a high bar. In February, Sanity Group (German cannabis
wholesaler) was bought by Organigram (listed Canadian cannabis producer) for
EUR 250m. The implied multiples (assuming full earnouts) stand at ~ 4.2x
EV/Sales (EUR 60m sales in FY25) with EBITDA "just positive". This strongly
underpins Cantourage's attractive valuation of a mere ~ 0.7x EV/Sales FY25e
despite an already solid profitability. Importantly, Cantourage's vertically
integrated, direct-to-pharmacy model structurally commands superior margins
versus Sanity's wholesale-heavy approach, which acts as a mere intermediary
in the value chain.

Cantourage is progressing well across several topics including its
geographical expansion, a broadening product offering and governance
structures. So far, this has not adequately been reflected by the valuation
as regulatory uncertainties at its home-turf have weighed on the stocks
sentiment. We regard them as increasingly more manageable, hence why we
confirm our BUY rating with an unchanged EUR 10 PT based on a DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=d80e3449ca4bda4377b47b73b64571d3
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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
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2288354 10.03.2026 CET/CEST

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