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

19.05.2026 / 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.

---------------------------------------------------------------------------

Classification of NuWays AG to MAX Automation SE

Company Name: MAX Automation SE ISIN: DE000A2DA588

Reason for the research: Update Recommendation: BUY Target price: EUR 7 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr

Solid operational start into challenging 2026

MAX published its Q1 2026 figures. These showcased a resilient performance in challenging market environments, pointing towards first signs of structurally improving demand across most of the group's portfolio companies. In detail:

Q1 revenue rose 18.9% yoy to EUR 82.6m (eNuW: EUR 83.6), carried by double-digit increases across all portfolio companies, except for Vecoplan impacted by low-capacity utilization. ELWEMA especially profited with a 77% yoy revenue increase (to EUR 17m) from a large project received in Q2 2025 as well as follow-up orders. bdtronic's contribution rose by 33% yoy (to EUR 21m) through the recognition of percentage-of-completion method projects. Overall demand seems to further increase, yet coming from low levels.

Q1 EBITDA of EUR 3.3m (eNuW: EUR 4.9m) showed a notable improvement over the EUR 0.1m delivered in Q1 25. The stronger margin of 4% (vs 0.2%) was supported by positive contributions from the four positively performing portfolio companies and especially strong margins on the ELWEMA orders. Last year's right-sizing initiative further support margins across several portfolio companies

Order intake rose 12.9% yoy to EUR 86.9m, driven in particular by large follow-up orders for ELWEMA. These follow up orders secure the pipeline into 2027. Furthermore, bdtronic increased its intake by 48%. These positive developments compensated for weaker intake at Vecoplan and NSM + Jücker, which fell significantly (25.9% and 55.8% yoy respectively). The order backlog improved by 3.2% yoy to EUR 159m. The book-to-bill ratio reached 1.05.

Balance sheet and Cash Flow slightly weaker. Given stronger order intake in certain portfolio companies, a need for moderate working capital growth (+5.4% yoy) weighed on the operating CF of EUR 0.7m. MAX reported a solid 54.3% equity ratio. Importantly, MAX successfully extended its syndicated loan agreement to March 2029.

Cutting back on reporting obligations. As of March 26, the company has switched its stock exchange listing from Prime to General Standard to cut back on administrative tasks and shift its focus towards further operational growth.

FY26 Guidance confirmed. In Q1 MAX was seen to navigate the challenging market environments driven primarily by project-based customer orders from the automotive industry and the waste disposal/wood processing industry impacted by the war in Ukraine. Operational improvements outlined above point to a mixed, but resilient performance. Supported by Q1 figures, MAX confirmed its FY26 guidance of EUR 320m to EUR 370m in revenue and EUR 12m to EUR 18m in EBITDA. Projecting largely flat yoy revenue of EUR 336m (eNuW) and a 9.6% drop in EBITDA (eNuW) due to low capacity utilization, but supported by capacity adjustment and cost savings initiatives, the FY26 guidance looks achievable, in our view.

Maintaining BUY at EUR 7.0, based on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=8aabb57793f467a1595380438ff433c8 For additional information visit our website: https://www.nuways-ag.com/research

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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=a28b0603-534b-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2329514 19.05.2026 CET/CEST

°

Quelle: dpa-Afx