MAX Automation SE Surpasses Expectations in FY25

MAX Automation SE has released its annual report for fiscal year 2025, showing strong results despite a challenging environment. Q4 revenue reached €88.3 million, exceeding expectations but still marking a 5.1% decrease compared to the previous year. The decline was primarily attributed to reduced contributions from Vecoplan and ELWEMA, though bdtronic and AIM micro offset some of these losses. EBITDA for Q4 rose 42.4% year-over-year, thanks to contributions from AIM micro and NSM + Jücker, alongside cost-cutting measures.

Smaller segments demonstrated growth, while larger ones struggled. AIM micro showed significant gains in order intake, revenue, and EBITDA, outperforming its base size. Improvements were seen in NSM + Jücker's performance, while Vecoplan faced muted demand in certain areas. Despite weaker revenue, ELWEMA reported better order intake year-on-year.

Full-year guidance was met, with €335 million in revenue and a 7.8% rise in order intake to €338.8 million. However, EBITDA dropped by 46.8% due to weaker overall figures and specific one-off costs linked to restructuring in bdtronic and Vecoplan. Looking ahead, the company's guidance for FY26 suggests stable revenue between €320-370 million and EBITDA in the range of €12-18 million. The firm maintains a 'BUY' recommendation, with a target price of €7.00.