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Original-Research: MAX Automation SE - from NuWays AG

05.08.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to MAX Automation SE

Company Name: MAX Automation SE
ISIN: DE000A2DA588

Reason for the research: Update
Recommendation: BUY
from: 05.08.2025
Target price: EUR 6.50
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

Q2 figures out: order intake is the silver lining

MAX Automation delivered a mixed set of Q2 2025 results, marked by continued
top-line weakness and a sharp margin erosion, but partially offset by a
solid uptick in order intake. Group revenue in H1 2025 came in at EUR 154m,
representing a 17.9% yoy decline, primarily driven by delayed project
execution and cautious investment activity across key customer segments. Q2
revenue of EUR 84.9m were down 13% yoy. The impact was most pronounced at
e-mobility focused bdtronic (Q2: -27% yoy to 15.6m, H1: -38% yoy to EUR 31.4m)
and packaging company NSM + Jücker (Q2: -36% yoy to EUR 10.7m, H1: -23% yoy to
EUR 20m). Positively, Vecoplan recorded stabilizing revenues in Q2 (+0.4% yoy,
H1: -6.6% yoy) thanks to good demand for its recycling solutions.

H1 EBITDA fell even more steeply, plunging 75% yoy to EUR 3.9m with Q2 EBITDA
coming in at EUR 3.8m (-50% yoy) reflecting not only the volume shortfall but
also elevated cost structures and underutilized capacity.

Roughly two weeks ago, management already cut the FY25 guidance to EUR
300-340m sales and EUR 12-18m EBITDA (eNuW: EUR 310m sales and EUR 12.8m EBITDA).
Mind you, the magnitude of the EBITDA guidance reduction was partially
impacted by one-off expenses (in addition to a lower top line), estimated at
around EUR 5m (eNuW), aimed at aligning cost structures across the portfolio.
Importantly, all related costs will be fully recognized in FY25, leading to
a reduced cost base from the following year onward.

The clear silver lining in the quarter was the improvement in order
momentum. Order intake in Q2 reached EUR 92.6m, marking a 7.4% increase
compared to EUR 86.2m in the same period last year. On a half-year basis,
total order intake rose 5.7% to EUR 176.5m (H1 2024: EUR 166.9m). The individual
portfolio companies showed a mixed picture. While bdtronic and Vecoplan
reported stabilizing H1 order intake, NSM + Jücker showed an 82% yoy
increase to EUR 24.5m carried by a demand recovery for packaging solutions.

With this, the order backlog at the end of H1 increased by 13.3% yoy to EUR
174.8m. This rising backlog provides a more solid foundation for revenue
stabilization in the second half and could support a gradual recovery into
FY26, provided execution and project conversion improve.

We confirm our BUY rating with an unchanged EUR 6.50 PT based on a DCF with
its stake in ZEAL Network accounting for roughly 25% of the company's
Enterprise Value.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=4bccf1d9392484732bd8b0bdab4dca88
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
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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