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

13.11.2026 / 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 23 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann

Q3 26: Margins successfully defended, Q4e weaker; chg. est.

Yesterday, Semperit published its Q3 results. These showed slower margin normalization, than previously expected at the expense of growth. In detail:

Q3 revenue increased by 4.3% yoy to EUR 170m (eNuW: EUR 176m). Continued strong growth in SEA more than offset a slight decline in SIA revenue, where demand remained slightly decreased following substantial product price increases earlier in the year.

Q3 operating EBITDA margin at 17.1%, up 3.1pp. The operating EBITDA rose by 27.8% yoy to EUR 29m, supported by moderate top-line growth, elevated other operating income (EUR 3.4m insurance-related one-off) and a reduction in other operating expenses, reflecting cost discipline.

SIA's strong margins defended. Despite a slight sales decrease of 1.5% yoy to EUR 66.5m (eNuW: EUR 71.3m), the segment's margin was up 6.3pp at 26.2% (down only 1.9pp qoq). We attribute this mainly to operational efficiency gains and strong customer negotiation outcomes. EBITDA stood at EUR 17.4m (eNuW: EUR 15.7m), up 29.3% yoy.

Solid SEA performance in Q3. SEA showed strong revenue growth of 8.5% yoy to EUR 104m, broadly in line with expectations (eNuW: EUR 105m), with a 1.7pp yoy EBITDA margin gain to 13.9%. In our view, this reflects a stronger performance across businesses (Form, Belting and LSR), supported by recent internal optimization.

Free Cash Flow improved. Q3 FCF stood at EUR 10.6m (YTD EUR 41m), up EUR 2.2m yoy. This was carried by reduced financing expenses and a stronger operating CF. The 9M cash balance amounted to EUR 107.2m, providing the company with ample leeway for M&A opportunities.

Top-line guidance adjusted, bottom-line unchanged. Semperit reduced its FY26 revenue guidance from 'high-single digit growth' to c. 5% revenue growth, implying EUR 696m in revenue. The operating EBITDA guidance of c. EUR 115m was confirmed. This implies a weak Q4 with mid-single digit sales decline and an operational EBITDA margin of c. 10% (vs 18.6% during 9M). We attribute this to a combination of pricing and volume pressure, accompanied by raw material headwinds. We hence adjust our estimates accordingly.

Slow start into FY27e expected. Although spot price uncertainty remains, we anticipate a further decline of raw material prices to lead to pricing pressure and subsequently margin normalization throughout H1'27. From H2 onwards, the company looks set to return to profitable growth.

Semperit continues to offer attractive upside potential of c. 32% to our PT, trading at reasonable 13.3x P/E (FY26e). With a streamlined cost structure in place, Semperit is seen as ideally positioned to benefit from cyclical demand strengthening. At the same time, its strategic M&A ambitions are seen as a further catalyst. In our view, the company is well positioned to expand its product offering while leveraging its elastomer expertise.

Maintaining BUY at a reduced PT of EUR 23.0 (previously EUR 23.5), based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=76256c139836639026e269e94fb39af7 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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2434230 13.11.2026 CET/CEST

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Quelle: dpa-Afx