Original-Research: NFON AG - from NuWays AG Classification of NuWays AG to NFON AG Company Name: NFON AG ISIN: DE000A0N4N52 Reason for the research: Update Recommendation: BUY Target price: EUR 11.70 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald FY ’23 prelims: Another beat on the bottom-line; chg. est. Yesterday, NFON released FY ’23 prelims, which show moderate top-line growth but strong profitability improvements as well as another guidance beat. The FY24 guidance points towards further ARR growth and an improving profitability. In detail: FY recurring revenues came in at € 77.1m (eNuW: € 76.8m), implying a moderate 4.8% yoy increase at a continuously strong ARR ratio of 93.7% (+2.6pp yoy). This was mainly based on slightly increased seat base of 656k (+3.5% yoy) following further customer wins as well as successful up-selling of premium solutions. Total sales increased by 1.9% yoy to € 82.3m (eNuW: 82.4m). FY adj. EBITDA increased substantially to € 8.4m (vs € -1.0m in FY ’22), thus coming in ahead of our estimates (€ 8.0m) as well as consensus (€ 7.6m). With this, the company slightly outperformed the already upgraded guidance range of € 7.8-8.3m. Reported EBITDA came in at € 6.8m (eNuW: € 6.7m) vs € -5.3m in FY ’22. The strong improvement in profitability should have been mainly due to an improved gross margin (eNuW: +1.9pp yoy) as well as the effect of the imposed efficiency measures especially in relation to personnel costs (14% staff reduction after 9M) as well as improved marketing efficiency (e.g. channel marketing. Notably, NFON will report positive FCF (€ 1.0m vs eNuW: € -0.2m) for the first time since going public, prooving that the cash burn of previous years is a thing of the past now. FY24 guidance. With the preliminary results, management also put out a guidance for FY ’24, targeting ARR growth in the mid- to high-single-digit-% range (eNuW new: 7.3%), an ARR ratio of >90% (eNuW: 94%) as well as an adjusted EBITDA of € 10-12m (eNuW: € 10.7m), implying a margin of 12.5% at midpoint. Given the scalability of the capital-light business model with strong recurring revenues and further cost-optimization potential in the cards (e.g. DTS integration), the new outlook looks clearly achievable. In our view, the release fully confirms the success of the ongoing turnaround. We continue to like the company’s positioning among the technological leaders amid the structurally growing market for integrated business communication. Here, especially the historically underpenetrated German market should offer compelling growth prospects going forward. Although NFON shares have been on a rise this week, valuation continues to be attractive, as stock is trading on a mere 1.1x EV/Sales ‘23e. We reiterate BUY, unchanged PT of € 11.70 based on DCF. You can download the research here: http://www.more-ir.de/d/29101.pdf For additional information visit our website 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 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: Rosenbauer International AG - from NuWays AG Classification of NuWays AG to Rosenbauer International AG Company Name: Rosenbauer International AG ISIN: AT0000922554 Reason for the research: Update Recommendation: BUY from: 07.03.2024 Target price: 54.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Shaping the future of firefighting Topic: Rosenbauer offers a broad range of groundbreaking products and is actively shaping the firefighting market of tomorrow to make the future world of firefighting safer, climate-friendly and more efficient. These technologies range from electric vehicles to drones and satellite images. Digital solutions make daily tasks easier. With the RDS Connected Command software, firefighters can access operationally relevant information such as maps, alarm data and potential hazardous chemicals on their mobile phone or tablet computers. Further, Rosenbauer has been cooperating with the German aerotech start-up OroraTech since the start of 2022 to detect wildfires early using satellite systems. The aim of the strategic partnership is to provide current and historical satellite data to emergency services on the ground via the RDS Connected Command software. Digital Solutions are part of Rosenbauer’s Customer Service segment, which has been in FY23e responsible for c. 10% of total revenue (eNuW). Going forward, we expect this business unit to grow by 7.0% in FY24e (eNuW). The future is electric. Rosenbauer is clearly a pioneer in the electrification of firefighting with its electric models RT (Revolutionary Technology) and the PANTHER electric. As more cities start to forbid vehicles with combustion engines, the demand for electric alternatives will rise in the firefighting market. In Amsterdam, for instance, no trucks, buses, and taxis with combustion engines are allowed into the municipal area from 2025. Rosenbauer estimates the share of its electric vehicle sales to reach 50% by 2030. The increasing importance of electric vehicles does not only benefit Rosenbauer’s sales, but also supports profitability, as the company can achieve higher margins with its electric vehicles. This is possible because Rosenbauer builds the chassis for electric vehicles on its own and is at the same time in the position to charge higher prices. While those trends should have a positive impact on the P&L during the mid-term, further, the € 1.79bn preliminary FY23 order backlog (FY22: € 1.47bn) should fuel revenue growth in FY24e as the supply chain situation keeps improving (eNuW: + 8.6% yoy in sales). Chassis lead times for MAN, Daimler and Volvo decreased significantly compared to FY22 and the average price per ordered fire truck increased 12.1% yoy during the first 9M of FY23. Hence, we expect to see an improving top- and bottomline with an increasing EBIT margin for FY24e (eNuW: 4.6%, +1.1pp yoy). We reiterate our BUY rating with an unchanged € 54.00 PT based on DCF. You can download the research here: http://www.more-ir.de/d/29085.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. 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. ++++++++++ -------------------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: USU Software AG - from NuWays AG Classification of NuWays AG to USU Software AG Company Name: USU Software AG ISIN: DE000A0BVU28 Reason for the research: Update Recommendation: BUY from: 07.03.2024 Target price: 30.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald Q4 preview: Sequential improvements following license recovery Topic: USU Software is going to release its 2023 annual report on March 28th, which is seen to show further sequential improvements during Q4, partly driven by a recovery of the license sales as well as continuously growing SaaS sales. Q4 sales are seen coming in at € 34.9m, implying a muted 4.0% yoy but showing further sequential improvements with 6.3% qoq. This should be driven among others by a recovery of the license revenues, which we expect to come in at € 3.1m thus accounting for almost half of the FY license sales (eNuW: € 6.5m) but still 30% down yoy. Mind you, that license revenues deteriorated in the first 9M of ’23 following prolonged sales cycles. Besides this, SaaS sales look set to show further strong growth of 20% yoy to € 4.6m. Overall, FY ’23 sales are seen at € 133m, hence meeting the lower end of the company’s guidance (€ 132-139m). While growth remains muted, Q4 adj. EBITDA is expected at € 4.3m, indicating an improved margin of 12.4% vs Q3 (+3.9pp qoq). Again, the main driver behind this is seen to be the sequential increase in license sales, which usually show higher initial margins compared to subscription-based SaaS revenues. Yet, FY adj. EBITDA is anticipated to amount to € 13.1m, thus reaching the lower end of the guidance (€ 13-15m) but also implying a margin decline by 3.4pp to 9.9%. 2024 another transition year. While sequential improvements should continue throughout 2024e, we still expect profitability to be slightly below the levels of ’21 & ’22 with an adj. EBITDA margin of 12.5%. This is mainly due to the ongoing SaaS transformation, where management aims for a >75% share of new customer business by FY ’26 and hence a consequent decline in license sales. While this will have an adverse short-term effect on profitability, margins are seen to strongly expand in mid-term (eNuW: 17.1% by FY ‘26e), as the annual subscription payments of the SaaS contracts should equal perpetual license sales including maintenance after c. 3 years. Although another transition year is likely laying ahead, current valuation appears undemanding at 13x EV/EBIT ‘24e (vs historic avg. of 20x). Reiterate BUY with an unchanged PT of € 30 based on DCF. You can download the research here: http://www.more-ir.de/d/29087.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. 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. ++++++++++ -------------------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: VOQUZ Labs AG - from NuWays AG Classification of NuWays AG to VOQUZ Labs AG Company Name: VOQUZ Labs AG ISIN: DE000A3CSTW4 Reason for the research: Update Recommendation: BUY from: 07.03.2024 Target price: 22.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald FY prelims: Strong H2 & promising outlook / chg. est & PT Topic: VOQUZ Labs announced preliminary FY ’23, indicating a strong sequential recovery in H2 regarding both, top-line growth and profitability. Management also issued a promising outlook for the coming year. In detail: H2 sales increased by 16% yoy to € 3.4m (eNuW: € 3.1m), which should have been mainly driven by the company’s flagship product samQ (eNuW: 75% of sales), as indicated by the recently published order intake figures. Importantly, the newly launched product visoryQ, a tool that automates ERP decisionmaking processes for SAP products, appears to be already in high demand, accounting for 10% of sales (eNuW). Overall FY ’23 sales came in at € 5.2m (eNuW: € 5.0m), indicating a 11% yoy increase. H2 EBITDA came in at € 0.9m (eNuW: € 0.3m), implying a 28% margin. The gap to our estimate can be mainly explained by scale related to the better top-line as well as a higher than expected share of license revenues. On this basis, FY ’23 EBITDA turned positive at € 0.4m (eNuW: € -0.2m), an 8.6% margin. Moreover, the company indicated that EBIT might even turn slightly positive (eNuW new: neutral), while FCF should have still been slightly negative with € -0.2m (eNuW new) following continuous investments into the product portfolio. Promising outlook. Management also put out a guidance for FY ’24, targeting sales growth of 10-20% yoy (eNuW new: +17%) and an EBITDA margin of 15-20% (eNuW new: 16%). This should be, among others, driven by the ongoing S/4HANA transition (mainstream maintenance for old ERP software ends in 2027), of which VOQUZ is seen to be one of the main beneficiaries especially with its new product visoryQ, as well as compelling cross- and up-selling opportunities. Further, we expect a slight rebound effect, after many IT buyers postponed orders amid macro headwinds in 2023. From 2025 onwards, management aims for annual organic sales growth of >20% (eNuW new: +25% in ‘25e & +22% in ‘26e) and EBITDA margins north of 20% (eNuW new: 20.5% in ‘25e). Despite the strong share price performance YTD, valuation still looks undemanding with the stock trading on a mere 1.2x EV/Sales and 7.6x EV/EBITDA ‘24e (0.8x/4.0x based on FY25e) carried by the strong underlying mid-term prospects as well as the scalability of the capital light business model. Reiterate BUY with an upgraded PT of € 22 (old: € 20) based on DCF. You can download the research here: http://www.more-ir.de/d/29091.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. 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. ++++++++++ -------------------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: ZEAL Network SE - from NuWays AG Classification of NuWays AG to ZEAL Network SE Company Name: ZEAL Network SE ISIN: DE000ZEAL241 Reason for the research: Update Recommendation: BUY from: 06.03.2024 Target price: 51.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Henry Wendisch Q4 preview: tough comp for lottery, games still small Topic: ZEAL should release final FY'23 figures on March 20th. Here's what we expect for Q4'23e: Tough comp for lottery: Against a strong Q4'22 (peaking EuroJackpot), total German lottery spending (on & offline) has declined by 9% yoy in Q4'23 (+3% yoy for FY'23; Source: DLTB). For ZEAL it should also be hard to exceed its strong Q4'22, as we expect a slight yoy decline of 3% to € 208m in billings in Q4'23e. On a a FY'23e basis however, solid billings growth of 11% yoy to € 841m (guidance: € 800-830m) should be in the cards thanks to 1.15m MAU (eNuW; +7.5% yoy) and an ABPU of € 61.00 (eNuW; +3.2% yoy). With an average Lottery gross margin of 12.6% (eNuW), FY'23e sales from Lottery should grow accordingly by of 6% yoy to € 106m (Q4: € 26.8m, -9% yoy). Next data point of Games roll-out: While the new segment 'Games' showed strong KPIs in its first quarter after introduction (Q3'23), we expect further improvements in Q4, as more games were added and lottery players should have been cross-sold. However, as regulatory approval takes more time than anticipated, we expect conservative sales of € 1.9m (vs. € 1.2m in Q3), based on an slightly increased pay-in for games of € 3.9m (vs. € 3.3m for Q3'23) and a constant pay-in to billings ratio. Guidance well in reach: We expect ZEAL to exceed its lottery billings guidance of € 800-830m (eNuW: € 841m) while the sales (€ 110-120m; eNuW: € 115m) and EBITDA (€ 30-35m; eNuW: € 33.4m) guidance should be reached at mid-point. Promising FY'24e outlook: While we expect Lottery sales to grow by 12% yoy to € 119m (driven by continuous marketing driven user intake), the Games business should also have first meaningful sales contribution of € 10m, implying total sales growth of 18% yoy. As ZEAL currently targets existing lottery players for its Games business, we model no marketing expenses for Games while € 42m should be spent on Lottery for brand awareness & customer acquisition. However, as user KPIs for Games look attractive (Q3'23 ARPU: € 7.67 at Lottery vs. € 22.02 at Games), additional € 3-8m of marketing expenses could be spent on Games in return for more user intake during FY'24e. Against this backdrop, the recent share price weakness should be a buying opportunity, especially as Q1'24 saw extraordinary strong jackpots already, indicating a promising start into a strong growth year. Reiterate BUY with unchanged PT of € 51.00, based on DCF. You can download the research here: http://www.more-ir.de/d/29071.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. 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. ++++++++++ -------------------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: Nabaltec AG - from NuWays AG Classification of NuWays AG to Nabaltec AG Company Name: Nabaltec AG ISIN: DE000A0KPPR7 Reason for the research: Update Recommendation: BUY from: 06.03.2024 Target price: 25.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr FY23 profitability better than expected / valuation too pessimistic Topic: While profitability in Q4 (preliminary figures) came in significantly better than expected, sales fell slightly short of expectations. Although FY24 is seen to also be burdened by the challenging macro environment, valuation has more than factored it in, in our view. Q4 sales came in at € 44.2m, down 14% yoy (eNuW € 52.2m). The shortfall to our estimates was driven by the particularly weak Speciality Alumina (S.A.) segment where sales declined 31% yoy due to customers' further inventory wind-downs, generally weak demand (46% of sales from refractory customers). Functional Fillers (F.F.) came in as expected at € 32.4m (-6% yoy). FY23 sales decreased by 8.6%; with F.F. down 4% yoy to € 142m and S.A. down 12% yoy to € 58m. Positively, boehmite sustained its recovery, yet from low levels. H2 volumes stood at 3.1kt, up ~64% vs H1, leading to FY volumes of c. 5kt (flat yoy, eNuW). Nabaltec is also gaining further momentum with its gap filler, APYRAL. Q4 EBIT came in strong at € 5.2m, down only 6% yoy (eNuW: € 3m), a margin of 11.7%. This was the result of a positive mix effect, i.e. decent development of higher margin products like boehmite, APYRAL and ATH from Nashtec vs. a strong decline at S.A. FY23 EBIT came in at € 18.3m, a 9.1% margin. Cautious FY24 guidance. Management expects to grow FY24 sales slightly (eNuW new: 3.9%) with an EBIT margin of 7-9% (eNuW new: 8.6%). Growth is expected to be carried by a slight increase of boehmite volumes (+1kt yoy), further growing gap filler demand and improving utilization rates at its US plants, while the remainder of F.F. and S.A. should remain rather flat yoy. The core business (ATH and S.A.) should remain solid going forward, yet with a certain degree of cyclicality as currently visible. Speciality products such as boehmite and APYRAL still have the potential to significantly drive earnings growth going forward. Yet, as a result of uncertainties regarding the build-up of significant European/US battery production volumes, timing and degree of growth remains difficult to assess. Mind you, boehmite is used to coat the separator film and the electrode in order to significantly improve safety/heat resistance of NMC, NMx and LFP batteries. Unjustified valuation. Nabaltec is trading on 7.5x EV/EBIT FY24e (10y avg. at 11.9x) and a 30% discount to its book value while having a rock-solid balance sheet (€ 94m cash, € 4m net cash) , good margins and offering a 16% FCF yield. Remains a BUY with a new € 25 PT (old: € 31) based on FCFY 24e. You can download the research here: http://www.more-ir.de/d/29077.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. 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. ++++++++++ -------------------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: Multitude SE - from NuWays AG Classification of NuWays AG to Multitude SE Company Name: Multitude SE ISIN: FI4000106299 Reason for the research: Update Recommendation: BUY from: 06.03.2024 Target price: 10.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow Small value-accretive acquisition through CapitalBox; chg Yesterday, Multitude announced to have acquired the Danish factoring specialist Omniveta Finance through its SME unit CapitalBox. Last week, CapitalBox also launched a new collateral lending product. In detail: Value-accretive acquisition. Founded in 2012, Omniveta is a factoring specialist, that is purchasing invoices (eNuW: on avg. 30 days credit period) from suppliers with a certain discount (eNuW: 10-20%, including handling fees). With that, Omniveta is improving the overall liquidity of Danish SME´s. We expect that the company is generating a low single digit million Euro amount in sales and being more or less break-even on the bottom line. Multitude is seen to have paid You can download the research here: http://www.more-ir.de/d/29079.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. 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. ++++++++++ -------------------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: 123fahrschule SE - from NuWays AG Classification of NuWays AG to 123fahrschule SE Company Name: 123fahrschule SE ISIN: DE000A2P4HL9 Reason for the research: Update Recommendation: Buy from: 05.03.2024 Target price: 7.20 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald FY ’23: Strong growth and improved profitability; chg. est & PT Last week, 123fahrschule published a sound set of FY ‘23 results. Total sales increased by 24% yoy, coming in at € 20.6m (eNuW: € 20.2m; eCons: € 21.0m). In spite of a slight decrease in the number of private customer registrations, sales growth was still driven by the Private Customers segment, where sales grew by 16% yoy to € 15.6m (eNuW: € 15.9m). The Professional Driver Education segment continued its strong growth momentum, as sales were up 138% yoy to € 2.3m. Importantly, sales from the Driving Instructor Training segment regained traction in Q4 (+106% yoy), as FY sales came in at € 2.7m (+22% yoy; eNuW: € 2.2m), which was largely due to efficiency gains. FY EBITDA came in at € -0.8m (eNuW: € -0.7m; eCons: € -0.4m), which is largely in line with expectations. After a neutral 9M EBITDA, the full-year figure, once again, underpins the company's strong seasonality, which is reflecting (1) a general reluctance of customers to take driving lessons during Christmas season as well as (2) higher OpEx based on built-up provisions for vacation accruals which are cumulated at YE. However, this represents a substantial improvement compared to an EBITDA of € -2,7m in FY ‘22. In our view, this shows the effectiveness of the cost-cutting measures introduced in December 2022, whose implementation was fulfilled in 2023. Going forward, the company looks set to remain on its growth path, as sales are seen to grow by 13% yoy to € 23.2m in FY’ 24e (eNuW; eCons: € 24.2m), which should be driven by the Private Customer segment (+12% yoy) based on increased capacity of driving instructor FTEs (+20% yoy at YE ‘24e). Yet, we also expect a contribution from the Professional Driver Education segment (+20% yoy), as an increased focus on corporate clients (i.e. logistics, retail, agriculture) is seen to offset a possible negative effect of the current government budget crisis on the awarding of education vouchers. Against this backdrop, EBITDA is seen to further improve to a neutral level (eNuW; eCons: € 2.6m) before turning positive in FY ‘25e (eNuW: € 2.2m; eCons: € 3.2m), which should be fuelled by the likely return of online theory in 2025. In a CC scheduled for next Monday (register here), management is going to provide more colour on this matter as well as on possible legal changes regarding the use of simulators in driving schools. The stock remains a BUY with a new PT of € 7.20 based on DCF. You can download the research here: http://www.more-ir.de/d/29067.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. 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. ++++++++++ -------------------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: European Lithium Limited - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to European Lithium Limited Company Name: European Lithium Limited ISIN: AU000000EUR7 Reason for the research: Update Recommendation: Buy from: 04.03.2024 Target price: €0.17 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes, CFA First Berlin Equity Research has published a research update on European Lithium Limited (ISIN: AU000000EUR7). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 0.17 price target. Abstract: Pricing for lithium chemicals quadrupled during 2021/22 as worldwide sales of EVs tripled. Since early 2023 prices have collapsed by ca. 80% due to destocking at Chinese electric battery makers prompted by rising supply. However, as always in cyclical markets, the best cure for low prices.is low prices. New lithium projects base their funding on long term price expectations at the time of funding. Generally, long term price forecasts are influenced by prices at the time of funding because it is difficult for observers to detach themselves from current prices. This pattern of behaviour indicates that supply growth will moderate. First signs that this is indeed happening have come in recent days as lithium commodity prices have rallied on news that major miners are delaying planned capacity increases. Meanwhile, the consultant Benchmark Minerals Intelligence (BMI) sees global EV sales more than quadrupling from 13.8m units in 2023 to 59.1m in 2033 and expects the lithium market to be back in deficit from 2029 - the year we expect the Wolfsberg Lithium Project to reach full capacity. BMI further forecasts that the lithium market will remain in deficit into the early 2040s i.e. throughout the project's lifetime. European Lithium (EUR) also has a 7.5% stake in the Tanbreez rare earths/rare metals project in Greenland, which in terms of in situ tonnage of rare earths oxides, is the largest such project in the world. It is likely that EUR/Critical Metals shareholders will have an opportunity to take a larger stake ahead of a planned 2025 Nasdaq listing of the project. We maintain our Buy recommendation for EUR with price targets of €0.17 and AUD0.28 (previously: €0.17 and AUD0.25). First Berlin Equity Research hat ein Research Update zu European Lithium Limited (ISIN: AU000000EUR7) veröffentlicht. Analyst Simon Scholes bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 0,17. Zusammenfassung: Die Preise für Lithiumchemikalien haben sich 2021/22 vervierfacht, da sich der weltweite Absatz von Elektrofahrzeugen verdreifacht hat. Seit Anfang 2023 sind die Preise aufgrund des Abbaus von Lagerbeständen bei chinesischen Herstellern von Elektrobatterien, der durch das steigende Angebot ausgelöst wurde, um ca. 80 % eingebrochen. Doch wie immer in zyklischen Märkten ist das beste Mittel gegen niedrige Preise... ein niedriger Preis. Die Finanzierung neuer Lithiumprojekte basiert auf langfristigen Preiserwartungen zum Zeitpunkt der Finanzierung. Im Allgemeinen werden die langfristigen Preisprognosen von den Preisen zum Zeitpunkt der Finanzierung beeinflusst, da es für Beobachter schwierig ist, sich von den aktuellen Preisen zu lösen. Dieses Verhaltensmuster deutet darauf hin, dass sich das Angebotswachstum abschwächen wird. Erste Anzeichen dafür, dass dies tatsächlich passiert, gab es in den letzten Tagen, als die Preise für Lithium-Rohstoffe aufgrund der Nachricht, dass große Bergbauunternehmen geplante Kapazitätserweiterungen verschieben, anstiegen.Das Beratungsunternehmen Benchmark Minerals Intelligence (BMI) geht davon aus, dass sich der weltweite Absatz von Elektrofahrzeugen von 13,8 Mio. Stück im Jahr 2023 auf 59,1 Mio. Stück im Jahr 2033 mehr als vervierfachen wird, und erwartet, dass der Lithiummarkt ab 2029 - dem Jahr, in dem das Wolfsberg-Lithium-Projekt voraussichtlich seine volle Kapazität erreicht - wieder im Defizit sein wird. BMI prognostiziert außerdem, dass der Lithiummarkt bis in die frühen 2040er Jahre, d.h. während der gesamten Laufzeit des Projekts, defizitär bleiben wird. European Lithium (EUR) hält außerdem einen Anteil von 7,5 % am Tanbreez-Projekt für Seltene Erden/Seltene Metalle in Grönland, das gemessen an der In-situ-Tonnage an Seltenen Erden-Oxiden das größte derartige Projekt der Welt ist. Es ist wahrscheinlich, dass die Aktionäre von EUR/Critical Metals die Möglichkeit haben werden, vor der für 2025 geplanten Notierung des Projekts an der Nasdaq einen größeren Anteil zu erwerben. Wir halten an unserer Kaufempfehlung für EUR mit Kurszielen von €0,17 und AUD0,28 fest (zuvor: €0,17 und AUD0,25). Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29059.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------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: Media and Games Invest SE - from GBC AG Classification of GBC AG to Media and Games Invest SE Company Name: Media and Games Invest SE ISIN: SE0018538068 Reason for the research: Research study (Note) Recommendation: BUY Target price: 4.50 EUR Last rating change: Analyst: Marcel Goldmann, Cosmin Filker FY 2023 closed with solid sales performance; strong new customer business ensured significant organic growth; return to dynamic growth path expected; price target raised to € 4.50; buy rating confirmed   Sales and earnings development 2023   On 29 February 2029, Media and Games Invest SE (MGI) published its preliminary business figures for the past financial year 2023. According to these figures, the technology company achieved solid revenue growth compared to the previous year (PY: € 324.44 million) with its fully integrated advertising software platform (ad tech platform), generating revenue of € 321.98 million. The majority of revenue was generated by the traditionally largest advertising segment 'Supply Side Platform' (revenue share of SSP: 93.6%) with revenue totalling € 301.39 million (PY: € 298.88 million).   On a comparable basis, the company reports a moderate increase in consolidated sales of 5.0%, which achieved a particularly high growth rate of 16.0% in the final quarter, traditionally the strongest quarter in terms of sales. The sales growth achieved was mainly due to an increase in the software customer base and the volume of advertising placed. The number of customers on MGI's digital ad tech platform increased dynamically by 18.9% year-on-year to 2,276 at the end of the fourth quarter (number of customers at the end of Q4 2022: 1,915). At the same time, the volume of digital advertising delivered increased significantly by 19.1% to 206 billion at the end of the fourth quarter (advertising ads at the end of Q4 2022: 173 billion).   Thanks to the significant expansion of the software customer base and the substantial increase in advertising volume, the company was able to hold its own and even gain market share despite a previously difficult market situation (low CPMs, subdued advertising budgets, etc.). The company's further improved market position in the mobile sector is also reflected in the market-leading positions on iOS and Android with a market share of 12.0% and 12.0% respectively, according to the industry experts at Pixalate. Accordingly, we believe that MGI has outperformed the advertising industry as a whole and the overall advertising market.   In terms of earnings, MGI achieved growth at all earnings levels, primarily due to the revaluation of the AxesInMotion earn-out payment liability (positive one-off effect of € 62.76 million). EBITDA increased dynamically by 51.6% to € 128.46 million (PY: € 84.75 million) compared to the previous year. Adjusted for special effects (e.g. M&A and restructuring costs or revaluations of balance sheet items), adjusted EBITDA (Adj. EBITDA) totalled € 95.20 million, a slight increase compared to the previous year (PY: € 93.20 million).   The adjusted EBITDA margin (Adj. EBITDA margin) increased to 29.6% (PY: 28.7%). This increase in profitability reflects the first positive effects of the savings programme launched last year, which is expected to generate annual cost savings of around € 10.0 million once successfully implemented. We believe that the majority of the planned savings effects should already materialise in the current 2024 financial year.   In terms of net performance, a consolidated result (after minority interests) of € 46.73 million was achieved, which was significantly above the previous year's level (PY: € -20.32 million). This significant increase in net income was mainly due to the positive one-off effect from the revaluation of an M&A-related payment obligation described above. In addition, a relatively low tax expense ratio also favoured their positive earnings development.   The company guidance adjusted by MGI management in the third quarter of 2023 (sales of € 303 million and adjusted EBITDA of € 93.0 million) was therefore exceeded. Our sales estimate (sales: € 303.21 million) and adjusted EBITDA forecast (adjusted EBITDA: € 93.07 million) were also exceeded.   Forecasts and evaluation   With the publication of the preliminary figures, MGI's management has also provided a rough outlook for the current financial year, although this guidance will be further specified as the year progresses. In view of a strong fourth quarter (organic growth Q4 2023: 16.0%) and an even more dynamic start to the year (organic growth Jan. 2024: 18.0%), MGI expects double-digit percentage growth in consolidated sales for the current financial year 2024. At the same time, an improvement in earnings is also expected.   In light of the positive company outlook, the increased (organic) growth momentum and the expected recovery of the advertising market, we have adjusted our previous sales and earnings estimates upwards. Accordingly, we now expect revenue of € 352.18 million (PY: € 324.74 million) and EBITDA of € 100.08 million (PY: € 95.56 million) for the current financial year. For the following financial year 2025, we are forecasting sales of € 389.51 million (PY: € 357.66 million) and EBITDA of € 113.35 million (PY: € 108.49 million). With regard to the 2026 financial year, which we have included in our detailed forecast period for the first time, we anticipate a further increase in sales and EBITDA to € 437.03 million and € 130.67 million respectively.   Overall, we therefore assume that MGI will succeed in returning to a dynamic growth trajectory with its leading ad tech platform. The company's strong positioning in the in-app and CTV segment in particular should prove to be one of the main growth drivers. In terms of earnings, the cost-cutting programme launched by the company last year should take full effect from the current financial year onwards and thus provide an additional boost to future earnings.   As part of our DCF valuation model, we have raised our price target to € 4.50 (previously: € 4.05) per share due to our increased sales and earnings estimates. An even higher price target increase was counteracted by higher capital costs (risk-free interest rate currently 2.50%, instead of 2.00% previously). In view of the current share price level, we therefore continue to give the stock a 'BUY' rating and see significant upside potential.     You can download the research here: http://www.more-ir.de/d/29049.pdf Contact for questions GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 04/03/2024 (8:20 am) Date (time) of first distribution: 04/03/2024 (10:00 am) -------------------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: LION E-Mobility AG - from NuWays AG Classification of NuWays AG to LION E-Mobility AG Company Name: LION E-Mobility AG ISIN: CH0560888270 Reason for the research: Update Recommendation: Buy from: 04.03.2024 Target price: 10.50 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Large order from electric bus manufacturer Topic: LION E-Mobility received a € 12m order for battery packs from electric bus manufacturer KARSAN. Its ambitious growth prospects and recent order momentum should leave room for additional battery pack orders in the short-term. In detail, the € 12m battery pack order comprises € 6m in firm orders to be delivered in FY24 as well as a € 6m floating component to accommodate the evolving needs of KARSAN and the rapidly expanding market for electric buses. LION expects the floating component of the order to also be delivered in FY24. KARSAN is a Turkish manufacturer of electric buses used for public transportation that is mainly active in Europe (e.g. ~40% market share in Luxemburg and Romania and 19% in France) but is also expanding its business in North America and that is in the midst of entering Japan. According to its FY24 targets, KARSAN plans to more than double its vehicle output to 1.2-1.3k vehicles compared to FY23. As the company does not have its own battery pack production, it heavily relies on partners such as LION. We hence expect further follow-up orders during the foreseeable future. Newsflow to remain positive. LION is expected to release preliminary FY23 figures on March 21st. As already highlighted during the Q3 earnings call in December, the company is seen to report € 25m sales in Q4 alone - a significant sequential step-up (vs. 9M of € 29m). Throughout FY24, LION should, report further larger order wins in its Mobility and Storage segments (eNuW). The latter is seen to experience significant tailwinds from the planned launch of a LFP-based battery pack during the second half of the year. After all, valuation remains very attractive. While 2023 should be seen as transition year, FY24e looks set to be marked by (1) strong sales growth (eNuW: 44% yoy) thanks to a running production and an increased sales force, (2) LION turning at least EBITDA breakeven thanks to operating leverage, (3) the launch of LFP battery packs and (4) further progress on the LIGHT battery. Still, shares trade at a mere 0.5x EV/sales 2024e. We hence reiterate BUY with an unchanged € 10.50 PT based on DCF. You can download the research here: http://www.more-ir.de/d/29045.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. 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. ++++++++++ -------------------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: R. STAHL AG - from NuWays AG Classification of NuWays AG to R. STAHL AG Company Name: R. STAHL AG ISIN: DE000A1PHBB5 Reason for the research: Update Recommendation: BUY from: 29.02.2024 Target price: 31.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Several structural trends could drive mid-term growth Topic: Despite a strong competitive quality, R. Stahl had difficulties translating it into operating performance between 2016 and 2021. Thanks to R. Stahl having done its homework by implementing changes on the back of efficiency and structural trends kicking in, shares look poised for a re-rating. R. Stahl has begun to supply LED lightning solutions to a nuclear plant in UK (Hinkley Point C) with a total expected revenue of € 10-12m, of which c. € 3.5m are already booked as revenue in FY23e (eNuW). Importantly, the UK project is partially owned by the French utility company EDF, which also manages France’s 56 power reactors. C. 54 of these need to be refurbished within the next 20 years and 6 new reactors are planned by 2050. With an estimated potential revenue of € 5m per refurbished reactor and € 10m for the new ones, this implies a € 330m revenue opportunity for R. Stahl (eNuW). LNG delivers a material mid-term growth opportunity. R. Stahl is the globally leading provider of explosion protection for LNG tankers, terminals and liquification/regassification plants (25-75% market shares). Independence from Russian energy imports leads to a rising demand for LNG in Europe. For instance, Germany opened its first LNG terminal in Wilhelmshaven during December 2022 to compensate for the Russian gas imports. Until 2027, nine LNG terminals are planned in Germany, to import capacities of up to 69 billion cubic meters, of which the majority is seen to come from USA and Qatar. In contrast to the booming LNG business, the chemical industry in Germany was rather weak since the Russian invasion, due to substantially increased energy and gas prices. We expect the softening to carry well into FY24e, as the German chemical association (VCI) expects a revenue decline of 3% during 2024e for its home market (2023: -12%). Despite the short-term challenges, in the long-run we do not see the local chemical industry in severe danger. It should hence remain an integral part of the company. Order intake increased for the third consecutive year up to € 343m (+9.3% yoy) leading to a strong order backlog of € 115m at the end of FY23e. We expect to see mid-single-digit sales growth for FY24e in combination with low double-digit EBITDA margins. Yet, valuation looks undemanding. Shares are trading on a mere 5.0x EV/EBITDA (9x PE) 2024e, clearly below the historical average of roughly 7x. This is despite the structural demand tailwinds, which should fuel mid-term sales and margin growth. Hence, we reiterate our BUY rating with an unchanged PT of € 31, based on DCF. You can download the research here: http://www.more-ir.de/d/29027.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. 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. ++++++++++ -------------------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: LAIQON AG - from NuWays AG Classification of NuWays AG to LAIQON AG Company Name: LAIQON AG ISIN: DE000A12UP29 Reason for the research: Long Note Recommendation: Buy from: 28.02.2024 Target price: 10.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow Game changing cooperation with Union Investment; chg Recently, LAIQON has announced to have closed the game changing cooperation with Union Investment. With that, LAIQON provided a new promising guidance for its subsidiary LAIC, mainly reflecting the potential of the new cooperation. Further, LAIQON announced a capital raise on the level of LAIC and published FY23 prelims that came in rather weak. In detail: Cooperation with Union is heralding a new era. Together Union and LAIQON will launch new type of fund-based investment product for wealthy Volksbanken and Raiffeisenbanken (VR) customers in Q4´24. The core of the joint product is an individual fund asset management (iFVV) that is providing an individually tailored portfolio, based on dozens of AI-generated decision parameters of the WealthTech LAIC considering both – classic and sustainable (ESG-compliant) investments constraints. While LAIQON is providing the technology and the reporting via its wealth tech LAIC (DAP 4.0) as well as a fully digital onboarding, Union Investment is providing the distribution channels and the sales power within VR ecosystem. The VR banks sell the product to customers by advising and onboarding them. The joint goal is to attract new customers for individual fund- and AI-based wealth management. New promising guidance for LAIC. While the management expects AuM´s of LAIC to increase by € 5-6bn until FY28e to € 5.5-6.5bn, mainly driven by the new cooperation with Union, we are slightly more conservative expecting AuM´s to increase to only € 4.5bn AuM. Financing secured. In order to finance the initial costs of the cooperation (eNuW: c. € 3m), LAIQON plans to raise up to € 6.8m, partially via emission of new “LAIC token 24”, partially via sale of existing token at a valuation of € 65m. Weak FY23 prelims of € 30.7m sales (eNuW: € 33.4m) and € -4.8m EBITDA (vs eNuW: € -1.6m) reflecting the frustrating situation on the capital markets in FY23. In this piece, we take a closer look at 1) the Digital Asset segment and the cooperation with Union Investment, 2) the Asset Management and 3) the Wealth Management. As we consider the cooperation as a game changer for LAIQON, we reiterate BUY with a new PT of € 10.00, based on DCF. You can download the research here: http://www.more-ir.de/d/28997.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. 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. ++++++++++ -------------------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: beaconsmind AG - from NuWays AG Classification of NuWays AG to beaconsmind AG Company Name: beaconsmind AG ISIN: CH0451123589 Reason for the research: Update Recommendation: Buy from: 28.02.2024 Target price: 15.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald Strong order intake to start the year; chg. Topic: beaconsmind announced three major contract extensions, two of which in the CloudWiFi hotspot segment, proving the strength of the groups newly aligned product portfolio. In detail: The company extended its collaboration with nursing homes operator Vitanas, where beaconsmind will implement comprehensive Wi-Fi coverage at 15 additional locations. The project is scheduled to be rolled out in Q2 ’24 and has a total sales volume of c. CHF 1m. In addition, the company also expanded its contract with retail company Müller. After beaconsmind implemented its Wi-Fi solutions in over 770 stores in the DACH region and Spain in recent year, the company was now commissioned to install FREDERIX CloudWiFi also in the remaing c. 145 stores in CEE. The project rollout is scheduled for the first half of 2024 and should generate total sales in the lower single-digit CHFm range (eNuW). With this, beaconsmind is once again proving the compelling up- and cross-selling potential of the product portfolio as well as the value-added from the recent acquisitions. On top of this, beaconsmind gained property manager Reos GmbH as a customer, as the company will roll-out a self-developed VPN network across all ten locations of Reos. The deal is announced to have a total volume of c. CHF 0.5m. Impact of transaction to unfold in H2. beaconsmind is seen to report a solid set of FY figures in May, which are seen to display the full effect of the recent acquisitions. In detail, we expect sales to come in at CHF 6.9m (H2: CHF 4.3m) and an EBITDA of CHF -0.6m (H2: CHF -0.1m). In FY ‘24e sales are seen to increase to CHF 12.5m, which is in line with managements guidance of CHF 12.6m, while EBITDA looks set to turn positive at CHF 2m. The main drivers for this should be (1) the full effect of the acquisitions of KADSOFT and T2 (closed in H2 ’23), (2) synergy effects from crossselling across the beaconsomind Group enhancing organic growth, (3) the ongoing internationalization as well as (3) the continuously growing share of SaaS revenues (see p. 2) allowing for improved operating leverage. Mind you, the company looks set to continue its Buy & Build strategy (5 acquisitions in past 18 months) going forward. For 2024e, we expect acqusitions to the tune of € 4-5m sales to be in the pipeline. Here, management is seen to be looking for margin accretive, bolt-on acqusitions. As future M&A is not included in our model, this leaves a certain upside to our estimates. Reiterate BUY with a new PT of € 15.00 based on DCF. You can download the research here: http://www.more-ir.de/d/28999.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. 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. ++++++++++ -------------------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: CLIQ Digital AG - from NuWays AG Classification of NuWays AG to CLIQ Digital AG Company Name: CLIQ Digital AG ISIN: DE000A35JS40 Reason for the research: Update Recommendation: Buy from: 28.02.2024 Target price: 65.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Marie-Thérèse Grübner Solid FY figures & sizable share buyback; est. & PT chg. Topic: CLIQ reported final FY23 figures on Thursday (update on prelims from Feb. 5th) and announced a € 13m share repurchase program. Here are our key takeaways: Strong bundled content share boosts higher-LTV customer base. At 94% of FY23 total revenues (88% in FY22), bundled content across 25+ portals continued to grow its share of total revenues at the expense of single content (300+ portals), strengthening customer retention due to offering several streaming verticals “all-in-one.' This strategy has proven very rewarding over the past quarters and has increased LTV per customer by 17% yoy to now € 85. The company is on track to improve its content catalogue across all verticals, and particularly CLIQ’s position in cloud gaming looks promising since it capitalizes on the rapidly advancing market, expected to grow by 46% CAGR until 2030 (Statista). 2024e guidance & growth outlook. Management released a weaker-than-expected 2024 guidance of € 360-380m in revenues and € 52-58m EBITDA. Sales are now seen to come in at c. € 375m or +15% yoy (eNuW old: € 402m), while EBITDA should amount to c. € 55m or +10% yoy (eNuW old: 63m), mainly driven by (1) ongoing headwinds in traffic acquisition and conversion in a still challenging macroeconomic environment and (2) increased costs for both customer acquisition (eNuW: € 157m) as well as elevated licensing fees for higher-quality content (eNuW: € 64m). Having said that, several growth drivers should help the company reach its c. € 500m mid-term sales target along with strong EBITDA and cash flow generation, including further geographic expansion into Latin America and Asia (currently still You can download the research here: http://www.more-ir.de/d/29001.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. 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. ++++++++++ -------------------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: Rubean AG - from NuWays AG Classification of NuWays AG to Rubean AG Company Name: Rubean AG ISIN: DE0005120802 Reason for the research: Update Recommendation: Buy from: 28.02.2024 Target price: 9.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow Major cooperation with Commerz Globalpay; chg. Topic: Yesterday, Rubean announced to have won the Global Payment tender for Germany, which is basically the tender for the recently announced joint venture between Commerzbank and Global Payments (“Commerz Globalpay”). In detail: Earlier this year, Commerzbank announced to have entered a joint venture with Global Payment in order to offer digital payment services to its SME clients. With yesterday´s corporate news it became clear that Rubean is delivering the PhonePOS solution for the joint venture and Global Payments App “GP tom”. Rubean´s unique PhonePOS solution enable SME clients of Commerzbank to use its phones as payment terminals instead of using third party devices. Attractive pricing scheme. We expect that the contract with Global Payment has two major components: 1) fixed fee per terminal in use (phone using the Rubean´s payment solution) per month of (eNuW: c. € 1.40-1.50) and 2) a fixed fee per executed transaction (eNuW: € 0.02-0.03). Assuming that PhonePOS will be used by 100k SME clients of Commerzbank until end of FY25 (mind you that Commerzbank is servicing overall c. 600k SME clients), executing an average of 7 transactions per day each, we expect Rubean to generate additional € 1.0m sales in FY24 (eNuW) and € 2.9m additional sales in FY25. With the third important strategic partnership announcement within a short period of time (i.e. Correos, emerchantpay), Rubean is showing once again very clearly that its leading softPOS product is ready and that the roll-out is in full swing. We hence expect positive newsflow from further new partnerships within FY24 that should further ramp-up sales and EBIT going forward. As we have already anticipated meaningful cooperations within this year, we adjust our sales estimates only slightly, remaining rather conservative. Still, we expect exponentially growing quarterly figures that should result in slightly increased sales of € 3.0m and an EBIT of € -1.4m for FY24e. Mind you, that further customer wins as well as a dynamic development of existing partnerships could render our estimates as too low. BUY with a new PT of € 9.00, based on our DCF. You can download the research here: http://www.more-ir.de/d/29003.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. 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. ++++++++++ -------------------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: Valneva - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Valneva Company Name: Valneva ISIN: FR0004056851 Reason for the research: Update Recommendation: Buy from: 27.02.2024 Target price: €8.60 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes, CFA First Berlin Equity Research has published a research update on Valneva SE (ISIN: FR0004056851). Analyst Simon Scholes reiterated his BUY rating and decreased the price target from EUR 8.90 to EUR 8.60. Abstract: FY/23 product revenues recovered strongly (+26% to €144.6m) in line with resurgent travel activity. The current cash position is higher than the year-end figure of €126.1m (we estimate ca. €200m) due to the receipt of €95m for the sale of a priority review voucher in early February and we believe Valneva's cash runway extends into 2025. 2024 product revenue guidance of €150m-€180m incorporates sales growth of 10%+ for the Ixiaro (Japanese encephalitis) and Dukoral (cholera and ETEC) travel vaccines, but suggests a slower ramp in sales of the chikungunya vaccine, Ixchiq (approved by the FDA in November 2023), than we had previously modelled. We continue to believe that the market is undervaluing medium and long-term prospects for both Ixchiq and the Lyme disease vaccine candidate, VLA15 (launch scheduled for 2027). However, we have lowered our 2024 and 2025 sales forecasts for Ixchiq and now see fair value for the Valneva share at €8.60 (previously: €8.90). We maintain our Buy recommendation. First Berlin Equity Research hat ein Research Update zu Valneva SE (ISIN: FR0004056851) veröffentlicht. Analyst Simon Scholes bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 8,90 auf EUR 8,60. Zusammenfassung: Die Produktumsätze im GJ/23 erholten sich stark (+26% auf €144,6 Mio.), was mit der wiederauflebenden Reiseaktivität zusammenhängt. Die aktuelle Cash-Position ist höher als die Jahresendzahl von €126,1 Mio. (wir schätzen ca. €200 Mio.), da Valneva Anfang Februar €95 Mio. für den Verkauf eines Priority-Review-Gutscheins erhalten hat, und wir gehen davon aus, dass sich Valnevas Cash-Runway bis 2025 erstreckt. Die Umsatzprognose für das Jahr 2024 in Höhe von €150 Mio. bis €180 Mio. beinhaltet ein Umsatzwachstum von mehr als 10 % für die Reiseimpfstoffe Ixiaro (Japanische Enzephalitis) und Dukoral (Cholera und ETEC), deutet jedoch auf einen langsameren Anstieg der Umsätze des Chikungunya-Impfstoffs Ixchiq (im November 2023 von der FDA zugelassen) hin, als wir zuvor angenommen hatten. Wir sind weiterhin der Ansicht, dass der Markt die mittel- und langfristigen Aussichten sowohl für Ixchiq als auch für den Borreliose-Impfstoffkandidaten VLA15 (Markteinführung für 2027 geplant) unterbewertet. Aufgrund der niedrigeren Umsatzzahlen für Ixchiq in den Jahren 2024 und 2025, als wir zuvor prognostiziert hatten, senken wir jedoch das Kursziel von €8,90 auf €8,60. Wir behalten unsere Kaufempfehlung bei. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/28995.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------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: Cardiol Therapeutics Inc - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Cardiol Therapeutics Inc Company Name: Cardiol Therapeutics Inc ISIN: CA14161Y2006 Reason for the research: Update Recommendation: Buy from: 27.02.2024 Target price: USD 3.60 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Cardiol Therapeutics Inc. (ISIN: CA14161Y2006). Analyst Christian Orquera reiterated his BUY rating and maintained his USD 3.60 price target. Abstract: Cardiol Therapeutics (Cardiol) announced that the FDA has granted Orphan Drug Designation (ODD) in the US for its lead drug candidate CardiolRx for the treatment of pericarditis, including recurrent pericarditis (RP). Importantly, the FDA's decision was based on pre-clinical data as well as initial clinical data from the ongoing RP phase II study. This is excellent news, as in our view it indicates that the undisclosed data from the phase II study that was reported to the FDA is in all likelihood favourable. Based on this encouraging news, we see our positive assessment of CardiolRx's prospects in RP confirmed. The ODD will provide the company with attractive benefits, including seven years of market exclusivity. In addition, the company announced the completion of patient enrolment in the phase II RP study and confirmed that topline results are expected to be published in Q2 2024. We reiterate our Buy recommendation and price target of USD 3.60 (€3.30). First Berlin Equity Research hat ein Research Update zu Cardiol Therapeutics Inc. (ISIN: CA14161Y2006) veröffentlicht. Analyst Christian Orquera bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von USD 3,60. Zusammenfassung: Cardiol Therapeutics (Cardiol) gab bekannt, dass die FDA in den USA die Orphan Drug Designation (ODD) für seinen führenden Arzneimittelkandidaten CardiolRx zur Behandlung von Perikarditis, einschließlich rezidivierender Perikarditis (RP), erteilt hat. Wichtig ist, dass die Entscheidung der FDA auf präklinischen Daten sowie ersten klinischen Daten aus der laufenden RP-Phase-II-Studie basiert. Dies ist eine ausgezeichnete Nachricht, da sie unserer Ansicht nach darauf hindeutet, dass die nicht veröffentlichten Daten aus der Phase-II-Studie, die der FDA gemeldet wurden, aller Wahrscheinlichkeit nach positiv sind. Aufgrund dieser ermutigenden Nachrichten sehen wir unsere positive Einschätzung der Aussichten von CardiolRx in RP bestätigt. Die ODD wird dem Unternehmen deutliche Vorteile bieten, darunter eine siebenjährige Marktexklusivität. Darüber hinaus gab das Unternehmen den Abschluss der Patientenrekrutierung in der RP-Studie der Phase II bekannt und bestätigte, dass die ersten Ergebnisse voraussichtlich im zweiten Quartal 2024 veröffentlicht werden sollen. Wir bekräftigen unsere Kaufempfehlung und unser Kursziel von USD 3,60 (€3,30). Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/28993.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------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: Schloss Wachenheim - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Schloss Wachenheim Company Name: Schloss Wachenheim ISIN: DE0007229007 Reason for the research: Q2 23/24 results Recommendation: Buy from: 26.02.2024 Target price: €22.00 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Schloss Wachenheim AG (ISIN: DE0007229007). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 22.00 price target. Abstract: Although inflation is falling and wage and salary increases are partially compensating for lost consumer purchasing power, the business environment remained challenging for SWA during the Christmas quarter. Group volume fell 6.1% to 73.7m bottles in Q2 23/24 (Q2 22/23: 78.5m bottles) due to price increases which SWA was forced to implement to compensate for higher raw material and energy costs. Sales rose 4.3% to €148.1m (Q2 22/23: €142.0m) but was 3.4% below our forecast of €153.3m. Q2 23/24 EBIT at €16.4m (Q2 22/23: €12.5m) was 11.3% below our expectation. Q2 23/24 EBIT and 22/23 Christmas quarter EBIT were burdened by exceptional costs of €0.3m and €4.4m respectively. Stripping out these items, the Q2 comparison was €16.7m vs €16.9m. In the annual report published last September, SWA guided towards FY 23/24 sales growth of 6-9%, EBIT of €28m-€30m and net profit before non-controlling interests of €19m-€21m. Given that sales were up only 4.5% at the H1 23/24 stage, i.e. after the crucial Christmas quarter, management is now looking for full-year sales growth of 5%. EBIT and net profit guidance remain intact, but SWA has pointed out that these figures are likely to be at the lower end of their respective ranges. We have lowered our sales forecast to reflect new guidance, but our profit estimates are little changed as these were already near the bottom of the guided ranges. We continue to believe that falling inflation will feed through to lower interest rates and improving consumer sentiment over the coming quarters. The decline in the German 10-year bond yield from 2.71% at the time of our last note in mid-November to 2.36% now, cancels out the slight reduction in our sales and profit forecasts. We maintain our Buy recommendation and price target of €22.00. First Berlin Equity Research hat ein Research Update zu Schloss Wachenheim AG (ISIN: DE0007229007) veröffentlicht. Analyst Simon Scholes bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 22,00. Zusammenfassung: Obwohl die Inflation rückläufig ist und Lohn- und Gehaltserhöhungen den Kaufkraftverlust der Konsumenten teilweise kompensieren, blieb das Geschäftsumfeld für SWA auch im Weihnachtsquartal herausfordernd. Der Konzernabsatz sank im 2. Quartal 23/24 aufgrund von Preiserhöhungen, die SWA zum Ausgleich der gestiegenen Rohstoff- und Energiekosten vornehmen musste, um 6,1 % auf 73,7 Mio. Flaschen (2. Quartal 22/23: 78,5 Mio. Flaschen). Der Umsatz stieg um 4,3 % auf €148,1 Mio. (Q2 22/23: €142,0 Mio.), lag aber 3,4 % unter unserer Prognose von €153,3 Mio. Das EBIT des 2. Quartals 23/24 lag mit €16,4 Mio. (2. Quartal 22/23: 12,5 Mio.) um 11,3 % unter unserer Erwartung. Das EBIT des 2. Quartals 23/24 und das EBIT des Weihnachtsquartals 22/23 wurden durch Sonderkosten in Höhe von €0,3 Mio. bzw. €4,4 Mio. belastet. Bereinigt um diese Posten lag der Q2-Vergleich bei €16,7 Mio. gegenüber €16,9 Mio. Im Geschäftsbericht, der im September letzten Jahres veröffentlicht wurde, prognostizierte SWA für das Geschäftsjahr 23/24 ein Umsatzwachstum von 6-9%, ein EBIT von €28 Mio. bis €30 Mio. und einen Konzernjahresüberschuss von €19 Mio. bis €21 Mio. Angesichts der Tatsache, dass der Umsatz im ersten Halbjahr 23/24, d.h. nach dem entscheidenden Weihnachtsquartal, nur um 4,5 % gestiegen ist, erwartet das Management nun ein Umsatzwachstum von 5 % für das Gesamtjahr. Die Prognosen für das EBIT und den Konzernjahresüberschuss bleiben intakt, aber SWA hat darauf hingewiesen, dass diese Zahlen wahrscheinlich am unteren Ende der jeweiligen Bandbreite liegen werden. Wir haben unsere Umsatzprognose gesenkt, um den neuen Prognosen Rechnung zu tragen, aber unsere Gewinnschätzungen haben sich kaum verändert, da sie sich bereits am unteren Rand der Prognosespannen befanden. Wir gehen weiterhin davon aus, dass die sinkende Inflation in den kommenden Quartalen zu niedrigeren Zinsen und einer Verbesserung des Konsumklimas führen wird. Der Rückgang der Rendite 10-jähriger deutscher Anleihen von 2,71% zum Zeitpunkt unserer letzten Mitteilung Mitte November auf jetzt 2,36% gleicht die leichte Senkung unserer Umsatz- und Gewinnprognosen aus. Wir behalten unsere Kaufempfehlung sowie unser Kursziel von €22,00 bei. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/28979.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------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: Vectron Systems AG - from GBC AG Classification of GBC AG to Vectron Systems AG Company Name: Vectron Systems AG ISIN: DE000A0KEXC7 Reason for the research: Research Comment Recommendation: BUY Target price: 10.00 EUR Target price on sight of: 31.12.2024 Last rating change: Analyst: Cosmin Filker, Matthias Greiffenberger Preliminary figures for 2023: Sales and earnings development in line with expectations, rating: BUY   Vectron Systems AG (Vectron for short) published its preliminary figures for the past fiscal year 2023 on 21 February 2024. With sales revenue of € 37.4 million (previous year: € 25.2 million), the company not only significantly exceeded the previous year's figure by 48%, but also returned to its growth path as expected. This figure was in the upper half of the sales guidance, which forecast sales in a range of € 36.0 million to € 37.8 million. Our forecast (GBC estimate: € 38.6 million) was also almost achieved.   According to our calculations, Vectron sales increased by 11% to € 28.0 million (previous year: € 25.2 million). The main reason for the sales growth in the Vectron division (POS systems and digital services) was the further increase in recurring income by 53% to € 13.2 million (previous year: € 8.6 million), which now accounts for 47% (previous year: 34%) of total sales in this division. This clearly reflects the company's focus on expanding its digital business in particular. Accordingly, Vectron has outsourced hardware production to external partners. The sales of acardo group AG (acardo), which was acquired on 1 January 2023, also contributed to the overall increase in sales. According to our findings, the inorganic contribution to sales is likely to have exceeded €10 million.   Thanks to the expansion of the digital business and the earnings contribution of the acquired acardo, the turnaround was achieved with EBITDA of € 3.0 million (previous year: € -3.9 million). At the same time, the preliminary EBITDA was at the upper end of the guidance raised in October, which had forecast EBITDA in a range of € 2.2 million to € 3.2 million. Our EBITDA estimate (GBC forecast: € 3.2 million) was also almost achieved. EBITDA should be characterised by extraordinary income from the reversal of provisions.   Even if this is a one-off effect, a disproportionately high improvement in earnings should still be achieved in the current financial year 2024. On the one hand, the expansion of the digital business will be accompanied by higher margins. On the other hand, the cost-cutting measures introduced in the hardware area are not expected to take full effect until 2024. The expansion of the digital business and thus of recurring sales will also make the company less dependent on external fluctuations in demand. Vectron has not yet felt any negative effects from the VAT increase for the catering industry. On the contrary, digital services are likely to be in greater demand against the backdrop of staff shortages in the sector.   The acquisition of acardo should also make a significant contribution to sales and earnings in the current 2024 financial year. The couponing specialist announced the expansion of its couponing network by a further 3,500 stores at the beginning of the year, making it the largest check-out couponing network in Germany. Against this backdrop, Vectron's guidance should remain valid and we are maintaining our estimates for the financial years 2024 and 2025.   As part of the DCF valuation model, we have determined a target price of € 10.00 (previously: € 10.10). The marginal reduction in the target price is due to the increase in the risk-free interest rate and thus the weighted cost of capital. On the other hand, we have raised the perpetual growth rate by 0.5% due to inflation, which has had the effect of increasing the price target. We continue to assign the BUY rating.   You can download the research here: http://www.more-ir.de/d/28977.pdf Contact for questions GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) completion: 26.02.24 (10:15 am) Date (time) first transmission: 26.02.24 (11:30 am) -------------------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.