Circus SE's Stock Bounces from 12-Month Low as Investors Await New Co-CEO and Q2 Update

Circus SE shares bounce from 12-month low, rising 5.99% to €5.04, as investors await Q2 update and naming of new co-CEO and CFO amid volatile trading.

Circus SE shares staged a sharp recovery on Wednesday, jumping 5.99 percent to €5.04 before giving back some of those gains. The stock, which had fallen to a fresh 12-month low of €4.71 just the day before, was last seen trading at €4.82 — a modest 1.26 percent advance from Tuesday's close. The volatile move comes less than 24 hours before the Munich-based robotics company hosts its second-quarter operational update call, where the identity of its incoming co-CEO and CFO is expected to be unveiled.

The appointment has been the subject of intense speculation since early July. Circus announced on 6 July that it had hired a yet-unnamed executive with over a decade of experience in strategy, M&A and international expansion, specifically in aerospace and automotive technologies. The new manager will serve alongside Nikolas Bullwinkel, who remains sole managing director and CEO, while current co-CEO Claus Holst Gydesen moves to the supervisory board. Former finance chief Fabian Becker leaves the executive team but stays on in an advisory capacity and will join the board of the defence subsidiary Circus Defence SE.

Operationally, the company has been making strides on multiple fronts. On 2 July, Circus completed the acquisition of Belgian food-robotics specialist Alberts NV, paying with 1.2 million newly issued shares and up to €350,000 in cash. A day earlier, it received ECAS certification from the UAE Ministry of Industry and Advanced Technology to operate autonomous robotic systems commercially — a rollout that will start in Abu Dhabi. Management has guided for full-year 2026 revenue of between €44 million and €55 million, with an EBITDA loss of €6 million to €8 million. A key question for investors is how many of the pilot projects in defence and retail have converted into firm orders, a metric that will determine whether those ambitious targets are realistic.

The technical picture remains fragile despite the bounce. The stock is trading well below its 50-day moving average of €6.62, its 100-day average of €6.96 and its 200-day average of €10.13. The relative strength index stands at 30.3, signalling oversold conditions but not yet a sustainable uptrend. Annualised 30-day volatility sits at 67.04 percent, underscoring the nervousness in the name. From the 52-week high of €23.50 reached in November, shares have lost 79.51 percent; year to date the decline is 60.04 percent, and over the past twelve months the erosion amounts to 65.85 percent. Market capitalisation has shrunk to roughly €112 million.

Cantor Fitzgerald, which initiated coverage in November with a buy rating and a €40.60 price target, remains the lone bullish voice on the Street, citing Circus’s leadership in AI-driven robotics. That target implies an upside of more than 700 percent from current levels — a gap that speaks to just how far the stock has fallen. Inside buying in late February, when supervisory board member Dr. Jan-Christian Heins and other executives purchased shares after a prior trough, offers at least a signal of confidence from within.

All eyes are now on Thursday’s 16:00 CET update call, which will be webcast via Airtime. Besides the financial figures for the second quarter, the market expects formal clarity on the new co-CEO. The next milestone after that is the annual general meeting scheduled for 20 August 2026, where shareholders will be looking for evidence that the operational milestones are finally translating into revenue.