NuWays places Swissnet under review after FY25 results miss guidance, no price target

• NuWays put Swissnet under review, suspending its rating after FY25 results missed guidance, citing liquidity strain and going-concern uncertainty.
• Cash fell to CHF 0.5 million from CHF 4.4 million. Tangible equity was CHF -10.7 million.
• Sales were CHF 21 million versus pro-forma guidance of CHF 28 million-CHF 30 million. H2 revenue slipped to CHF 9.7 million.
• Adjusted EBITDA was CHF 3.7 million versus guidance of CHF 5.5 million-CHF 6 million. Reported EBITDA was CHF 0.4 million.
• The auditor flagged weaknesses in financial reporting controls, stating it could not confirm an internal control system appropriate to the group’s risks.

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