q.beyond AG (von NuWays AG): BUY

Original-Research: q.beyond AG - from NuWays AG 01.10.2025 / 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. Classification of NuWays AG to q.beyond AG

Company Name:	q.beyond AG
ISIN:	DE0005137004
Reason for the research:	Update
Recommendation:	BUY
from:	01.10.2025
Target price:	EUR 1.30
Target price on sight of:	12 months
Last rating change:
Analyst:	Philipp Sennewald

Conference feedback: Capital allocation in investor‘s focus

Here are the key takeaways from our annual Paris conference in Paris (CEO attendance):

Data centre currently not for sale: In the past years, discussions intensified around the possible disposal of the company‘s data centre in Hamburg. The asset has a book value of € 15m (eNuW), implying significant hidden reserves given an estimated market value of € 40m, (at 70% utilization). Management’s goal is to rent out the remaining computing power by YE26. With this, the market value should increase to € 60m (eNuW). Mr Rixen stated that it could be sensible to keep the asset, given the increased demand of German SMEs for domestic computing power due to data sovereignty discussions. In our view, this could pose as a strategic advantage for QBY going forward, which is seen to result in increased pricing power given the general supply constraints.