Original-Research: NFON AG (von NuWays AG): BUY
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Original-Research: NFON AG - from NuWays AG
Classification of NuWays AG to NFON AG
Solid Q4 caps of difficult FY25; Chg. Topic: Yesterday, NFON released a solid set of preliminary FY25 figures, slightly overshooting the latest guidance on the bottom-line. Moreover, management provided an outlook for FY26. In detail: Implied Q4p sales were largely flat (+0.2% yoy) at € 23.1m, thus ahead of the € 22.2m eNuW. The slight growth was mainly supported by the contribution of botario and initial AI project sales, while the core cloud PBX business remained impacted by subdued seat development (-2.7% yoy to 647k). The latter is largely due to still prolonged sales cycles and persisting headwinds causing temporarily increased churn. Positively, FY blended ARPU came in at € 9.91 (FY24: € 9.89), indicating the gradually improving mix. Recurring sales in Q4 slightly declined by 1.2% to € 20.2m (eNuW: € 20.7m), hence accounting for 87.6% of Q4 sales (92.1% of FY sales), underpinning revenue visibility into FY26e. Q4p adj. EBITDA came in at € 3.1m (eNuW: € 2.9m; € 2.9m reported), matching the Q4’24 figure. The implied margin was 13.4% (+0.2pp yoy). Thanks to this, the FY25p EBITDA of € 12.6m (+2.4% yoy) slightly exceeded management’s recent outlook of € 11.5-12.5m and is reflecting ongoing efficiency gains despite the tough ITC macro environment. For FY26, management provided a new outlook, targeting sales growth in the low to mid single-digit percentage range and adj. EBITDA of > € 12m (eNuW new: € 12.3m). We regard this as reasonable given the continued market uncertainty, while the improved mix thanks to recently launched AI features should drive ARPU and hence sales growth (eNuW: +5.3% yoy). Despite the rather muted FY25 operating performance, we appreciate the tangible process of the company, positioning NFON as a European AI-enabled communications provider with solutions like Nia. This should move the company beyond pure cloud telephony towards higher value use cases, overall enhancing the product offering and allowing for sizeable up-selling potential. Overall, the preliminary figures confirm that NFON remains operationally stable and strategically on track, even if a material growth reacceleration is still pending. Given a valuation of 6.2x FY26e EV/adj. EBITDA, the risk/reward profile remains attractive. Reiterate BUY with a new PT of € 8.70 (old: € 11.10) based on DCF. You can download the research here: nfon-ag-2026-02-27-previewreview-en-5cd42 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 ++++++++++ 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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2282604 27.02.2026 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | 2026e | ||
| Sales1 | 67,60 | 75,89 | 80,79 | 82,34 | 87,34 | 89,10 | 92,20 | |
| EBITDA1,2 | 2,32 | -2,03 | -5,27 | 6,80 | 10,83 | 11,40 | 12,30 | |
| EBITDA-Margin3 | 3,43 | -2,68 | -6,52 | 8,26 | 12,40 | 12,80 | 13,34 | |
| EBIT1,4 | -1,83 | -8,97 | -12,03 | -0,52 | 2,66 | 3,90 | 4,60 | |
| EBIT-Margin5 | -2,71 | -11,82 | -14,89 | -0,63 | 3,05 | 4,38 | 4,99 | |
| Net Profit (Loss)1 | -2,24 | -8,91 | -15,58 | -0,80 | 0,71 | 2,55 | 3,10 | |
| Net-Margin6 | -3,31 | -11,74 | -19,29 | -0,97 | 0,81 | 2,86 | 3,36 | |
| Cashflow1,7 | 1,15 | -1,76 | -3,87 | 6,84 | 9,41 | 8,50 | 9,70 | |
| Earnings per share8 | -0,15 | -0,54 | -0,94 | -0,05 | 0,04 | 0,15 | 0,19 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: KPMG
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| NFON | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0N4N5 | DE000A0N4N52 | AG | 53,66 Mio € | 11.05.2018 | Kaufen | 8FWH4G3G+8X |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 12,96 | 20,46 | 0,63 | -9,82 | 1,08 | 5,70 | 0,60 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 24.06.2026 | 21.05.2026 | 20.08.2026 | 20.11.2026 | 16.04.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -13,07% | -39,23% | -8,94% | -52,06% | -72,83% |
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