Original-Research: LION E-Mobility AG (von NuWays AG): BUY
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Original-Research: LION E-Mobility AG - from NuWays AG
14.08.2026 / 09:01 CET/CEST
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Classification of NuWays AG to LION E-Mobility AG
Company Name: LION E-Mobility AG
ISIN: CH0560888270
Reason for the research: Update
Recommendation: BUY
Target price: EUR 2.8
Target price on sight of: 12 months
Last rating change:
Analyst: Sarah Hellemann
Q2 26: Transitional quarter in the books, acceleration in H2 26e
Yesterday, LION released its Q2 results. Despite a weak quarter performance
linked to the preparations for the new NMC+ battery packs, LION beat
expectations. In detail:
Sales weaker, but ahead of expectations. As plant adjustments were carried
out in the quarter, the top line largely reflected the sale of inventory
(now sold out except for spare part requirements) in Mobility. Total revenue
fell by only 7.7% to EUR 3.6m (eNuW: EUR 3.2m).
EBITDA largely flat yoy. Other own work capitalized and other operating
income strengthened. Personnel costs were further reduced (project
management and accounting). This compensated for increased procurement
costs, a reduced contribution from high-margin services and higher
development expenses. EBITDA hence came in at EUR -0.1m (Q2'25: EUR -0.2m). The
net loss of EUR -0.8m beat expectations (eNuW: EUR -0.9m) due to a slightly
higher-than-anticipated tax loss carry forward but came in below Q2 2025 (EUR
-0.4m).
Higher working capital required for production ramp-up. Operating CF fell to
EUR -1.7m compared to EUR 2.3m in Q2 2025, driven by increased upfront supplier
payments (related to the NMC+ ramp up) and stretched customer payments.
Plant adjustment complete, ramp-up ahead in Mobility. To recap, the restart
of production was announced in early July 26. Despite the fact that lead
times for battery cells have increased from six to twelve weeks (limited
availability of cargo slots related to the Iran war), Mobility already
recorded significant orders for FY26e.
The two-stage production ramp-up is to progress with a semi-automated line
in Q3 and a fully automated line in Q4 26. According to management, this
should lead to a production capacity of ~ 2'000 packs until end of FY26. In
FY27, the capacity is to rise to ~ 10'000-11'000 packs. A further expansion
to the full capacity of the previous battery pack series is feasible but
would require additional line adjustments/investments. Importantly, first
shipments to bus customers started in July 26. Also, integration solutions
for a retrofit into BMWi3 (increasing the car range to 400 km) are currently
being finalized, with several hundred inquiries placed so far.
Storage is to accelerate as BESS is to gain traction in the coming months.
Following a first project in Finsterwalde, a second project was won in
Northern Bavaria (5 MW / 10 MWh) worth EUR 600k (eNuW) in revenue with a
prepayment expected for Q3 (eNuW). Grid approval is planned by end of 2026.
Management highlighted another three projects not yet signed in the
near-term pipeline.
Transition complete, growth ahead. We expect LION to exit Q2 operationally
strengthened. We view LION to be ideally positioned to deliver on its FY26
guidance of > EUR 35m (eNuW: EUR 36.4m) in sales and a strongly positive EBITDA
(eNuW: EUR 5.7m). We maintain BUY but reduce our PT to EUR 2.8 (previously EUR
3.2) on the expectation of elevated working capital requirements to
facilitate the NMC+ ramp up.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=1d85c41ea9188ae188f41f43ae034f3a
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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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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