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 15
Target price on sight of:	12 months
Last rating change:
Analyst:	Sarah Hellemann

Q2 FY25/26: Adhesives glue in a stronger EBITDA performance

Hoenle published its Q2 FY25/26 results (covering Jan–Mar 2026) yesterday. The bottom-line improved notably, beating expectations. In detail:

Q2 revenue declined by 7.8% yoy to € 23.8m, (eNuW: € 28m). Market environments continued to prove difficult in Curing, which was enhanced by the insolvency of a large client, Manroland Sheetfed GmbH (eNuW: € 4m in hoenle sales p. a.). Growth of 3.4% yoy in Adhesive Solutions partially mitigated the negative effect, thanks to selectively improved demand.

Q2 EBITDA rose by 57% yoy to € 2.2m, (eNuW: € 1.6m), translating into an EBITDA margin of 9.2% (+3.6pp yoy; eNuW: 6.3%). The improvement was attributable to a strong contribution from Adhesive Systems as well as tight cost control.

Adhesive Systems reported revenue of € 9.3m (+3.4% yoy; eNuW: € 9.3m), supported by progress on several client orders despite continued cautious customer behavior, as well as portfolio optimization efforts. Thanks to the latter, as well as efficiency gains in production, logistics and a lower material cost ratio, the EBITDA contribution rose by 90% yoy to € 1.5m (eNuW: € 0.8m).

Curing revenue fell by 22.7% yoy to € 7.3m (eNuW: € 8.8m), declining more significantly than we expected due to continued soft demand for plant equipment amid sustained geopolitical uncertainty. While VDMA data had pointed in the direction of a decline ahead of the results, the weakness affected hoenle more broadly than anticipated, including both printing press related products and the industrial surface coating product group. On top of a difficult market environment, struggling key client Manroland Sheetfed GmbH entered insolvency in early March. Despite this, restructuring efforts from FY24/25 supported the bottom line, leading to a stable yet negative EBITDA contribution of € -0.2m, which was in line with our expectations.

Disinfection revenue came in flat yoy at € 7.3m (eNuW: € 7.8m), following a strong Q1 performance driven by risen demand in water purification solutions. Despite this, the segment's EBITDA contribution came in below last year's figure at € 0.8m (eNuW: € 1.0m) vs € 1.2m in Q2 24/25. Next to raised sales capabilities forwater purification solutions, product mix effects (strong comparable base) were the drivers behind it.

Management confirmed its FY25/26 guidance of € 95-105m in sales and € 6-9m in EBITDA, yet pointing towards the lower ends in light of the current environment, which is marked by cautiousness. Taking into account the particularly weak Curing performance with limited significant improvements in sight, management has not ruled out additional right-sizing measures.

Adjusted segment expectations. In light of these developments, we lower our FY25/26e expectations for Curing (revenue down 5% yoy to € 31.7m and € 0.4m EBITDA). This leads us to FY25/26 revenue of € 95.8m and € 6.8m in EBITDA (eNuW), implying top-line growth of 2.3% yoy and bottom-line improvement of 18% yoy, 7.1% margin. The guidance continues to look achievable on the lower end. Adjustments made overall do not impact the PT of € 15. Maintaining BUY.

You can download the research here: dr-honle-ag-2026-05-20-previewreview-en-62f76
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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