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

Original-Research: NFON AG - from NuWays AG



14.08.2026 / 09:00 CET/CEST
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Classification of NuWays AG to NFON AG



     Company Name:                NFON AG
     ISIN:                        DE000A0N4N52



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 5
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Weak Q2p triggers PW; chg. est. & PT



Yesterday, right after the bell, NFON published weak preliminary Q2/H1
figures alongside a significant guidance cut, that implies no return to
growth in FY26. The key takeaways:



Q2 sales fell 5.4% yoy to EUR 20.9m (eNuW: EUR 21.6m), against the 2.3% decline
seen in Q1. We see the reason for this in a continued soft momentum in the
legacy cloud PBX business, which still accounts for the vast majority of
sales. Here, seat erosion should have continued (eNuW: -4% to 631k) on
subdued order intake and churn. Prolonged decision cycles on larger customer
projects and continued investment reluctance among enterprise customers are
additionally weighing on the top-line.



By contrast, profitability moved the right way as Q2 adj. EBITDA of EUR 2.6m
implies a margin of 12.5%, up 4.3pp sequentially from 8.2% in Q1, as the
cost measures under NFON Next 2027 are seen to bite. For H1, this leaves
sales down 3.8% yoy at EUR 42.5m and adj. EBITDA down 22.8% at EUR 4.4m (margin
-2.6pp yoy at 10.3%).



The revised guidance sees sales at EUR 84.5-86.0m or -4.3% at mid-point (old:
low-to-mid single-digit growth) and adj. EBITDA at EUR 9.5-10.5m (old: > EUR
12m). Backing out H1, this implies H2 sales of EUR 42.0-43.5m, i.e. a 3.0-6.4%
yoy decline, and adj. EBITDA of EUR 5.1-6.1m (margin: 12.1-14.0%). The updated
outlook hence pushes the return to growth that management had previously
expected from Q3 onwards.



AI traction remains the decisive lever, albeit off a still small base.
Recurring revenues in Intelligent Assistant and Customer Engagement
developed 'clearly positively' according to management. Together, the two
accounted for c. 10% of sales as of Q1 while growing at a low-double-digit
rate (eNuW), which is encouraging in itself, but not enough to offset the
decline in the core. As a result, we now expect the crossover, at which
AI-driven growth outweighs the core decline, to arrive later than previously
assumed.



Action: We cut our FY26e estimates to sales of EUR 85.4m and adj. EBITDA of EUR
9.5m and take FY27 down respectively. Reaccelerating sales growth, faster AI
monetisation and a normalisation in enterprise capex would come as upside.



At 6.9x FY26e EV/adj. EBITDA the shares are not optically cheap, yet with a
>90% recurring revenue base, rising ARPU, positive FCF and a near-unlevered
balance sheet, we still regard the the risk/reward as attractive from here.



BUY with a reduced PT of EUR 5.00 (old: EUR 8.30), based on DCF.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=7001ba79d6e99de609d8906a6109ca29
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
++++++++++
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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2382948 14.08.2026 CET/CEST

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