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

Q4 & FY 25: Beating expectations in a difficult year

Max Automation published its annual report for FY25. Despite several

challenges, results came in ahead of expectations. In detail:

Q4 revenue came in ahead of expectations across most segments totalling EUR

88.3m (eNuW: EUR 73.9m), but still down 5.1% yoy, due to a lower contribution

from Vecoplan and ELWEMA compared to the previous year, partially mitigated

by bdtronic- and AIM micro-contributions. Q4 EBITDA rose sharply by 42.4%

yoy to EUR 6.3m (eNuW: EUR 4.3m) on account of stronger contributions from AIM

micro and NSM + Jücker and general cost measures taken. Order momentum

across the group decreased towards the end of the year with order intake of

EUR 74m (-8.5% yoy).

Smaller segments improved, while larger segments lagged. bdtronic saw a

decrease in market activity in Q4, after stronger developments during the

year. Vecoplan showed improvements in recycling but continued to face muted

investment demand in wood, biomass and services. AIM micro was a notable

standout, delivering material improvements in order intake, revenue and

EBITDA contribution despite its small base. NSM + Jücker posted stable

revenue alongside stronger order intake and improved profitability. ELWEMA

saw order intake improve yoy, though revenue and bottom-line contribution

came in slightly weaker.

FY 25 guidance was met and came in ahead of expectations. Revenue stood at EUR

335m (eNuW: EUR 320m), implying an 8.6% decrease yoy. The strong Q4 result

helped to partially mitigate effects from a weak H1 and a low order book at

the end of 2024. EBITDA fell by 46.8% to EUR 15.6m (eNuW: EUR 13.6m), driven by

the weaker top line, one-off costs related to cost cutting measures in

bdtronic and Vecoplan. On the positive side, full-year order intake improved

7.8% yoy to EUR 338.8m, supported by large orders placed with NSM + Jücker and

ELWEMA.

Improved balance sheet metrics. Net debt fell by EUR 31.5m. The equity ratio

correspondently rose from 54.6% to 57%. Working capital decreased by 30% to

EUR 73.7m (1.7% w/c ratio), which should be sustainable, in our view. The

meaningful working capital release further underlines improving capital

efficiency and supports our positive stance on the name.

Looking into FY26, management provided guidance of EUR 320-370m in revenue and

EUR 12-18m in EBITDA, which we view as an inflection point towards

stabilization. We consider this guidance achievable and project broadly

stable revenue of EUR 336m (eNuW) and EBITDA of EUR 14.2m (eNuW), reflecting

resilience in profitability on a largely flat top line.

We maintain our BUY recommendation with a price target of EUR 7.00 based on

DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=9fa2a58c8133d6c7c16d7a95c112425c

For additional information visit our website:

https://www.nuways-ag.com/research-feed

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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2296392 24.03.2026 CET/CEST

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