^ Original-Research: Semperit AG Holding - from NuWays AG

21.04.2026 / 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 Semperit AG Holding

Company Name: Semperit AG Holding ISIN: AT0000785555

Reason for the research: Update Recommendation: BUY Target price: EUR 21.5 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann

Semperit beats Q1 26 expectations in preliminary EBITDA;chg.

On Friday, Semperit released its preliminary Q1 EBITDA ahead of its quarterly report publication scheduled for May 13th, signaling a significant beat of expectations. In detail:

Q1 EBITDA soared by approx. 134% yoy to around EUR 26m, materially ahead of our expectation of a 25% yoy improvement leading to EUR 13.9m (eNuW). In our opinion, the strong result was driven by three circumstances: Firstly, a weak comparable base: in Q1 25 the company faced a challenging market environment and project delays. Secondly, the company is strengthening its margins through ongoing cost control and its current cost savings program of EUR 10m annually, of which EUR 6m were completed in FY 25. Thirdly, we expect the company to have faced continued positive demand momentum, potentially aided by warm weather in February and March driving construction demand.

Our view on material costs. The strong recent performance supports our view that Semperit can absorb short-term raw material price spikes over a 4-6 week period without significant margin impact. Prices for synthetic and natural rubber have started to retreat from recent peaks (-8.3% and -3%) following supply disruptions in Asia and geopolitical tensions linked to the Iran conflict. We expect levels to remain elevated and volatile in Q2, implying potential P&L pressure. In response, the company should seek to pass on raw material inflation through pricing, on which timing and execution remain key.

Raw material prices could normalize from currently unsustainably high levels over the course of the year, offering upside to margins. Material availability appears secure for now, supported by Semperit's diversified sourcing approach, though ongoing geopolitical uncertainty poses risks. Our operational EBITDA forecast reflects this backdrop, incorporating a 12.2% yoy increase in material expenses.

Looking ahead, the strong preliminary result firmly underlines our view that the FY26 guidance of operational EBITDA of EUR 95m is achievable. Hence, we raise our revenue estimates to EUR 724m (eNuW) and our operational EBITDA estimate to EUR 100m (eNuW), excluding project costs of approx. EUR 5m (eNuW).

Further operational improvements are expected as the company advances its cost-cutting program, ERP project, and product portfolio reviews. Additional drivers in our view include higher capacity utilization from continued demand strengthening and ongoing price negotiations with customers.

If demand continues to strengthen materially, moving ahead on the company's ramp-up on production capacities could follow, although exact timing is not quite certain yet at the current stage. This should include finishing preparations on its two extended facilities, which the company largely completed during its cyclical downturn.

Maintaining BUY at a raised PT of EUR 21.5 (previously EUR 21.0), based on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=27dc04b4d227bda300d3ba162c8b66c8 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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++

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2311634 21.04.2026 CET/CEST

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Quelle: dpa-Afx