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

Original-Research: learnd SE - from NuWays AG 04.05.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

Original-Research: learnd SE - from NuWays AG



04.05.2026 / 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.



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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



Transformational year complete - Ready for next steps



On Friday, learnd SE released its FY25 report, reflecting on action taken
during a year of transformation. Key takeaways and outlook in detail:



2025 as a transformational year. To recap, in September 2025 learnd SE
divested 50.5% of shares in its subsidiary learnd Atlas Ltd. to learnd Arrow
Ltd., a founder-owned entity. This sizeable MBO, along with further
transformational efforts turned learnd SE into a leaner holding structure
with a strengthened balance sheet, including improvements in its liquidity
and equity position. Following completion of the transformation, in our view
learnd SE is now positioned to gradually pursue additional equity
investments, leveraging its ability to recognize use cases for cutting-edge
technology, expertise in operational building maintenance its network in the
UK and Ireland and its access to growth capital to drive value creation.



Total comprehensive profit rose from £ 4.3m to £ 21m, mainly due to the
positive one-off effect of the MBO-proceeds leading to a gain on sale of
discontinued operations of £ 23.2m. Excluding this positive one-off and fair
value gains in warrants, the company remained operationally loss-making
during the period. In fact, the equity-accounted investee did not yet
deliver a profit, delivering a share of loss of EUR 0.6m net of tax instead.
Furthermore, the transition was accompanied by higher than usual
administrative expenses (+83% yoy), of which £ 3.1m was linked to
accelerated vesting of share options to be considered a one-off.



Starting into FY26e with a strengthened balance sheet. Cash increased from £
3.4m to £ 6.1m, allowing for a dividend to add to shareholder returns. At
the same time the equity ratio notably improved from -3.9% to 76.1% on the
reporting date, as total liabilities reduced from £ 48m to £ 6.3m. This was
achieved partially through deconsolidation and partially as MBO-proceeds
were used to eliminate outstanding loans. Next to operational profitability,
we view this strengthening as a clear cornerstone towards raising further
capital to fund growth.



Its main holding continued its growth path and improved operationally, even
as the learnd UK & Ireland Group fell short of growth expectations amidst
the transition with revenue of EUR 69.1m (eNuW: EUR 75m) rising by only 8% yoy.
As expected, the transition was accompanied by margin compression but still
reached approx. 11% (-1.3pp yoy; eNuW: 10%), proving resilient. The adj.
EBITDA rose by 5% yoy to EUR 7.7m (eNuW: EUR 7.5m) slightly ahead of
expectations.



Significant events following the reporting date include the dividend
distribution totaling EUR 4.1m or EUR 0.32 per dividend-bearing share and the
waiving of a last shareholder loan, making the company debt-free as of April
2026. The equity ratio should now be above 90% (eNuW).



Ideally positioned for a fresh start in 2026. We anticipate further steps in
a gradual transformation of learnd SE into an incubator for companies
operating in facility management and environmental services. Further
portfolio additions are to follow in the mid-term. learnd Atlas Ltd. looks
set to raise margins by 1pp per year with scaling and operational
improvements. Confirming BUY at a 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=c03e6cf931eaa2403991c50e62c7e170
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: [e-mail]
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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2320042 04.05.2026 CET/CEST