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

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 € 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 € 3.50 price target based on our DCF valuation.

You can download the research here: aiforia-technologies-oyj-2025-10-23-fullnoteinitiation-en-bf799
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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