Original-Research: AnchorCore SE (von NuWays AG): BUY - T-Online

The issuer is solely responsible for the content of this research. The

invitation to conclude certain stock exchange transactions.

along with a commercial update on its 49.5% equity stake learnd UK and

learnd UK and Ireland sales broadly in line with expectations. Sales

slightly declined by 2.9% yoy to EUR 33.2m (eNuW: EUR 34m), with EUR 16.4m

attributable to Q2. This as the company focused on raising its profitability

and project-based sales decelerated in Q2 26.

learnd UK and Ireland profitability strengthened. The adj. EBITDA came in

significantly strengthened by 39.1% yoy at EUR 4.2m (eNuW: EUR 5.1m), compared

to EUR 3m in H1 25. The adj. EBITDA margin expanded by 3.7pp to 12.5% in H1

26. However, this was largely attributable to the strong margin mix on high

AnchorCore incurred EUR 2.1m (eNuW: EUR 1.8m) of operating costs in H1 26,

reducing the cash base to EUR 0.5m. This includes two one-offs. The first

accounting, audit and legal fees came in elevated at £ 0.8m, related

and associated purchase price allocation work. With administrative costs

related to the MBO passed and total operating costs estimated at EUR 2.3m for

FY26e, only EUR 0.2m (eNuW) should weigh on the cash base in H2 26e.

environment in H1. H2 looks set for an acceleration in of the project-based

improving environment (source: Trading Economics). Accounting for the slow

and Ireland from EUR 77.4m to EUR 72.6m, reflecting 5% yoy growth. Yet we

maintain our expectation of EUR 9.4m in adj. EBITDA for FY26e, with EUR 4.2m in

the books already and a margin expansion to 13.2% in H2 to be driven by a

Cash inflows from its stake expected for FY27e. Based on the low remaining

cash base of EUR 0.3m projected for the end of FY26e and the improving

27e. These are seen as essential to fund the holding costs, guided now at ~

EUR 1.5m a year for the years following FY26. Given the improved visibility on

operating in facility management and environmental services.

companies as soon as cash inflows are sufficient. In the mid- to long-term

we expect the company to add further equity stakes to its portfolio.

Based on the sum-of-the-parts approach, containing the 49.5%-stake in learnd

UK and Ireland, the Net Cash base reduced by the operating costs to EUR 0.3m

(eNuW) and a holding discount of 10%, we confirm BUY at a PT of EUR 4.6.

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LinkedIn: https://www.linkedin.com/company/nuwaysag

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