Original-Research: Cantourage Group SE (von NuWays AG): BUY

20.01.2026 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

Classification of NuWays AG to Cantourage Group SE

Company Name: Cantourage Group SE

ISIN: DE000A3DSV01

Reason for the research: Update

Recommendation: BUY

Target price: EUR 10

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

FY26 outlook: Continued growth despite temporary headwinds

German market dynamics remain challenging, yet manageable. Germany is in the

midst of changing its current cannabis laws. The most likely outcome would

require a physical doctor's visit in order to receive a prescription. As

large numbers of patients would have to re-qualify their current

prescriptions, it is expected that this would lead to a temporary demand

shock as well as a certain "wash-out" of less active patients. Germany is

also considering restricting online pharmacies from dispensing medical

cannabis.

In our view, Cantourage is well positioned to weather potential regulatory

changes. For one, the company is already adapting its product mix toward

higher-margin premium strains which are typically less exposed to demand

shocks. Cantourage is also strengthening its cooperations with offline

pharmacies and adapting its telemedicine platform's, telecan, operational

set-up (i.e. connecting patients with physical doctors).

UK and Poland to show strong growth. Next to Germany, the UK and Poland are

Cantourage's most important end markets. As both markets are seen to remain

on a strong growth path (broadening product offering + focus on premium

strains), they should be able to partially offset the stagnating/slightly

decrease sales in Germany, in our view.

Driving European expansion. Cantourage should be entering additional

promising European markets such as Spain and Italy, which are gradually

emerging markets following regulatory changes. In October of last year,

Spain has officially integrated medicinal cannabis into its healthcare

system under strict pharmaceutical rules, allowing only standardized THC/CBD

extracts prescribed by specialists and dispensed through hospital

pharmacies. While we don't expect notable revenue contributions for FY26e,

the company should define go-to-market strategies and realize first small

sales volumes (eNuW).

Corporate governance improvements are imminent. As previously announced,

Cantourage's new CFO assumed office at the beginning of the year. Coupled

with the extension of the CEO's contract by five years and additional hires,

the group took the necessary steps to significantly enhance leadership

continuity, reinforce internal control structures, and improve the quality

and timeliness of financial reporting, ultimately establishing a stronger

governance platform to support future growth. The outstanding FY24

consolidated annual report is expected to be published shortly, eNuW.

We confirm our BUY rating with a EUR 10 PT based on a DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=106e7ee5c277c9ede82a682b3c11b01d

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 Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden 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=5660ad8a-f5cf-11f0-8534-027f3c38b923&lang=en

2262540 20.01.2026 CET/CEST

°