Original-Research: Swissnet AG (von NuWays AG): Under review

Classification of NuWays AG to Swissnet AG

Company Name:	Swissnet AG
ISIN:	CH0451123589
Reason for the research:	Update
Recommendation:	Under review
Target price:	n.a.
Target price on sight of:	12 months
Last rating change:
Analyst:	Philipp Sennewald

FY25 falls well short of guidance; rating suspended
Swissnet has published its FY25 report, two months past the statutory deadline and materially below the guided range. More pressing than the miss itself is the liquidity position it leaves behind: cash down to CHF 0.5m from CHF 4.4m, tangible equity at CHF -10.7m, and an explicit material uncertainty over going concern.
FY25 sales came in at CHF 21.0m (eNuW: CHF 26.9m; guidance: CHF 28-30m pro-forma), up 61% yoy but growth being entirely acquired. Swissnet AG, Swissnet ICT and Lokalee consolidated from January, and the mix shifted accordingly with SaaS up 37% to CHF 9.6m and hardware up 88% to CHF 11.4m. Gross margin dropped 7.4pp to 58.7% on the higher hardware share. The more telling cut here lies in the half-year split. H2 sales fell to CHF 9.7m from CHF 11.3m, with the weakness in DACH (-25% sequentially) rather than in the international build-out to.
On profitability, adj. EBITDA came in at CHF 3.7m (+49% yoy, 17.7% margin) against guidance of CHF 5.5-6m and eNuW of CHF 5.9m, resting on CHF 3.3m of add-backs. A substantial portion of those is genuinely transaction-related, with the company identifying CHF 1.2m of legal, audit and consulting fees tied to the acquisitions and integration alone. Note 34 of the consolidated accounts, however, puts the non-recurring items at only CHF 0.95m, leaving CHF 2.35m of add-backs without support from the audited disclosure. Reported EBITDA hence came in at CHF 0.4m (2.0% margin), despite the top-line growth, and turned negative at c. CHF -0.8m in H2. Below EBITDA, D&A tripled to CHF 5.7m, driven by the Lokalee software. As the acquired value sat almost entirely in the technology, the deal was booked as an asset acquisition rather than a business combination, capitalising the software at CHF 14.3m over a five-year life and cutting out goodwill on this. Note that this is CHF 2.7m above the CHF 11.6m purchase price quoted in the management report, and implies c. CHF 2.9m of annual amortisation through 2030. As a result, EBIT decreased by CHF 3.9m yoy to CHF -5.3m.
MENA, the stated cause of the miss, was in fact the only region that grew in H2, but at a fraction of the expected scale: CHF 2.1m including APAC against the CHF 8m first-year contribution previously indicated. The minority interest swing implies a second-half loss of at least CHF 0.9m at JV level. More concerning than the P&L is working capital as receivables rose to CHF 4.6m on longer Middle East payment terms, and the post-balance-sheet escalation is pre-flagged as a potential future impairment indicator for both the MENA entities and Lokalee. Neither is covered by the goodwill impairment test, which is run on a single CGU comprising Swissnet AG, Socialwave, Frederix and Lindentor.
The audit report adds another dimension. The auditor concludes that the internal control system for financial reporting is not appropriate to the risks of the company given its size and complexity, and that it cannot confirm the existence of such a system. The same conclusion is reached on both the consolidated and the statutory accounts. Separately, while note 34 states the material uncertainty over going concern, the opinion itself carries no corresponding section.
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You can download the research here: swissnet-ag-2026-09-18-update-en-ba4a9
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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