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Original-Research: NanoRepro AG - from NuWays AG

03.09.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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

Nutritional elixirs as third consolidated pillar for NanoRepro

On Tuesday, NanoRepro announced it acquired the remaining 67% of hyped about
science GmbH, in which it previously held 33% as an equity stake. In detail:

ALPHABIOL under a clearer structural umbrella. Going forward, the ALPHABIOL
brand will sit in the now fully owned hyped about science GmbH, which is to
be renamed ALPHABIOL GmbH. This gives NanoRepro a dedicated legal vehicle in
which to develop its nutritional elixirs brand independently of the group's
other activities and to position it as a distinct pillar of the business, on
FY25 revenues of EUR 0.5m (eNuW) and an 8.6% CAGR through FY30 (eNuW).

Transaction rationale. ALPHABIOL had been migrated out of NanoRepro into the
hyped about science ecosystem in Q1 26 in order to be combined with a second
luxury-oriented product (Phlas). The current step reverses that logic and
separates the two brands again, allowing each to be run under a cleaner,
independent strategy.

NanoRepro acquired the remaining equity stake in hyped about science GmbH,
which includes EUR 1.0m of capital held within the company, which includes the
ALPHABIOL brand and products (eNuW: EUR 2.5m total value). For this, NanoRepro
paid EUR 25k and transferred the Phlas brand and associated product to
terraplasma GmbH (previous co-owner of hyped about science). Importantly,
the terms imply no write-down of asset value at NanoRepro.

Three consolidated pillars. NanoRepro will hence rest on three clearly
defined pillars: rapid testing kits, PAEDIPROTECT and ALPHABIOL. These are
complemented by the c. 44% stake in DKW (newkee) and an assumed mid- to
high-single-digit stake in FibreSense (eNuW; figure not published).
Reflecting the consolidation of hyped about science GmbH from FY26e, we now
expect group sales of EUR 19m (up 18.7% yoy) and EBITDA of EUR -0.3m, a notably
improvement compared to EUR -1.7m in FY25e (eNuW).

Beyond the portfolio work, we expect management to keep its focus on scaling
the multi-brand consumer health platform while extracting internal
efficiencies, notably the finance and back-office harmonization planned from
Q4 26 under incoming CFO Mike Eckel and the centralization of logistics in
Kirchhain. In our view, this supports the expected lift in the EBITDA margin
from -11% in FY25 (eNuW) to 5% in FY27e (eNuW).

Maintaining BUY at a PT of EUR 4.40, based on DCF.

You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=62bb1a68bdd11bc5cc469edd75739e8d
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
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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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2393056 03.09.2026 CET/CEST

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Quelle: dpa-AFX