ASMALLWORLD AG's Potential Amid Leadership and Strategy Changes

ASMALLWORLD AG's recent performance highlighted challenges and optimism under the new CEO, Zain Richardson. Reported sales in the first half of 2025 declined by 25% to CHF 8.8 million. The drop was primarily due to decreased demand for memberships amid changes in the Miles & More model and a strong 2024 comparable base. Service segment sales fell by 58%, but showed underlying growth of 9% when excluding one-off events.

The company's EBITDA decreased by 54%, but underlying operations increased from CHF 0.4 million to CHF 0.6 million. Richardson's early impact includes identifying operational cost savings, enhancing group synergies, and expanding B2B partnerships. A new membership option, "Advantage," and a global services partner aim to strengthen revenue streams.

The recommendation from NuWays AG remains a "BUY," with an updated target price of CHF 2.50, suggesting optimism for ASMALLWORLD AG's strategic direction.