^ Original-Research: MAX Automation SE - from NuWays AG

05.08.2025 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to MAX Automation SE

Company Name: MAX Automation SE ISIN: DE000A2DA588

Reason for the research: Update Recommendation: BUY from: 05.08.2025 Target price: EUR 6.50 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr

Q2 figures out: order intake is the silver lining

MAX Automation delivered a mixed set of Q2 2025 results, marked by continued top-line weakness and a sharp margin erosion, but partially offset by a solid uptick in order intake. Group revenue in H1 2025 came in at EUR 154m, representing a 17.9% yoy decline, primarily driven by delayed project execution and cautious investment activity across key customer segments. Q2 revenue of EUR 84.9m were down 13% yoy. The impact was most pronounced at e-mobility focused bdtronic (Q2: -27% yoy to 15.6m, H1: -38% yoy to EUR 31.4m) and packaging company NSM + Jücker (Q2: -36% yoy to EUR 10.7m, H1: -23% yoy to EUR 20m). Positively, Vecoplan recorded stabilizing revenues in Q2 (+0.4% yoy, H1: -6.6% yoy) thanks to good demand for its recycling solutions.

H1 EBITDA fell even more steeply, plunging 75% yoy to EUR 3.9m with Q2 EBITDA coming in at EUR 3.8m (-50% yoy) reflecting not only the volume shortfall but also elevated cost structures and underutilized capacity.

Roughly two weeks ago, management already cut the FY25 guidance to EUR 300-340m sales and EUR 12-18m EBITDA (eNuW: EUR 310m sales and EUR 12.8m EBITDA). Mind you, the magnitude of the EBITDA guidance reduction was partially impacted by one-off expenses (in addition to a lower top line), estimated at around EUR 5m (eNuW), aimed at aligning cost structures across the portfolio. Importantly, all related costs will be fully recognized in FY25, leading to a reduced cost base from the following year onward.

The clear silver lining in the quarter was the improvement in order momentum. Order intake in Q2 reached EUR 92.6m, marking a 7.4% increase compared to EUR 86.2m in the same period last year. On a half-year basis, total order intake rose 5.7% to EUR 176.5m (H1 2024: EUR 166.9m). The individual portfolio companies showed a mixed picture. While bdtronic and Vecoplan reported stabilizing H1 order intake, NSM + Jücker showed an 82% yoy increase to EUR 24.5m carried by a demand recovery for packaging solutions.

With this, the order backlog at the end of H1 increased by 13.3% yoy to EUR 174.8m. This rising backlog provides a more solid foundation for revenue stabilization in the second half and could support a gradual recovery into FY26, provided execution and project conversion improve.

We confirm our BUY rating with an unchanged EUR 6.50 PT based on a DCF with its stake in ZEAL Network accounting for roughly 25% of the company's Enterprise Value.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=4bccf1d9392484732bd8b0bdab4dca88 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 ++++++++++ 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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2179346 05.08.2025 CET/CEST

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Quelle: dpa-Afx