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Original-Research: MAX Automation SE - from NuWays AG

10.11.2025 / 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
Target price: EUR 7.0
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

Q3 results: Strong Q3 order uptick to support improved H2

MAX Automation delivered a solid set of Q3 2025 results on Friday, marked by
a slight recovery in demand exceeding reduced expectations after prolonged
demand softness in H1.

Group revenues of EUR 91.8 m, a 8.2% yoy increase, came in ahead of our
expectations (eNuW: EUR 86.6m) and was significantly driven by a stronger than
anticipated acceleration in business activity across segments following a
weak H1 where sales were down 18% yoy.

While Q3 EBITDA declined by 42% yoy to EUR 5.4m it still beat our expectations
(eNuW: EUR 3.9). The yoy decline only due to the absence of a positive one-off
effect related to the litigation in last year's Q3, which had increased
operating income. Adjusting for last year's one-off effect, the underlying
profitability rose, reaching a margin of 6.1% (+40bps). This was driven by
ongoing tight cost control as well as a slightly improved materials expense
ratio.

Cautiously improving order momentum was demonstrated by an increase in group
order intake of 32.3% yoy to EUR 88.1m (book-to-bill ratio of 0.96x vs 0.79x
in Q3 2024). This uptick was partially driven by NSM + Jücker (improved
demand for packaging solutions) and ELWEMA (follow up orders). Their
combined order intake came in at EUR 27.4m, up 221% yoy. Further, bdtronic
benefitted from higher interest in its dispensing technology, leading to an
order intake growth of 23.5% yoy to EUR 22.6m, the highest levels since Q1
2023. For Vecoplan demand came in mixed as order intake grew by only 2.9%
yoy to EUR 35.9m as the waste & recycle solutions were able to grow,
offsetting still low demand for wood processing solutions.

Net debt and Working Capital reductions underlined the company's
stabilization efforts. Working Capital was reduced by 18.9% due to higher
order prepayments for new orders, lower inventory and improved payments
conditions. At the end of Q3, net debt stood at EUR 26.8m, down 46.5% yoy,
through which the equity ratio improved to 54.6%.

The FY25 guidance of EUR 300-340m sales and EUR 12-18m EBITDA was confirmed.
Thanks to the solid 9M results, coupled with a decent order book, the lower
to mid-point of this guidance should be in reach; eNuW new: EUR 302m sales, EUR
13.6m EBITDA.
Looking ahead, these developments could indicate another solid quarter with
Q4 2025. However, with continued limited visibility in regards to long-term
demand developments, only a slow and continuous recovery can be expected
conservatively for FY 26. Further minor cost reductions should likely
improve the company's bottom line.

We confirm our BUY rating with a raised PT of EUR 7.00 (previously EUR 6.5),
based of DCF, with its stake in ZEAL Network accounting for roughly 23% of
the company's Enterprise Value.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=42cf4bbf5f2b6ce76faf65e922c349fc
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
++++++++++
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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2226582 10.11.2025 CET/CEST

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