Original-Research: FIT GROUP AG (von NuWays AG): SELL

Classification of NuWays AG to FIT GROUP AG

Company Name:	FIT GROUP AG
ISIN:	DE000A426PD9
Reason for the research:	Update
Recommendation:	SELL
Target price:	EUR 16
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

H2 to show significant acceleration; chg. est.
FIT GROUP published its H1 figures together with a Q3 trading update. H1 was dominated by the IPO, but sales have accelerated sharply since the listing and management confirmed its FY26 targets. In detail:
H1 sales up strongly, result burdened by IPO costs. Sales came in at € 608k (+24% yoy). Operating costs of € 461k, personnel costs of € 289k and one-off IPO costs of € 220k led to a loss of € 361k, or € 141k excluding the IPO.
Balance sheet cleaned up with the IPO. All loans from the legacy shareholders were converted into equity and the short-term loans were repaid, so none remain. The conversion strengthens the equity base without any cash outflow, while the repayment removes near-term refinancing pressure. The company is now debt-free, and the IPO proceeds are earmarked for inventory, distribution and marketing.
Q3 more than twice the size of H1. Monthly sales rose from € 112k in June to € 208k in July, € 395k in August and € 810k in September (to the 25th), adding up to € 1.41m. 9M sales thus stand at € 2.02m, up 83% yoy and already 43% above FY25. September includes the first larger EURES order for Expert and Euronics, i.e. initial stocking. Online shop and TikTok Shop sales also grew markedly.
Outlook: The confirmed guidance of € 3.6m (+156% yoy) implies Q4 sales of € 1.6m, only 13% above Q3, with October planned at € 450k, 44% below September. Management expects a strong and profitable Christmas business, for which it invested upfront. With a gross margin of some 65%, H2 sales of c. € 3m should be sufficient to put the group into the targeted profitability range.
Growth prospects rest on broader retail distribution. EURES, Utz Lebensmittel and the deeper cooperation with MediaMarktSaturn widen retail access; sell-through and re-orders are the key data points from here. Further triggers are the planned central listing of TUNNELBLICK caffeine pouches after test markets at REWE and EDEKA, and a longevity product line due in 2027. AI in logistics and customer support should allow scaling without a matching rise in headcount, while higher purchasing volumes support margins.
While we raise our growth estimates for the next years and the PT (from € 13.50 to € 16), we downgrade our rating to SELL (old: BUY) purely as a result of the significant share price performance since the IPO (roughly +235%).
Note: FY25 was a transition year. Final figures show sales of € 1.41m, down c. 10% yoy (FY24: € 1.57m), as management focused on IPO preparation, internal structures and hiring for the FY26 growth targets. The result was burdened by more than € 1m of extraordinary expenses, mostly related to the IPO, the debt-to-equity swap and the groundwork for growth thereafter.
You can download the research here: fit-group-ag-2026-10-05-previewreview-en-a17f9
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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