Aumann Q2 Earnings Call Highlights

Aumann (ETR:AAG) reported lower first-half revenue and order intake as cautious automotive investment continued to weigh on its e-mobility business, while its Next Automation segment posted growth in revenue, orders and backlog. The company reaffirmed its full-year outlook for approximately EUR 160 million in revenue and an EBITDA margin of 6% to 8%.

Group revenue for the first six months of 2026 totaled EUR 70.6 million, down 35% from the prior-year period. EBITDA fell 35% to EUR 7.4 million, but the EBITDA margin remained at 10.5%. CFO Jan-Henrik Pollitt said the company’s efforts to improve its cost structure and operational efficiency helped preserve profitability despite lower volume.

Results also included a roughly EUR 2 million positive effect from the release of risk provisions previously recognized at year-end. Pollitt said several projects performed better than initially anticipated, making the provisions no longer necessary.

Automotive Investment Remains Cautious

The e-mobility segment remained under pressure during the first half. Revenue in the segment declined 47% to EUR 47.4 million, while order intake fell 59% to EUR 27.7 million. E-mobility backlog declined 54% year over year to EUR 53.4 million at the end of June.

Despite the decline in volume, e-mobility EBITDA totaled EUR 5.9 million and its EBITDA margin improved to 12.3%, compared with 11.9% in the previous year.

CEO Sebastian Roll said battery-electric vehicle sales continued to rise globally, increasing 9% in the first half of 2026. Europe showed particularly strong momentum, with sales reaching 1.6 million units, up 35% year over year, while Germany was up nearly 50%, according to the company’s presentation.

However, Roll said that vehicle manufacturers and suppliers remain cautious about new capital investments, with decisions taking longer. He said current production capacity is still being used for recently launched vehicle programs, citing BMW’s Neue Klasse as an example of a platform whose related Aumann investment occurred at least a year before its production ramp.

“The investment they have right now is the capacity and investment they have right now, they are using right now for the Neue Klasse,” Roll said. He added that new capacity investment could follow as production volumes increase, but said customers are currently “more or less fine.”

The company said it is seeing initial large requests for battery-module and battery-pack projects, as decisions around individual vehicle platforms and models become more concrete. Roll also cited emerging opportunities in battery recycling and refurbishment, including systems to disassemble, reassemble and test battery modules and packs.

Next Automation Gains Orders and Backlog

Next Automation was the principal growth area during the half. Segment revenue increased 23% to EUR 23.2 million, while order intake rose 72% to EUR 37.7 million. Its order backlog increased 32% to EUR 61.9 million, exceeding e-mobility backlog at the end of June.

Next Automation generated EBITDA of EUR 2.7 million, slightly above the prior-year level, for an EBITDA margin of 11.7%.

Roll said Aumann is applying its automation expertise outside automotive in markets including aerospace, defense, clean technology and life sciences. The company has secured initial orders supporting civil-aircraft production ramps, as well as orders for drone motor production and end-of-line testing, according to Roll.

In clean technology, Aumann has won orders for automated solar-module disassembly systems, photovoltaic recycling and membrane-manufacturing systems for fuel-cell applications. The company entered pharmaceutical applications at the end of last year with systems for skin-delivered patches and oral thin films, Roll said.

Management said the Next Automation sales pipeline includes life-science, drone, defense, aviation and broader industrial opportunities. Roll said the company is also discussing opportunities related to humanoid robots.

On the drone opportunity, Roll said Aumann’s customers include both large startups and established defense companies. The company is seeking to enter the market initially through end-of-line testing before expanding into electric-motor production and, ultimately, integrated drone assembly lines where customers reach sufficient production scale.

Strong Cash Position Supports M Focus

Total group order intake was EUR 65.4 million, down 27% year over year, while group backlog stood at EUR 115.4 million at June 30, compared with EUR 162.4 million a year earlier.

Aumann ended June with EUR 158 million in cash and net cash of approximately EUR 154 million. The company reported an equity ratio of 62.2%, which Pollitt said already reflected a EUR 23 million liability associated with its share buyback program, although the related cash outflow occurred in July.

The company said its financial position provides flexibility to pursue organic expansion and acquisitions in Next Automation, while supporting shareholder returns. Aumann has proposed a total dividend of EUR 1.11 per share and is conducting a share buyback program.

Roll said the company is evaluating “roughly a handful” of potential acquisition targets, with its attention increasingly focused on Next Automation. He said the company prioritizes strategic and quality fit over deal speed, noting that prospective targets can present issues related to financials, operations or order intake.

Guidance Reaffirmed

Aumann maintained its 2026 guidance for about EUR 160 million in revenue and an EBITDA margin between 6% and 8%. Pollitt said revenue was currently below the implied guidance pace while margins were above it, and that the outcome will depend in part on larger customer decisions expected in the second half.

The company said a large portion of its June 30 order backlog is expected to be executed during 2026. For newly won projects, management said it can generally recognize approximately 10% to 30% of project revenue in the current year, with potentially more for repeat projects.

Looking ahead, Roll said Aumann’s priorities are to manage the current e-mobility market conditions, accelerate Next Automation growth both organically and through acquisitions, and use its financial strength to create long-term value.

About Aumann (ETR:AAG)

Aumann AG manufactures and sells specialized machines and production lines for components of electric and classic drive chain systems in Europe, the United States, Canada, Mexico, China, and internationally. It operates through E-Mobility and Classic segments. The E-Mobility segment offers specialized machinery and automated production lines for the automotive industry; e-traction engines, inverters, power-on-demand units, and electronic components; and energy storage and conversion systems, such as batteries and fuel cells.

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