Original-Research: LION E-Mobility AG (von NuWays AG): BUY
26.06.2026 - 09:00:20 | dpa.de
Original-Research: LION E-Mobility AG - from NuWays AG
26.06.2026 / 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
FY25: Significant progress on balance sheet de-risking
Yesterday, LION released its full year report for 2025. While its operating
performance had already been indicated by preliminary figures, further
details confirmed a successful rollover of a majority of the company's debt.
Key insights in detail:
Revenue rose by 67.4% yoy to EUR 28.3m (eNuW). Customer demand came in
stronger throughout the year. Additionally, customers pre-stocked on battery
packs from the previous generation ahead of the NMC+ products in the
mobility segments, on account of which Q4 revenue came in significantly
accelerated. EBITDA turned positive, with EUR 6.5m significantly ahead of EUR
-3.6m in the previous year, given commercial momentum strengthening. The
overall margin came in at 22.8%. LION generated a net profit of EUR 2.3m. The
improvements put the result considerably ahead of the previous year's loss
of EUR 6.6m.
The operating CF materially strengthened throughout the year, coming in at EUR
8.4m compared to EUR -9m in the previous year. This was mainly driven by
stronger earnings and trade payable invoices not due until the new year. We
view these trade payables as related to the high activity in Q4, implying a
positive one-off of approx. EUR 6.7m.
Equity ratio significantly strengthened. LION raised its equity ratio from
22.1% in FY24 to 36.7% in FY25 through a reduction of bank liabilities by EUR
2.6m, with one bank loan of EUR 8m remaining with amended covenants now
considered long-term financed. Its anchor shareholder showed continued
support through adaptations in shareholder loans made. An outstanding
shareholder loan of EUR 6m was reduced to EUR 4.5m, including EUR 2m of accrued
interest accumulated through two equity conversions. From a novation of
trade payables into an interest-bearing loan, the company took out another
shareholder loan of EUR 2.5m. We view this as material progress towards
de-risking LION's balance sheet ahead of the ongoing ramp-up of NMC+
production and BESS activities.
LION has reached a critical commercial inflection point across segments,
supported by a strengthened balance sheet. In Mobility, the NMC+ ramp-up is
expected for H2 26. Mind you, first prototypes were tested and qualified by
existing customers in Q4 25. This month, LION announced that its FY26 order
book was nearly filled and that FY27 was also filling up, partially driven
by defence orders. The first NMC+ battery cells are scheduled to arrive in
June/early July and the conversion of the production line is well underway.
Hence, production of the NMC+ packs is seen to commence in July. In Storage,
BESS sales are anticipated to pick up as the company is in advanced talks
with clients. Commercial progress was already shown in May with first
containers on the ground in Germany (project value EUR 750k) and a second
construction phase planned for FY27e (project value EUR 1.5m).
LION confirmed its guidance of more than EUR 35m in sales and a strongly
positive EBITDA. As outlined above, we expect a significant pick-up of
commercial activity from H2 2026 onwards, reflecting in our projections of EUR
36m (eNuW) in sales for FY26e and EUR 5.7m (eNuW) in EBITDA. Hence, we
reiterate our BUY recommendation at EUR 3.2, according to DCF.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=7dbc543d3091b9ff5c5c224cbf649de2
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
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bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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