Original-Research: FIT GROUP AG (von NuWays AG): SELL - T-Online

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

invitation to conclude certain stock exchange transactions.

H2 to show significant acceleration; chg. est.

FIT GROUP published its H1 figures together with a Q3 trading update. H1 was

and management confirmed its FY26 targets. In detail:

H1 sales up strongly, result burdened by IPO costs. Sales came in at EUR 608k

(% yoy). Operating costs of EUR 461k, personnel costs of EUR 289k and one-off

IPO costs of EUR 220k led to a loss of EUR 361k, or EUR 141k excluding the IPO.

Balance sheet cleaned up with the IPO. All loans from the legacy

repaid, so none remain. The conversion strengthens the equity base without

pressure. The company is now debt-free, and the IPO proceeds are earmarked

for inventory, distribution and marketing.

Q3 more than twice the size of H1. Monthly sales rose from EUR 112k in June to

adding up to EUR 1.41m. 9M sales thus stand at EUR 2.02m, up 83% yoy and already

43% above FY25. September includes the first larger EURES order for Expert

and Euronics, i.e. initial stocking. Online shop and TikTok Shop sales also

Outlook: The confirmed guidance of EUR 3.6m (힞% yoy) implies Q4 sales of EUR

1.6m, only 13% above Q3, with October planned at EUR 450k, 44% below

September. Management expects a strong and profitable Christmas business,

for which it invested upfront. With a gross margin of some 65%, H2 sales of

c. EUR 3m should be sufficient to put the group into the targeted

Growth prospects rest on broader retail distribution. EURES, Utz

access; sell-through and re-orders are the key data points from here.

due in 2027. AI in logistics and customer support should allow scaling

13.50 to EUR 16), we downgrade our rating to SELL (old: BUY) purely as a

Note: FY25 was a transition year. Final figures show sales of EUR 1.41m, down

c. 10% yoy (FY24: EUR 1.57m), as management focused on IPO preparation,

internal structures and hiring for the FY26 growth targets. The result was

IPO, the debt-to-equity swap and the groundwork for growth thereafter.

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

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