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Original-Research: LION E-Mobility AG - from NuWays AG

15.05.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to LION E-Mobility AG

     Company Name:                LION E-Mobility AG
     ISIN:                        CH0560888270

     Reason for the research:
     Recommendation:              BUY
     Target price:                EUR 3.2
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr

Q1 burdened by temporary effects, operating CF strong

LION published Q1 prelims, which were marked by a weak on top-line and
bottom-line as the company in in the midst of transitioning its battery pack
production to the next generation. In detail:

Q1 revenue of EUR 3.3m was down 50% yoy. In preparation for the currently
ongoing transition to a NMC+ battery pack production, key customers of the
legacy NMC pack partially stock-piled products in Q4 (explaining the
particularly strong finish to FY25). Those pull-forward effects are now
reverting.

Q1 EBITDA remained positive, despite the wark top-line. On lower capacity
utilization, EBITDA fell by 80% yoy to EUR 0.3m (eNuW: EUR 1.7m), partially
mitigated by a reduction in personnel expenses of EUR 0.2m. Net income
remained almost positive, falling only to EUR -0.1m (Q1 2025 EUR 0.6m).
Converted shareholder loans (debt to equity swap) allowed for lower
financing expenses.

Operating Cash Flow tripled to EUR 3m (Q1 2025 EUR 1m), reflecting continued
cost discipline and improved payment conditions with suppliers (working
capital releases).

Mobility in operational transition. Production of SE09 NMC battery packs was
halted in order to prepare for the transition to NMC+ battery packs,
featuring higher energy density. Necessary plant adjustments are currently
ongoing. By June, LION should be able to produce first NMC+ packs with the
ramp up planned for Q3. Importantly, key customers such as Karsan and Lion
Electric have already committed to using them within their current models.
LION (together with its integration partner Mandril) will also work on
upgrading BMW i3s battery packs.

Storage to deliver increased revenues from H2 26 onwards, based a first BESS
project sale in Q4 2025 (eNuW: project value of EUR 750k in sales), which is
scheduled to go into operation in summer 2026. A second project in Germany
is currently in final negotiations for 5 MW/10MWh with delivery scheduled
for 2026, included in the 7.5 GWh project pipeline (not yet signed). This
pipeline represents revenue potential of EUR 280m (eNuW) at low double-digit
EBITDA margins (eNuW: 10-12%) and comprising more than ten customers.

Over recent months, LION has strengthened its sales team specifically
dedicated to BESS, while LEAPENERGY is intensifying its activities in
Germany. Grid connection approvals in Germany remain a key bottleneck as
authorities are trying to navigate between capacity investors aiming at
energy price arbitrage strategies and those aiming at contributing
positively to the network.

Looking into defense. LION is currently working on several defense-related
inquiries concerning new applications to LION Smart's high-performance
battery technology. In our view, these have the potential to diversify
revenue and profitability streams in the mid- to long-term, if feasible from
a technological perspective.

FY26 guidance of EUR 35m confirmed. From current developments the company
expects a significant portion of its FY26 revenues to be recognized in H2
26. We regard this as reasonable assuming the ramp up proceeds as planned.

Maintaining BUY with a PT of EUR 3.20, based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=10a8068c98f580bf3cd1f21db53cdfa9
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.
++++++++++

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2327922 15.05.2026 CET/CEST

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