Original-Research: NanoRepro AG (von NuWays AG): BUY

Original-Research: NanoRepro AG - from NuWays AG



03.11.2026 / 09:00 CET/CEST
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Classification of NuWays AG to NanoRepro AG



     Company Name:                NanoRepro AG
     ISIN:                        DE0006577109



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 4.4
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann



newkee secures drugstore listing; Paedi Protect ahead of plan



On Friday, NanoRepro published its H1 26 single-entity report, provided a
commercial update on newkee and set a new timeline for its outstanding
consolidated reports. The key takeaways are stronger-than-expected Paedi
Protect sales, continued cost savings at holding level and a first drugstore
listing for newkee, which underlines the progress of the platform strategy.
In detail:



Consolidated figures to be released by the end of 2026. The publication of
the consolidated FY25 and H1 26 reports has been delayed to year-end 2026
due to additional consolidation-related work. With its new CFO in place
since October 2026, NanoRepro is driving the harmonization of accounting
processes and the improvement of group-wide reporting structures. These
measures should increase efficiency, transparency and comparability. More
importantly, we would expect consolidated reports to be released earlier in
the year from 2027 onwards.



Paedi Protect sales in H1 26 higher than anticipated. NanoRepro confirmed
its preliminary H1 26 sales at EUR 13m. While holding sales (mainly Rapid
Testing Kits) decreased by 11.5% yoy to EUR 2.2m (eNuW: EUR 2.5m), this implies
Paedi Protect sales came in stronger than expected at EUR 10.9m (eNuW: EUR
10.6m). We attribute the higher Paedi Protect sales to stronger demand in
sunscreen products related to an unusually warm June. The lower holding
sales are seen to reflect the scaled-back marketing efforts of ALPHABIOL as
well as temporarily lower demand related to NanoRepro's Rapid Testing Kits
as they were largely transitioned to its trade partner's Mivolis brand.



Bottom-line strengthening in NanoRepro holding. In H1 26, the holding
slightly reduced its EBITDA loss to EUR -0.8m (eNuW EUR -0.6m) compared to EUR -1m
in H1 25. The weaker-than-anticipated topline was offset by NanoRepro making
progress on reducing costs. For example, the material cost ratio was reduced
by 6.4pp yoy to 33.9%, driven by improved procurement efficiencies.
Marketing expenses fell 53.5% yoy, as Rapid Testing Kits marketing and
distribution costs for tests sold under the Mivolis brand were borne by the
trade partner and ALPHABIOL marketing was reduced.



Platform strategy opens the drugstore channel for newkee. From January 2027,
two newkee flagship products will be listed in the online shop of a leading
German drugstore chain. From March, newkee and PAEDIPROTECT products will
also be prominently placed on in-store promotional displays. The joint
presentation shows the platform logic at work: brands within the group open
sales channels for each other.



The initial phase should contribute only modestly (eNuW: EUR 0.1-0.2m in
additional FY27e sales). Its real value lies in what may follow: a permanent
shelf listing, which we conservatively see adding EUR 1-2m in annual sales.
Strategically, the listing adds another pillar to NanoRepro's transformation
into a multi-brand consumer health platform.



Guidance confirmed, platform on track. NanoRepro reiterated its targets of
c. EUR 18m in sales for FY26e, c. EUR 28m for FY28e and c. EUR 40m for FY30e
including further acquisitions. With the platform taking shape and first
distribution synergies materializing, the targets look achievable in our
view. We confirm our BUY rating with an unchanged PT of EUR 4.40, based on
DCF.



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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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bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2427124 03.11.2026 CET/CEST