* Sales decline to EUR 246.3 million in the first nine months of the year (9M 2024: EUR 273.1 million) – catch-up effect in Q3 following weaker order intake at the beginning of the year
* Operating profit (EBITDA) declines to EUR 9.3 million (9M 2024: EUR 24.9 million) due to lower capacity utilisation at the beginning of the year and non-recurring expenses resulting from cost-cutting measures – Positive momentum in Q3
* Order intake rises by 13.3% to EUR 264.6 million (9M 2024: EUR 233.5 million) – Revival in customer ordering activity continued in the past quarter
* Order backlog grows by 11.0% to EUR 171.2 million (31 December 2024: EUR 154.3 million)
* Current forecast for 2025 confirmed: sales of between EUR 300 million and EUR 340 million and EBITDA of between EUR 12 million and EUR 18 million
Hamburg, 7 November 2025 – MAX Automation SE (ISIN DE000A2DA588), a company listed in the Prime Standard segment of the Frankfurt Stock Exchange, once again demonstrated its resilience in a challenging market environment in the first nine months of 2025 and initiated further important measures to ensure stability and profitability. Improved order intake indicates a revival in customer ordering activity despite continued subdued investment activity in several sales markets and geopolitical uncertainties and customs risks.
CONTINUED UPTURN IN ORDER INTAKE AND RISING ORDER BACKLOG
Order intake for the MAX Group rose by 13.3% to EUR 264.6 million in the first three quarters of 2025 (9M 2024: EUR 233.5 million). The main growth drivers were the segments NSM + Jücker with major orders in packaging automation and ELWEMA, which once again underscored its strong market position with follow-up orders. The order backlog increased by 11.0% to EUR 171.2 million as of 30 September 2025 (31 December 2024: EUR 154.3 million).
SALES AND EARNINGS DEVELOPMENT AFFECTED BY MARKET ENVIRONMENT AND NON-RECURRING EXPENSES
At EUR 246.3 million (9M 2024: EUR 273.1 million), the MAX Group’s sales for the first nine months of 2025 were 9.8% below the previous year’s figure, but showed signs of recovery in the third quarter after a weak first half-year. Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to EUR 9.3 million (9M 2024: EUR 24.9 million) as a result of lower capacity utilisation at the beginning of the year, the lack of earnings contributions from postponed projects and non-recurring expenses in the low single-digit million euro range from cost-cutting measures that had been initiated. The EBITDA margin in relation to sales decreased accordingly to 3.8% (9M 2024: 9.1%), but also showed a positive development again in the third quarter.
The MAX Group’s operating cash flow improved significantly in the first nine months of 2025, resulting in a cash inflow of EUR 23.6 million (9M 2024: cash outflow of EUR 2.7 million). This was due in particular to advance payments received for new projects and more efficient cash flow management. Cash flow from investing activities resulted in a cash outflow of EUR 3.9 million (9M 2024: cash inflow of EUR 60.9 million). Here, replacement and expansion investments as well as the acquisition of Pla.to GmbH (Vecoplan Group) were partly offset by the sale of a building. The previous year’s figure was significantly influenced by the sale of the MA micro Group. Cash flow from financing activities amounted to a cash outflow of EUR 20.8 million (9M 2024: cash outflow of EUR 86.3 million) and resulted primarily from the repayment of long-term loans and interest payments. Cash and cash equivalents according to the balance sheet increased to EUR 9.9 million as of 30 September 2025 (31 December 2024: EUR 9.0 million).
The MAX Group’s working capital decreased to EUR 85.4 million as of 30 September 2025 (31 December 2024: EUR 105.3 million). Besides a reduction in inventories, the main factors leading to a decrease in working capital were advance payments received for new projects and improved payment terms. Net debt (including leasing) fell to EUR 41.8 million (31 December 2024: EUR 58.2 million) as a result of the repayment of long-term loans. Net debt (excluding leasing) declined accordingly to EUR 26.8 million (31 December 2024: EUR 40.8 million). At 55.2%, the equity ratio remained at the stable level of the previous year (31 December 2024: 54.6%).
“The MAX Group is continuing on its course in a challenging environment. Improvements in the order situation and cash flow form a solid basis for further business development. With the cost-cutting measures we have introduced, we are creating the conditions for a sustainable increase in profitability. At the same time, by acquiring Pla.to GmbH, we are setting strategic priorities to strengthen our market position in future-oriented fields such as plastics recycling,” explained Guido Mundt, Chairman of the Supervisory Board of MAX Automation SE.
OUTLOOK FOR 2025 CONFIRMED
MAX Automation SE confirms its forecast for financial year 2025, which was adjusted in July. Sales of between EUR 300 million and EUR 340 million and operating profit (EBITDA) of between EUR 12 million and EUR 18 million are expected.
KEY GROUP FIGURES AT A GLANCE
* Comparison of the reporting dates 30 September 2025 and 31 December 2024
KEY FIGURES FOR THE SEGMENTS AT A GLANCE
* Comparison of the reporting dates 30 September 2025 and 31 December 2024
DETAILED FINANCIAL INFORMATION
The complete Interim Statement for the third quarter of 2025 of MAX Automation SE is available for download at https://www.maxautomation.com/investor-relations/financial-reports.
CONTACT:
Marcel Neustock
Investor Relations
Phone: +49 – 40 – 8080 582 75
CONTACT FOR MEDIA REPRESENTATIVES:
Susan Hoffmeister
CROSS ALLIANCE communication GmbH
Phone: +49 – 89 – 125 09 03 33
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).
07.11.2025 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group.
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