FamiCord AG's 2026 Outlook Clouds Despite Past Growth

FamiCord AG's preliminary figures for 2025 matched expectations, reporting EUR 88.2 million in sales, a 7% increase from the previous year. EBITDA rose by approximately 20% to EUR 10.5 million, aided by ceasing CAR-T activities that impacted 2024 figures. Despite this growth, the outlook for 2026 is muted due to macroeconomic challenges. Escalating geopolitical issues, weak consumer sentiment, and rising European energy prices contribute to a subdued forecast.

Management warns of revenue between EUR 80-90 million for 2026, with EBITDA projected at EUR 9.0-11.0 million. This cautious stance results from low birth rates and dwindling new customer momentum. Although the operational momentum in Eastern Europe showed potential, current circumstances led to lowered sales and earnings projections.

Despite these challenges, FamiCord's business model stands robust, leading to a maintained "Buy" recommendation with a revised target price of EUR 6.50 from EUR 7.50. The underlying cash flow strength is seen as undervalued, suggesting potential beyond current valuation levels.