Märkte & Kurse

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Original-Research: MAX Automation SE - from NuWays AG

19.05.2026 / 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

Solid operational start into challenging 2026

MAX published its Q1 2026 figures. These showcased a resilient performance
in challenging market environments, pointing towards first signs of
structurally improving demand across most of the group's portfolio
companies. In detail:

Q1 revenue rose 18.9% yoy to EUR 82.6m (eNuW: EUR 83.6), carried by double-digit
increases across all portfolio companies, except for Vecoplan impacted by
low-capacity utilization. ELWEMA especially profited with a 77% yoy revenue
increase (to EUR 17m) from a large project received in Q2 2025 as well as
follow-up orders. bdtronic's contribution rose by 33% yoy (to EUR 21m) through
the recognition of percentage-of-completion method projects. Overall demand
seems to further increase, yet coming from low levels.

Q1 EBITDA of EUR 3.3m (eNuW: EUR 4.9m) showed a notable improvement over the EUR
0.1m delivered in Q1 25. The stronger margin of 4% (vs 0.2%) was supported
by positive contributions from the four positively performing portfolio
companies and especially strong margins on the ELWEMA orders. Last year's
right-sizing initiative further support margins across several portfolio
companies

Order intake rose 12.9% yoy to EUR 86.9m, driven in particular by large
follow-up orders for ELWEMA. These follow up orders secure the pipeline into
2027. Furthermore, bdtronic increased its intake by 48%. These positive
developments compensated for weaker intake at Vecoplan and NSM + Jücker,
which fell significantly (25.9% and 55.8% yoy respectively). The order
backlog improved by 3.2% yoy to EUR 159m. The book-to-bill ratio reached 1.05.

Balance sheet and Cash Flow slightly weaker. Given stronger order intake in
certain portfolio companies, a need for moderate working capital growth
(+5.4% yoy) weighed on the operating CF of EUR 0.7m. MAX reported a solid
54.3% equity ratio. Importantly, MAX successfully extended its syndicated
loan agreement to March 2029.

Cutting back on reporting obligations. As of March 26, the company has
switched its stock exchange listing from Prime to General Standard to cut
back on administrative tasks and shift its focus towards further operational
growth.

FY26 Guidance confirmed. In Q1 MAX was seen to navigate the challenging
market environments driven primarily by project-based customer orders from
the automotive industry and the waste disposal/wood processing industry
impacted by the war in Ukraine. Operational improvements outlined above
point to a mixed, but resilient performance. Supported by Q1 figures, MAX

confirmed its FY26 guidance of EUR 320m to EUR 370m in revenue and EUR 12m to EUR

18m in EBITDA. Projecting largely flat yoy revenue of EUR 336m (eNuW) and a
9.6% drop in EBITDA (eNuW) due to low capacity utilization, but supported by
capacity adjustment and cost savings initiatives, the FY26 guidance looks
achievable, in our view.

Maintaining BUY at EUR 7.0, based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=8aabb57793f467a1595380438ff433c8
For additional information visit our website:
https://www.nuways-ag.com/research

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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2329514 19.05.2026 CET/CEST

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