EQS-News: MAX Automation SE shows strength in a challenging first half of 2024 – outlook substantiated

PRESS RELEASE

MAX Automation SE shows strength in a challenging first half of 2024 – outlook substantiated
 

• Sales from continuing operations at the previous year’s level of EUR 188.2 million (6M 2023: EUR 189.9 million) despite continued subdued demand
• Operating result (EBITDA) from continuing operations remains positive at EUR 15.6 million (6M 2023: EUR 20.2 million) – EBITDA margin in the high single-digit range at 8.3% (6M 2023: 10.6%)
• Order intake from continuing operations declines by 13.7% to EUR 166.9 million (6M 2023: EUR 193.4 million) due to investment restraint
• Order backlog of continuing operations decreases by 10.7% to EUR 184.0 million (31 December 2023: EUR 206.0 million)
• Outlook for continuing operations in 2024 substantiated at the lower end of the forecast range: Sales of between EUR 390 million and EUR 450 million and EBITDA of between EUR 31 million and EUR 38 million

Hamburg, 2 August 2024 – MAX Automation SE (ISIN DE000A2DA588), a company listed in the Prime Standard of the Frankfurt Stock Exchange, continued to prove its strength in a challenging first half of 2024 and achieved an improvement in its equity ratio with sales at the previous year’s level and a positive result.

ORDER SITUATION OF CONTINUING OPERATIONS STILL IMPACTED BY THE ECONOMIC SLOWDOWN

Consolidated order intake of the MAX Group’s continuing operations declined by 13.7% to EUR 166.9 million in the first half of 2024 (6M 2023: EUR 193.4 million). On the customer side, the reluctance to invest due to the ongoing global economic slowdown continued to make itself felt. The ELWEMA segment once again recorded strong growth with continuous follow-up orders, while the prior-year period was characterised by the awarding of major projects in the bdtronic Group segment. The MAX Group’s order backlog in continuing operations decreased by 10.7% to EUR 184.0 million (31 December 2023: EUR 206.0 million).

OPERATING MARGIN IN THE HIGH SINGLE-DIGIT RANGE DESPITE BURDENS

At EUR 188.2 million, sales in the MAX Group’s continuing operations in the first half of 2024 were at the previous year’s level (6M 2023: EUR 189.9 million). The bdtronic Group segment once again recorded the largest increase in sales, supported by the order backlog and the service business.

The MAX Group continued to record positive earnings before interest, taxes, depreciation and amortisation (EBITDA) from continuing operations of EUR 15.6 million in the first half of 2024 (6M 2023: EUR 20.2 million) despite negative effects. In particular, inflation-related wage increases as well as the increase in personnel and the temporary need to procure external services in the bdtronic Group segment due to high capacity utilisation had an impact on how earnings developed. At 8.3%, the EBITDA margin remained in the high single-digit range (6M 2023: 10.6%). Overall, the MAX Group once again generated a positive result for the period in the first half of 2024 and thus further improved its equity ratio.

The cash outflow in the MAX Group’s operating cash flow as a result of the increase in working capital diminished to EUR 1.3 million in the first half of 2024 due to the positive cash result for the period (6M 2023: cash outflow of EUR 2.5 million). The cash outflow from investing activities, mainly for investments in growth, amounted to EUR 5.7 million (6M 2023: cash outflow of EUR 3.4 million). Cash flow from financing activities resulted in a cash inflow of EUR 0.7 million (6M 2023: cash outflow of EUR 1.6 million). Here, the utilisation of the syndicated loan in connection with the increase in working capital offset the repayments of lease liabilities. Cash and cash equivalents as per balance sheet decreased by 20.3% to EUR 18.5 million (31 December 2023: EUR 23.2 million).

The 8.8% increase in the MAX Group’s working capital as of 30 June 2024 to EUR 111.9 million (31 December 2023: EUR 102.9 million) is due in particular to the increased project start-up in the bdtronic Group segment and a decline in advance payments received in connection with the MAX Group’s subdued order situation. As a result, net debt also increased by 14.4% to EUR 127.8 million (31 December 2023: EUR 111.8 million).

Guido Mundt, Chairman of the Supervisory Board of MAX Automation SE: “In a challenging first half of 2024, the MAX Group once again succeeded in improving its equity ratio through the profit for the period of its portfolio companies and the fair value measurement of our investment in ZEAL Network SE. In times of a persistently weak global economy, we are thus demonstrating our strength and competitiveness. We can thus counter our customers’ reluctance to invest and at the same time prepare for a coming recovery in demand.”

OUTLOOK FOR 2024 SUBSTANTIATED

The Managing Directors continue to assume that the uncertainties caused by the war in Ukraine and the associated higher energy and material costs as well as disruptions in the supply chains will further reduce in the second half of financial year 2024. However, the company is monitoring how the currently persistent economic weakness and the associated reluctance to invest will develop in the short term and impact the MAX Group’s future business performance. Overall, the Managing Directors now expect to close financial year 2024 at the lower end of the forecast range with sales of between EUR 390 million and EUR 450 million and EBITDA of between EUR 31 million and EUR 38 million.

KEY GROUP FIGURES (CONTINUING OPERATIONS) AT A GLANCE

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

KEY FIGURES OF THE SEGMENTS AT A GLANCE

* Comparison of the reporting dates 30 June 2024 to 31 December 2023

DETAILED FINANCIAL INFORMATION

The complete Interim Statement for the first half 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
Phone: +49 - 40 - 8080 582 75
[email protected]
www.maxautomation.com

CONTACT FOR MEDIA REPRESENTATIVES:

Susan Hoffmeister
CROSS ALLIANCE communication GmbH
Phone: +49 - 89 - 125 09 03 33
[email protected]
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