Original-Research: Aiforia Technologies Oyj (von NuWays AG): BUY

Original-Research: Aiforia Technologies Oyj - from NuWays AG 27.02.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

Original-Research: Aiforia Technologies Oyj - from NuWays AG



27.02.2026 / 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 Aiforia Technologies Oyj



     Company Name:                Aiforia Technologies Oyj
     ISIN:                        FI4000507934



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 3.8
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo



H2'25 preview; accelerating clinical revenue growth expected



Aiforia will report H2'25 results on March 6. Our preview in detail:



H2'25 sales look set to increase 47% yoy to EUR 2.18m (eNuW). Clinical revenue
growth is seen to accelerate sequentially (+70% vs +60% yoy in H1'25, eNuW)
and Research revenue is set to recover to +6% yoy (eNuW), following a soft
H1'25 (-30% yoy).



Focus is on the clinical segment to scale the business, explaining the
modest growth expectations for Research in H2'25 (eNuW). The growth
trajectories of both segments should also differ beyond FY25, with the
Research segment to grow at an ~8% CAGR and the Clinical segment at a strong
~84% (FY26-28, eNuW). Clinical growth for the coming years should be
supported by:



  * An increased share of wallet across the installed base of 14 major
    clinical clients, driven by an acceleration in the adoption rate of
    pathology AI technology;



  * Strategic partnerships with leading industry players, such as Siemens
    Healthineers, which should broaden Aiforia's commercial reach and help
    ramp up sales growth by embedding its AI solutions into large,
    established digital pathology networks; and



  * The recently launched foundation engine, which is viewed as an
    improvement over supervised convolutional neural networks in terms of
    commercial scalability, as it enables faster deployment of AI models,
    greater adaptability to new use cases, and lower operating costs.




We expect incremental tailwinds from the foundation engine to happen over
the course of FY26-28. While an acceleration in the adoption pace of AI
technology by clinical clients in H2'25 would provide a positive trigger for
the growth story, we expect the more tangible hyperscale years to be in
FY26-28. The company has an excellent track record in developing advanced AI
models and in securing tenders, giving us confidence that Aiforia can
convert clinical tenders into strong growth execution.



On profitability, H2'25 EBITDA is expected to improve to EUR -2.7m (vs EUR -4.0m
a year prior), on the back of operational leverage and lower OPEX driven by
a reduced headcount. Mind you, the company concluded workforce reductions in
November, which should lead to annual cost savings of EUR 2.5m starting from
FY26.



Aiforia is set to end FY25 with EUR 11.6m in cash. We estimate the company's
operating cash burn to be EUR 9.3m in FY26, thus Aiforia should have
sufficient cash runway to cover at least the whole of FY26.



Ahead of the H2'25 results, our conviction in Aiforia's long-term story
remains intact. We reiterate our BUY rating with a EUR 3.80 PT based on our
DCF model.




You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=cc417bf2c970e4c50dbe4e180875443e
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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2282606 27.02.2026 CET/CEST