MAX Automation SE (von NuWays AG): BUY - Seite 2

Q1 EBITDA of € 3.3m (eNuW: € 4.9m) showed a notable improvement over the € 0.1m delivered in Q1 25. The stronger margin of 4% (vs 0.2%) was supported by positive contributions from the four positively performing portfolio companies and especially strong margins on the ELWEMA orders. Last year's right-sizing initiative further support margins across several portfolio companies

Order intake rose 12.9% yoy to € 86.9m, driven in particular by large follow-up orders for ELWEMA. These follow up orders secure the pipeline into 2027. Furthermore, bdtronic increased its intake by 48%. These positive developments compensated for weaker intake at Vecoplan and NSM + Jücker, which fell significantly (25.9% and 55.8% yoy respectively). The order backlog improved by 3.2% yoy to € 159m. The book-to-bill ratio reached 1.05.

Balance sheet and Cash Flow slightly weaker. Given stronger order intake in certain portfolio companies, a need for moderate working capital growth (+5.4% yoy) weighed on the operating CF of € 0.7m. MAX reported a solid 54.3% equity ratio. Importantly, MAX successfully extended its syndicated loan agreement to March 2029.

Cutting back on reporting obligations. As of March 26, the company has switched its stock exchange listing from Prime to General Standard to cut back on administrative tasks and shift its focus towards further operational growth.

FY26 Guidance confirmed. In Q1 MAX was seen to navigate the challenging market environments driven primarily by project-based customer orders from the automotive industry and the waste disposal/wood processing industry impacted by the war in Ukraine. Operational improvements outlined above point to a mixed, but resilient performance. Supported by Q1 figures, MAX confirmed its FY26 guidance of € 320m to € 370m in revenue and € 12m to € 18m in EBITDA. Projecting largely flat yoy revenue of € 336m (eNuW) and a 9.6% drop in EBITDA (eNuW) due to low capacity utilization, but supported by capacity adjustment and cost savings initiatives, the FY26 guidance looks achievable, in our view.

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