Original-Research: elumeo SE - from NuWays AG Classification of NuWays AG to elumeo SE Company Name: elumeo SE ISIN: DE000A11Q059 Reason for the research: Update Recommendation: BUY from: 11.03.2024 Target price: 5.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Mark Schüssler Growth avenues lead the way in 2024 and beyond elumeo looks set to benefit from two growth initiatives in particular which should help both top and bottom line performance going forward: Growth avenue #1: juwelo. We currently expect much of H1'24e to be burdened by the continued muted consumer sentiment witnessed over the last quarters, estimating c. € 22m (eNuW) in sales for the first half of the year (flat yoy). While customer activity should be relatively unaffected overall for elumeo's core platform juwelo, the mix of both products and customers will likely reflect macroeconomic headwinds. However, whereas competitors like Wempe overwhelmingly offer higher-priced jewelry, leading customers to either stay or churn altogether, elumeo can prevent churn on its platform by offering both higher- and lower-priced items and allowing customers to simply subsititute one for the other. Thus, the average sales price is seen to decline compared to the prior reporting period (eNuW: € 72), but the number of items sold should steadily rise over the year to c. 645k (+2% yoy, eNuW) as (1) the continued development of an interactive mobile jewelry shopping app (eNuW: one-digit million figure or between c. 2-13% of FY'23e revenue) is expected to contribute perceptibly to FY total revenue by H2'24 and (2) AI translated automated shopping shows likely help reduce operating costs and boost video shopping content globally, the testing of which is still ongoing but already promising. Growth avenue #2: jooli. The platform was launched in the Indian market to capitalize on both lower customer acquisition costs and a trove of data needed to enhance the app's algorithm and features such as livestream shopping (clips of ~20 seconds) of not only jewelry but various lifestyle products. While first KPIs like order volume are promising, jooli's development is financed out of the company's own resources and conducted such that customer acqusition is profitable from the beginning, causing a slower but financially healthier ramp up. Therefore, we currently do not expect material top or bottom line contributions from jooli before 2026e (see also our update from February 2nd). However, as the company prepares jooli for a successful roll-out in its European markets in the mid-term, elumeo's core platform juwelo looks set to benefit from an eventual recovery of the jewelry and overall e-commerce market with sales prices and items sold likely to recover. We reiterate our BUY rating with an unchanged PT of € 5.00 based on DCF. You can download the research here: http://www.more-ir.de/d/29107.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- 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.

Original-Research: elumeo SE - von NuWays AG Einstufung von NuWays AG zu elumeo SE Unternehmen: elumeo SE ISIN: DE000A11Q059 Anlass der Studie: Empfehlung: BUY seit: 02.02.2024 Kursziel: 5.00 Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: Analyst: Mark-Hendrik Schüssler Progress & outlook on jooli. Launched in the Indian market to capitalize on both lower customer acquisition costs and and a trove of data needed to enhance the app's algorithm, jooli has already witnessed a considerable boost in order volume (+560% in December vs. the previous month), aided by jooliPay. While first KPIs are promising, they are not yet meaningful, and hence we do not expect material top or bottom line contributions from jooli before 2026e, leading us to adjust our estimates accordingly. FY'23e preview & long-term growth. As we expect Q4 sales to be burdened by the muted consumer sentiment witnessed over the last quarters, and hence softer-than-expected revenues from the holiday season, we trimmed our estimates: Q4 sales are now seen to come in at c. € 11.3m (flat yoy), implying sales of € 44.7m for the full year (-3% yoy; eNuW old: € 45.3m), largely driven by a lower average sales price of € 67 (-7% yoy) as customers postpone big ticket items sales, and only partial recovery of items sold to 168k (+7% yoy). While the weaker-than-expected top line will likely be affected by a weaker-thanexpected top line, the company's cost cutting program should continue to bear fruit and thus partially offset a lacking fixed cost coverage. EBIT should hence run to c. € -0.13m for Q4'23 (+89% yoy) and c. € -1.2m for the full year (+17% yoy; eNuW old: € -0.8m). Convertible bond financing. In Q4'23, elumeo was able to secure a favorable 5-year convertible debt financing of c. € 1.2m at a 3.8% interest rate from selected suppliers of the company. The out-of-themoney strike price (€ 4.50) along with the belowthe-market interest rate provide elumeo with a cash infusion that should give elumeo room to maneuver and to focus on its long-term growth initiative #juwelo100. The outlook for the long term remains bright. As the company prepares jooli for a successful roll-out in its European markets, elumeo's core business is well-positioned to capitalize on an eventual recovery of the jewelry and overall e-commerce market, with sales prices and items sold likely to recover to their historical means. Overall, elumeo looks set to grow sales by 7% CAGR to c. € 55m by FY'26e along with reaching a healthy EBIT margin of c. 3% in FY'26e (eNuW), supported by scale efficiencies. Mind you, that positive effects stemming from the jooli roll-out are not reflected in our estimates. BUY with a changed PT of € 5.00 based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28785.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: elumeo SE - von NuWays AG Einstufung von NuWays AG zu elumeo SE Unternehmen: elumeo SE ISIN: DE000A11Q059 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 13.11.2023 Kursziel: € 5,50 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow Weak Q3 // Consumer sentiment weighs on sales, chg elumeo published weaker than expected Q3 figures that are driven by the overall weaker consumer sentiment. Here is what is important: Sales came in at only € 11.0m (vs eNuW: € 11.7m; -5% qoq, 1% yoy), mainly due to a lower avg sales price of only € 68 (-13% qoq, -14% yoy vs eNuW: € 79) resulting from the overall more restricted spending of its customer group. The increased number of active customers (39k, 18% yoy) and rising no. of items sold (162k, 9% qoq, 17% yoy), only partially compensated for the lower avg sales price. EBIT turned negative again to € -0.3m (vs € -0.8m in Q1) in contrast to our positive expectation of € 0.1m. While the bottom line decline is purely caused by the weak topline, the cost cutting program that is bearing fruit and the other operating income, cushioned it a bit. Positively, elumeo was able to keep its sales level rather stable - against the general trend in the overall online jewelry & watches market as well as the multichannel market, (-14% yoy and -19% yoy). Worth highlighting is that the web shop, which grew by 15% in revenues and achieved a new record daily revenue on November, 1st when Black Friday season kicked-off. Further, the “rising star” of the group, jooli launched of joolipay, which is marking the starting point for the monetization of jooli that should further fuel Group revenues. First KPI´s are promising but not yet meaningful. Apart from that, management unveil further building blocks of its growth program #juwelo100 with the goal to grow the core business at 10% CAGR to € 100m by FY30 (vs eNuW: 11% p.a to 71.5m by FY26e): A new interactive mobile jewelry shopping app and automatically AI translated shopping shows are expected to contribute together c. € 30m by FY30. The positive sales development paired with declining OPEX relative to sales, should increase EBIT margin to 5% in FY26e (eNuW). While the challenging macro picture and the weak consumer sentiment should continue to burden the business in the short term, the outlook for the mid to long term remains bright: The growth program #juwelo100 with several initiatives, as well as jooli should fuel the topline from FY24e onwards. BUY with a new PT of € 5.50 (old: € 5.70) based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28233.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.