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Original-Research: LION E-Mobility AG - from NuWays AG

28.05.2026 / 09:00 CET/CEST
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Classification of NuWays AG to LION E-Mobility AG

Company Name: LION E-Mobility AG
ISIN: CH0560888270

Reason for the research: Update
Recommendation: BUY
Target price: EUR 3.2
Target price on sight of: 12 months
Last rating change:
Analyst: Sarah Hellemann

First BESS containers on the ground in Germany

Yesterday, LION announced its first delivery of BESS containers to
Finsterwalde (Eastern Germany). Here are the next steps and what this means
for group's Storage business in detail:

Timeline on first construction phase specified. First containers were
already delivered to the location of project developer Renoc GmbH. A LION
Smart team is at the site and has started the next step of grid connection
works. Now pending grid approval, commissioning is planned for July on 5 MW
installed capacity and storage capacity of 20 MWh (eNuW: total project value
EUR 750k, prepayments received Q4 2025).

Second construction phase planned for early 2027. For the same project, a
further expansion to 15 MW installed power and 40 MWh storage is intended to
follow early next year (eNuW: project value EUR 1.5m). A partial advance
payment is anticipated for the second half of 2026. This clearly supports
our view of rising BESS sales volumes in H2 2026 (eNuW).

LION in advanced talks for further customer signings. As highlighted in the
Q1 earnings announcement, LION is currently negotiating further concrete
deals from its 7.5 Gwh project pipeline (not yet signed), which has a total
revenue potential of some EUR 280m, in our view.

Impact on Storage: While the short-term impact on the group's P&L is rather
limited, the project validates one of the mid-term growth pillars of LION.
The pent-up demand for storage solutions in Europe is significant while the
bottleneck is clearly grid connection approvals. Once this eases, LION's
Storage business looks set to meaningfully contribute to group earnings.

Looking ahead, we continue to expect LION to deliver on its FY26 guidance of
more than EUR 35m sales (eNuW: EUR 36m) and a strongly positive EBITDA (EUR 5.7m),
mainly driven by the ramp-up of the new NMC+ production, which is supported
by several key customers already having placed orders but also a stronger H2
for Storage.

We confirm our BUY rating with an unchanged EUR 3.2 PT, based on DCF.

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Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
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Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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2334758 28.05.2026 CET/CEST

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