Original-Research: LION E-Mobility AG - from NuWays AG
Classification of NuWays AG to LION E-Mobility AG
FY26e: LION set to pounce on growth opportunities LION E-Mobility should continue to grow its top-line at a significant pace in FY26e, after having passed the operational trough in H2 2025. Here is what to expect: Mobility: To recap, LION currently operates a highly underutilized state-of-the-art factory, capable of an annual output of ~40k battery packs. With a growing customer base and the launch of the new NMC+ battery pack in full swing, utilization should gradually improve in during the next years. As the new battery pack technologically superior to the current version (NMC), we expect most existing customers to switch to NMC+. In Q4 2025, the first NMC+ deliveries were successfully made. Storage: The strategic partnership with LeapEnergy (entered in April 2025) has given LION access to assembled BESS solutions. This allows LION to offer a one-stop-shop solution (product, integration and after-market service). The company should hence be able to successfully address to rapidly emerging energy storage market. In fact, in terms of revenue contribution, Storage should account for roughly half of group sales in FY26e (eNuW). With a total project pipeline of >7.5 GWh (not yet signed), LION is looking at a revenue potential of roughly € 280m (eNuW) at low double-digit EBITDA margins (eNuW: 10-12%). Importantly, the company has already secured its first grid-scale project in Germany - a 20 MW/h installation scheduled for delivery in Q1 2026 estimated to have a revenue potential of € 750k (eNuW). In December 2026, LION hired two new sales specialists for the German and the Italian market and entered a strategic cooperation with CircUnomics, a B2B marketplace for industrial battery and energy storage solutions, which should further support the current positive operational momentum. LION's outlook appears significantly brighter than a year ago, given these dynamic developments and strong support from a key shareholder. After achieving sustainable cash generation in FY25e, the company should gradually turn the balance sheet around. BUY with an unchanged € 3.20 PT. You can download the research here: lion-e-mobility-ag-2026-01-16-update-en-1e90b 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. ++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2261066 16.01.2026 CET/CEST
