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Original-Research: Swissnet AG - from NuWays AG

23.01.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Swissnet AG

     Company Name:                Swissnet AG
     ISIN:                        CH0451123589

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 20
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

Entering FY26 in style, two new project wins

Swissnet kicked off FY26 with two commercial updates, supporting our view
that the group's international expansion and IoT strategy continues to gain
tangible traction.

In detail, the company announced the implementation of a guest room
management system (GRMS) across multiple hotels in Abu Dhabi, a project
valued at c. AED 5m (~ CHF 1.1m). It is scheduled to be completed withing
the next five months. In our view, this project further strengthens
Swissnet's footprint in MENA and highlights its ability to deliver
high-scale hospitality technology projects that, typically offer follow-on
potential via service, maintenance and additional digital infrastructure
updates. Moreover, the company extended an existing IoT cooperation with a
European construction customer, hereby deploying another c. 1,700 IoT SIM
cards to securely connect and monitor digital retail touchpoints. This
upsell after only a short usage period should be seen a positive sign of
customer satisfaction and a strong indicator for the scalability of
Swissnet's recurring revenue potential.

Operationally, Swissnet already showed the targeted pattern with strong
top-line momentum and improving margins. H1'25 sales almost doubled to CHF
11.3m, supported by consolidation effects (Swissnet & Lokalee) as well as
organic traction across SaaS and Infrastructure. Importantly, the share of
recurring sales remained high at 77% paired with <5% churn, provides sound
revenue visibility and reduced volatility compared to typical project-heavy
ICT peers. On the bottom-line, the adj. EBITDA of CHF 2.3m (20% margin)
reflects operating leverage as well as early synergy effects. With the full
integration targeted in FY26, further synergies are expected to materialize,
providing additional margin tailwinds.

Looking ahead, FY26 should mark the first year in which the Swissnet
platform model becomes fully visible in the numbers via: (i) scaling of
Lokalee and international SaaS cross-selling, (ii) continued expansion of
recurring revenues, and (iii) a leaner cost base following the integration
process. To be precise, we expect strong top-line momentum to prevail in
FY26e, resulting in 59% higher sales of 42.7m and a significantly improved
reported EBITDA margin of 20% (CHF 8.5m).

Despite the operational progress, valuation remains undemanding as shares
trade at 5.7x EV/EBITDA FY26e (3.0x FY27e). We thus confirm our BUY
recommendation and leave our PT unchanged at EUR 20, based on DCF.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=a9c5243bfcdba2f5a6108897e299ba04
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https://www.nuways-ag.com/research-feed

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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2264898 23.01.2026 CET/CEST

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