Cantourage strengthening its leadership structure

Jaqqam brings over 20 years of international experience across finance, private equity, real estate and hospitality. Her track record in financial transformation, organizational restructuring and building modern finance infrastructures, demonstrated at Future Group, BaseCamp Student and Kempinski, should materially strengthen Cantourage’s internal capabilities, particularly within the finance department. Delays in regards to the publication of consolidated financial reports as seen with the FY24 annual report (eNuW: to be released shortly), should henceforth be a thing of the past.

FY25 figures to come in strong with sales of € 89m (eNuW, +72% yoy) and EBITDA of € 4.9m (eNuW, 5.5% margin). This is despite the currently challenging situation in the company’s most important end market, Germany. As a reminder, the Federal Ministry of Health is evaluating measures that could restrict telemedicine-based cannabis prescriptions and curb mail-order distribution. As a result, cannabis-focused pharmacies are therefore showing more cautious ordering patterns, triggering inventory reductions (cannabis flowers are perishable goods). Nevertheless, we regard Cantourage as well positioned to weather those temporary headwinds, adapting the product offering, increasing cooperations with offline pharmacies and entering additional markets to decrease the dependency on Germany.

Beyond its home market, Cantourage has built a meaningful position in the UK, where cumulative deliveries reached 1.5 tons of medical cannabis as of September (eNuW: low double-digit € million in sales). The company is also expanding its footprint in Poland and preparing market entries in additional European countries. This broader geographic reach gradually reduces Cantourage’s reliance on Germany and adds new structural growth drivers.

Conclusion: With a strengthened management team, an increasing governance setup, the ongoing European expansion as well as a strong positioning in its home-turf Cantourage looks well positioned to capitalise on the industry’s prospects. Valuation remains subdued with shares trading on 0.4x EV/sales FY26e despite >70% growth. We confirm our BUY rating with an unchanged € 10.50 PT based on a DCF.