Märkte & Kurse

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Original-Research: MAX Automation SE - from NuWays AG

24.03.2026 / 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
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr

Q4 & FY 25: Beating expectations in a difficult year

Max Automation published its annual report for FY25. Despite several
challenges, results came in ahead of expectations. In detail:

Q4 revenue came in ahead of expectations across most segments totalling EUR
88.3m (eNuW: EUR 73.9m), but still down 5.1% yoy, due to a lower contribution
from Vecoplan and ELWEMA compared to the previous year, partially mitigated
by bdtronic- and AIM micro-contributions. Q4 EBITDA rose sharply by 42.4%
yoy to EUR 6.3m (eNuW: EUR 4.3m) on account of stronger contributions from AIM
micro and NSM + Jücker and general cost measures taken. Order momentum
across the group decreased towards the end of the year with order intake of
EUR 74m (-8.5% yoy).

Smaller segments improved, while larger segments lagged. bdtronic saw a
decrease in market activity in Q4, after stronger developments during the
year. Vecoplan showed improvements in recycling but continued to face muted
investment demand in wood, biomass and services. AIM micro was a notable
standout, delivering material improvements in order intake, revenue and
EBITDA contribution despite its small base. NSM + Jücker posted stable
revenue alongside stronger order intake and improved profitability. ELWEMA
saw order intake improve yoy, though revenue and bottom-line contribution
came in slightly weaker.

FY 25 guidance was met and came in ahead of expectations. Revenue stood at EUR
335m (eNuW: EUR 320m), implying an 8.6% decrease yoy. The strong Q4 result
helped to partially mitigate effects from a weak H1 and a low order book at
the end of 2024. EBITDA fell by 46.8% to EUR 15.6m (eNuW: EUR 13.6m), driven by
the weaker top line, one-off costs related to cost cutting measures in
bdtronic and Vecoplan. On the positive side, full-year order intake improved
7.8% yoy to EUR 338.8m, supported by large orders placed with NSM + Jücker and
ELWEMA.

Improved balance sheet metrics. Net debt fell by EUR 31.5m. The equity ratio
correspondently rose from 54.6% to 57%. Working capital decreased by 30% to
EUR 73.7m (1.7% w/c ratio), which should be sustainable, in our view. The
meaningful working capital release further underlines improving capital
efficiency and supports our positive stance on the name.

Looking into FY26, management provided guidance of EUR 320-370m in revenue and
EUR 12-18m in EBITDA, which we view as an inflection point towards
stabilization. We consider this guidance achievable and project broadly
stable revenue of EUR 336m (eNuW) and EBITDA of EUR 14.2m (eNuW), reflecting
resilience in profitability on a largely flat top line.

We maintain our BUY recommendation with a price target of EUR 7.00 based on
DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=9fa2a58c8133d6c7c16d7a95c112425c
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2296392 24.03.2026 CET/CEST

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