MAX Automation SE: Strong Q3 Performance Despite Challenges

MAX Automation SE reported robust Q3 2025 results, showing a rebound from earlier demand challenges. Group revenues rose 8.2% year-over-year to €91.8 million, outperforming expectations set at €86.6 million. This growth was propelled by increased business activity across various segments, following a weak first half of the year where sales had declined 18% year-over-year.

Despite a 42% year-over-year drop in Q3 EBITDA to €5.4 million due to a previous year's one-off effect, the results exceeded expectations. Profitability improved with a margin of 6.1%, driven by tight cost management and a better materials expense ratio.

Order intake showed positive momentum, increasing 32.3% year-over-year to €88.1 million. Key contributions came from NSM + Jücker and ELWEMA with significant order growth. Debt reduction efforts were evident, with net debt down 46.5% year-over-year to €26.8 million, strengthening the equity ratio to 54.6%.

The company maintained its full-year guidance and expects gradual recovery in 2026. The BUY rating was confirmed with a target price increase to €7.00, highlighting the company's stable position and growth potential.