Original-Research: Swissnet AG (von NuWays AG): Under review

Original-Research: Swissnet AG - from NuWays AG



18.09.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Swissnet AG



     Company Name:                Swissnet AG
     ISIN:                        CH0451123589



     Reason for the research:     Update
     Recommendation:              Under review
     Target price:                n.a.
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



FY25 falls well short of guidance; rating suspended



Swissnet has published its FY25 report, two months past the statutory
deadline and materially below the guided range. More pressing than the miss
itself is the liquidity position it leaves behind: cash down to CHF 0.5m
from CHF 4.4m, tangible equity at CHF -10.7m, and an explicit material
uncertainty over going concern.



FY25 sales came in at CHF 21.0m (eNuW: CHF 26.9m; guidance: CHF 28-30m
pro-forma), up 61% yoy but growth being entirely acquired. Swissnet AG,
Swissnet ICT and Lokalee consolidated from January, and the mix shifted
accordingly with SaaS up 37% to CHF 9.6m and hardware up 88% to CHF 11.4m.
Gross margin dropped 7.4pp to 58.7% on the higher hardware share. The more
telling cut here lies in the half-year split. H2 sales fell to CHF 9.7m from
CHF 11.3m, with the weakness in DACH (-25% sequentially) rather than in the
international build-out to.



On profitability, adj. EBITDA came in at CHF 3.7m (+49% yoy, 17.7% margin)
against guidance of CHF 5.5-6m and eNuW of CHF 5.9m, resting on CHF 3.3m of
add-backs. A substantial portion of those is genuinely transaction-related,
with the company identifying CHF 1.2m of legal, audit and consulting fees
tied to the acquisitions and integration alone. Note 34 of the consolidated
accounts, however, puts the non-recurring items at only CHF 0.95m, leaving
CHF 2.35m of add-backs without support from the audited disclosure. Reported
EBITDA hence came in at CHF 0.4m (2.0% margin), despite the top-line growth,
and turned negative at c. CHF -0.8m in H2. Below EBITDA, D&A tripled to CHF
5.7m, driven by the Lokalee software. As the acquired value sat almost
entirely in the technology, the deal was booked as an asset acquisition
rather than a business combination, capitalising the software at CHF 14.3m
over a five-year life and cutting out goodwill on this. Note that this is
CHF 2.7m above the CHF 11.6m purchase price quoted in the management report,
and implies c. CHF 2.9m of annual amortisation through 2030. As a result,
EBIT decreased by CHF 3.9m yoy to CHF -5.3m.



MENA, the stated cause of the miss, was in fact the only region that grew in
H2, but at a fraction of the expected scale: CHF 2.1m including APAC against
the CHF 8m first-year contribution previously indicated. The minority
interest swing implies a second-half loss of at least CHF 0.9m at JV level.
More concerning than the P&L is working capital as receivables rose to CHF
4.6m on longer Middle East payment terms, and the post-balance-sheet
escalation is pre-flagged as a potential future impairment indicator for
both the MENA entities and Lokalee. Neither is covered by the goodwill
impairment test, which is run on a single CGU comprising Swissnet AG,
Socialwave, Frederix and Lindentor.



The audit report adds another dimension. The auditor concludes that the
internal control system for financial reporting is not appropriate to the
risks of the company given its size and complexity, and that it cannot
confirm the existence of such a system. The same conclusion is reached on
both the consolidated and the statutory accounts. Separately, while note 34
states the material uncertainty over going concern, the opinion itself
carries no corresponding section.



-continued-



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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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2401282 18.09.2026 CET/CEST