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

07.08.2026 / 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.

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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 Target price: EUR 6 Last rating change: Analyst: Christian Sandherr

H1 26: Operational beat, but order intake weighs

Last week Friday, Max Automation released its H1 figures with mixed Q2 results. In detail:

Q2 sales came in ahead of expectations. Group sales reached EUR 84.0m (-1.1% yoy), above our projection of EUR 80.7m (eNuW). The beat was driven by new project starts of bdtronic (+26.3% yoy) and Vecoplan sales only falling by 11.7% yoy (eNuW: -17.5% yoy) despite continued demand weakness. This was partly offset by a less pronounced than forecasted strengthening in AIM Micro. NSM + Jücker remained flat, while ELWEMA declined slightly more than expected.

Bottom-line strengthened. Q2 EBITDA came in 4.7% stronger yoy at EUR 4.0m (eNuW: EUR 4.6m) at an EBITDA margin of 4.8% (+0.3 pp) with all five consolidated holdings delivering positive contributions as the group has significantly reduced cost structures and partial overcapacities. On a yoy basis, the improvement was driven by bdtronic swinging to a EUR 0.4m contribution (Q2 25: EUR -0.5m, eNuW: EUR 0.7m) and AIM Micro's contribution tripling to EUR 0.6m (eNuW: EUR 0.4m). Contributions from NSM + Jücker (EUR 0.8m, eNuW: EUR 1m, reflecting the softer top-line) and bdtronic (due to a capacity adjustment-related one-off) came in below our forecast. These were partially offset by stronger-than-projected contributions from Vecoplan (EUR 1.7m vs. eNuW EUR 0.7m, reflecting cost reduction measures initiated in FY25) and ELWEMA (EUR 2m vs. eNuW EUR 1.8m).

Order intake fell by 31% yoy to EUR 68.7m, primarily due the challenging environment, significantly impacted by a low investment cycle and customer hesitancy related to the Iran war. ELWEMA (-69.6% yoy), NSM + Jücker (-52.4% yoy) and bdtronic (-27.1% yoy) were particularly affected, partially mitigated by gains in Vecoplan and AIM Micro. The Q2 book-to-bill came in at 0.82x, compared to 1.17x in Q2 25, as the order backlog fell by 6.5% yoy to EUR 144m.

Equity ratio maintained. Despite a net debt increase in Q2 2026 of EUR 5.7m, the equity ratio remained unchanged at 54.3% compared to Q2 25. Working Capital increased by EUR 1.7m, weighing on the operating CF, which decreased by EUR 1.1m to EUR -0.4m.

FY26 guidance specified towards lower ends. The guidance stands at EUR 320-370m sales and EUR 12-18m EBITDA reflecting largely unchanged challenging market conditions. The low investment cycle stage and customer hesitancy continue to affect project-based customer orders from the automotive industry, while the waste disposal/wood processing industry continues to see demand softness due to the Ukraine war. Additionally, further delays from hesitancy related to the Iran war slightly dampened the outlook, pointing to the lower end of both KPI ranges.

Looking ahead. NSM + Jücker order intake is viewed as temporarily affected by the uncertainty related to the Iran war. While Vecoplan's Q2 order intake improved yoy, the speed of the recovery remains insufficient to support our current sales forecast. We hence adjust our segment forecasts and lower our FY26 estimates of largely flat revenue at EUR 336m (eNuW) and a 9.6% drop in EBITDA (eNuW) to revenue of EUR 321.8m (eNuW) and a 17.3% decrease in EBITDA (eNuW). Maintaining BUY at a reduced PT of EUR 6.0 (old: EUR 7.0), based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=6e63709519b7161c0925881c216cd4d9 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. ++++++++++

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2379044 07.08.2026 CET/CEST

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Quelle: dpa-Afx