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MAX Automation withstanding macroeconomic and industry challenges achieves successful financial year 2023 in line with raised forecast

EQS-News: MAX Automation SE / Key word(s): Annual Results/Annual Report MAX Automation withstanding macroeconomic and industry challenges achieves successful financial year 2023 in line with raised forecast 12.03.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. PRESS RELEASE MAX Automation withstanding macroeconomic and industry challenges achieves successful financial year 2023 in line with raised forecast

• MAX Group (incl. MA micro before reclassification to discontinued operations) with sales of EUR 443.1 million and EBITDA of EUR 43.2 million
• Sales from continuing operations up 16.0% to EUR 397.4 million (12M 2022: EUR 342.7 million), driven by a continued high order backlog and the growing service business
• Operating result (EBITDA) from continuing operations improves by 17.7% to EUR 34.6 million (12M 2022: EUR 29.4 million) – EBITDA margin rises to 8.7% (12M 2022: 8.6%) with a higher contribution from the service business
• Order intake of continuing operations down by 15.7% to EUR 341.2 million (12M 2022: EUR 404.8 million) due to muted investment activity; order backlog of continuing operations declines by 21.1% to EUR 206.0 million (31 December 2022: EUR 261.3 million) due to high revenue recognition
• Outlook for financial year 2024 for continuing operations: Sales of between around EUR 390.0 million and EUR 450.0 million with EBITDA of around EUR 31.0 million to EUR 38.0 million

Hamburg, 12 March 2024 – MAX Automation SE (ISIN DE000A2DA588), a company listed in the Prime Standard of the Frankfurt Stock Exchange, continued its positive performance in financial year 2023 withstanding the overall challenges facing the economy and the industry. In July 2023, the MAX Group managed to raise its EBITDA forecast to between around EUR 38.0 million and EUR 44.0 million, while the guidance of Group sales of between around EUR 410.0 million and EUR 470.0 million remained unchanged. Overall, the MAX Group generated sales of EUR 443.1 million and EBITDA of EUR 43.2 million in the past financial year, including the discontinued MA micro division. Sales and earnings contributions from the discontinued operation MA micro Group were included in the forecast prior to the decision to sell it and the associated reclassification in accordance with IFRS 5. Sales from continuing operations increased by 16.0% to EUR 397.4 million (12M 2022: EUR 342.7 million). The operating result (EBITDA) from continuing operations improved by 17.7% to EUR 34.6 million (12M 2022: EUR 29.4 million).

ORDER SITUATION OF CONTINUING OPERATIONS AFFECTED BY INVESTMENT RELUCTANCE

Consolidated order intake of the MAX Group’s continuing operations fell to EUR 341.2 million (12M 2022: EUR 404.8 million) in financial year 2023 due to customers’ reluctance to invest. More restrictive financing conditions and persistently high costs, especially in economies heavily dependent on Russian energy imports, made themselves felt. Increasing geopolitical tensions further unsettled customers in some segments of the MAX Group. In contrast, the bdtronic Group benefited from increased demand in the areas of dispensing and impregnation technology, particularly as a result of major projects. The MAX Group’s order backlog in continuing operations declined by 21.1% to EUR 206.0 million (31 December 2022: EUR 261.3 million).

OPERATING RESULT IMPROVES FURTHER

Sales revenue from the MAX Group’s continuing operations rose by 16.0% to EUR 397.4 million in financial year 2023 (12M 2022: EUR 342.7 million). This was due in particular to the continued high order backlog at the end of the previous year and the growing service business in the Vecoplan Group and ELWEMA segments. The bdtronic Group achieved the strongest growth. ELWEMA also developed very successfully, while the Vecoplan Group and NSM + Jücker were able to maintain their sales at the previous year’s level despite customers’ reluctance to invest.

The MAX Group increased its earnings before interest, taxes, depreciation and amortisation (EBITDA) from continuing operations in financial year 2023 by 17.7% to EUR 34.6 million (12M 2022: EUR 29.4 million) due to the higher contribution from the high-margin service business. The EBITDA margin thus improved to 8.7% (12M 2022: 8.6%).

Guido Mundt, Chairman of the Supervisory Board of MAX Automation SE: “Our performance in the past financial year shows that the MAX Group and its portfolio companies continue to be strategically well-positioned. We are able to deal with uncertainties surrounding the further development of the global economy in light of regional growth weaknesses and geopolitical conflicts. We will continue to consistently implement the MAX Group’s strategy in financial year 2024. The goal remains the organic and inorganic expansion of the diversified portfolio of leading companies in high-growth niche markets. The ongoing measures to continuously improve the performance of the portfolio companies will also be continued. The focus here will be on increasing profitability through targeted measures to optimise costs and processes as well as activities to promote growth in the areas of sales and human resources.”

OUTLOOK FOR 2024

The order backlog of EUR 206.0 million forms a solid starting point for the MAX Group’s further economic development in financial year 2024. The macroeconomic and industry-specific outlook in the markets of the MAX Group’s portfolio companies suggests that demand will remain positive. Overall, the MAX Group expects sales from continuing operations in the range of EUR 390.0 million to EUR 450.0 million and earnings before interest, taxes, depreciation and amortisation (EBITDA) of between EUR 31.0 million and EUR 38.0 million in financial year 2024.

NOTE

With the liquidation of iNDAT and the implementation of a structured sales process for the MA micro Group segment, both segments are now recognised as discontinued operations in accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations." Detailed explanations on the application of IFRS 5 and the discontinued operations can be found in the Notes to the Annual Financial Report of MAX Automation SE for financial year 2023.

KEY GROUP FIGURES (CONTINUING OPERATIONS) AT A GLANCE

in EUR million	2023	2022	Change in %
Order intake	341.2	404.8	-15.7
Order backlog*	206.0	261.3	-21.1
Working capital*	102.9	71.6	43.8
Sales	397.4	342.7	16.0
EBITDA	34.6	29.4	17.7

* Comparison of the reporting dates 31 December 2023 and 31 December 2022

KEY FIGURES OF THE SEGMENTS AT A GLANCE

in EUR million	2023	2022	Change in %
bdtronic Group
Order intake	103.8	93.4	11.1
Order backlog*	52.0	52.3	-0.6
Sales	103.8	65.2	59.2
EBITDA	14.8	9.4	58.0
Vecoplan Group
Order intake	144.5	171.3	-15.6
Order backlog*	63.3	97.5	-35.1
Sales	177.8	174.0	2.2
EBITDA	20.4	19.7	3.6
AIM micro
Order intake	6.0	5.1	17.2
Order backlog*	3.3	4.1	-19.9
Sales	6.8	6.0	12.7
EBITDA	2.1	1.8	18.4
NSM + Jücker
Order intake	40.2	74.7	-46.2
Order backlog*	41.2	54.8	-24.8
Sales	55.6	57.1	-2.6
EBITDA	5.2	5.6	-7.7
ELWEMA
Order intake	46.8	60.3	-22.4
Order backlog*	46.2	52.5	-11.9
Sales	53.2	40.5	31.4
EBITDA	4.0	2.9	39.6
Other
Order intake	0.0	0.0	n/a
Order backlog*	0.0	0.0	n/a
Sales	0.5	0.5	17.3
EBITDA	-0.9	-0.3	n/a
Discontinued operation iNDAT
Order intake	0.0	-1.1	n/a
Order backlog*	0.0	0.4	-100.0
Sales	0.4	2.3	-82.1
EBITDA	1.8	-8.4	n/a
Discontinued operation MA micro Group
Order intake	26.2	21.0	24.8
Order backlog*	22.0	41.7	-47.2
Sales	46.5	64.3	-27.7
EBITDA	9.3	11.2	-17.5

* Comparison of the reporting dates 31 December 2023 and 31 December 2022

DETAILED FINANCIAL INFORMATION

The Annual Financial Report of MAX Automation SE for financial year 2023 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
[e-mail]
www.maxautomation.com

CONTACT FOR MEDIA REPRESENTATIVES:

Susan Hoffmeister
CROSS ALLIANCE communication GmbH
Phone: +49 – 89 – 125 09 03 33
[e-mail]
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 has been listed in the Prime Standard of the Frankfurt Stock Exchange since 2015 (ISIN DE000A2DA588).

www.maxautomation.com

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12.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language:	English
Company:	MAX Automation SE
	Steinhöft 11
	20459 Hamburg
	Germany
Phone:	[phone]
Fax:	[phone]
E-mail:	[e-mail]
Internet:	www.maxautomation.com
ISIN:	DE000A2DA588
WKN:	A2DA58
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1855733

End of News	EQS News Service

1855733  12.03.2024 CET/CEST