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

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



03.07.2026 / 09:00 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 3.2
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann



Successful restart of production as scheduled



Yesterday, LION announced its successful restart of production as scheduled
at end of June 2026, marking an important commercial milestone and
materially reducing execution risk involved with the transition. In detail:



Successful transition to NMC+. Following months of preparations, the
commercial outlook for LION's segment Mobility has gained significant
certainty with a timely resumption of production. This key step is vital to
delivering on a nearly filled FY26e order book announced at the beginning of
June (eNuW: EUR 25.9m in Mobility revenue expected for H2 26) and strong
progress already made on the FY27e order book, thanks to defence customer
demand.



To recap, in Q4 25, first NMC+ battery pack prototypes were qualified by
existing customers, leading to significant orders. Customers also stockpiled
legacy NMC packs ahead of the transition. LION stopped legacy NMC production
in January to prepare for the May/June 26 plant adjustments. In June 2026,
the first mass-produced NMC+ battery cells were shipped from China, paving
the way for the successful production start and ramp-up to follow.



Beyond Mobility, Storage is to gain traction. LION already showed commercial
progress with first BESS containers on the ground in Germany in May (eNuW:
project value EUR 750k) and a second construction phase planned for FY27e
(eNuW: project value EUR 1.5m). Recently, it strengthened its sales force by
two more seasoned employees and is preparing a market entry into Italy. As
the company continues to be in advanced talks with several clients, we
expect further positive announcements to follow.



Confirming the operational inflection point, which we pointed out in early
June, LION looks set to deliver EUR 36.4m (eNuW) in FY26e revenue from
inventory of the legacy NMC sold, the new NMC+ deliveries and Storage sales
supported by BESS acceleration. This implies 28.5% yoy growth despite the
halted production in H1. In the past, its state-of-the-art factory had been
significantly underutilized. With ample capacity to spare, we view a strong
H2 to be likely.



The bottom-line is likely to be temporarily impacted by higher other
operating expenses related to the transition and lower other operating
income in the absence of additional research grants. Therefore, we project
FY26 EBITDA at EUR 5.7m (eNuW), down temporarily by 12.2% yoy on an implied
EBITDA margin of 15.6% (-7.2pp). However, these effects should prove
transitory and do not alter our constructive view on the company's improved
commercial outlook. Hence, the FY26 guidance of more than EUR 35m in revenue
and a strongly positive EBITDA continues to look achievable in our view.



Maintaining BUY at EUR 3.2, based on DCF.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=dbdc827184a6fdea1cb197bcd6811093
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.
++++++++++



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2359356 03.07.2026 CET/CEST

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