q.beyond AG (von NuWays AG): BUY

Original-Research: q.beyond AG - from NuWays AG 11.11.2025 / 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
Target price:	EUR 1.3
Target price on sight of:	12 month
Last rating change:
Analyst:	Philipp Sennewald

Q3 falls behind expectations amid macro headwinds; chg.

Yesterday, QBY released a mixed bag of Q3 results, showing a further improvement in Consulting but a weaker-than-expected Managed Services segment. In addition, the Elevate project and AI-related personnel hires weighed on margins. In detail:

Q3 sales declined 7.2% yoy to € 43.6m (eNuW: € 44.3m) following a continued weakness of the Managed Services segment (-14% yoy to € 28.3m), which is only partly explained by the communicated accounting change (eNuW: € 3m yoy effect). Although this comes in a tough macro environment, it still fell short of our € 29m estimate. On the other hand, the Consulting segment continued to show resilience, as sales grew 8.7% yoy to € 15.3m (eNuW: € 15.4m) driven by an improved mix as well as a better utilization, which also becomes visible in a 6pp uptick in the segment’s gross margin to 13.1%. Overall, the group’s gross margin improved 0.6pp yoy to 16.8% but is significantly down an a sequential basis (-2.7pp vs H1) following the weak Managed Services performance.