Sphene Capital updates research on NCTE AG following H1 2026 results and Earnings Call
Sphene Capital GmbH has updated its research coverage of NCTE AG following the publication of the company’s H1 2026 results and the Earnings Call held on 29 July 2026. Sphene Capital maintains its Buy rating and price target of EUR 2.50 per share.
Assessment of the operational development
In its update, Sphene Capital assesses NCTE AG’s operational development in the first half of 2026 and its further business development. The analysts particularly highlight the E-Bike, Off-Highway and Medical segments as relevant contributors to revenue growth.
Sphene Capital also takes the development of order intake, order backlog and the order pipeline into account in its assessment. NCTE’s book-to-bill ratio was 0.76 in the first half of 2026. In Sphene Capital’s view, the further development of new business and the order pipeline will be important factors over the remainder of the year. The analysts regard the strengthening of the sales team and the company’s focused approach to market development as supporting measures in this context.
Guidance and analyst estimates
NCTE AG’s Management Board confirmed the previously published guidance for the 2026 financial year, which calls for revenue of between EUR 4.4 million and EUR 5.4 million and EBITDA of between negative EUR 0.5 million and positive EUR 0.1 million. During the Earnings Call, the Management Board also explained that approximately EUR 1.4 million of the order backlog as of 30 June 2026 is expected to be recognized as revenue during the 2026 financial year.
As part of its update, Sphene Capital slightly adjusted its estimates and expects revenue of EUR 5.4 million for 2026 and EUR 6.5 million for 2027. These figures represent Sphene Capital’s estimates and are not guidance issued by NCTE AG.
The full research report, including the underlying assumptions as well as the relevant risk, conflicts-of-interest and disclaimer information, is available on NCTE AG’s Investor Relations website:
https://ncte.com/wp-content/uploads/2026/07/NCTE_UpdateReport20260730.pdf
