Original-Research: Swissnet AG (von NuWays AG): Under review

Original-Research: Swissnet AG - from NuWays AG

18.09.2026 / 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 Swissnet AG

Company Name: Swissnet AG

ISIN: CH0451123589

Reason for the research: Update

Recommendation: Under review

Target price: n.a.

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

FY25 falls well short of guidance; rating suspended

Swissnet has published its FY25 report, two months past the statutory

deadline and materially below the guided range. More pressing than the miss

itself is the liquidity position it leaves behind: cash down to CHF 0.5m

from CHF 4.4m, tangible equity at CHF -10.7m, and an explicit material

uncertainty over going concern.

FY25 sales came in at CHF 21.0m (eNuW: CHF 26.9m; guidance: CHF 28-30m

pro-forma), up 61% yoy but growth being entirely acquired. Swissnet AG,

Swissnet ICT and Lokalee consolidated from January, and the mix shifted

accordingly with SaaS up 37% to CHF 9.6m and hardware up 88% to CHF 11.4m.

Gross margin dropped 7.4pp to 58.7% on the higher hardware share. The more

telling cut here lies in the half-year split. H2 sales fell to CHF 9.7m from

CHF 11.3m, with the weakness in DACH (-25% sequentially) rather than in the

international build-out to.

On profitability, adj. EBITDA came in at CHF 3.7m (+49% yoy, 17.7% margin)

against guidance of CHF 5.5-6m and eNuW of CHF 5.9m, resting on CHF 3.3m of

add-backs. A substantial portion of those is genuinely transaction-related,

with the company identifying CHF 1.2m of legal, audit and consulting fees

tied to the acquisitions and integration alone. Note 34 of the consolidated

accounts, however, puts the non-recurring items at only CHF 0.95m, leaving

CHF 2.35m of add-backs without support from the audited disclosure. Reported

EBITDA hence came in at CHF 0.4m (2.0% margin), despite the top-line growth,

and turned negative at c. CHF -0.8m in H2. Below EBITDA, D&A tripled to CHF

5.7m, driven by the Lokalee software. As the acquired value sat almost

entirely in the technology, the deal was booked as an asset acquisition

rather than a business combination, capitalising the software at CHF 14.3m

over a five-year life and cutting out goodwill on this. Note that this is

CHF 2.7m above the CHF 11.6m purchase price quoted in the management report,

and implies c. CHF 2.9m of annual amortisation through 2030. As a result,

EBIT decreased by CHF 3.9m yoy to CHF -5.3m.

MENA, the stated cause of the miss, was in fact the only region that grew in

H2, but at a fraction of the expected scale: CHF 2.1m including APAC against

the CHF 8m first-year contribution previously indicated. The minority

interest swing implies a second-half loss of at least CHF 0.9m at JV level.

More concerning than the P&L is working capital as receivables rose to CHF

4.6m on longer Middle East payment terms, and the post-balance-sheet

escalation is pre-flagged as a potential future impairment indicator for

both the MENA entities and Lokalee. Neither is covered by the goodwill

impairment test, which is run on a single CGU comprising Swissnet AG,

Socialwave, Frederix and Lindentor.

The audit report adds another dimension. The auditor concludes that the

internal control system for financial reporting is not appropriate to the

risks of the company given its size and complexity, and that it cannot

confirm the existence of such a system. The same conclusion is reached on

both the consolidated and the statutory accounts. Separately, while note 34

states the material uncertainty over going concern, the opinion itself

carries no corresponding section.

-continued-

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=726f47dfc9db492e09f842d12fd3d162

For additional information visit our website:

https://www.nuways-ag.com/research

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 Interessenkonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befindet 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=a4d8f319-b328-11f1-9d22-0a083a71a9ab&lang=en

2401282 18.09.2026 CET/CEST

°