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

The issuer is solely responsible for the content of this research. The

invitation to conclude certain stock exchange transactions.

Q2 sales came in ahead of expectations. Group sales reached EUR 84.0m (-1.1%

yoy), above our projection of EUR 80.7m (eNuW). The beat was driven by new

project starts of bdtronic (.3% yoy) and Vecoplan sales only falling by

11.7% yoy (eNuW: -17.5% yoy) despite continued demand weakness. This was

Micro. NSM Jücker remained flat, while ELWEMA declined slightly more than

Bottom-line strengthened. Q2 EBITDA came in 4.7% stronger yoy at EUR 4.0m

(eNuW: EUR 4.6m) at an EBITDA margin of 4.8% (.3 pp) with all five

significantly reduced cost structures and partial overcapacities. On a yoy

basis, the improvement was driven by bdtronic swinging to a EUR 0.4m

contribution (Q2 25: EUR -0.5m, eNuW: EUR 0.7m) and AIM Micro's contribution

tripling to EUR 0.6m (eNuW: EUR 0.4m). Contributions from NSM Jücker (EUR 0.8m,

adjustment-related one-off) came in below our forecast. These were partially

offset by stronger-than-projected contributions from Vecoplan (EUR 1.7m vs.

eNuW EUR 0.7m, reflecting cost reduction measures initiated in FY25) and

Order intake fell by 31% yoy to EUR 68.7m, primarily due the challenging

hesitancy related to the Iran war. ELWEMA (-69.6% yoy), NSM Jücker (-52.4%

yoy) and bdtronic (-27.1% yoy) were particularly affected, partially

mitigated by gains in Vecoplan and AIM Micro. The Q2 book-to-bill came in at

0.82x, compared to 1.17x in Q2 25, as the order backlog fell by 6.5% yoy to

Equity ratio maintained. Despite a net debt increase in Q2 2026 of EUR 5.7m,

the equity ratio remained unchanged at 54.3% compared to Q2 25. Working

Capital increased by EUR 1.7m, weighing on the operating CF, which decreased

FY26 guidance specified towards lower ends. The guidance stands at EUR

market conditions. The low investment cycle stage and customer hesitancy

demand softness due to the Ukraine war. Additionally, further delays from

Looking ahead. NSM Jücker order intake is viewed as temporarily affected

by the uncertainty related to the Iran war. While Vecoplan's Q2 order intake

current sales forecast. We hence adjust our segment forecasts and lower our

FY26 estimates of largely flat revenue at EUR 336m (eNuW) and a 9.6% drop in

EBITDA (eNuW) to revenue of EUR 321.8m (eNuW) and a 17.3% decrease in EBITDA

(eNuW). Maintaining BUY at a reduced PT of EUR 6.0 (old: EUR 7.0), based on DCF.

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=6e63709519b7161c0925881c216cd4d9

LinkedIn: https://www.linkedin.com/company/nuwaysag

analysierten Unternehmen befindet sich in der vollständigen Analyse.

Financial/Corporate News and Press Releases.

https://eqs-news.com/?origin_id=c1d57d0e-9228-11f1-8534-027f3c38b923&lang=en

Die Ströer Digital Publishing GmbH übernimmt keine Gewähr für die Richtigkeit, Genauigkeit und Vollständigkeit der Angaben. Verzögerung der Kursdaten: Deutsche Börse 15 Min., Nasdaq und NYSE 20 Min.