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Original-Research: q.beyond AG - from NuWays AG

06.05.2026 / 09:00 CET/CEST
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Classification of NuWays AG to q.beyond AG

Company Name: q.beyond AG
ISIN: DE000A41YDG0

Reason for the research: Update
Recommendation: BUY
Target price: EUR 5.9
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald

Q1 preview: Soft start but case remains intact; Chg.

QBY will release its Q1'26 figures next Monday. Given the still challenging
macroeconomic and geopolitical environment weighing on IT spending across
the German Mittelstand, we expect a soft quarter with both revenues and
EBITDA declining yoy. While this is unsurprising in the context of ongoing
demand headwinds and planned investment activity, we continue to view the FY
targets as achievable.

Revenue decline driven by Managed Services base effect. Q1 revenues are set
to decline 4.5% yoy to EUR 44.3m (eNuW), primarily driven by the absence of
around EUR 3m in one-time license revenues still booked in Q1/25 prior to the
billing model transition. Organically, the MS segment continues to face
headwinds from a cautious IT spending environment, with long-duration
contract closures remaining delayed and pricing adjustments still required
in parts of the portfolio. The Consulting segment should partially offset
this, with low single-digit yoy growth expected (eNuW: 2%), supported by
continued utilization improvements and a near- and off-shoring ratio now at
20% (vs 3% in FY23), a structural margin tailwind set to continue toward the
mid-term target of 30%.

EBITDA step-back reflects investment phase. We estimate Q1 EBITDA of EUR 1.7m
(Q1'25: EUR 2.3m), implying a margin of 3.8%. Gross profit will be burdened
by the weaker MS revenue development. Ongoing investments in agentic AI
capabilities running ahead of corresponding revenues are seen to be a
further temporary margin drag. Additionally, M&A-related legal and advisory
costs may have weighed on opex, as management is actively progressing on
inorganic growth opportunities. Mind you, we expect at least one acquisition
to be announced in FY26 (eNuW), with healthcare and energy as the key target
verticals.

Recovery path and investment case intact. Despite the expected Q1 softness,
we expect a meaningful improvement through the year, driven by progressive
data center capacity monetization, early agentic AI revenue contributions
and a continuing improvement in the delivery mix. Management's FY26 guidance
of EUR 182-190m in sales (eNuW: EUR 183m) and EUR 10-16m in EBITDA (eNuW: EUR 11.2m)
should remain unchanged, with the lower end representing a macro stress
scenario, in our view. With 72% recurring revenues, long contract durations
of 3-5 years, a net cash position of EUR 35m and an undemanding valuation of
5x FY26e EV/EBITDA, underpin the attractiveness of QBY.

The stock hence remains a BUY with a new PT of EUR 5.90 based on DCF. Stock is
removed from our NuWays Alpha List due to the continued short-term
headwinds.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=30210e54fc47ad482b42e192b28e5370
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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