Märkte & Kurse

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Original-Research: Semperit AG Holding - from NuWays AG

15.08.2025 / 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 Semperit AG Holding

     Company Name:                Semperit AG Holding
     ISIN:                        AT0000785555

     Reason for the research:     Update
     Recommendation:              BUY
     from:                        15.08.2025
     Target price:                EUR 18.20
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr

Q2 with seq. margin improvements; FY guidance confirmed

Semperit posted Q2 revenues of EUR 169m (H1: EUR 320m), largely flat yoy but
roughly 11% above the weak Q1, which was impacted by project delays within
the belting division and silicon rubber tooling (both part of SEA segment).
Thanks to catch-up effects, SEA sales showed a 2.6% yoy increase to EUR 101m
despite rather challenging end markets. Within SIA (-4.6% yoy to EUR 68m),
demand for profiles remained weak due to the continuously subdued
construction sector, while hoses showed first recovery signals, especially
within the direct consumer business. The overall improving order activities
should provide a decent visibility into further growth during H2.

Q2 EBITDA of EUR 19.6m (11.6% margin) was down 19% yoy as margins in both
segments were still below last year's figure. This was partially due to
higher raw material prices and increased personnel expenses. Importantly,
the company managed to significantly improve its profitability vs Q1 (EBITDA
+76% yoy) largely carried by the sales rebound in SEA (margin +5pp qoq to
10.6%) but also cost saving initiatives bearing fruit. The margin of SIA was
down yoy but remained on a high level of 19.1%. Operating EBITDA (excl.
project costs for digitalization projects) stood at EUR 20.9m. H1 EBITDA of EUR
30.7m was down 35% yoy; op. EBITDA stood at EUR 32.9m.

Free cash flow in H1 amounted to EUR 13.9m, down from EUR 23.6m in the prior
year, as lower earnings and higher tax payments outweighed working capital
improvements, particularly from inventory reductions. Net cash stood at EUR
49.8m at the end of June (vs. EUR 57.3m in December 2024), supported by a
robust liquidity position of EUR 113m. The equity ratio of 45.5% underlines
the group's solid financial footing, giving management room to maintain
dividends, finance digitalization projects, and invest selectively even in a
weaker macro environment.

FY25 guidance confirmed. Management continues to expect operating EBITDA of
EUR 65-85m, which excludes some EUR 5m in digitalization investments (eNuW: EUR
73.7m) thanks to a notably better H2, which is expected to benefit from
seasonal demand patterns, stabilizing order intake, and continued efficiency
improvements.

Our take: The sequential Q2 rebound shows that Semperit's operational
levers, which include cost discipline, production flexibility, and selective
pricing, can restore profitability even in a somewhat subdued demand
environment. While H1 confirms that end-market weakness, especially in SEA,
still caps upside in 2025, the strong balance sheet and focus on margin
protection support the medium-term equity story. We continue to see Semperit
as an attractive cyclical recovery play with plenty of growth prospects,
which should gain momentum once funds from Germany's planned EUR 500bn
infrastructure investments get deployed. BUY with an unchanged EUR 18.20 PT
based on DCF.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=0cf5dffe798742863669b508fbf60ea8
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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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2184372 15.08.2025 CET/CEST

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