Original-Research: Semperit AG Holding (von NuWays AG): BUY

Original-Research: Semperit AG Holding - from NuWays AG 15.05.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

Original-Research: Semperit AG Holding - from NuWays AG



15.05.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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
     Target price:                EUR 21.5
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann



Kicking off the year with a positive margin surprise in SIA



Yesterday, Semperit delivered a strong Q1 with profitability materially
ahead of expectations at divisional level, reinforcing confidence that the
company can absorb temporary raw material volatility while continuing its
operational recovery. Key takeaways:



Order momentum gained. SEA order intake increased yoy, driven by stronger
North American belting demand, lifting the order book above Q1 2025 levels.
SIA orders declined yoy due to cost pressure and geopolitical uncertainty,
but improved qoq, continuing the recovery trend seen in Q4.



Q1 revenue rose by 7.9% yoy to EUR 164m (eNuW: EUR 177m), reflecting positive
volume effects in SIA and a strong performance in the Business Unit Form in
SEA. Against a weak comparable base impacted by project delays and a
challenging market environment, the results highlight solid growth across
Semperit's diversified business.



Q1 EBITDA soared by 141% to EUR 26.8m (preliminary EBITDA: EUR 26m, eNuW: EUR
26m), a marked improvement, although against a weak comparable base. This
was mainly driven by positive volume effects, enhanced further by pricing
and product mix effects, favorable cost of material and services
developments and cost saving efforts in FY25 and FY26. The current cost
savings program of EUR 10m annually is ongoing, of which EUR 6m (eNuW) were
completed in FY25 and EUR 7.5m (eNuW) are completed overall so far. SIAs
segment EBITDA margin stood at 27.8% (eNuW: 20.3%), while SEAs segment
EBITDA margin came in at 12.3% (eNuW: 10.9%).



Our view on material costs persists. In Q1 Semperit proved to investors it
can absorb short-term raw material price hikes over a 4-6 week period with
no material effect on margins. With typical delivery times in mind, we
expect first cost-based P&L impacts starting late Q2 and more pronounced in
H2. In general, supply looks secure for Semperit, due to its diversified
sourcing approach, but temporary delays in availability on niche oil-based
ingredients could persist in the short-term. In our opinion, this indicates
strong potential for further positive pricing action by Semperit. Mind you,
this is not yet reflected in Q1 pricing adjustments, which in our view
simply reflect general annual negotiations.



Recap on raw material development. Following oil price increases connected
to the Iran conflict and supply disruptions in Asia, prices for synthetic
rubber sharply increased. Retreating from recent peaks by 12.5% already,
normalization appears underway, but Q2 prices are seen to remain volatile
and elevated. On certain oil-based ingredients, such as butadiene and
paraffinic oils, developments are highly dependent on geolocation. Asia is
battling a considerable supply shortage in crude oil, impacting availability
and pricing of these, while in Europe political pressure to raise the
kerosine product component in crude oil processing is visible.



Timing of Semperit's production facility ramp-up closely tied to demand
strengthening. Semperit has used the cyclical downturn to significantly
tighten its cost base, with a current cost savings program still in motion.
Additionally, it has invested in its production capacities ahead of a demand
recovery, already largely completing the strategic strengthing of hoses and
LSR. While exact timing remains uncertain, the strategic groundwork
including capacity investments and cost restructuring is largely complete,
leaving Semperit well-positioned to capitalize on the catalyst of recovering
demand as the cycle turns.



Operational levers in motion including the pricing adjustments, cost control
and the ongoing cost savings program should continue to support improvements
in Q2, in our opinion.



With a strong Q1 in the books, the guidance continues to appear achievable.
Management expects operational EBITDA of EUR 95m. Given the strong first
quarter, we expect operational EBITDA closer to EUR 100m (eNuW), excluding
project costs of approx. EUR 5m (eNuW). Maintaining BUY at an unchanged PT of
EUR 21.5.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=6af96b629d39af5c9db1fb0609ad51e4
For additional information visit our website:
https://www.nuways-ag.com/research



Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: [e-mail]
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 Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2327916 15.05.2026 CET/CEST