Original-Research: Semperit AG Holding (von NuWays AG): BUY - T-Online

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preliminary Q2 figures and its FY26 guidance hike on 14 July. Key takeaways:

Q2 revenue rose by 13.9% yoy to EUR 192.2m (eNuW: EUR 186m), with both segments

contributing. Sales benefitted from positive pricing and volume effects.

volume reflected a slow demand recovery.

to EUR 41.1m. This was due to the strong top-line improvement and ongoing cost

savings. The implied operating EBITDA margin rose by 9.8pp to 21.4%. Q2 EPS

stood at EUR 0.96 vs EUR -0.19 in Q2 25. H1 EPS of EUR 1.39 was the strongest

SIA grew by 16.6% yoy to EUR 79.4m sales (eNuW: EUR 75.9) with an EBITDA margin

of 28.1% (.1pp), EUR 22.3m absolute EBITDA (eNuW: EUR 22.4m) rising 72.3% yoy.

cost control. Profitability improvements were especially strong in Profiles.

SEA beat expectations, raising sales by 12% yoy to EUR 112.8m (eNuW: EUR 110m)

and improved EBITDA by 95.2% to EUR 20.9m (eNuW: EUR 16.2m). Key drivers

capacity utilization. Form developed strongly on resilient demand across

most end markets. Belting improved significantly and continued to stabilize.

LSR improved its operational basis.

FCF materially strengthened. Over the quarter it rose by EUR 17.3m to EUR 30.4m,

significantly stronger than the Q2 25 increase of EUR 5.2m. This was driven by

operational improvements and disciplined CAPEX spending.

Guidance looks rather conservative. Semperit expects to reach EUR 100m in

strong H1 26 performance. This appears achievable even allowing for higher

two-thirds of the full-year target.

47.7% (eNuW) for Q3, compared to 42.8% in FY25 we project operating EBITDA

at EUR 105m (eNuW), implying a 14.5% margin. Maintaining BUY at a PT of EUR 22,

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