Original-Research: Aiforia Technologies Oyj (von NuWays AG): BUY

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Original-Research: Aiforia Technologies Oyj - from NuWays AG

23.10.2025 / 09:00 CET/CEST

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Classification of NuWays AG to Aiforia Technologies Oyj

Company Name: Aiforia Technologies Oyj

ISIN: FI4000507934

Reason for the research: Initiation

Recommendation: BUY

from: 23.10.2025

Target price: EUR 3.50

Target price on sight of: 12 months

Last rating change:

Analyst: Julius Neittamo

Disrupting the pathology playbook with AI; INITIATE with BUY

The supply-demand dynamics in cancer diagnostics are increasingly

imbalanced. While the number of new cancer cases is projected to rise by 50%

until 2040, the number of pathologists continues to decline. Bridging this

gap requires the digitalisation of pathology workflows and the adoption of

artificial intelligence (AI); enabling faster, more accurate diagnoses and

ultimately improving patient outcomes.

Aiforia sits at the forefront of this transformation. The company has

developed a leading AI-powered image analysis platform that automates key

tasks within the pathology workflow, helping laboratories and hospitals

dramatically increase efficiency and diagnostic accuracy. For instance, a

research study evaluated how well Aiforia's AI fared against pathologists,

in measuring cell growth in gastrointestinal neuroendocrine tumors. This

study found that Aiforia's AI model outperformed pathologists in both

accuracy and reliability.

Market leadership for a reason. Aiforia has won 100% of the European

clinical tenders it has entered (>30% market share), reflecting its

exceptional competitive quality. Its platform currently covers 60% of known

cancer types (target of >80% within the next few years), with half of its

models already holding regulatory approval, more than any other competitor.

Aiforia's AI delivers granular, cellular-level insights, enabling more

precise and reliable diagnoses. With a strong research pedigree, including

collaborations with leading universities, Aiforia is consistently the

solution of choice in academic studies and published research.

Digital pathology is reaching a critical inflection point, with global

adoption for disease diagnosis set to accelerate from 22% in 2024 to 50% by

2029. This rapid market transformation, combined with Aiforia's unique

positioning, underpins the company's ability to outpace the broader

pathology AI market, which is expected to grow at 21% CAGR, while Aiforia is

projected to achieve a 52% CAGR (FY29e EUR 23m sales, eNuW) over the same

period. This growth is driven by both an increasing customer base and a

sharp rise in the number of slides processed for existing clients.

Leveraging a capital-light, software-based model, the company offers

excellent scalability with minimal client churn in a maturing market. Like

other leading healthcare technology firms, Aiforia is expected to deliver

strong operating leverage, converting top-line growth into sustainable

profitability, with EBIT margins projected at 27-32% at maturity (eNuW).

We see Aiforia as a structural growth story with a clear pathway to scale

and profitability. Its technology directly addresses one of healthcare's

most pressing challenges, the diagnostic capacity gap, while offering

investors exposure to the broader theme of AI-enabled medical automation. We

initiate coverage with a BUY rating and a EUR 3.50 price target based on our

DCF valuation.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=85236f4783db5b29d6d3c59256e1e051

For additional information visit our website:

https://www.nuways-ag.com/research-feed

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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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2217314 23.10.2025 CET/CEST

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