Original-Research: FamiCord AG (von Montega AG): Buy

Classification of Montega AG to FamiCord AG

Company Name: FamiCord AG

ISIN: DE000A0BL849

Reason for the research: Update

Recommendation: Buy

from: 17.04.2026

Target price: EUR 6.50 (prior: EUR 7.50)

Target price on sight of: 12 Months

Last rating change: -

Analyst: Tim Kruse, CFA

Preliminary 2025 figures in line with expectations - muted 2026 outlook amid

macroeconomic uncertainty

FamiCord reported preliminary figures for the full year 2025, which overall

came in line with our expectations. However, the outlook is somewhat below

our initial projections due to the overall macroeconomic environment and

inflationary headwinds weighing on consumer sentiment, leading us to lower

our estimates and price target. Overall, we continue to believe that the

current valuation does not adequately reflect the cash flow strength of the

business model, and that the company retains significant margin expansion

potential beyond current levels.

[Table]

Sales for the full year came in at EUR 88.2m, slightly above our estimates

and approximately 7% above last year's figures. EBITDA slightly exceeded

guidance and reached EUR 10.5m, reflecting an overproportional increase of

approximately 20% year-on-year. However, when assessing the yoy comparison,

it should be considered that the 2025 figures do not reflect discontinued

CAR-T activities, which had burdened the 2024 base by approximately EUR

1.5m.

Outlook 2026: In the company statement on the preliminary figures,

management states that structural and cyclical headwinds are intensifying,

driven by persistently low birth rates, weaker new customer momentum in Q1

2026 and elevated geopolitical uncertainty (Ukraine, post-US election policy

shifts, Iran). This is feeding through into deteriorating consumer sentiment

and limited demand visibility, with rising European energy prices

representing an additional downside risk. These dynamics are impacting

purchasing power via inflation and energy costs, increasing volatility and

reinforcing a more defensive consumer spending pattern. Consequently,

management has adopted a very cautious stance and is guiding for FY 2026

revenue of EUR 80-90m and EBITDA of EUR 9.0-11.0m, implying constrained

growth and slight margin pressure. Overall, the new outlook is considerably

below our initial projections for the year, which had been supported by

improving momentum in Eastern European markets in previous quarters, partly

driven by the introduction of placenta banking and its planned rollout

across additional European markets during the year.

Change in estimates: We have lowered both sales and earnings projections for

the current and the following year to reflect the macroeconomic headwinds

embedded in the company's updated outlook.

Conclusion: The outlook for 2026 is somewhat disappointing and comes at a

time when operational momentum had only recently begun to improve. However,

we view these headwinds as largely temporary and continue to see the cash

flow potential of the business model as not adequately reflected in the

recent share price weakness. We therefore reiterate our Buy recommendation

with a revised price target of EUR 6.50 (prior: EUR 7.50).

+++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte. Bitte lesen Sie unseren RISIKOHINWEIS /

HAFTUNGSAUSSCHLUSS unter http://www.montega.de +++

Über Montega:

Die Montega AG ist eine innovative Investment-Banking-Boutique mit klarem

Fokus auf den Mittelstand und agiert als Plattformanbieter für den Austausch

zwischen börsennotierten Unternehmen und institutionellen Investoren.

Montega erstellt hochwertiges Equity Research, veranstaltet vielfältige

Kapitalmarktevents im In- und Ausland und bietet eine umfassende

Unterstützung bei Eigen- und Fremdkapitalfinanzierungen. Die Mission:

Emittenten und Investoren zusammenbringen und für Transparenz im

Börsenumfeld sorgen. Dabei konzentriert sich Montega auf jene

Marktteilnehmer, deren Sprache die Mittelstandsexperten am besten

beherrschen: Small- und MidCaps auf der einen sowie Vermögensverwalter,

Family Offices und Investment-Boutiquen mit einem Anlagefokus im

Nebenwertebereich auf der anderen Seite.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=b682c87ce345ca104fd99ce9fe6d2780

Contact for questions:

Montega AG - Equity Research

Tel.: +49 (0)40 41111 37-80

Web: www.montega.de

E-Mail: info@montega.de

LinkedIn: https://www.linkedin.com/company/montega-ag

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2310514 17.04.2026 CET/CEST

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