PRESS RELEASE

MAX Automation SE reports challenging first quarter – Forecast for 2025 confirmed
 

• Sales from continuing operations decline to EUR 69.5 million (3M 2024: EUR 90.6 million), mainly due to project postponements to subsequent months
• Operating result (EBITDA) from continuing operations still slightly positive at EUR 0.1 million despite the significant decline in sales (3M 2024: EUR 7.9 million) – earnings contributions from postponed projects expected to be made up over the course of the year
• Order intake from continuing operations down to EUR 77.0 million due to continued investment restraint (3M 2024: EUR 89.7 million) – slight recovery at Vecoplan Group and NSM + Jücker
• Order backlog for continuing operations at EUR 161.3 million (31 December 2024: EUR 154.3 million)
• Forecast for 2025 confirmed: sales of between EUR 340 million and EUR 400 million and EBITDA of between EUR 21 million and EUR 28 million

Hamburg, 15 May 2025 – MAX Automation SE (ISIN DE000A2DA588), a company listed on the Prime Standard of the Frankfurt Stock Exchange, continued to be affected by challenging macroeconomic and industry conditions in its continuing operations in the first quarter of 2025. Accordingly, its business performance was noticeably affected by customers’ reluctance to invest and ongoing economic and geopolitical uncertainties, which also led to project postponements.

DECLINE IN ORDER INTAKE – SLIGHT IMPROVEMENT IN SOME AREAS

Consolidated order intake for the MAX Group’s continuing operations declined by 14.2% to EUR 77.0 million in the first quarter of 2025 (3M 2024: EUR 89.7 million). Customers continued to show restraint in their investment spending due to the challenging economic conditions. The same period last year for the MAX Group was characterised by continuous follow-up orders in the ELWEMA segment. Against this backdrop, however, the positive development of order intake in the Vecoplan Group and NSM + Jücker segments is viewed with cautious optimism as an early indicator of a possible economic upturn, which has not yet affected all segments equally.

The MAX Group’s order backlog in its continuing operations increased by 4.6% to EUR 161.3 million as of 31 March 2025 (31 December 2024: EUR 154.3 million).

SALES AND EARNINGS PERFORMANCE IMPACTED BY MARKET WEAKNESS AND PROJECT POSTPONEMENTS

Sales of the MAX Group’s continuing operations declined by 23.3% to EUR 69.5 million (3M 2024: EUR 90.6 million) in the first quarter of 2025 due to generally subdued demand and project postponements to subsequent months, particularly in the ELWEMA and Vecoplan Group segments, in the low double-digit million euro range. This was also due to location-related project preparations on the customer side, which meant that planned orders could not be realised as intended in the first quarter of 2025.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the MAX Group’s continuing operations declined in the first quarter of 2025 to EUR 0.1 million (3M 2024: EUR 7.9 million), due to lower capacity utilisation as a result of the economic downturn and the lack of earnings contributions from temporarily postponed order realisations in the mid-single-digit million euro range. The EBITDA margin relative to sales decreased accordingly to 0.2% (3M 2024: 8.8%). The corresponding earnings contributions from the postponed projects are expected to be recovered in the further course of the year.

The cash inflow from operating activities of the MAX Group increased in the first quarter of 2025, mainly due to a reduction in trade receivables and a reduction in contract assets to EUR 3.1 million (3M 2024: cash outflow of EUR 8.1 million). Cash inflow from investing activities of EUR 1.5 million (3M 2024: cash outflow of EUR 2.1 million) resulted from the sale of fixed assets. Cash flow from financing activities resulted in a cash outflow of EUR 0.5 million (3M 2024: cash inflow of EUR 5.9 million). Cash and cash equivalents according to the balance sheet increased to EUR 13.6 million as of 31 March 2025 (31 December 2024: EUR 9.0 million).

The MAX Group’s working capital as of 31 March 2025 was EUR 99.8 million, down 5.2% on the previous year (31 December 2024: EUR 105.3 million). The decline in working capital is mainly attributable to the lower project volume due to the order situation. Net debt decreased to EUR 54.3 million as a result of the lower working capital requirement due to the order situation (31 December 2024: EUR 58.2 million). Overall, the MAX Group’s equity ratio declined to 52.4% (31 December 2024: 54.6%) as a result of the negative net income for the period and the fair value measurement of the shares in ZEAL Network SE, which had no impact on income.

“The ongoing challenging macroeconomic and industry conditions had a noticeable impact on our sales and earnings performance in the first quarter of 2025. Project postponements and a cautious investment climate affected capacity utilisation. At the same time, we are seeing initial signs of a slight upturn in certain segments. Combined with our solid financing base thanks to the early agreement of a new syndicated loan and a continued strong equity ratio, we have the strategic and financial planning security to navigate through times of macroeconomic and industry uncertainty,” said Guido Mundt, Chairman of the Supervisory Board of MAX Automation SE.

FORECAST FOR 2025 CONFIRMED

In view of the escalation of the current tariff disputes and the significant share of US business in the Group’s sales, it cannot be ruled out that adverse changes in the general and industry-specific economic conditions could have an impact on the MAX Group’s sales and earnings situation.

Provided that the tariff disputes do not have any material impact, the Managing Directors of the MAX Group continue to expect sales of between EUR 340 million and EUR 400 million and operating earnings before interest, taxes, depreciation and amortisation (EBITDA) of between EUR 21 million and EUR 28 million. The Managing Directors expect the order situation to pick up from the second quarter and in the following quarters.

KEY GROUP FIGURES (CONTINUING OPERATIONS) AT A GLANCE

in EUR million	3M 2025	3M 2024	Change in %
Order intake	77.0	89.7	-14.2
Order backlog*	161.3	154.3	4.6
Working capital*	99.8	105.3	-5.2
Sales	69.5	90.6	-23.3
EBITDA	0.1	7.9	-98.6

* Comparison of the reporting dates 31 March 2025 and 31 December 2024

KEY FIGURES FOR THE SEGMENTS AT A GLANCE

in EUR million	3M 2025	3M 2024	Change in %
bdtronic Group
Order intake	12.6	19.4	-35.0
Order backlog*	30.5	33.9	-10.0
Sales	15.8	29.6	-46.5
EBITDA	-0.8	3.3	n/a
Vecoplan Group
Order intake	44.8	33.5	34.0
Order backlog*	65.5	54.4	20.3
Sales	33.3	38.7	-13.8
EBITDA	1.9	4.1	-54.4
AIM Micro
Order intake	1.2	1.7	-31.3
Order backlog*	2.0	2.2	-5.9
Sales	1.3	2.1	-38.3
EBITDA	0.2	0.7	-72.2
NSM + Jücker
Order intake	14.0	6.3	122.8
Order backlog*	24.8	20.1	23.4
Sales	9.3	10.0	-7.0
EBITDA	0.5	0.0	n/a
ELWEMA
Order intake	4.4	28.8	-84.9
Order backlog*	38.6	43.8	-11.9
Sales	9.6	10.2	-5.7
EBITDA	1.1	1.2	-6.2
Other
Order intake	0.0	0.0	n/a
Order backlog*	0.0	0.0	n/a
Sales	0.1	0.1	4.0
EBITDA	0.0	0.0	n/a
Discontinued operation iNDAT
Order intake	0.0	0.0	n/a
Order backlog*	0.0	0.0	n/a
Sales	0.0	0.0	n/a
EBITDA	0.0	0.0	n/a

* Comparison of the reporting dates 31 March 2025 and 31 December 2024

DETAILED FINANCIAL INFORMATION

The complete Interim Statement for the first quarter of 2025 of MAX Automation SE is available for download at https://www.maxautomation.com/en/investor-relations/financial-reports.

CONTACT:

Marcel Neustock
Investor Relations
Phone: +49 – 40 – 8080 582 75
investor.relations@maxautomation.com
www.maxautomation.com

MEDIA CONTACT:

Susan Hoffmeister
CROSS ALLIANCE communication GmbH
Phone: +49 – 89 – 125 09 03 33
sh@crossalliance.de
www.crossalliance.de

ABOUT MAX AUTOMATION SE

MAX Automation SE, headquartered in Hamburg, is a medium-sized finance and investment company focused on the management and acquisition of investments in growth and high cash flow companies operating in niche markets. The products and solutions of the portfolio companies are used in various end industries and for numerous industrial applications, including automotive, electronics, recycling, raw materials processing, packaging, and medical technology. MAX Automation SE has been listed in the Prime Standard of the Frankfurt Stock Exchange since 2015 (ISIN DE000A2DA588).

www.maxautomation.com