PRESS RELEASE
from SynBiotic SE (isin : DE000A3E5A59)
Original-Research: SYNBIOTIC SE (von NuWays AG): BUY
Original-Research: SYNBIOTIC SE - from NuWays AG
19.12.2025 / 09:26 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 SYNBIOTIC SE
| Company Name: | SYNBIOTIC SE |
| ISIN: | DE000A3E5A59 |
| Reason for the research: | Update |
| Recommendation: | BUY |
| from: | 19.12.2025 |
| Target price: | EUR 5.50 |
| Target price on sight of: | 12 months |
| Last rating change: | |
| Analyst: | Christian Sandherr |
Additional capital to support strategic realignment; chg. PT
Recent developments at SYNBIOTIC have sharpened the company’s strategic realignment. Acombination of additional equity financing, a portfolio consolidation and a new strategic investorshould help to make the equity story more robust going forward, in our view.
Portfolio “clean up”. SYNBIOTIC discontinued financial support for its Austrian subsidiaryBushdoctor GmbH, which subsequently filed for insolvency. The decision followed an internal reviewof the subsidiary’s operational and financial performance, revealing it was no longer aligned with thegroup’s strategic priorities. As a result, SYNBIOTIC has effectively removed a loss-making, non-corebusiness from its portfolio, reducing cash outflows and allowing management to concentrate resources on higher-potential areas such as medical cannabis and industrial hemp.
Additional equity. SYNBIOTIC executed two small cash capital increases without subscriptionrights, issuing a total of 387k new shares at prices of € 1.60 and € 1.70, raising gross proceeds of upto € 0.64m. The resulting dilution stands at roughly 5%. The capital will be used to support growthinitiatives, including product development and operational execution across the group’s coresegments.
Strategic investor entry.
As part of one of those capital increases, SYNBIOTIC secured an anchorinvestment from CANSOUL, a specialised equity fund investing across the entire global value chainof the hemp and cannabis industry. Its holistic investment approach covers cultivation, research,technology, extraction and distribution through to pharmaceutical development. Importantly, this dealinitiates a long-term strategic partnership (e.g. access to further capital, CANASOUL’s network),highlighting the strength and appeal of SYNBIOTIC’s diversified platform.
Our view: Overall, the recent measures represent tangible progress in stabilising SYNBIOTIC’sfinancial and strategic positioning. The recent FY25 guidance cut reflects the currently challengingregulatory situation within the company’s key end market. Following this year’s strategic realignment,SYNBIOTIC should be able to return to higher growth from next year onwards (carried by medicalcannabis and industrial hemp), in our view. Until FY27e, we model € 25m sales, implying a 16%CAGR. With that, SYNBIOTIC should be able to return to profitability as early as FY26e.
BUY with a € 5.50 PT (old: € 6.00) based on DCF
You can download the research here: synbiotic-se-2025-12-19-update-en-b7fb5
For additional information visit our website: https://www.nuways-ag.com/research-feed
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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2249106 19.12.2025 CET/CEST