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

Classification of NuWays AG to learnd SE

Company Name: learnd SE

ISIN: LU2358378979

Reason for the research: Update

Recommendation: BUY

Target price: EUR 4.8

Target price on sight of: 12 months

Last rating change:

Analyst: Sarah Hellemann

Transformational year complete - Ready for next steps

On Friday, learnd SE released its FY25 report, reflecting on action taken

during a year of transformation. Key takeaways and outlook in detail:

2025 as a transformational year. To recap, in September 2025 learnd SE

divested 50.5% of shares in its subsidiary learnd Atlas Ltd. to learnd Arrow

Ltd., a founder-owned entity. This sizeable MBO, along with further

transformational efforts turned learnd SE into a leaner holding structure

with a strengthened balance sheet, including improvements in its liquidity

and equity position. Following completion of the transformation, in our view

learnd SE is now positioned to gradually pursue additional equity

investments, leveraging its ability to recognize use cases for cutting-edge

technology, expertise in operational building maintenance its network in the

UK and Ireland and its access to growth capital to drive value creation.

Total comprehensive profit rose from £ 4.3m to £ 21m, mainly due to the

positive one-off effect of the MBO-proceeds leading to a gain on sale of

discontinued operations of £ 23.2m. Excluding this positive one-off and fair

value gains in warrants, the company remained operationally loss-making

during the period. In fact, the equity-accounted investee did not yet

deliver a profit, delivering a share of loss of EUR 0.6m net of tax instead.

Furthermore, the transition was accompanied by higher than usual

administrative expenses (+83% yoy), of which £ 3.1m was linked to

accelerated vesting of share options to be considered a one-off.

Starting into FY26e with a strengthened balance sheet. Cash increased from £

3.4m to £ 6.1m, allowing for a dividend to add to shareholder returns. At

the same time the equity ratio notably improved from -3.9% to 76.1% on the

reporting date, as total liabilities reduced from £ 48m to £ 6.3m. This was

achieved partially through deconsolidation and partially as MBO-proceeds

were used to eliminate outstanding loans. Next to operational profitability,

we view this strengthening as a clear cornerstone towards raising further

capital to fund growth.

Its main holding continued its growth path and improved operationally, even

as the learnd UK & Ireland Group fell short of growth expectations amidst

the transition with revenue of EUR 69.1m (eNuW: EUR 75m) rising by only 8% yoy.

As expected, the transition was accompanied by margin compression but still

reached approx. 11% (-1.3pp yoy; eNuW: 10%), proving resilient. The adj.

EBITDA rose by 5% yoy to EUR 7.7m (eNuW: EUR 7.5m) slightly ahead of

expectations.

Significant events following the reporting date include the dividend

distribution totaling EUR 4.1m or EUR 0.32 per dividend-bearing share and the

waiving of a last shareholder loan, making the company debt-free as of April

2026. The equity ratio should now be above 90% (eNuW).

Ideally positioned for a fresh start in 2026. We anticipate further steps in

a gradual transformation of learnd SE into an incubator for companies

operating in facility management and environmental services. Further

portfolio additions are to follow in the mid-term. learnd Atlas Ltd. looks

set to raise margins by 1pp per year with scaling and operational

improvements. Confirming BUY at a PT of EUR 4.8, based on a sum-of-the-parts

approach, valuing the individual portfolio companies.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=c03e6cf931eaa2403991c50e62c7e170

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.

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=d568002b-4780-11f1-8534-027f3c38b923&lang=en

2320042 04.05.2026 CET/CEST

°