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

17.06.2026 / 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

B&C increases its stake in Semperit to 63.4%

As announced yesterday, B&C's voluntary takeover offer resulted in the acquisition of 1.0m shares, increasing its stake in Semperit from 57.3% to 63.4% of the share capital. Settlement is to be completed by June 26 at the latest, with no extension period applicable. Our take in detail:

Outcome in line with expectations. We view the development as broadly unsurprising. While the EUR 15.0 per share offer represented a 25% premium to the pre-announcement price, it remained undemanding compared to our estimation of Semperit's intrinsic value. The offer implied only roughly 5.4x EV/EBITDA on our FY26e (BV/share stands at ~ EUR 20). As a result, we did not expect the offer to attract broad participation from long-term-focused shareholders.

B&C expressed satisfaction with the outcome, highlighting that the offer allowed it to increase its stake more efficiently than through regular market purchases. We view the level of acceptance to suggest that a meaningful portion of the shareholder base continues to see value beyond the offer price.

Investment case remaining intact. Importantly, we do not expect the increased ownership stake to have any material implications for Semperit's strategy, governance framework or capital allocation. The increased stake is not seen to alter the control situation or the strategic direction of the business. We continue to believe that the share price does not yet reflect further upside potential from Semperit's positioning ahead of a multi-year operational improvement cycle. Neither the cost savings benefits nor the revenue recovery potential are currently captured in the trailing earnings.

Hence, we reiterate our BUY recommendation and maintain our PT of EUR 21.5 per share.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=5c670ec83275ab14cc88347b0faa20bd 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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2347612 17.06.2026 CET/CEST

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Quelle: dpa-Afx