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ER - MAX Automation faces challenging first half-year order intake lower than expected, but initial signs of growth

Company: MAX Automation SE Date: 2025-08-01 Language: English Register to download
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 News Details 

Corporate | 1 August 2025 07:30

#   

MAX Automation faces challenging first half-year – order intake lower than expected, but initial signs of growth

MAX Automation SE / Key word(s): Half Year Report/Half Year Results  

MAX Automation faces challenging first half-year – order intake lower than expected, but initial signs of growth  

  

01.08.2025 / 07:30 CET/CEST  

The issuer is solely responsible for the content of this announcement.  

  

- - -

PRESS RELEASE  

  

**MAX Automation faces challenging first half-year – order intake lower than expected, but initial signs of growth**

-   **Sales from continuing operations declines to EUR 154.4 million (6M 2024: EUR 188.2 million), mainly due to weaker order intake in previous months and project postponements**
-   **Operating result (EBITDA) from continuing operations decreases to EUR 3.9 million (6M 2024: EUR 15.6 million) due to lower capacity utilisation and the absence of earnings contributions from postponed projects**
-   **Order intake from continuing operations rises to EUR 176.5 million (6M 2024: EUR 166.9 million) – slight upturn in customer ordering activity**
-   **Order backlog for continuing operations of EUR 174.8 million (31 December 2024: EUR 154.3 million)**
-   **2025 forecast revised: Sales of between EUR 300 million and EUR 340 million (previously: between EUR 340 million and EUR 400 million) and operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) of between EUR 12 million and EUR 18 million (previously: between EUR 21 million and EUR 28 million)**

  

**Hamburg, 1** **August** **2025** – MAX Automation SE (ISIN [DE000A2DA588](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=df2a16f0cde1c1bf2021b91151ce9cde&application_id=2177164&site_id=airport_aws~~~7cc68db1-74de-43c8-af69-2ae0a97efdc3&application_name=news) ), a company listed on the Prime Standard of the Frankfurt Stock Exchange, once again held its ground in a challenging economic environment in the first half of 2025. Although the ongoing investment restraint in key sales markets, geopolitical uncertainties, and trade tariff risks left their mark on business performance, order intake showed a stabilizing and, in some areas, positive trend, pointing to a revival in ordering activity. Overall, however, order intake growth in the segments remained largely below expectations.  

  

**INCREASE IN ORDER INTAKE – SLIGHT UPTURN IN CUSTOMER ORDERING ACTIVITY**

Consolidated **order intake** for the **MAX Group’s** continuing operations rose by 5.7% to EUR 176.5 million in the first half of 2025 (6M 2024: EUR 166.9 million). This was accompanied by a slight upturn in customer ordering activity. The NSM + Jücker segment benefited from a market upturn in packaging automation, while the ELWEMA segment once again secured major orders as in the same period of the previous year.

The **MAX Group’s order backlog** in its continuing operations increased by 13.3% to EUR 174.8 million as of 30 June 2025 (31 December 2024: EUR 154.3 million).  

  

**DECLINE IN SALES AND EARNINGS IN FIRST HALF OF 2025 DUE TO WEAKER PRECEDING MONTHS AND PROJECT POSTPONEMENTS**

**Sales revenue** from continuing operations of the **MAX Group** declined by 17.9% to EUR 154.4 million in the first half of 2025, primarily due to the weaker order situation in the previous months and project postponements (6M 2024: EUR 188.2 million).

Earnings before interest, taxes, depreciation, and amortisation ( **EBITDA** ) for the **MAX Group’s** continuing operations declined to EUR 3.9 million in the first half of 2025, mainly due to lower capacity utilisation and the absence of earnings contributions from temporarily postponed order realisations (6M 2024: EUR 15.6 million). The EBITDA margin in relation to sales decreased accordingly to 2.5% (6M 2024: 8.3%).

The MAX Group’s **operating cash flow** improved in the first half of 2025, mainly due to the reduction in working capital to a cash inflow of EUR 2.3 million (6M 2024: cash outflow of EUR 1.3 million). The **cash outflow from investing activities** decreased to EUR 0.4 million with the sale of a building (6M 2024: cash outflow of EUR 5.7 million). **Cash flow from financing activities** resulted in a cash outflow of EUR 4.7 million (6M 2024: cash inflow of EUR 0.7 million) due to the repayment of lease liabilities and interest payments. **Cash and cash equivalents as reported in the balance sheet** decreased to EUR 7.7 million as of 30 June 2025 (31 December 2024: EUR 9.0 million) due to the reporting date.

The MAX Group’s **working capital** as of 30 June 2025 was EUR 99.6 million, down 5.4% on the previous year (31 December 2024: EUR 105.3 million). The reduction in inventories was mainly offset by retained advance payments for new projects. **Net debt** (including leasing) remained at the previous year’s level at EUR 58.7 million (31 December 2024: EUR 58.2 million). Excluding leasing, net debt amounted to EUR 43.2 million (31 December 2024: EUR 40.8 million). The MAX Group’s **equity ratio** remained at the strong level of the previous year at 54.3% (31 December 2024: 54.6%).

“Despite a challenging economic environment characterised by investment restraint and geopolitical risks, the MAX Group has proven resilient in the first half of 2025. The positive development in order intake and the improved operating cash flow demonstrate our ability to react. With a solid order backlog, cost-cutting measures intensified in Q3 and the refinancing measures implemented, combined with a solid equity base, we are in a good financial position to continue to operate in a targeted and agile manner in the market,” explained **Guido Mundt, Chairman of the Supervisory Board of MAX Automation SE** .  

  

**FORECAST FOR 2025 REVISED**

After the end of the reporting period, the MAX Group adjusted its forecast for sales and EBITDA for the current financial year 2025 downward. Based on the figures for the first half of 2025 and an updated projection for the full year, MAX Automation SE now expects sales of between EUR 300 million and EUR 340 million (previously: between EUR 340 million and EUR 400 million) and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of between EUR 12 million and EUR 18 million (previously: between EUR 21 million and EUR 28 million).

The main reason for the revision of the sales forecast was weaker and delayed order intake in the first half of 2025 as a result of the overall economic development and the uncertainties caused by the US tariff policy. In addition, there were delays in ongoing projects, particularly in the automotive sector and in environmental technology. Furthermore, non-recurring expenses in the mid-single-digit million range are expected in connection with cost reduction measures.  

  

**KEY GROUP FIGURES (CONTINUING OPERATIONS) AT A GLANCE**

|     |     |     |     |
| --- | --- | --- | --- |
| **in EUR million** | **6M 2025** | **6M 2024** | **Change in %** |
| Order intake | 176.5 | 166.9 | 5.7 |
| Order backlog\* | 174.8 | 154.3 | 13.3 |
| Working capital\* | 99.6 | 105.3 | \-5.4 |
| Sales | 154.4 | 188.2 | \-17.9 |
| EBITDA | 3.9 | 15.6 | \-74.7 |

\* Comparison of the reporting dates 30 June 2025 and 31 December 2024  

  

**KEY FIGURES FOR THE SEGMENTS AT A GLANCE**

|     |     |     |     |
| --- | --- | --- | --- |
| **in EUR million** | **6M 2025** | **6M 2024** | **Change in %** |
| **bdtronic Group** |     |     |     |
| Order intake | 32.9 | 32.3 | 1.8 |
| Order backlog\* | 34.8 | 33.9 | 2.6 |
| Sales | 31.4 | 50.7 | \-38.1 |
| EBITDA | \-1.3 | 4.2 | n/a |
| **Vecoplan Group** |     |     |     |
| Order intake | 78.3 | 77.6 | 0.8 |
| Order backlog\* | 56.7 | 54.4 | 4.3 |
| Sales | 74.5 | 79.7 | \-6.5 |
| EBITDA | 4.6 | 7.8 | \-40.2 |
| **AIM Micro** |     |     |     |
| Order intake | 2.9 | 3.1 | \-4.3 |
| Order backlog\* | 2.8 | 2.2 | 31.0 |
| Sales | 2.3 | 3.7 | \-39.1 |
| EBITDA | 0.4 | 1.1 | \-65.2 |
| **NSM + Jücker** |     |     |     |
| Order intake | 24.5 | 13.5 | 81.9 |
| Order backlog\* | 24.5 | 20.1 | 22.4 |
| Sales | 20.0 | 25.9 | \-22.6 |
| EBITDA | 1.4 | 1.0 | 34.3 |
| **ELWEMA** |     |     |     |
| Order intake | 37.9 | 40.4 | \-6.3 |
| Order backlog\* | 55.9 | 43.8 | 27.7 |
| Sales | 25.8 | 27.9 | \-7.5 |
| EBITDA | 3.1 | 3.3 | \-5.8 |
| **Other** |     |     |     |
| Order intake | 0.0 | 0.0 | n/a |
| Order backlog\* | 0.0 | 0.0 | n/a |
| Sales | 0.3 | 0.3 | 2.9 |
| EBITDA | 0.3 | 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 30 June 2025 and 31 December 2024  

  

**DETAILED FINANCIAL INFORMATION**

The complete interim report for the first half of 2025 for MAX Automation SE is available for download at [https://www.maxautomation.com/investor-relations/financial-reports](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=59cef284861888f5c5c1607432c1d156&application_id=2177164&site_id=airport_aws~~~7cc68db1-74de-43c8-af69-2ae0a97efdc3&application_name=news) .  

  

**CONTACT:**

Marcel Neustock  

Investor Relations  

Phone: +49 – 40 – 8080 582 75  

[investor.relations@maxautomation.com](mailto:investor.relations@maxautomation.com)  

[www.maxautomation.com](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=18a0233eb6485160c15ce49a075c9164&application_id=2177164&site_id=airport_aws~~~7cc68db1-74de-43c8-af69-2ae0a97efdc3&application_name=news)  

  

**MEDIA CONTACT:**

Susan Hoffmeister  

CROSS ALLIANCE communication GmbH  

Phone: +49 – 89 – 125 09 03 33  

[sh@crossalliance.de](mailto:sh@crossalliance.de)  

[www.crossalliance.de](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=4f159fd970f5638d53076b494c607d01&application_id=2177164&site_id=airport_aws~~~7cc68db1-74de-43c8-af69-2ae0a97efdc3&application_name=news)  

  

**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](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=1ef8ff19ddbcf83fff53a9554e0d60a9&application_id=2177164&site_id=airport_aws~~~7cc68db1-74de-43c8-af69-2ae0a97efdc3&application_name=news)

  

- - -

01.08.2025 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group.  

The issuer is solely responsible for the content of this announcement.  

  

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.  

Archive at www.eqs-news.com  

- - -

|     |     |
| --- | --- |
| Language: | English |
| Company: | MAX Automation SE |
|     | Steinhöft 11 |
|     | 20459 Hamburg |
|     | Germany |
| Phone: | +4940808058270 |
| Fax: | +4940808058299 |
| E-mail: | investor.relations@maxautomation.com |
| Internet: | www.maxautomation.com |
| ISIN: | DE000A2DA588 |
| WKN: | A2DA58 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 2177164 |

  

|     |     |
| --- | --- |
|     |     |
| End of News | EQS News Service |

- - -

2177164  01.08.2025 CET/CEST

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