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

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



07.04.2026 / 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:                     Christian Sandherr



Blockbuster Q4 results closed FY25 on a high note



Q4 revenue soared by 267% yoy to EUR 12m (eNuW: EUR 11.8m), due to recovering
customer demandfrom bus manufacturers in North America and Karsan. EBITDA
doubled to EUR 5.1m from EUR 2.5m inthe previous Q4, based on higher
profitability within the orders processed. This led to an excellentEBITDA
margin of 42.5%, which we view as partly driven by customer-specific,
urgency-relatedpricing and therefore not fully indicative of the sustainable
run-rate.



FY25 revenue rose by 67.5% yoy to EUR 28.3m (eNuW: EUR 28.1m), due to the
significant demandacceleration in Q4, meeting the guidance of EUR 28m to EUR 35m.
The positive EBITDA of EUR 7.5m(eNuW: EUR 5.1m) showed a marked improvement over
EUR -3.6m a year prior. The implied EBITDAmargin came in at 26.4%, largely
driven by improved procurement efficiency and the positive one-offeffects in
Q4.



LION made significant progress in its turnaround. The Operating CF improved
considerably fromEUR -8.9m in FY24 to EUR 7.7m. Total debt was reduced by
approx. EUR 6.8m (eNuW) through theconversion of convertible bonds held by
shareholders into equity. This strengthened the equity ratiofrom 22.0% in
FY24 to 38.1% in FY25.



Mobility: In FY25, utilization of its state-of-the-art factory improved as
demand strengthened. Initialdeliveries of the new NMC+ battery packs
commenced in Q4. With a maximum annual productioncapacity of approximately
40k battery packs still largely underutilized, the company is well
positionedto support the continued ramp-up of the NMC+ rollout in FY26e.
Given the product's superiortechnological profile, we expect a broad
transition of existing customers to NMC+, alongside a likelyexpansion of the
customer base.



Storage: In April 2025, LION formed its strategic partnership with
LeapEnergy, which gave LIONaccess to assembled BESS solutions. Now offering
one-stop-shop solutions (product, integration andafter-market services),
LION can successfully address the rapidly emerging energy storage market.



The total project pipeline of >7.5 GWh (not signed yet), represents revenue
potential of EUR 280m(eNuW) at low double-digit EBITDA margins (eNuW: 10-12%).
Installation on its first grid-scaleproject in Germany (20 MW/h) with
potential sales of EUR 750k (eNuW) is scheduled for Q1 2026.



Looking to FY26e, revenue is projected to grow by approx. 30% to EUR 36.4m
(eNuW), driven bystrong mobility product momentum and opportunities in
storage opening up with new partnershipsformed in 2025. FY26e guidance:
revenue of above EUR 35m. With a rising storage contribution in theproduct
mix, we anticipate lower margins (15.6% vs. 26.5%). EBITDA is expected to
normalize to EUR5.7m (eNuW) following a stronger one-off contribution in FY25.
FY26 guidance: strongly positive EBITDA.



With achieving sustainable cash generation in FY25 under ongoing cost
control efforts and improvedprocurement, the company should continue to
gradually turn the balance sheet around as it scalesup. Maintaining BUY with
an unchanged EUR 3.20 PT, based on DCF.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=816b381fde8d649ecbe850c6df139983
For additional information visit our website:
https://www.nuways-ag.com/research-feed



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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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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2303960 07.04.2026 CET/CEST