Mixed Q2 Results for MAX Automation SE, But Order Intake Shows Promise

MAX Automation SE's Q2 2025 results present a mixed picture, with revenue declines offset by a solid increase in order intake. Despite a 17.9% decline in H1 2025 revenue to €154 million, order intake rose by 7.4% in Q2, reaching €92.6 million. Vecoplan's stable revenue offers some stability, driven by demand for recycling solutions.

However, bdtronic and NSM + Jücker saw significant revenue falls. EBITDA also dropped 75% year-over-year to €3.9 million. Management revised FY25 guidance, citing one-off expenses aimed at cost realignment. Order backlog growth of 13.3% signals potential for revenue stabilization and future recovery. The BUY rating remains with a target price of €6.50.