Original-Research: learnd SE (von NuWays AG): BUY

Original-Research: learnd SE - from NuWays AG

27.05.2026 / 09:00 CET/CEST

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Classification of NuWays AG to learnd SE

Company Name: learnd SE

ISIN: LU2358378979

Reason for the research: Update

Recommendation: BUY

Target price: EUR 4.8

Target price on sight of: 12 months

Last rating change:

Analyst: Sarah Hellemann

learnd UK & Ireland delivers strong operational progress in Q1

Yesterday, learnd SE published a Q1 trading update for its equity stake

(49.5%) in learnd UK & Ireland. In detail:

Adj. EBITDA rose by 63% yoy to EUR 2.9m. This increase reflected initiated

structural measures, including portfolio optimizations, efficiency gains,

pricing measures and cost discipline while revenue remained largely flat yoy

at EUR 16.8m. The implied adj. EBITDA margin improved by approx. 6.6pp to

17.3%, highlighting operational leverage, once growth accelerates again.

Operational profitability improvements to support learnd SE. Importantly,

the strong Q1 profitability implies that learnd UK & Ireland has already

achieved around 31% of our full-year FY26e adj. EBITDA forecast (eNuW: EUR

9.4m), indicating a robust start to the year and supporting confidence in

the sustainability of the ongoing restructuring measures. Progress on

scaling and operational improvements at learnd UK & Ireland are viewed as

vital to support learnd SE's valuation and future growth (eNuW: potential

additional equity stakes in related companies).

To recap, learnd SE finished FY25 with a strengthened balance sheet and a

leaner holding structure, following the sizeable MBO of 50.5% of learnd UK &

Ireland. It is ideally positioned to gradually pursue new growth

opportunities, such as additional equity stakes. Here, the company stands to

leverage its access to growth capital to drive value creation and to benefit

from its ability to recognize cutting-edge technology use cases, operational

building management expertise from its network in UK & Ireland.

learnd SE remains ideally positioned to turn FY26e into a fresh start. We

continue to expect gradual steps towards its transformation into an

incubator for companies operating in the fields of environmental services

and facility management. Further portfolio additions are to follow in the

mid-term.

We maintain our BUY rating with an unchanged PT of EUR 4.8, based on a

sum-of-the-parts approach, valuing the individual portfolio companies.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=29702a6ec2b54c2c1a3c983bd3918521

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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

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