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

08.10.2026 / 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 22 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann

Conference feedback: Defending margins, investing in future

We hosted Semperit at our Paris conference. The company re-confirmed M&A ambitions until end of FY27e (eNuW) while emphasizing its positioning ahead of cyclical upcycle. In detail:

* Margin defence in focus for H2 26e. The high operating EBITDA margin of 18.7% reported in H1 26 is not viewed sustainable with higher material costs seen to impact the P&L from Q3 (eNuW). Defending the margins in H2 depends also on the outcome of price and volume negotiations with clients. While falling raw material prices until July were seen as headwind, the second surge of material prices from July onwards provides support for these negotiations. A material part of the remaining EUR 31m to the full year guidance of operating EBITDA of c. EUR 100m should be realized in Q3 26 (eNuW). Semperit remains conservative on Q4, awaiting further visibility on raw material price developments and taking into account macro- and geopolitical uncertainty.

* Investing in future growth. In the past years, Semperit has taken significant steps to prepare for a cyclical upswing. This includes the four cost savings programs since 2023, but also gradual capacity expansion projects for hoses in Odry and for LSR in Thalheim. At present, some EUR 50m (eNuW) investments in Odry remain to be realized over the next 4-5 years (eNuW). The exact speed of investments in this plant expansion depends on demand visibly strengthening. In H1 26, Semperit has spent only EUR 14.5m of its annual EUR 40-45m CAPEX budget, mainly on maintenance CAPEX. This leaves potential for further investments in Odry in H2 26.

* M&A optionality. As flagged in the H1 26 presentation and now confirmed again by the company, Semperit is also looking to add inorganic growth. We expect to see at least one transaction by the end of FY27e. From past deal behavior, i. e. the acquisition of RICO, this could include one sizeable transaction that fits Semperit's elastomer solutions-theme, implies double-digit million revenue contributions and allows the company to leverage further synergies to support its high margins. As M&A is not reflected in our model, this would imply upside to our current estimates.

Current trading. H1 trading came in stronger than expected, driven by positive pricing adjustments in response to raw material price volatility linked to the Iran war, as well as higher volumes on the back of increased demand. As a result, Semperit has already generated EUR 69m in operating EBITDA, i.e. 69% of its full-year guidance of EUR 100m. We do not, however, expect H2 to match this strength, as the focus shifts towards defending margins in upcoming price negotiations. Here, Semperit appears well positioned, given its established reputation for quality and reliability in products that are often critical to customers' operations. Beyond this, the company is set to continue stabilizing and strengthening its Belting business, while pursuing further growth opportunities in its other businesses.

Overall, the strong H1 provides a solid foundation for the remainder of the year. To reach guidance, Semperit needs to deliver a further EUR 31m in operating EBITDA in H2, a material part of which we expect to come through in Q3. The implied Q4 requirement therefore looks conservative to us. Hence, we confirm BUY with a EUR 22 PT, based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=ed13ce43d75121b729158dff1e364cf2 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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2412210 08.10.2026 CET/CEST

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Quelle: dpa-Afx