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

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 € 84.0m (-1.1% yoy), above our projection of € 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 € 4.0m (eNuW: € 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 € 0.4m contribution (Q2 25: € -0.5m, eNuW: € 0.7m) and AIM Micro's contribution tripling to € 0.6m (eNuW: € 0.4m). Contributions from NSM + Jücker (€ 0.8m, eNuW: € 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 (€ 1.7m vs. eNuW € 0.7m, reflecting cost reduction measures initiated in FY25) and ELWEMA (€ 2m vs. eNuW € 1.8m).

Order intake fell by 31% yoy to € 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 € 144m.

Equity ratio maintained. Despite a net debt increase in Q2 2026 of € 5.7m, the equity ratio remained unchanged at 54.3% compared to Q2 25. Working Capital increased by € 1.7m, weighing on the operating CF, which decreased by € 1.1m to € -0.4m.

FY26 guidance specified towards lower ends. The guidance stands at € 320-370m sales and € 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 € 336m (eNuW) and a 9.6% drop in EBITDA (eNuW) to revenue of € 321.8m (eNuW) and a 17.3% decrease in EBITDA (eNuW). Maintaining BUY at a reduced PT of € 6.0 (old: € 7.0), based on DCF.

You can download the research here: max-automation-se-2026-08-07-previewreview-en-cce81
For additional information visit our website: 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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