Original-Research: NanoRepro AG (von NuWays AG): BUY

Classification of NuWays AG to NanoRepro AG

Company Name:	NanoRepro AG
ISIN:	DE0006577109
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 4.4
Target price on sight of:	12 months
Last rating change:
Analyst:	Sarah Hellemann

newkee secures drugstore listing; Paedi Protect ahead of plan

On Friday, NanoRepro published its H1 26 single-entity report, provided a commercial update on newkee and set a new timeline for its outstanding consolidated reports. The key takeaways are stronger-than-expected Paedi Protect sales, continued cost savings at holding level and a first drugstore listing for newkee, which underlines the progress of the platform strategy. In detail:

Consolidated figures to be released by the end of 2026. The publication of the consolidated FY25 and H1 26 reports has been delayed to year-end 2026 due to additional consolidation-related work. With its new CFO in place since October 2026, NanoRepro is driving the harmonization of accounting processes and the improvement of group-wide reporting structures. These measures should increase efficiency, transparency and comparability. More importantly, we would expect consolidated reports to be released earlier in the year from 2027 onwards.

Paedi Protect sales in H1 26 higher than anticipated. NanoRepro confirmed its preliminary H1 26 sales at € 13m. While holding sales (mainly Rapid Testing Kits) decreased by 11.5% yoy to € 2.2m (eNuW: € 2.5m), this implies Paedi Protect sales came in stronger than expected at € 10.9m (eNuW: € 10.6m). We attribute the higher Paedi Protect sales to stronger demand in sunscreen products related to an unusually warm June. The lower holding sales are seen to reflect the scaled-back marketing efforts of ALPHABIOL as well as temporarily lower demand related to NanoRepro's Rapid Testing Kits as they were largely transitioned to its trade partner's Mivolis brand.

Bottom-line strengthening in NanoRepro holding. In H1 26, the holding slightly reduced its EBITDA loss to € -0.8m (eNuW € -0.6m) compared to € -1m in H1 25. The weaker-than-anticipated topline was offset by NanoRepro making progress on reducing costs. For example, the material cost ratio was reduced by 6.4pp yoy to 33.9%, driven by improved procurement efficiencies. Marketing expenses fell 53.5% yoy, as Rapid Testing Kits marketing and distribution costs for tests sold under the Mivolis brand were borne by the trade partner and ALPHABIOL marketing was reduced.

Platform strategy opens the drugstore channel for newkee. From January 2027, two newkee flagship products will be listed in the online shop of a leading German drugstore chain. From March, newkee and PAEDIPROTECT products will also be prominently placed on in-store promotional displays. The joint presentation shows the platform logic at work: brands within the group open sales channels for each other.

The initial phase should contribute only modestly (eNuW: € 0.1-0.2m in additional FY27e sales). Its real value lies in what may follow: a permanent shelf listing, which we conservatively see adding € 1-2m in annual sales. Strategically, the listing adds another pillar to NanoRepro’s transformation into a multi-brand consumer health platform.

Guidance confirmed, platform on track. NanoRepro reiterated its targets of c. € 18m in sales for FY26e, c. € 28m for FY28e and c. € 40m for FY30e including further acquisitions. With the platform taking shape and first distribution synergies materializing, the targets look achievable in our view. We confirm our BUY rating with an unchanged PT of € 4.40, based on DCF.

You can download the research here: nanorepro-ag-2026-11-03-update-en-2dd59
For additional information visit our website: https://www.nuways-ag.com/research

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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