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

Original-Research: Cantourage Group SE - from NuWays AG

12.05.2026 / 09:00 CET/CEST

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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

Q1 prelims confirm focus on profitable growth

Cantourage released preliminary Q1 2026 figures, showing revenue of EUR 20.6m

and EBITDA of EUR 2.2m (margin: 10.6%). While the numbers broadly confirm the

stabilisation thesis after a difficult H2 2025, the year-on-year read is

complicated by an exceptionally strong Q1 2025 that benefited from the

initial wave of demand following Germany's CanG legalisation.

On a sequential basis, the picture is clearly constructive. Revenue grew

roughly 11% qoq versus Q4 2025, underpinning that the business has found its

footing after the pricing-driven contraction seen through the summer and

autumn of last year (in Germany). We regard this as evidence that

Cantourage's deliberate pivot away from low-margin standard volumes toward

premium positioning is beginning to bear fruit.

On profitability, the 10.6% EBITDA margin (EUR 2.2m) represents a meaningful

step up from FY25p (6.1%) and reinforces the view that gross margin

protection through a deliberate shift in product mix (focus in premium

flowers).

Geographically, the UK continues to grow in strategic importance, now

representing 41.3% of revenues versus Germany's 51.5% (Poland with 7.3%).

This convergence is a structural positive: it reduces Cantourage's

dependency on a single regulatory environment and on the German price cycle,

and provides a more resilient earnings base from which to grow. Going

forward, the group's Germany exposure is seen to further decrease as

management hinted at potential additional market entries into France, Spain

and Italy during short to mid-term, supporting the company's transition into

a pan-European player.

Healthy balance sheet. With a net cash position of EUR 8.8m, the company is

well equipped to finance its expansion plans, both geographical and product

(e.g. new forms of administration). Importantly, the group's net cash should

further grow thanks to positive cash flows and no direct need for

significant capex, in our viw.

Valuation remains undemanding. The Sanity/Organigram transaction at ~4.2x

EV/sales for a wholesale only, barely profitable business stands in contrast

to Cantourage's ~0.7x EV/Sales FY26p with a clearly positive and growing

EBITDA. The market continues to under-price both the operational trajectory

and the de-risking of the regulatory overhang.

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

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=3c74330611adc16e4a109ae3e64fcd0a

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NuWays AG - Equity Research

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Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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2325736 12.05.2026 CET/CEST

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