Original-Research: ASMALLWORLD AG (von NuWays AG): BUY - T-Online

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Operations rightsized // profitable growth in sight; chg.

membership and travel-services platform. Profitability and cash flow

promised re-focus on cash generation. In detail:

Strategic shift: travel services become the profit engine. The re-focus

rests on three levers. First, simplification: low-margin projects were cut

and hospitality exited, with contractual upside incentives retained. Second,

Head of Marketing (Q2). Third, scaling bookings: ASW Collection lifted

commissionable stay value by 6.5% and more than doubled commissions paid on

Pruning costs and sales, not earnings. Net sales fell 36% yoy to CHF 5.6m

(H1 25: CHF 8.8m). Importantly, most of the gap is self-inflicted:

they carried little to no margin, yet added complexity to the business.

as the Middle East conflict weighed on regional travel.

Margin nearly doubles on a reset cost base. EBITDA rose 11% yoy to CHF

0.47m, lifting the margin 3.5pp to 8.4%. Total opex fell 38% yoy to CHF

5.2m. Part of that is revenue-linked, but the strategic review of headcount

and technology also cut personnel costs by >20%. Services segment EBITDA

Cash flow turns the corner. Operating cash flow swung by CHF 0.7m to CHF

.46m (H1 25: CHF -0.28m). After years of deleveraging, self-funded

operations matter more than the EBITDA print.

Funnel keeps widening, and monetisation is now the test. Membership grew 23%

yoy. That is slower than the more than 50% growth reported a year earlier,

which is natural as the freemium base scales. From here, converting members

into revenue counts for more than headline growth. The new Marriott Bonvoy

programme. That exposure was visible in 2025, when changes to Miles & More

disruption. ASW Concierge, launched in Q2, adds a service-driven revenue

H2 bridge: reset guidance leaves room to deliver. Management cut the sales

guidance to CHF 12-14m, from CHF 17.5-19.5m, to reflect the exits.

Importantly, the EBITDA guidance remained at CHF 0.9-1.1m, underpinning that

the measures taken are bearing fruit.

Our take. H1 is the first period where the restructuring shows in both

margins and cash. The story is moving from member counts to earnings

quality. The next checkpoints are EBITDA delivery in H2 and a clean,

adjusted sales base. The model overhaul triggers a PT cut to CHF 1.40 (old:

CHF 2.00) with an unchanged BUY rating (DCF-based).

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