Classification of NuWays AG to learnd SE

Company Name:	learnd SE
ISIN:	LU2358378979
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 4.8
Target price on sight of:	12 months
Last rating change:
Analyst:	Sarah Hellemann

learnd UK & Ireland delivers strong operational progress in Q1

Yesterday, learnd SE published a Q1 trading update for its equity stake (49.5%) in learnd UK & Ireland. In detail:

Adj. EBITDA rose by 63% yoy to € 2.9m. This increase reflected initiated structural measures, including portfolio optimizations, efficiency gains, pricing measures and cost discipline while revenue remained largely flat yoy at € 16.8m. The implied adj. EBITDA margin improved by approx. 6.6pp to 17.3%, highlighting operational leverage, once growth accelerates again.

Operational profitability improvements to support learnd SE. Importantly, the strong Q1 profitability implies that learnd UK & Ireland has already achieved around 31% of our full-year FY26e adj. EBITDA forecast (eNuW: € 9.4m), indicating a robust start to the year and supporting confidence in the sustainability of the ongoing restructuring measures. Progress on scaling and operational improvements at learnd UK & Ireland are viewed as vital to support learnd SE's valuation and future growth (eNuW: potential additional equity stakes in related companies).

To recap, learnd SE finished FY25 with a strengthened balance sheet and a leaner holding structure, following the sizeable MBO of 50.5% of learnd UK & Ireland. It is ideally positioned to gradually pursue new growth opportunities, such as additional equity stakes. Here, the company stands to leverage its access to growth capital to drive value creation and to benefit from its ability to recognize cutting-edge technology use cases, operational building management expertise from its network in UK & Ireland.

learnd SE remains ideally positioned to turn FY26e into a fresh start. We continue to expect gradual steps towards its transformation into an incubator for companies operating in the fields of environmental services and facility management. Further portfolio additions are to follow in the mid-term.

We maintain our BUY rating with an unchanged PT of € 4.8, based on a sum-of-the-parts approach, valuing the individual portfolio companies.

You can download the research here: learnd-se-2026-05-27-update-en-4278f
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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Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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