NFON: Weak Q2p triggers PW; chg. est. & PT - NuWays AG Research
Yesterday, right after the bell, NFON published weak preliminary Q2/H1 figures alongside a
significant guidance cut, that implies no return to growth in FY26. The key takeaways:
ANNONS
Q2 sales fell 5.4% yoy to € 20.9m (eNuW: € 21.6m), against the 2.3% decline seen in Q1. We see the
reason for this in a continued soft momentum in the legacy cloud PBX business, which still accounts
for the vast majority of sales. Here, seat erosion should have continued (eNuW: -4% to 631k) on
subdued order intake and churn. Prolonged decision cycles on larger customer projects and continued investment reluctance among enterprise customers are additionally weighing on the top-
line.
By contrast, profitability moved the right way as Q2 adj. EBITDA of € 2.6m implies a margin of
12.5%, up 4.3pp sequentially from 8.2% in Q1, as the cost measures under NFON Next 2027 are seen
to bite. For H1, this leaves sales down 3.8% yoy at € 42.5m and adj. EBITDA down 22.8% at € 4.4m
(margin -2.6pp yoy at 10.3%).
