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Original-Research: Aiforia Technologies Oyj - from NuWays AG

11.05.2026 / 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:              BUY
     Target price:                EUR 3.8
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo

Strong cross-read from Roche's PathAI takeover

Last week, Roche announced the acquisition of PathAI for up to $ 1.05bn ($
750m upfront, $ 300m in earnouts), to be integrated into its Diagnostics
division. PathAI is privately held, and few valuation details are provided
in connection with the deal. PathAI divested its lab services business to
Quest Diagnostics for $ 100m in June 2024. Post-divestment, this could put
PathAI's FY25 sales at a range of $ 30-40m, implying a deal valuation of
26-35x sales (incl. earnouts). At Friday close, Aiforia traded at 18.3x EV/S
FY25 and 12.4x EV/S FY26 (eNuW).

A strong catalyst for the market. Significant M&A moves from large
healthtech players typically signal that a new technology has reached
commercial viability at scale. The hefty premium paid here indicates that
current revenue levels do not reflect the long-term potential of AI in
oncology diagnostics. Consolidation is picking up pace, something we flagged
as a strong possibility in our initiation note from October.

Aiforia is a compelling pure-play in AI pathology as Aiforia (i) is an early
mover, having internally developed market leading AI models, (ii) possesses
Tier-1 clinical customers, (iii) has the regulatory runway to scale and (iv)
the recently launched Foundation Engine is seen to expedite the path to
profitability. Notably, Clinical revenue grew organically 68% yoy in H2'25,
accelerating sequentially from 60% yoy in H1. Aggregate growth in FY26 is
seen accelerating to 70% yoy, with Clinical sales doubling yoy (eNuW).

Large healthtech companies are betting big on AI. In this context, Aiforia
stands out as the leading AI play in clinical oncology diagnostics. We make
no changes to our DCF model, and reiterate our BUY rating with a EUR 3.80 PT.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=1ac9ba284e1d0537f78ebe2317bf8cac
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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2324650 11.05.2026 CET/CEST

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