MAX Automation delivered a mixed set of Q2 2025 results, marked by continued top-line weakness and a sharp margin erosion, but partially offset by a solid uptick in order intake. Group revenue in H1 2025 came in at € 154m, representing a 17.9% yoy decline, primarily driven by delayed project execution and cautious investment activity across key customer segments. Q2 revenue of € 84.9m were down 13% yoy. The impact was most pronounced at e-mobility focused bdtronic (Q2: -27% yoy to 15.6m, H1: -38% yoy to € 31.4m) and packaging company NSM + Jücker (Q2: -36% yoy to € 10.7m, H1: -23% yoy to € 20m). Positively, Vecoplan recorded stabilizing revenues in Q2 (+0.4% yoy, H1: -6.6% yoy) thanks to good demand for its recycling solutions.

H1 EBITDA fell even more steeply, plunging 75% yoy to € 3.9m with Q2 EBITDA coming in at € 3.8m (-50% yoy) reflecting not only the volume shortfall but also elevated cost structures and underutilized capacity.

Roughly two weeks ago, management already cut the FY25 guidance to € 300-340m sales and € 12-18m EBITDA (eNuW: € 310m sales and € 12.8m EBITDA). Mind you, the magnitude of the EBITDA guidance reduction was partially impacted by one-off expenses (in addition to a lower top line), estimated at around € 5m (eNuW), aimed at aligning cost structures across the portfolio. Importantly, all related costs will be fully recognized in FY25, leading to a reduced cost base from the following year onward.

The clear silver lining in the quarter was the improvement in order momentum. Order intake in Q2 reached € 92.6m, marking a 7.4% increase compared to € 86.2m in the same period last year. On a half-year basis, total order intake rose 5.7% to € 176.5m (H1 2024: € 166.9m). The individual portfolio companies showed a mixed picture. While bdtronic and Vecoplan

reported stabilizing H1 order intake, NSM + Jücker showed an 82% yoy increase to € 24.5m carried by a demand recovery for packaging solutions.

With this, the order backlog at the end of H1 increased by 13.3% yoy to € 174.8m. This rising backlog provides a more solid foundation for revenue stabilization in the second half and could support a gradual recovery into FY26, provided execution and project conversion improve.

We confirm our BUY rating with an unchanged € 6.50 PT based on a DCF with its stake in ZEAL Network accounting for roughly 25% of the company‘s Enterprise Value.