Märkte & Kurse

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Original-Research: Semperit AG Holding - from NuWays AG

21.04.2026 / 09:00 CET/CEST
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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
     Target price:                EUR 21.5
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann

Semperit beats Q1 26 expectations in preliminary EBITDA;chg.

On Friday, Semperit released its preliminary Q1 EBITDA ahead of its
quarterly report publication scheduled for May 13th, signaling a significant
beat of expectations. In detail:

Q1 EBITDA soared by approx. 134% yoy to around EUR 26m, materially ahead of
our expectation of a 25% yoy improvement leading to EUR 13.9m (eNuW). In our
opinion, the strong result was driven by three circumstances: Firstly, a
weak comparable base: in Q1 25 the company faced a challenging market
environment and project delays. Secondly, the company is strengthening its
margins through ongoing cost control and its current cost savings program of
EUR 10m annually, of which EUR 6m were completed in FY 25. Thirdly, we expect
the company to have faced continued positive demand momentum, potentially
aided by warm weather in February and March driving construction demand.

Our view on material costs. The strong recent performance supports our view
that Semperit can absorb short-term raw material price spikes over a 4-6
week period without significant margin impact. Prices for synthetic and
natural rubber have started to retreat from recent peaks (-8.3% and -3%)
following supply disruptions in Asia and geopolitical tensions linked to the
Iran conflict. We expect levels to remain elevated and volatile in Q2,
implying potential P&L pressure. In response, the company should seek to
pass on raw material inflation through pricing, on which timing and
execution remain key.

Raw material prices could normalize from currently unsustainably high levels
over the course of the year, offering upside to margins. Material
availability appears secure for now, supported by Semperit's diversified
sourcing approach, though ongoing geopolitical uncertainty poses risks. Our
operational EBITDA forecast reflects this backdrop, incorporating a 12.2%
yoy increase in material expenses.

Looking ahead, the strong preliminary result firmly underlines our view that
the FY26 guidance of operational EBITDA of EUR 95m is achievable. Hence, we
raise our revenue estimates to EUR 724m (eNuW) and our operational EBITDA
estimate to EUR 100m (eNuW), excluding project costs of approx. EUR 5m (eNuW).

Further operational improvements are expected as the company advances its
cost-cutting program, ERP project, and product portfolio reviews. Additional
drivers in our view include higher capacity utilization from continued
demand strengthening and ongoing price negotiations with customers.

If demand continues to strengthen materially, moving ahead on the company's
ramp-up on production capacities could follow, although exact timing is not
quite certain yet at the current stage. This should include finishing
preparations on its two extended facilities, which the company largely
completed during its cyclical downturn.

Maintaining BUY at a raised PT of EUR 21.5 (previously EUR 21.0), based on DCF.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=27dc04b4d227bda300d3ba162c8b66c8
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2311634 21.04.2026 CET/CEST

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