Original-Research: LION E-Mobility AG (von NuWays AG): BUY

Original-Research: LION E-Mobility AG - from NuWays AG

14.08.2026 / 09:01 CET/CEST

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Classification of NuWays AG to LION E-Mobility AG

Company Name: LION E-Mobility AG

ISIN: CH0560888270

Reason for the research: Update

Recommendation: BUY

Target price: EUR 2.8

Target price on sight of: 12 months

Last rating change:

Analyst: Sarah Hellemann

Q2 26: Transitional quarter in the books, acceleration in H2 26e

Yesterday, LION released its Q2 results. Despite a weak quarter performance

linked to the preparations for the new NMC+ battery packs, LION beat

expectations. In detail:

Sales weaker, but ahead of expectations. As plant adjustments were carried

out in the quarter, the top line largely reflected the sale of inventory

(now sold out except for spare part requirements) in Mobility. Total revenue

fell by only 7.7% to EUR 3.6m (eNuW: EUR 3.2m).

EBITDA largely flat yoy. Other own work capitalized and other operating

income strengthened. Personnel costs were further reduced (project

management and accounting). This compensated for increased procurement

costs, a reduced contribution from high-margin services and higher

development expenses. EBITDA hence came in at EUR -0.1m (Q2'25: EUR -0.2m). The

net loss of EUR -0.8m beat expectations (eNuW: EUR -0.9m) due to a slightly

higher-than-anticipated tax loss carry forward but came in below Q2 2025 (EUR

-0.4m).

Higher working capital required for production ramp-up. Operating CF fell to

EUR -1.7m compared to EUR 2.3m in Q2 2025, driven by increased upfront supplier

payments (related to the NMC+ ramp up) and stretched customer payments.

Plant adjustment complete, ramp-up ahead in Mobility. To recap, the restart

of production was announced in early July 26. Despite the fact that lead

times for battery cells have increased from six to twelve weeks (limited

availability of cargo slots related to the Iran war), Mobility already

recorded significant orders for FY26e.

The two-stage production ramp-up is to progress with a semi-automated line

in Q3 and a fully automated line in Q4 26. According to management, this

should lead to a production capacity of ~ 2'000 packs until end of FY26. In

FY27, the capacity is to rise to ~ 10'000-11'000 packs. A further expansion

to the full capacity of the previous battery pack series is feasible but

would require additional line adjustments/investments. Importantly, first

shipments to bus customers started in July 26. Also, integration solutions

for a retrofit into BMWi3 (increasing the car range to 400 km) are currently

being finalized, with several hundred inquiries placed so far.

Storage is to accelerate as BESS is to gain traction in the coming months.

Following a first project in Finsterwalde, a second project was won in

Northern Bavaria (5 MW / 10 MWh) worth EUR 600k (eNuW) in revenue with a

prepayment expected for Q3 (eNuW). Grid approval is planned by end of 2026.

Management highlighted another three projects not yet signed in the

near-term pipeline.

Transition complete, growth ahead. We expect LION to exit Q2 operationally

strengthened. We view LION to be ideally positioned to deliver on its FY26

guidance of > EUR 35m (eNuW: EUR 36.4m) in sales and a strongly positive EBITDA

(eNuW: EUR 5.7m). We maintain BUY but reduce our PT to EUR 2.8 (previously EUR

3.2) on the expectation of elevated working capital requirements to

facilitate the NMC+ ramp up.

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