Dividend debut & strong Q1 reinforce growth trajectory

Equally compelling, management flagged that FY26 has started stronger than expected. Q1 total sales came in at € 15.5m (+38% yoy), which should have been predominantly driven by the contributions of the new clinics. EBITDA came in at € 3.9m (+32% yoy), implying a margin of 25%. The strong growth is particularly noteworthy given that Q1 is seasonally a rather soft period, suggesting that the ramp-up of Abtsee and Bergisches Land is progressing well ahead of schedule, which is in-line with what management told is in recent roadshow meetings. Annualising Q1 revenues alone points to a run rate of c. € 62m, and given that Abtsse and Lindlar will continue to close the gap to group-average KPIs, full-year sales could comfortably exceed the company’s communicated target of € 65.6m as well as our estimates (67.3m).

This is fully confirming our investment thesis on LIMES. First, it validates our core assumption that when LIMES opens capacity, it fills driven by the group's differentiated referral ecosystem, strong brand recognition among physicians, psychotherapists and corporate health departments, and a structural undersupply of high-quality psychiatric care that shows no sign of abating. Second, the margin profile of 25% in Q1 underscores the operating leverage inherent in the model as new clinics progressively absorb their fixed cost base. Third, the maiden dividend alongside a strong operational start to FY26 demonstrates that the business has entered a new phase of financial maturity, transitioning from an investment cycle into a self-funding, cash-generative platform.

At current levels, the shares trade at just 6.4x FY26e EV/EBITDA, a significant discount for a business compounding revenues at >25% with expanding margins, a pristine balance sheet and now a dividend.

Reiterate BUY with a PT of € 710 based on DCF and keep LIMES in our Alpha List.