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Original-Research: Aiforia Technologies Oyj - from NuWays AG
23.07.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to Aiforia Technologies Oyj
Company Name: Aiforia Technologies Oyj
ISIN: FI4000507934
Reason for the research: Update
Recommendation: HOLD
Target price: EUR 1.1
Target price on sight of: 12 months
Last rating change:
Analyst: Julius Neittamo
Aiforia H1 profit warning triggers downgrade to HOLD
Aiforia issued a profit warning with H1'26 revenues coming in at a mere EUR
0.75m, down from EUR 1.4m in H1'25 (-46% yoy), against our expectation of
roughly doubling yoy, following last year's strong Clinical momentum
(organic growth of +65%). At the same time, the order book at the end of H1
stood at EUR 3.5m, down from EUR 5.1m in H1'25 (-32%). Despite this, management
maintains its mid-term targets of financial independence by 2027.
In our view, we regard the weak H1 sales development to likely be carried by
two factors, the absence of onboarding revenues as well as less pronounced
usage of Aiforia's solutions at already onboarded clients:
* First, Aiforia won ten clinical clients between 2024-25, likely bringing
significant one-off onboarding and integration revenue that made up a
meaningful share of the total revenue (eNuW). By contrast, H1'26 only
contained one new clinical win (Spain), as the AP-HP (France) expansion
extended an existing relationship rather than adding a new logo. The
press release confirms that the Spanish hospital group is only set to be
monetised in H2, meaning that H1'26 should have carried very little
one-off integration revenue (eNuW).
* Second, usage ramp up of the recurring clinical business looks weaker
than expected. The preliminary H1 revenue figure of EUR 0.75m looks
particularly low considering that Research alone generated some EUR 0.6m
in H1'25. While we do estimate that Research lost some business (sales
-50% yoy, eNuW), usage volumes among onboarded clinical clients likely
ran low as well, in our view. This could likely be stemming from (i)
integration delays, (ii) remaining technology friction with existing
pathology workflows, and/or (iii) pathologists simply defaulting to
manual reads over leveraging the AI tool.
Implications to the investment case. In the short-term we expect lower sales
growth and as a result higher losses due to the limited fix cost coverage;
FY26e revenue at EUR 2.1m vs EUR 6m before and an EBITDA loss of now EUR 5.6m
(old: EUR 3.1m loss). While we expect sales to pick back up in FY27e (higher
installed base allowing for rising recurring revenues), the FCF breakeven is
now seen to happen in FY32 rather than FY29, in our view. Aiforia's recently
resolved EUR 6.4m capital increase as well as the EUR 20m EIB loan provide the
company with some financial leeway, yet in our view not enough to reach
sustainable cash generation, increasing mid-term funding uncertainties.
The investment case now stands at a pivotable point as Aiforia needs to
re-accelerate recurring Clinical revenue growth in order to justify the
investments into the model portfolio. In light of the above, we cut our PT
to EUR 1.10 (old: EUR 3.60) and downgrade our recommendation to HOLD.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=0003f59b6c9a611866702ede533ffa57
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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2370338 23.07.2026 CET/CEST
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Quelle: dpa-AFX
