LION E-Mobility AG (von NuWays AG): BUY

Original-Research: LION E-Mobility AG - from NuWays AG 15.05.2026 / 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. Classification of NuWays AG to LION E-Mobility AG

Company Name:	LION E-Mobility AG
ISIN:	CH0560888270
Reason for the research:
Recommendation:	BUY
Target price:	EUR 3.2
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Q1 burdened by temporary effects, operating CF strong

LION published Q1 prelims, which were marked by a weak on top-line and bottom-line as the company in in the midst of transitioning its battery pack production to the next generation. In detail:

Q1 revenue of € 3.3m was down 50% yoy. In preparation for the currently ongoing transition to a NMC+ battery pack production, key customers of the legacy NMC pack partially stock-piled products in Q4 (explaining the particularly strong finish to FY25). Those pull-forward effects are now reverting.

Q1 EBITDA remained positive, despite the wark top-line. On lower capacity utilization, EBITDA fell by 80% yoy to € 0.3m (eNuW: € 1.7m), partially mitigated by a reduction in personnel expenses of € 0.2m. Net income remained almost positive, falling only to € -0.1m (Q1 2025 € 0.6m). Converted shareholder loans (debt to equity swap) allowed for lower financing expenses.

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