FY25 figures out, new CEO driving transformation; chg.

EBITDA amounted to CHF 0.9m, broadly in line with guidance. The absolute number is down from CHF 1.4m in 2024. Cost discipline was real: the company conducted a comprehensive review of its activities, exiting non-core and unprofitable projects and streamlining its organisational structure, which also resulted in headcount reductions to lower the operating cost base going into 2026. Related one-off expenses amounted to roughly CHF 0.4m.

Beyond the numbers, two strategic pillars stand out. First, B2B distribution: new airline partnerships with Cathay Pacific and Turkish Airlines were added alongside a global alliance with Klarna, which now integrates ASW to provide curated travel and lifestyle benefits to its cardholder and membership offerings. These deals are meaningful because they address ASW's historically high cost of member acquisition by embedding the brand within existing high-affinity ecosystems.

Second, ASW launched a multi-year data and AI transformation programme focused on enabling more efficient, data-driven operations, supporting more targeted member acquisition, engagement and cross-selling but also driving cost efficiencies.

Strengthened community engagement. 952 events were hosted worldwide in 2025 versus 864 in 2024 and the ASW Collection hotel booking platform grew to nearly 1,800 hotels globally with member bookings up over 15%.

Improved balance sheet. The company reduced debt by 25%, to CHF 2.4m. Over two years, ASW has now eliminated the vast majority of its legacy debt burden. With a lean balance sheet and a tighter cost structure, ASW is heading into 2026.

FY26 outlook. Management's FY26 guidance is notably conservative and signals a deliberate pivot from growth-at-any-cost to profitable monetisation. Memberships are expected to reach 135-140k, an increase of 12-15%, while total revenue is projected at CHF 17.5-19.5m, flat to down yoy. EBITDA is guided at CHF 0.9-1.1 million suggesting margin stability as cost reductions offset continued investment.

All in all, new CEO seems to tackle the right levers to foster a sustainable turnaround in growth and profitability. Against this backdrop, we reiterate BUY with a new PT of CHF 2.00 (old: CHF 2.50), based on DCF. - change of analyst -