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 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.

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.

Maintaining BUY at € 7.0, based on DCF.

You can download the research here: max-automation-se-2026-05-19-update-en-38795
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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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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