Original-Research: Hoenle AG (von NuWays AG): BUY

Classification of NuWays AG to Hoenle AG

Company Name:	Hoenle AG
ISIN:	DE0005157101
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 14
Target price on sight of:	12 months
Last rating change:
Analyst:	Sarah Hellemann

Q3 FY25/26: Adhesive Solutions driving the bottom-line

Yesterday, hoenle reported Q3 25/26 results, clearly reflecting turnaround progress despite the guidance cut on July 26. In detail:

Bottom line strengthened. EBITDA came in at € 1.7m (eNuW: € 0.7m), up 54.3% yoy. This against moderate top-line growth of 4.6% to € 23.7m (eNuW: € 22.6m). The profitability gains were especially driven by a stronger-than-anticipated contribution from Adhesive Solutions, carried by project-related growth in electronics and med tech as well as internal optimization efforts. The Q3 EBITDA margin improved from 2.5% to 3.6%.

Adhesive Solutions EBITDA more than tripled to € 1.71m (eNuW: € 0.6m), while revenue rose by 17.5% yoy to € 9.2m (eNuW: € 8.4m). The beats were driven by higher project-related revenue in electronics and med tech as well as stronger-than-anticipated profitability gains from portfolio optimization and operational efficiency measures.

Disinfection grew 22.8% yoy, with sales reaching € 7.5m (eNuW: € 6.6m). The bottom-line improved by 26.3% yoy to € 0.8m (eNuW: € 0.7m). In addition to anticipated demand from new customers, hoenle was able to leverage new sales potential from existing customers on the basis of an expanded product portfolio.

Curing improved but remained under pressure. The business unit's EBITDA contribution of € -0.8m came in lower than expected (eNuW: € -0.5m) but notably improved on restructuring initiatives compared to € -2.2m in Q3 24/25. This came against a 19.6% top-line decline to € 7.0m (eNuW: € 7.6m) on headwinds from a weak investment environment in mechanical engineering and partially due to the insolvency of key customer manroland.

Turnaround progress clearly visible, further internal optimization expected. Both Adhesive Solutions and Curing show marked bottom-line improvements on a yoy basis. This clearly shows progress made on various initiatives within hoenle aimed at reducing costs and improving margins. However, given the weak environment in Curing we view further cost reduction measures, i. e. capacity adjustments due to prolonged demand reduction, as essential to returning to a positive bottom-line contribution. Hence, we expect management to remain focused on internal optimization efforts in Curing, while leveraging growth opportunities in Disinfection and Adhesives. With our core estimates and valuation assumptions unchanged, we reiterate BUY at € 14.0, based on DCF.

You can download the research here: dr-honle-ag-2026-08-19-previewreview-en-ca340
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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