Original-Research: MAX Automation SE (von NuWays AG): BUY

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Original-Research: MAX Automation SE - from NuWays AG

05.08.2025 / 09:00 CET/CEST

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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

from: 05.08.2025

Target price: EUR 6.50

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Q2 figures out: order intake is the silver lining

MAX Automation delivered a mixed set of Q2 2025 results, marked by continued

top-line weakness and a sharp margin erosion, but partially offset by a

solid uptick in order intake. Group revenue in H1 2025 came in at EUR 154m,

representing a 17.9% yoy decline, primarily driven by delayed project

execution and cautious investment activity across key customer segments. Q2

revenue of EUR 84.9m were down 13% yoy. The impact was most pronounced at

e-mobility focused bdtronic (Q2: -27% yoy to 15.6m, H1: -38% yoy to EUR 31.4m)

and packaging company NSM Jücker (Q2: -36% yoy to EUR 10.7m, H1: -23% yoy to

EUR 20m). Positively, Vecoplan recorded stabilizing revenues in Q2 (.4% yoy,

H1: -6.6% yoy) thanks to good demand for its recycling solutions.

H1 EBITDA fell even more steeply, plunging 75% yoy to EUR 3.9m with Q2 EBITDA

coming in at EUR 3.8m (-50% yoy) reflecting not only the volume shortfall but

also elevated cost structures and underutilized capacity.

Roughly two weeks ago, management already cut the FY25 guidance to EUR

300-340m sales and EUR 12-18m EBITDA (eNuW: EUR 310m sales and EUR 12.8m EBITDA).

Mind you, the magnitude of the EBITDA guidance reduction was partially

impacted by one-off expenses (in addition to a lower top line), estimated at

around EUR 5m (eNuW), aimed at aligning cost structures across the portfolio.

Importantly, all related costs will be fully recognized in FY25, leading to

a reduced cost base from the following year onward.

The clear silver lining in the quarter was the improvement in order

momentum. Order intake in Q2 reached EUR 92.6m, marking a 7.4% increase

compared to EUR 86.2m in the same period last year. On a half-year basis,

total order intake rose 5.7% to EUR 176.5m (H1 2024: EUR 166.9m). The individual

portfolio companies showed a mixed picture. While bdtronic and Vecoplan

reported stabilizing H1 order intake, NSM Jücker showed an 82% yoy

increase to EUR 24.5m carried by a demand recovery for packaging solutions.

With this, the order backlog at the end of H1 increased by 13.3% yoy to EUR

174.8m. This rising backlog provides a more solid foundation for revenue

stabilization in the second half and could support a gradual recovery into

FY26, provided execution and project conversion improve.

We confirm our BUY rating with an unchanged EUR 6.50 PT based on a DCF with

its stake in ZEAL Network accounting for roughly 25% of the company's

Enterprise Value.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=4bccf1d9392484732bd8b0bdab4dca88

For additional information visit our website:

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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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