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Original-Research: Aiforia Technologies Oyj - from NuWays AG

29.06.2026 / 09:00 CET/CEST
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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 3.6
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo

Aiforia's EUR 6.4m share issue de-risks the investment case

On Thursday evening, Aiforia announced having completed a directed share
issue of 3.6m shares at EUR 1.772 per share, raising gross proceeds of some EUR
6.4m. The subscription price corresponds to the closing price of June 25th,
representing no discount to market. The placement increases the total share
count to 37.39m implying post-money dilution of ~9.6%.

According to a previous press release, roughly EUR 4.8m was committed by TJT
Technologies Oy, controlled by board chairman Tuomas Tenkanen, and Mikko
Laakkonen, both existing shareholders at 4.65% and 5.33% of capital
respectively (ex-raise) and alongside TAJLIP, Société Civile, a
Luxembourg-based entity controlled by Jean de Gunzburg and Terry de
Gunzburg.

We now see Aiforia as having sufficient liquidity through end of Q3 2027
(eNuW). Should the term sheet with the European Investment Bank (EIB) become
binding, Aiforia would also have the possibility to draw a maximum of EUR 20m
in venture debt. Following a binding agreement with the EIB, Aiforia would
have six months to draw the first EUR 5m tranche, providing additional capital
buffer. Following last week's capital raise of EUR 6.4m, we estimate Aiforia
needing less than EUR 15m in total to reach FCF breakeven, a figure that looks
increasingly manageable given the present funding tools at Aiforia's
disposal (eNuW). As highlighted in our previous note, the non-binding EIB
term sheet is itself a meaningful quality signal, as the EIB is known for
conducting extensive due diligence before extending support to a potential
borrower.

The placement materially de-risks the investment case. Prior to the EIB
term-sheet and the EUR 6.4m placement, investors had likely priced in
execution risk around the next financing round. With liquidity now extended
through Q3 2027 and the EIB facility available as an additional backstop,
that concern is effectively off the table. Investors can refocus on what
drives the fundamental value of the business: the revenue ramp-up and the
acceleration of the clinical business, supporting management's target of
financial independence by end-2027. The removal of the financing overhang,
combined with accelerating clinical momentum, sets the stage for a
meaningful re-rating as the commercial model scales and the strategic value
of AI-powered pathology continues to gain recognition. As flagged in a
previous note, the hefty premium paid by Roche for PathAI (eNuW: 25-35x
sales), suggests that current revenue levels do not reflect the long-term
potential of AI in oncology diagnostics. For reference, Aiforia trades at
EV/Sales 12.4x for 2026e.

The next concrete datapoint will be the H1 figures, due August 28th. We
expect very strong growth, with clinical segment doubling revenues yoy
(eNuW). Revenue ramp-up remains the central share price catalyst.

We adjust our DCF model to account for the capital raise, which decreases
our PT from EUR 3.8 to EUR 3.6 on dilution. We make no other changes and
reiterate our BUY rating.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=b2f82b9d0cbef510a7ca9338788452cf

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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2355314 29.06.2026 CET/CEST

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