^Original-Research: MAX Automation SE - from NuWays AG16.05.2025 / 09:00 CET/CESTDissemination of a Research, transmitted by EQS News - a service of EQSGroup.The issuer is solely responsible for the content of this research. Theresult of this research does not constitute investment advice or aninvitation to conclude certain stock exchange transactions.---------------------------------------------------------------------------Classification of NuWays AG to MAX Automation SE Company Name: MAX Automation SE ISIN: DE000A2DA588 Reason for the research: Update Recommendation: BUY from: 16.05.2025 Target price: EUR 7.00 Target price on sight of: 12 months Last rating change: Analyst: Konstantin VölkSoft Q1 numbers due to postponements into H2'25eTopic: MAX released soft Q1 numbers due to a weak macro environment andproject postponements. Despite this, the FY25e guidance was confirmed, asmanagement expects a stronger H2.Q1 sales came in at EUR 69.5m (eNuW: EUR 81m), 23% below last year, due toproject postponements in the low double-digit EURm amount, mainly for ELWEMAand Vecoplan. However, there is relatively high visibility that theseprojects will be realized in Q3 or Q4'25e.bdtronic's topline decreased 47% yoy to EUR 15.8m due to a continued weak EVmarket. Whereas Q1'24 still benefited from a solid order backlog (end ofFY23 EUR 52m vs. EUR 34m in FY'24) thanks to an exceptionally strong demand inFY23, Q1'25 successively reflected the current market weakness. To preservethe company's profitability, bdtronic is reducing its capacity to a salesscenario of EUR 75-85m for FY25e. Nevertheless, as the business is highlycyclical and the demand situation can change quickly, bdtronic will keep itscapacity at a reasonable level to benefit from a potential rebound.Vecoplan's sales declined 13.8% yoy to EUR 33.3m resulting from an overallsofter US business and postponements of larger projects which are seen to berealized in H2'25e. Order intake continued to be strong and grew by 34% yoyto EUR 45m. While demand in the Recycling/Waste segment (eNuW: 45% of sales)developed nicely, order intake in Wood/Biomass (eNuW: 22% of sales) pickedup only slightly.Order intake overall decreased by 14.2% yoy to EUR 77m, leading to an orderbacklog of EUR 161m (-18% yoy). Main contributor was a strong decrease inorder intake for ELWEMA compared to the previous year due to projectpostponements. However, significant orders could already be secured duringQ2.EBITDA came in at EUR 0.1m (eNuW: EUR 2.4m; EUR 7.9m in Q1'24), noticeably belowlast year due to lower sales and high fixed costs. Personnel expensesdeclined only slightly by 2.1% to EUR 32.5m. On the other hand, cost ofmaterials decreased disproportionately by 29% yoy, with a cost ratio of44.2% (-3.6pp yoy).Guidance confirmed. Management confirmed its guidance of EUR 340-400m sales(eNuW: EUR 364m) and EUR 21-28m EBITDA (eNuW: EUR 25m), despite the subdued startinto the year. Considering the postponement of major projects into thesecond half of the year, the guidance looks still plausible in our view.Reiterate BUY with an unchanged PT of EUR 7.00 based on DCF.You can download the research here: http://www.more-ir.de/d/32622.pdfFor additional information visit our website:https://www.nuways-ag.com/research-feedContact for questions:NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlussbestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim obenanalysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++---------------------------------------------------------------------------The EQS Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Archive at www.eqs-news.com---------------------------------------------------------------------------2139088 16.05.2025 CET/CEST°