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Original-Research: Cantourage Group SE - from NuWays AG

12.05.2026 / 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

Q1 prelims confirm focus on profitable growth

Cantourage released preliminary Q1 2026 figures, showing revenue of EUR 20.6m
and EBITDA of EUR 2.2m (margin: 10.6%). While the numbers broadly confirm the
stabilisation thesis after a difficult H2 2025, the year-on-year read is
complicated by an exceptionally strong Q1 2025 that benefited from the
initial wave of demand following Germany's CanG legalisation.

On a sequential basis, the picture is clearly constructive. Revenue grew
roughly 11% qoq versus Q4 2025, underpinning that the business has found its
footing after the pricing-driven contraction seen through the summer and
autumn of last year (in Germany). We regard this as evidence that
Cantourage's deliberate pivot away from low-margin standard volumes toward
premium positioning is beginning to bear fruit.

On profitability, the 10.6% EBITDA margin (EUR 2.2m) represents a meaningful
step up from FY25p (6.1%) and reinforces the view that gross margin
protection through a deliberate shift in product mix (focus in premium
flowers).

Geographically, the UK continues to grow in strategic importance, now
representing 41.3% of revenues versus Germany's 51.5% (Poland with 7.3%).
This convergence is a structural positive: it reduces Cantourage's
dependency on a single regulatory environment and on the German price cycle,
and provides a more resilient earnings base from which to grow. Going
forward, the group's Germany exposure is seen to further decrease as
management hinted at potential additional market entries into France, Spain
and Italy during short to mid-term, supporting the company's transition into
a pan-European player.

Healthy balance sheet. With a net cash position of EUR 8.8m, the company is
well equipped to finance its expansion plans, both geographical and product
(e.g. new forms of administration). Importantly, the group's net cash should
further grow thanks to positive cash flows and no direct need for
significant capex, in our viw.

Valuation remains undemanding. The Sanity/Organigram transaction at ~4.2x
EV/sales for a wholesale only, barely profitable business stands in contrast
to Cantourage's ~0.7x EV/Sales FY26p with a clearly positive and growing
EBITDA. The market continues to under-price both the operational trajectory
and the de-risking of the regulatory overhang.

We confirm our BUY rating with an unchanged EUR 10 PT based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=3c74330611adc16e4a109ae3e64fcd0a
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
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2325736 12.05.2026 CET/CEST

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