Original-Research: Hoenle AG - from NuWays AG
Classification of NuWays AG to Hoenle AG
Q3e: Continued restructuring expected hoenle looks set to publish its Q3 FY25/26 results August 18th. Here is what to expect: A flat-ish topline from mixed segment performance coming in at € 22.6m (eNuW: -0.1% yoy). We expect the segments Disinfection and Adhesives to show continued growth largely mitigating a challenging environment and persisting headwinds at Curing. At the same time, gross profit margin improvements and restructuring efforts are seen to contribute a bottom-line strengthening of 24.5% yoy to € 0.7m (eNuW) in EBITDA, leading to an implied EBITDA-margin of 3.2%, up by 0.6pp yoy. Disinfection positioned as key growth driver should contribute a 7.9% yoy improvement to € 6.6m (eNuW) revenue, due to a strengthening demand in water purification solutions. The persistent top-line improvement is seen to support a slight margin expansion by 0.2pp to 11% (eNuW); absolute EBITDA +9% to € 0.7m (eNuW). Adhesives should grow 6.8% yoy to € 8.4m sales (eNuW), in particular driven by optoelectronics, where demand for components developed strongly during the quarter and a solid demand for medical devices, especially in North America, supporting suppliers of medical-grade adhesives and bonding solutions. EBITDA is seen to improve by 15% to € 0.6m (eNuW), as a result of successful portfolio optimization and internal process improvements. Curing to remain under pressure. Given a continued challenging environment in mechanical engineering with a reduced growth outlook for FY26 (source: VDMA) and continued negative one-off effects from key client Manroland having entered insolvency in early March, we anticipate revenue to come in at € 7.6m (eNuW), down 12.1% yoy. Given the anticipated top-line development, a negative bottom-line contribution looks set to remain despite positive effects from restructuring measures taken in FY25. Yet, EBITDA is to come in at € -0.5m (eNuW), improved from € -2.2m in Q3 24/25. Mind you, the weak performance of Curing is largely the driver behind the company's recent FY guidance cut (now: € 92-95m sales and € 5-6m EBITDA). Continued internal optimization efforts expected. In light of the particularly challenging situation at Curing (key end market is still printing), we would expect the company to further right-size its respective cost structure. Reiterating BUY at € 14, based on DCF. You can download the research here: dr-honle-ag-2026-07-29-previewreview-en-0b5ae 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 ++++++++++ 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. ++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2373170 29.07.2026 CET/CEST
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