Original-Research: MAX Automation SE (von NuWays AG): BUY

Classification of NuWays AG to MAX Automation SE

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 € 88.3m (eNuW: € 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 € 6.3m (eNuW: € 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 € 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 € 335m (eNuW: € 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 € 15.6m (eNuW: € 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 € 338.8m, supported by large orders placed with NSM + Jücker and ELWEMA.

Improved balance sheet metrics. Net debt fell by € 31.5m. The equity ratio correspondently rose from 54.6% to 57%. Working capital decreased by 30% to € 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 € 320-370m in revenue and € 12-18m in EBITDA, which we view as an inflection point towards stabilization. We consider this guidance achievable and project broadly stable revenue of € 336m (eNuW) and EBITDA of € 14.2m (eNuW), reflecting resilience in profitability on a largely flat top line.

We maintain our BUY recommendation with a price target of € 7.00 based on DCF.

You can download the research here: max-automation-se-2026-03-24-previewreview-en-52404

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: [email protected]
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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