q.beyond AG (von NuWays AG): BUY

Original-Research: q.beyond AG - from NuWays AG 28.10.2025 / 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:	28.10.2025
Target price:	EUR 1.3
Target price on sight of:	12 months
Last rating change:
Analyst:	Philipp Sennewald

Q3 preview: Expect margin expansion despite macro headwinds

QBY will release its Q3 results on November 11. We expect continued macroeconomic pressure to weigh on topline growth, while efficiency measures should again drive a clear improvement in margins. In detail:

Q3 sales are seen at € 44.3m (eNuW), reflecting a still muted demand environment in German IT Services. Segment-wise, Managed Services sales are expected flat yoy on an adj. basis at € 29.0m (eNuW), as customers continue to postpone modernization projects. Positively, Consulting revenues are seen at € 15.4m (eNuW), a further sequential improvement qoq, based on improving utilization and increasing near-shore quotas. Despite soft revenues, we expect another step-up in margins. With the ongoing one.QBY program, management continues to optimize structures, leverage near- and off-shoring (eNuW: 18% vs. 14% a year ago), and implement AI-based efficiency tools. We therefore forecast a Q3 EBITDA of 3.1m, implying a margin of 7.1% (+2.5pp yoy).