MAX Automation SE (von NuWays AG): BUY

Original-Research: MAX Automation SE - from NuWays AG 19.05.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. 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 7
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Solid operational start into challenging 2026

MAX published its Q1 2026 figures. These showcased a resilient performance in challenging market environments, pointing towards first signs of structurally improving demand across most of the group's portfolio companies. In detail:

Q1 revenue rose 18.9% yoy to € 82.6m (eNuW: € 83.6), carried by double-digit increases across all portfolio companies, except for Vecoplan impacted by low-capacity utilization. ELWEMA especially profited with a 77% yoy revenue increase (to € 17m) from a large project received in Q2 2025 as well as follow-up orders. bdtronic's contribution rose by 33% yoy (to € 21m) through the recognition of percentage-of-completion method projects. Overall demand seems to further increase, yet coming from low levels.

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