Muted prel. Q3 in line with expectations // guidance confirmed

Order intake in the third quarter came in at € 19.4m, largely flat yoy, which brings the company’s order book to € 54.6m at the end of September. With this, preliminary Q3 EBIT decreased sharply (-76% yoy) to only € 0.9m, delivering a 3.7% margin (9M € 5.1m, 7.1% margin), reflecting the lower fixed cost coverage.

Confirmed FY24e guidance (€ 100-110m sales and 7-9% EBIT margin) implies a strong Q4. As previously communicated, management expects a disproportionally strong Q4 due to confirmed call- off dates of formerly delayed orders. Hence, the mid points of the guidance imply € 33m sales (-4% yoy) and a 11% EBIT margin (-9.7pp yoy).

Nynomic's resilience amid current challenges is evident, with no order cancellations and steady demand, signaling these issues are likely temporary. Some € 11m in orders originally expected for H2 are now set for recognition in 2025. Beyond FY24e, Nynomic is positioned for strong growth throughout the next few years. By FY26e, we expect € 141m sales and an EBIT margin exceeding 15%, which is driven by several factors: deferred revenue from postponed orders, recent product launches (such as TactiScan, LabScanner Plus, and FETTE’s tablet press), and a recovery in core markets like semiconductors, medical devices, and pharmaceuticals.

- continued -

Management reaffirms its mid-term growth targets, which were set last year, and expects sustained growth in the 3-5 year horizon. The company is targeting € 200m in sales and an EBIT margin of 16-19%, supported by a mix of organic expansion and strategic acquisitions. This focus on both internal innovation and complementary acquisitions positions Nynomic well to capitalize on growing industry demand, making it an appealing investment as it heads into a promising phase of growth.

Conclusion: Although Nynomic faces short-term challenges, leading to a second transition year, its underlying strength and growth path remains attractive. Investors should consider the expected recovery in 2025, driven by the realization of postponed orders and a robust lineup of new projects.

We hence confirm our BUY rating with an unchanged € 44 PT based on DCF.