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

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 22
Target price on sight of:	12 months
Last rating change:
Analyst:	Sarah Hellemann

Q2 26: Strong quarter in the books, strongest H1 EPS since 2022

Yesterday, Semperit published its H1 financial report, following strong preliminary Q2 figures and its FY26 guidance hike on 14 July. Key takeaways:

Q2 revenue rose by 13.9% yoy to € 192.2m (eNuW: € 186m), with both segments contributing. Sales benefitted from positive pricing and volume effects. Pricing was especially driven by recent raw material fluctuations, while volume reflected a slow demand recovery.

As indicated by the preliminary figures, the operating EBITDA nearly doubled to € 41.1m. This was due to the strong top-line improvement and ongoing cost savings. The implied operating EBITDA margin rose by 9.8pp to 21.4%. Q2 EPS stood at € 0.96 vs € -0.19 in Q2 25. H1 EPS of € 1.39 was the strongest print since H1 2022.

SIA grew by 16.6% yoy to € 79.4m sales (eNuW: € 75.9) with an EBITDA margin of 28.1% (+9.1pp), € 22.3m absolute EBITDA (eNuW: € 22.4m) rising 72.3% yoy. This was supported by pricing, improved capacity utilization and consistent cost control. Profitability improvements were especially strong in Profiles.

SEA beat expectations, raising sales by 12% yoy to € 112.8m (eNuW: € 110m) and improved EBITDA by 95.2% to € 20.9m (eNuW: € 16.2m). Key drivers included notable pricing increases, consistent cost control, and improved capacity utilization. Form developed strongly on resilient demand across most end markets. Belting improved significantly and continued to stabilize. LSR improved its operational basis.

FCF materially strengthened. Over the quarter it rose by € 17.3m to € 30.4m, significantly stronger than the Q2 25 increase of € 5.2m. This was driven by operational improvements and disciplined CAPEX spending.

Guidance looks rather conservative. Semperit expects to reach € 100m in operating EBITDA, implying H2 operating EBITDA of around € 31m following the strong H1 26 performance. This appears achievable even allowing for higher material costs weighing on Q3 26e, with H1 26 already accounting for around two-thirds of the full-year target.

Based on the strong Q2 and cautiously assuming a material cost ratio of 47.7% (eNuW) for Q3, compared to 42.8% in FY25 we project operating EBITDA at € 105m (eNuW), implying a 14.5% margin. Maintaining BUY at a PT of € 22, based on DCF.

You can download the research here: semperit-ag-holding-2026-08-14-previewreview-en-ba9ff
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: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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