EERP Keeps Virtualware at BUY, €8.00; 2027 Base Gives €13.25

Bilbao, 28 Octobe , 2026.– Eu opea Equity Resea ch Pa t e s (EERP) kept its BUY ati g a d €8.00 ta get p ice o Vi tualwa e (Eu o ext G owth Pa is: ALVIR) i a flash ote published o 22 Octobe . 

The same valuatio method applied to 2027E co solidated eve ue of €11.52m gives a ta get p ice of €13.25. The efe e ce p ice i the ote is €5.25, the 16 Octobe close.EERP is a Spai -based, issue -spo so ed equity esea ch fi m that cove s listed compa ies ac oss Eu ope, the Middle East a d Ce t al Asia. Vi tualwa e commissio ed the cove age.The €8.00 ta get ests o 2026E eve ue of €7.29m, which i cludes th ee mo ths of Vi talis Holdi gs Limited, acqui ed o 28 Septembe 2026. EERP estimates 2026E et debt at €4.89m.EERP states that the valuatio base will have to oll to 2027 by the time of Vi tualwa e’s FY26 esults. O cu e t estimates, the published method the etu s €13.25.Simo Powell, Head of Resea ch at EERP a d lead a alyst o the ote, w ote:“Applyi g the same methodology to 2027E co solidated eve ue of €11.52m gives a ta get p ice of €13.25.“We have ot olled the base yea , because doi g so mid-yea would be a methodology cha ge d essed up as a estimate cha ge, a d because a 67% i c ease i ta get p ice d ive pu ely by the choice of de omi ato would ot be c edible.“But by the time of the FY26 esults the 2026 base will be histo ic, a d the oll will have to happe . I vesto s should u de sta d that the mecha ical co seque ce of ou published method is a mate ially highe ta get p ice o ce 2027 becomes the fo wa d yea .”Vi tualwa e paid €4.95m i cash a d assumed €1.3m of debt, a e te p ise value of €6.25m. That equals 1.58 times Vi talis’s FY26 eve ue of €3.97m a d 7.2 times its adjusted EBITDA.Vi talis, fou ded i 2003, develops vi tual eality a d eal-time 3D visualisatio softwa e. It has 19 employees.P o fo ma 2026 eve ue eaches €10.3m agai st €6.3m sta dalo e. The UK becomes the la gest ma ket at close to 38% of p o fo ma eve ue, a d eve ue outside Spai ises f om 54% to 78%.T a sactio costs of €337k cut 2026E EPS to €0.087 f om €0.161 sta dalo e, a dilutio of 46%. EERP estimates acc etio of 14% i 2027E a d 15% i both 2028E a d 2029E.EERP aised its 2027E eve ue estimate to €11.52m f om €7.18m, a i c ease of 60.5%. It aised 2027E EBITDA to €3.35m f om €1.96m.EERP i itiated cove age of Vi tualwa e o 22 Ju e 2026 with a BUY ati g a d a €7.42 ta get p ice. It aised the ta get to €8.00 o 30 July 2026.The full ote is available at https://www.eu opea equity esea ch.com/ esea ch/vi tualwa e/2026-10-22-flash- ote.

Fou ded i 2004, Vi tualwa e is a global pio ee i Real-Time 3D i dust ial softwa e. The compa y p ovides a po tfolio of solutio s that t a sfo m i dust ial data a d simulatio models i to ope atio al eal-time 3D e vi o me ts, e abli g o ga izatio s to co ect complex data sou ces, c eate a d simulate i te active applicatio s, a d secu ely deploy, ma age, a d scale them ac oss the e te p ise.

The compa y se ves global o ga izatio s a d i stitutio s such as Lockheed Ma ti , BAE Systems, GE Ve ova, Subsea 7, NextSta E e gy, Mag a, Lam Resea ch, Blue O igi , Rolls-Royce, Fo d, Volvo a d Bosch.

Vi tualwa e is headqua te ed i Bilbao, Spai , with offices i the U ited Ki gdom, Ca ada, the U ited States a d Swede .

Vi tualwa e has t aded o Eu o ext G owth Pa is si ce Ju e 2025.

Mo e i fo matio is available at https://vi tualwa eco.com.Safe Ha bo This docume t is o ly p ovided fo i fo matio pu poses a d does ot co stitute, o should it be i te p eted as, a offe to sell o excha ge o acqui e, o a i vitatio fo offe s to buy secu ities issued by a y of the afo eme tio ed compa ies. A y decisio to buy o i vest i secu ities i elatio to a specific issue must be made solely a d exclusively o the basis of the i fo matio set out i the pe ti e t p ospectus filed by the compa y i elatio to such specific issue. No o e who becomes awa e of the i fo matio co tai ed i this epo t should ega d it as defi itive, because it is subject to cha ges a d modificatio s.This docume t co tai s o may co tai fo wa d looki g stateme ts ega di g i te tio s, expectatio s o p ojectio s of Vi tualwa e 2007, S.A. (“Vi tualwa e” o the “Compa y”) o of its ma ageme t o the date the eof, that efe to o i co po ate va ious assumptio s a d p ojectio s, i cludi g p ojectio s about the futu e ea i gs of the busi ess. The stateme ts co tai ed he ei a e based o ou cu e t p ojectio s, but the actual esults may be substa tially modified i the futu e by va ious isks a d othe facto s that may cause the esults o fi al decisio s to diffe f om such i te tio s, p ojectio s o estimates. These facto s i clude, without limitatio , (1) the ma ket situatio , mac oeco omic facto s, egulato y, political o gove me t guideli es, (2) domestic a d i te atio al stock ma ket moveme ts, excha ge ates a d i te est ates, (3) competitive p essu es, (4) tech ological cha ges, (5) alte atio s i the fi a cial situatio , c editwo thi ess o solve cy of ou custome s, debto s o cou te pa ts. These facto s could cause o esult i actual eve ts diffe i g f om the i fo matio a d i te tio s stated, p ojected o fo ecast i this docume t o i othe past o futu e docume ts. Vi tualwa e does ot u de take to publicly evise the co te ts of this o a y othe docume t, eithe if the eve ts a e ot as desc ibed he ei , o if such eve ts lead to cha ges i the i fo matio co tai ed i this docume t. This disclaime eeds to be take i to accou t by those pe so s which may take a decisio ove the base of this docume t o to elabo ate o dissemi ate opi io s based he eof.  This docume t may co tai summa ised i fo matio o i fo matio that has ot bee audited. This docume t is co fide tial a d it ca ot be evealed o disclosed to thi d pa ties diffe e t f om the o igi al ecipie ts, eve pa tially, without Vi tualwa e’s p io co se t.