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

Original-Research: MAX Automation SE - from NuWays AG



07.08.2026 / 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
     Target price:               EUR 6
     Last rating change:
     Analyst:                    Christian Sandherr



H1 26: Operational beat, but order intake weighs



Last week Friday, Max Automation released its H1 figures with mixed Q2
results. In detail:



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 (+26.3% yoy) and Vecoplan sales only falling by
11.7% yoy (eNuW: -17.5% yoy) despite continued demand weakness. This was
partly offset by a less pronounced than forecasted strengthening in AIM
Micro. NSM + Jücker remained flat, while ELWEMA declined slightly more than
expected.



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% (+0.3 pp) with all five
consolidated holdings delivering positive contributions as the group has
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,
eNuW: EUR 1m, reflecting the softer top-line) and bdtronic (due to a capacity
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
ELWEMA (EUR 2m vs. eNuW EUR 1.8m).



Order intake fell by 31% yoy to EUR 68.7m, primarily due the challenging
environment, significantly impacted by a low investment cycle and customer
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
EUR 144m.



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
by EUR 1.1m to EUR -0.4m.



FY26 guidance specified towards lower ends. The guidance stands at EUR
320-370m sales and EUR 12-18m EBITDA reflecting largely unchanged challenging
market conditions. The low investment cycle stage and customer hesitancy
continue to affect project-based customer orders from the automotive
industry, while the waste disposal/wood processing industry continues to see
demand softness due to the Ukraine war. Additionally, further delays from
hesitancy related to the Iran war slightly dampened the outlook, pointing to
the lower end of both KPI ranges.



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
improved yoy, the speed of the recovery remains insufficient to support our
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.



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