EQS-News: MAX Automation SE reports robust performance in the first three quarters – outlook adjusted in view of macroeconomic and industry-specific challenges

PRESS RELEASE

 

MAX Automation SE reports robust performance in the first three quarters – outlook adjusted in view of macroeconomic and industry-specific challenges

• Sales from continuing operations fall to EUR 273.1 million (9M 2023: EUR 289.9 million) due to continued muted demand
• Operating result (EBITDA) from continuing operations impacted by sales decline at EUR 24.9 million (9M 2023: EUR 28.1 million) – resilient high single-digit EBITDA margin of 9.1% (9M 2023: 9.7%)
• Order intake from continuing operations falls to EUR 233.5 million (9M 2023: EUR 269.9 million) due to reluctant investment behavior as a result of the persistently challenging economic conditions
• Order backlog of continuing operations decreases to EUR 165.1 million (31 December 2020: EUR 206.0 million)
• Outlook for continuing operations in 2024 adjusted: sales of between EUR 350 million and EUR 380 million (previously: between EUR 390 million and EUR 450 million) and EBITDA of between EUR 27 million and EUR 31 million (previously: between EUR 31 million and EUR 38 million). Already with the half-year figures in August, the outlook was specified at the lower end of the original forecast range

 

Hamburg, 8 November 2024 –MAX Automation SE (ISIN DE000A2DA588), a company listed in the Prime Standard of the Frankfurt Stock Exchange, showed a robust performance in the first three quarters of 2024 despite ongoing challenges, both macroeconomically and in the industry, and generated a clearly positive result.

ORDER SITUATION OF CONTINUING OPERATIONS CHARACTERIZED BY CHALLENGING BUSINESS ENVIRONMENT

The consolidated order intake of the MAX Group's continuing operations fell by 13.5% to EUR 233.5 million in the first three quarters of 2024 (9M 2023: EUR 269.9 million). Customers continued to show a reluctant investment behavior due to the challenging economic conditions. Only the ELWEMA segment recorded strong growth with continuous follow-up orders. The MAX Group's performance in the prior-year period was particularly influenced by major orders in the bdtronic segment. The MAX Group's order backlog in continuing operations decreased by 19.8% to EUR 165.1 million (31 December 2023: EUR 206.0 million).

RESILIENT OPERATING MARGIN IN THE HIGH SINGLE DIGITS

The MAX Group's sales from continuing operations fell by 5.8%to EUR 273.1 million in the first three quarters of 2024 (9M 2023: EUR 289.9 million) due to persistently muted demand. Supported by a continued solid order backlog and a strong service business, only the bdtronic Group segment was able to achieve sales growth.

Earnings before interest, taxes, depreciation and amortization (EBITDA) from the MAX Group's continuing operations decreased by 11.5% to EUR 24.9 million in the first three quarters of 2024 (9M 2023: EUR 28.1 million). This includes income from a settlement payment of EUR 4.5 million to end arbitration proceedings in connection with the sale of NSM Packtec GmbH. In addition to the decline in sales, inflation-related wage increases and the expansion of workforce in the bdtronic Group segment weighed on earnings. The EBITDA margin decreased accordingly to 9.1% (9M 2023: 9.7%). Overall, the MAX Group has thus demonstrated its resilience in the first nine months of 2024 in a difficult industry environment. The sale of the MA micro Group significantly strengthened the equity ratio and reduced net debt.

The cash outflow in the operating cash flow of the MAX Group increased to EUR 2.7 million (9M 2023: cash inflow of EUR 8.1 million) due to the order-related increase in working capital in the bdtronic Group segment and the deterioration in earnings in the MA micro Group segment in the first three quarters of 2024. With a cash inflow of EUR 60.9 million in cash flow from investing activities (9M 2023: cash outflow of EUR 5.8 million), the disposal of the MA micro Group as of 30 September 2024 was partly offset by growth investments of EUR 7.8 million, particularly in the Vecoplan segment. Cash flow from financing activities mainly resulted from the reduction of long-term loans due to the proceeds from the disposal of the MA micro Group, which led to a cash outflow of EUR 86.3 million (9M 2023: cash outflow of EUR 9.7 million). Cash and cash equivalents as reported on the balance sheet declined to EUR 17.0 million (31 December 2023: EUR 23.2 million).

At EUR 102.9 million, the MAX Group's working capital as 30 September 2024 was at the previous year's level (31 December 2023: EUR 102.9 million). While the segments were largely stable, the increase in working capital at bdtronic was offset by a decline in the NSM + Jücker segment. Net debt fell to EUR 50.1 million, due in particular to the repayment of long-term loans (31 December 2023: EUR 111.8 million).

Guido Mundt, Chairman of the Supervisory Board of MAX Automation SE: “In the first three quarters of 2024, the MAX Group has achieved robust growth in a challenging macroeconomic and industry environment. In times of a persistently weak global economy, we were able to prove our resilience and competitiveness. Nevertheless, our customers continue to hold back on investments due to the challenging economic and political environment, and the emerging recovery in demand is taking its time in view of the prevailing uncertainties. We were therefore forced to adjust our full-year forecast.”

OUTLOOK FOR 2024 ADJUSTED

With the publication of the half-year report in August, the outlook for the full year 2024 was already specified at the lower end of the original forecast range. Since then, the ongoing economic weakness and the associated reluctant investment behavior continued to impact the business performance of the MAX Group. Therefore, after the end of the reporting period, on 29 October, the Supervisory Board adjusted the forecast for the current financial year 2024 downwards. On the basis of the updated planning for the fourth quarter of 2024, the Supervisory Board now expects revenues between EUR 350 million and EUR 380 million (previously: between EUR 390 million and EUR 450 million) and earnings before interest, taxes, depreciation and amortization (EBITDA) of between EUR 27 million and EUR 31 million (previously: between EUR 31 million and EUR 38 million). The main reason for the adjustment of the sales forecast is a decline in order intake due to the weak global economy. With the exception of ELWEMA, all segments are affected. The EBITDA forecast is also being impacted by higher project costs in the bdtronic Group segment.

KEY GROUP FIGURES (CONTINUING OPERATIONS) AT A GLANCE

in EUR million	9M 2024	9M 2023	Change in %
Order intake	233.5	269.9	-13.5
Order backlog*	165.1	206.0	-19.8
Working capital*	102.0	102.9	-0.9
Sales	273.1	289.9	-5.8
EBITDA	24.9	28.1	-11.5

* Comparison of the reporting dates 30 September 2024 and 31 December 2023

KEY FIGURES OF THE SEGMENTS AT A GLANCE

in EUR million	9M 2024	9M 2023	Change in %
bdtronic Group
Order intake	50.6	92.8	-45.5
Order backlog*	29.7	52.0	-43.0
Sales	72.9	69.0	5.7
EBITDA	4.1	12.0	-65.9
Vecoplan Group
Order intake	112.5	111.2	1.2
Order backlog*	58.0	63.3	-8.3
Sales	117.8	133.5	-11.8
EBITDA	11.2	15.3	-27.2
AIM Micro
Order intake	4.1	4.7	-13.2
Order backlog*	2.2	3.3	-33.7
Sales	5.2	5.3	-2.4
EBITDA	1.5	1.7	-10.6
NSM + Jücker
Order intake	21.5	25.6	-16.0
Order backlog*	22.6	41.2	-45.1
Sales	38.3	40.9	-6.4
EBITDA	2.9	4.4	-33.5
ELWEMA
Order intake	44.8	35.6	26.0
Order backlog*	52.7	46.2	13.9
Sales	38.5	40.9	-5.9
EBITDA	4.2	3.0	37.4
Other
Order intake	0.0	0.0	n/a
Order backlog*	0.0	0.0	n/a
Sales	0.4	0.4	4.1
EBITDA	0.0	-0.9	n/a
Discontinued iNDAT division
Order intake	0.0	0,0	n/a
Order backlog*	0.0	0,0	n/a
Sales	0.0	0,4	-100.0
EBITDA	0.0	1,7	-100.0
Discontinued operation MA micro Group
Order intake	12.1	21,7	-44.4
Order backlog*	22.0	0,0	-100.0
Sales	20.3	36,5	-44.5
EBITDA	0.5	8,7	-94.3

* Comparison of the reporting dates 30 September 2024 and 31 December 2023

 

DETAILED FINANCIAL INFORMATION

The complete Interim Statement for the third quarter of 2024 of MAX Automation SE is available for download at https://www.maxautomation.com/en/investor-relations/financial-reports/.

CONTACT:

Marcel Neustock
Investor Relations
Tel.: +49 – 40 – 8080 582 75
investor.relations@maxautomation.com
www.maxautomation.com

 

CONTACT FOR MEDIA REPRESENTATIVES:

Susan Hoffmeister
CROSS ALLIANCE communication GmbH
Tel.: +49 – 89 – 125 09 03 33
sh@crossalliance.de
www.crossalliance.de

 

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