Original-Research: MWB AG (von NuWays AG): HOLD

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Original-Research: MWB AG - from NuWays AG

15.10.2025 / 09:00 CET/CEST
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Classification of NuWays AG to MWB AG

Company Name: MWB AG
ISIN: DE000A4032H1

Reason for the research: Update
Recommendation: HOLD
from: 15.10.2025
Target price: EUR 63.00
Target price on sight of: 12 months
Last rating change:
Analyst: Henry Wendisch

H1 review: Sustainable profitability on bottom line reached

Topic: MWB released an H1 trading statement, that shows a strong sequential
recovery in sales and profits. In detail:

H1 sales arrived at EUR 7.4m, up 110% yoy and 17% vs. H2'24. While the total
number of watches sold was not disclosed, we still estimate a positive mix
of higher watches sold coupled with increased average selling prices. Mind
you, that the sale of a few very highly priced watches in a certain period
can drastically skew the picture up- and downwards.

H1 EBITDA grew by 47% yoy to EUR 0.072m on the back of higher sales but with a
lower margin (0.98% margin; -0.42pp yoy). Here, we attribute the margin
decline to a slighlty higher cost base post IPO, but also see positive
effects on OPEX due to the departure of one employee (now 2 FTE in total).

Following insignificant D&A, financial result and taxes, net income arrived
50% higher yoy at EUR 0.067m, showing that MWB now shows profitable
operations, following previous loss-making years. Mind you, FY'24 results
(net income: EUR -0.43m) were skewed by EUR 0.33m IPO-related one-off costs, but
adjusted for these one-off IPO costs, MWB would still have reported a net
loss. Going forward, we expect a slightly weaker H2 (yoy and sequentially)
due to lumpy sales described above, but nevertheless an improving FY'25e
(both on sales and adj. EBITDA), in line with the guidance (EUR 12m sales in
FY'25e).

In a broader picture, the macro environment seems to have improved. The
second hand watch market has shown signs of recovery in H1'25, visible in an
uptick in the WatchCharts Overall Market Index (Source: WatchCharts.com).
Here, second hand market prices for a representative selection of 300
watches have reached their trough in early March 2025 and have recovered
slightly since then. This stabilization of prices should be the consequence
of a demand recovery and continuous supply scarcity on the first hand
market. For the latter, the Federation of the Swiss Watch Industry (FH)
reported a 5% decline in units in H1'25, also influenced by US-tariffs,
which were offset by 6% higher ASPs, as gold prices increased respectively.
Given that secondhand luxury watches are not affected by tariffs in the US'
secondhand market, the demand for secondhand watches has seen a strong
uptick, which also affects European market prices respectively.

Against this backdrop, the positive developments in the market as well as
operationally, lay the foundation for future growth. However, the shares
remain priced for perfection, which is why we reiterate our HOLD
recommendation with a PT of EUR 63.00, based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=2fc56b8578d3f27888c1b3050cf2f432
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
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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2213074 15.10.2025 CET/CEST

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