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Original-Research: Semperit AG Holding - from NuWays AG

15.08.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to Semperit AG Holding

Company Name: Semperit AG Holding

ISIN: AT0000785555

Reason for the research: Update

Recommendation: BUY

from: 15.08.2025

Target price: EUR 18.20

Target price on sight of: 12 month

Last rating change:

Analyst: Christian Sandherr

Q2 with seq. margin improvements; FY guidance confirmed

Semperit posted Q2 revenues of EUR 169m (H1: EUR 320m), largely flat yoy but

roughly 11% above the weak Q1, which was impacted by project delays within

the belting division and silicon rubber tooling (both part of SEA segment).

Thanks to catch-up effects, SEA sales showed a 2.6% yoy increase to EUR 101m

despite rather challenging end markets. Within SIA (-4.6% yoy to EUR 68m),

demand for profiles remained weak due to the continuously subdued

construction sector, while hoses showed first recovery signals, especially

within the direct consumer business. The overall improving order activitie

should provide a decent visibility into further growth during H2.

Q2 EBITDA of EUR 19.6m (11.6% margin) was down 19% yoy as margins in both

segments were still below last year's figure. This was partially due to

higher raw material prices and increased personnel expenses. Importantly,

the company managed to significantly improve its profitability vs Q1 (EBITDA

+76% yoy) largely carried by the sales rebound in SEA (margin +5pp qoq to

10.6%) but also cost saving initiatives bearing fruit. The margin of SIA wa

down yoy but remained on a high level of 19.1%. Operating EBITDA (excl.

project costs for digitalization projects) stood at EUR 20.9m. H1 EBITDA of EUR

30.7m was down 35% yoy; op. EBITDA stood at EUR 32.9m.

Free cash flow in H1 amounted to EUR 13.9m, down from EUR 23.6m in the prior

year, as lower earnings and higher tax payments outweighed working capital

improvements, particularly from inventory reductions. Net cash stood at EUR

49.8m at the end of June (vs. EUR 57.3m in December 2024), supported by a

robust liquidity position of EUR 113m. The equity ratio of 45.5% underline

the group's solid financial footing, giving management room to maintain

dividends, finance digitalization projects, and invest selectively even in a

weaker macro environment.

FY25 guidance confirmed. Management continues to expect operating EBITDA of

EUR 65-85m, which excludes some EUR 5m in digitalization investments (eNuW: EUR

73.7m) thanks to a notably better H2, which is expected to benefit from

seasonal demand patterns, stabilizing order intake, and continued efficiency

improvements.

Our take: The sequential Q2 rebound shows that Semperit's operational

levers, which include cost discipline, production flexibility, and selective

pricing, can restore profitability even in a somewhat subdued demand

environment. While H1 confirms that end-market weakness, especially in SEA,

still caps upside in 2025, the strong balance sheet and focus on margin

protection support the medium-term equity story. We continue to see Semperit

as an attractive cyclical recovery play with plenty of growth prospects,

which should gain momentum once funds from Germany's planned EUR 500bn

infrastructure investments get deployed. BUY with an unchanged EUR 18.20 PT

based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=0cf5dffe798742863669b508fbf60ea8

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlu

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2184372 15.08.2025 CET/CEST

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