Original-Research: SYNBIOTIC SE (von NuWays AG): BUY

Classification of NuWays AG to SYNBIOTIC SE

Company Name:	SYNBIOTIC SE
ISIN:	DE000A3E5A59
Reason for the research:	Update
Recommendation:	BUY
from:	19.12.2025
Target price:	EUR 5.50
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Additional capital to support strategic realignment; chg. PT

Recent developments at SYNBIOTIC have sharpened the company’s strategic realignment. Acombination of additional equity financing, a portfolio consolidation and a new strategic investorshould help to make the equity story more robust going forward, in our view.

Portfolio “clean up”. SYNBIOTIC discontinued financial support for its Austrian subsidiaryBushdoctor GmbH, which subsequently filed for insolvency. The decision followed an internal reviewof the subsidiary’s operational and financial performance, revealing it was no longer aligned with thegroup’s strategic priorities. As a result, SYNBIOTIC has effectively removed a loss-making, non-corebusiness from its portfolio, reducing cash outflows and allowing management to concentrate resources on higher-potential areas such as medical cannabis and industrial hemp.

Additional equity. SYNBIOTIC executed two small cash capital increases without subscriptionrights, issuing a total of 387k new shares at prices of € 1.60 and € 1.70, raising gross proceeds of upto € 0.64m. The resulting dilution stands at roughly 5%. The capital will be used to support growthinitiatives, including product development and operational execution across the group’s coresegments.
Strategic investor entry.

As part of one of those capital increases, SYNBIOTIC secured an anchorinvestment from CANSOUL, a specialised equity fund investing across the entire global value chainof the hemp and cannabis industry. Its holistic investment approach covers cultivation, research,technology, extraction and distribution through to pharmaceutical development. Importantly, this dealinitiates a long-term strategic partnership (e.g. access to further capital, CANASOUL’s network),highlighting the strength and appeal of SYNBIOTIC’s diversified platform.

Our view: Overall, the recent measures represent tangible progress in stabilising SYNBIOTIC’sfinancial and strategic positioning. The recent FY25 guidance cut reflects the currently challengingregulatory situation within the company’s key end market. Following this year’s strategic realignment,SYNBIOTIC should be able to return to higher growth from next year onwards (carried by medicalcannabis and industrial hemp), in our view. Until FY27e, we model € 25m sales, implying a 16%CAGR. With that, SYNBIOTIC should be able to return to profitability as early as FY26e.

BUY with a € 5.50 PT (old: € 6.00) based on DCF

You can download the research here: synbiotic-se-2025-12-19-update-en-b7fb5
For additional information visit our website: https://www.nuways-ag.com/research-feed

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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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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