MAX Automation SE strengthens capital structure and improves working capital in challenging financial year 2025

PRESS RELEASE

MAX Automation SE strengthens capital structure and improves working capital in challenging financial year 2025
 

• Sales decline to EUR 334.5 million (12M 2024: EUR 366.0 million) due to a lower order backlog at the beginning of the year and project-related delays
• Operating profit (EBITDA) of EUR 15.6 million due to cost of sales and non-recurring expenses (12M 2024: EUR 29.3 million) – EBITDA margin declines to 4.7% (12M 2024: 8.0%)
• Order intake improves to EUR 338.8 million (12M 2024: EUR 314.4 million) thanks to major orders in the NSM + Jücker and ELWEMA segments
• Order book at the end of the year at EUR 154.4 million, on par with the previous year (31 December 2024: EUR 154.3 million)
• Net debt declines to EUR 31.5 million (31 December 2024: EUR 58.2 million); equity ratio improves to 57.0% (31 December 2024: 54.6%)
• Outlook for 2026 calls for demand to stabilise moderately: sales of between EUR 320 million and EUR 370 million and EBITDA of between EUR 12 million and EUR 18 million

Hamburg, 20 March 2026 – MAX Automation SE (ISIN DE000A2DA588), a financial and investment company that focuses on high-growth companies with strong cash flow in niche markets, has concluded its financial year 2025 in a still challenging economic environment with an improved order intake and a strengthened capital structure. Sales and operating profit fell short of the previous year’s figures due to a lower order backlog at the start of the year, as well as project-related delays and non-recurring expenses associated with cost-cutting measures. Net debt was lowered by nearly half to EUR 31.5 million thanks to consistent working capital management and a further partial repayment of the syndicated loan.

ORDER INTAKE IMPROVES DESPITE A CONTINUED CHALLENGING ENVIRONMENT

The MAX Group’s consolidated new order intake improved by 7.8% to EUR 338.8 million in financial year 2025 (12M 2024: EUR 314.4 million). Growth was driven in particular by the NSM + Jücker segment, which received major orders in the area of packaging automation, and by ELWEMA. The market recovery observed during the course of the year in the bdtronic Group and Vecoplan Group segments failed to take hold on a sustainable basis. The MAX Group’s order backlog at the end of the year stood at EUR 154.4 million, on par with the previous year (31 December 2024: EUR 154.3 million).

SALES AND EARNINGS DEVELOPMENT IMPACTED BY A LOW ORDER BACKLOG AT THE START OF THE YEAR AND NON-RECURRING EXPENSES

The MAX Group’s sales declined significantly in the past financial year 2025, by 8.6% to EUR 334.5 million (12M 2024: EUR 366.0 million), due to the lower order backlog at the start of the year and the delayed recognition of revenue from new orders. The operating business stabilised over the course of the year, but the shortfall from the first half of the year could not be fully compensated for.

The MAX Group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) declined particularly sharply in the past financial year 2025 – mainly due to lower sales and as a result of non-recurring expenses – by 46.8% to EUR 15.6 million (12M 2024: EUR 29.3 million). The EBITDA margin based on sales decreased accordingly to 4.7% (previous year: 8.0%).

The cash inflow from the operating cash flow of the MAX Group improved significantly in the past financial year 2025 to EUR 38.7 million (12M 2024: EUR 19.0 million). The cash inflow from investing activities recorded a cash outflow of EUR 4.7 million (12M 2024: cash inflow of EUR 54.4 million). Cash flow from financing activities recorded a cash outflow of EUR 31.7 million (12M 2024: cash outflow of EUR 90.2 million). Cash and cash equivalents as reported in the balance sheet increased to EUR 12.8 million (31 December 2024: EUR 9.0 million).

The MAX Group’s working capital as of 31 December 2025 amounted to EUR 73.7 million, significantly below the previous year’s level (31 December 2024: EUR 105.3 million). This was mainly due to the consistent reduction in inventory levels across all segments, as well as higher advance payments received in the ELWEMA and NSM + Jücker segments. Net debt (including leases) declined particularly sharply to EUR 31.5 million (31 December 2024: EUR 58.2 million). Net debt (excluding leases) fell accordingly to EUR 17.1 million (31 December 2024: EUR 40.8 million). The equity ratio improved to 57.0% (31 December 2024: 54.6%).

Guido Mundt, Chairman of the Supervisory Board of MAX Automation SE: “The MAX Group demonstrated stability in 2025 despite a challenging environment. We have significantly improved our capital structure, virtually reduced our debt by half and, with an improved order intake, laid a solid foundation for 2026. In financial terms, the MAX Group has continued to improve on both the debt and equity sides. In the current financial year 2026, our priorities are to achieve the operational targets of our subsidiaries and, given the macroeconomic and industry-specific challenges over which we have only limited influence, understandably in cash management and thus in ensuring the Group’s stability. At the same time, we remain firmly focused on active cost management in order to further increase our efficiency and strengthen the Group’s financial flexibility. Furthermore, we continue to devote considerable attention to the strategic direction of our subsidiaries and their growth and value creation potential, as well as to the general strategic development of the MAX Group.”

OUTLOOK FOR 2026 CALLS FOR DEMAND TO STABILISE MODERATELY

The MAX Group started financial year 2026 with an order backlog of EUR 154.4 million. In light of the continuing macroeconomic and geopolitical uncertainties, the Managing Directors expect to see demand stabilise moderately with a gradual improvement in the individual segments. The environment continues to be dominated by geopolitical tensions, ongoing conflicts and potential impacts on energy prices, commodity markets and global supply chains. Furthermore, the economic consequences of the military conflict in the Middle East, which has escalated since the end of February 2026, cannot yet be conclusively predicted. The forecast range also takes potential expenses associated with possible additional measures to further strengthen efficiency and cost structures into account. Overall, the MAX Group expects to record sales of between EUR 320 million and EUR 370 million for financial year 2026 and operating profit before interest, taxes, depreciation and amortisation (EBITDA) of between EUR 12 million and EUR 18 million.

TRANSITION TO THE GENERAL STANDARD

As previously announced on 1 December 2025, MAX Automation SE has completed the transfer of its stock market listing within the Regulated Market of the Frankfurt Stock Exchange from the Prime Standard to the General Standard. The segment change formally took effect at the end of 18 March 2026. This step is part of the further development of the capital market strategy. The goal is to reduce administrative effort and the related costs. At the same time, resources are to be focused more strongly on the operational development of the Group and strategic growth initiatives.

MAX Automation SE intends to continue ensuring reliable and consistent capital market communication in the future and to provide regular updates on the company’s performance.

KEY GROUP FIGURES (CONTINUING OPERATIONS) AT A GLANCE

* Comparison of the reporting dates 31 December 2025 and 31 December 2024

KEY FIGURES OF THE SEGMENTS AT A GLANCE

* Comparison of the reporting dates 31 December 2025 and 31 December 2024

DETAILED FINANCIAL INFORMATION

The Annual Financial Report for financial year 2025 of MAX Automation SE is available for download at https://www.maxautomation.com/en/investor-relations/financial-reports.

CONTACT:

Marcel Neustock
Investor Relations
Phone: +49 – 40 – 8080 582 75
investor.relations@maxautomation.com
www.maxautomation.com

MEDIA CONTACT:

Susan Hoffmeister
CROSS ALLIANCE communication GmbH
Phone: +49 – 89 – 125 09 03 33
sh@crossalliance.de
www.crossalliance.de

ABOUT MAX AUTOMATION SE

MAX Automation SE, headquartered in Hamburg, is a medium-sized finance and investment company focused on the management and acquisition of investments in growth and high cash flow companies operating in niche markets. The products and solutions of the portfolio companies are used in various end industries and for numerous industrial applications, including automotive, electronics, recycling, raw materials processing, packaging, and medical technology. MAX Automation SE is listed in the General Standard of the Frankfurt Stock Exchange (ISIN DE000A2DA588).

www.maxautomation.com