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Original-Research: FIT GROUP AG - von NuWays AG

18.06.2026 / 09:00 CET/CEST
Veröffentlichung einer Research, übermittelt durch EQS News - ein Service
der EQS Group.
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Einstufung von NuWays AG zu FIT GROUP AG

Unternehmen: FIT GROUP AG
ISIN: DE000A426PD9

Anlass der Studie: Initiation
Empfehlung: BUY
Kursziel: EUR 13.5
Kursziel auf Sicht von: 12 months
Letzte Ratingänderung:
Analyst: Christian Sandherr

FIT for strong growth; INITIATE with BUY

The trend of a healthy lifestyle enjoys a sustainably growing attraction
across all age groups. Currently, the LOHAS consumer type (Lifesytle of
Health and Sustainability) represents 27% of the German population, but is
expected to expand to 40% by FY33e. In order to facilitate a healthy
lifestyle, many consumers not only do sports and shift towards a healthy
diet, they also make use of the benefits of health related products such as
massage pistols & food supplements, with 3 out of 4 Germans using food
supplements regularly.

FIT GROUP (FG), founded in 2020, is an emerging player in this field, whose
mission is to serve a growing number of customers with the aforementioned
products. The key USP does not lie in the products, but in the marketing and
distribution power. FG has unique sense of detecting product trends early,
procuring the subsequent products quickly and distributing them by
leveraging the power of social media (B2C; > 700k followers on TikTok) and
its elaborate network of retailers (B2B; e.g. Reformhaus &
MediaMarktSaturn). Having started with their "Fitgun", which brand has
become a synonym for the product itself (like "Kärcher" for pressure
washers), FG has moved into the high growth field of food supplements with
products such as Shilajit, beetroot powder, vitamin gummis and caffeine
pouches.

FG procures the relevant products at favorable prices and resells them with
a superb gross margin of 73.5% (FY24), which is the result of two effects :
(1) due to the product type (mainly food supplements) and their newness to
the domestic market, customers do not have an anchor price and are willing
to pay the asking price. This is supported by a strong and appealing
marketing positioning and unique product design and is further enhanced by
FG's innovativeness, e.g. the combination of "Shilajit" and "Manuka" honey
to "Manukajit", which allows for un-copyable, unique products, only
available from FG. Secondly, FG tightly works together with a diversified
supplier network from Asia, allowing for low procurement costs.

Going forward, we expect FG to grow sales at a 37% CAGR 24-28e, thanks to
surging demand for Nutrition, making up c. 75% of sales already in FY25e
(eNuW; vs. 3.5% in FY24), new distribution agreements and a rising brand
awareness. Coupled with a more efficient fulfilment and increasing fixed
cost coverage, EBITDA is seen to expand by 42% CAGR during the same period.

All together, FG is well positioned to capitalize from two trends (social
media usage and healthy lifestyle) at once. With gross IPO proceeds of EUR
1.6m as well as plenty of recently launched nutrition products, short- to
mid-term growth looks set to be strong thanks to better pre-financing of
working capital (currently the #1 bottleneck for growth) and increasing
marketing power.

We initiate coverage with a BUY rating and a EUR 13.50 PT based on DCF.

Die vollständige Analyse können Sie hier downloaden:
https://eqs-cockpit.com/c/fncls.ssp?u=f7e874fb5ba0c66f678c1aa8c34b9eb2
Die Analyse oder weiterführende Informationen zu dieser können Sie hier
downloaden: https://www.nuways-ag.com/research

Kontakt für Rückfragen:
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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2348598 18.06.2026 CET/CEST

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