Original-Research: NFON AG (von NuWays AG): BUY

Einstufung von NuWays AG zu NFON AG

Unternehmen:	NFON AG
ISIN:	DE000A0N4N52
Anlass der Studie:	Update
Empfehlung:	BUY
Kursziel:	EUR 5
Kursziel auf Sicht von:	12 months
Letzte Ratingänderung:
Analyst:	Philipp Sennewald

Final Q2: More detail, same picture Following last week's guidance cut and preliminary H1 figures, NFON yesterday released its H1 report. In detail: Top line came in as pre-released, with Q2 sales down 5.2% yoy to € 20.9m, taking H1 to € 42.5m (-3.8% yoy). Recurring revenue of € 19.8m in was down 3.6% while non-recurring fell 26.8% to € 1.2m on lower project volumes and hardware, lifting the recurring share to 94.4%. Underneath this, seats shrank 4.2% yoy to 630k, partly attributable to deliberate portfolio simplification, but predominantly driven by genuine churn based on continuous corporate spending cautiousness related to shifting IT budgets (eNuW). Blended ARPU though improved sligthly to € 9.95 (+ € 0.03 yoy), thanks to targeted price adjustments and a higher share of premium solutions. Notably, recurring sales from AI products like Intelligent Assistant (+39% yoy) and Customer Engagement (+12%) continued to show strong traction, yet still of small relative size (c. 10% of total) to make up for the weak momentum in the legacy business. However, this is clearly pointing in the right direction, in our view, with the mix getting closer to the turning point, and the top-line trough reached this year (eNuW). Hence, the current decline is rather a timing problem than structural, provided PBX attrition does not accelerate further from here. Profitability up sequentially. Q2 adj. EBITDA margin came in at € 2.6m (-14.6% yoy) implying a 12.5% margin, up 4.3pp qoq. The sequential step-up was mainly driven by reduced other opex, while a € 0.5m reorganization charge booked to adjustments. The latter largely relates to the support organisation, where a combination of lay-offs and near-shoring took place. On the other hand, personnel expenses remained stable with the cost ratio up 0.9pp yoy or 1.5pp qoq (unadjusted). Implied H2 margin needs further improvement. The revised guidance of € 84.5-86.0m sales and € 9.5-10.5m adj. EBITDA implies H2 sales of € 42.0-43.5m (-4.8% yoy at mid-point) and an adj. EBITDA margin of 11.7-14.5% (H2'25: 15.4%; H1: 10.4%). In our view, the support restructuring hardy bridges the gap, so mix improvements and deferred project business have to realize as well (eNuW). We thus continue to position ourselves on the lower end of the adj. EBITDA guidance. Overall, H1 confirms a year of transition rather than a broken business model. ARPU is holding, and Intelligent Assistant and Customer Engagement are compounding at rates that will matter once the base is large enough. As outlined, eyes should be on seat count in H2, as the mix shift only pays off against a stabilised floor. Against this backdrop, we confirm BUY at a PT of € 5.00 based on DCF. Die vollständige Analyse können Sie hier downloaden: nfon-ag-2026-08-21-previewreview-en-68007 Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: https://www.nuways-ag.com/research Kontakt für Rückfragen: 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. ++++++++++