MAX Automation SE Shows Resilience in Q1 2026 Despite Challenges

MAX Automation SE has demonstrated a resilient operational start in the first quarter of 2026, amid challenging market conditions. The company reported a 18.9% year-over-year increase in revenue, reaching €82.6 million. This growth was mainly driven by strong performances across most portfolio companies, except Vecoplan, which faced low-capacity utilization. ELWEMA and bdtronic showed significant revenue increases of 77% and 33% respectively.

Despite challenges, MAX's Q1 EBITDA improved to €3.3 million, marking a notable increase from €0.1 million in Q1 2025. The EBITDA margin rose to 4%, bolstered by high margins from ELWEMA and operational optimizations initiated last year. Order intake saw a 12.9% rise, largely due to follow-up orders for ELWEMA, while Vecoplan and NSM + Jücker experienced declines.

Although the balance sheet and cash flow were slightly weaker due to a 5.4% rise in working capital, MAX maintained a strong equity ratio of 54.3%. The company confirmed its full-year 2026 guidance, projecting revenues between €320 million and €370 million and EBITDA between €12 million and €18 million.