MAX Automation SE: Investment Update by NuWays AG

MAX Automation SE has experienced a mixed Q3 performance as reported by NuWays AG. Sales were slightly disappointing at €85m, a 15% decline year-on-year, primarily due to a soft order backlog and investment reluctance across most portfolio companies apart from ELWEMA. However, EBITDA showed a positive increase of 17%, reaching €9.3m, supported by a €4.5m gain from a litigation tied to the sale of NSM Packtec in 2018.

The order intake fell 13% to €67m year-on-year, resulting in a reduced order backlog of €165m. This decrease was notably influenced by bdtronic’s performance, with its order backlog dropping to €30m from €76m. Bdtronic's revenue fell 15% due to EV trends, resulting in negative EBITDA.

Vecoplan recorded stable sales but its EBITDA decreased by 40% because of a less favorable product mix and rising costs. Additionally, MA micro's business saw a €70m cash inflow from sales, supporting a stronger equity position.