Original-Research: LION E-Mobility AG (von NuWays AG): BUY

Classification of NuWays AG to LION E-Mobility AG

Company Name:	LION E-Mobility AG
ISIN:	CH0560888270
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 3.2
Target price on sight of:	12 months
Last rating change:
Analyst:	Sarah Hellemann

NMC+ charges ahead: Orderbook for FY26e nearly filled

Yesterday, LION provided an update on the developments in its mobility segment - specifically the transition to NMC+ battery packs. In detail:

2026 order book nearly filled to planned production capacity. To recap, first prototypes were tested and qualified by existing customers in Q4 25. On this basis significant orders were already in place. With further orders received during recent weeks, the company's FY26 production capacity is already nearly booked out. Importantly, order momentum should remain positive.

FY27 order book also filling up, carried by defence. So far, orders for LION's battery packs were largely stemming from mobility solutions (e.g. small city buses and school buses). Yet, demand from defence customers (solutions recently introduced) seems to quickly gain traction. In fact, for FY27, defence is emerging as a key growth driver.

Progress on transition to NMC+. Currently the conversion of existing production lines in LIONs state-of-the-art factory are well underway. Completion is still expected for June. First mass produced NMC+ battery cells are scheduled to arrive within a month in Germany from China in preparation for the production start and ramp-up of the battery packs.

Operational inflection point likely reached. LION's strong order momentum as well as new the diversification into additional end markets (e.g. defence) and the Storage business showing first signs of increasing revenue contributions (last week, LION delivered first BESS containers to a project in Finsterwalde) underpin our positive view on the case. We remain confident in the company's FY26 guidance of > € 35m (eNuW: € 36m) sales but also sustainable strong growth thereafter; +32% to € 48m in FY27e.

We hence confirm our BUY rating with an unchanged € 3.20 PT based on DCF.

You can download the research here: lion-e-mobility-ag-2026-06-03-update-en-7e372
For additional information visit our website: https://www.nuways-ag.com/research

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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