Original-Research: Semperit AG Holding (von NuWays AG): BUY
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Original-Research: Semperit AG Holding - from NuWays AG
14.08.2026 / 09:01 CET/CEST
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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 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 EUR 192.2m (eNuW: EUR 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 EUR 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 EUR 0.96 vs EUR -0.19 in Q2 25. H1 EPS of EUR 1.39 was the strongest
print since H1 2022.
SIA grew by 16.6% yoy to EUR 79.4m sales (eNuW: EUR 75.9) with an EBITDA margin
of 28.1% (+9.1pp), EUR 22.3m absolute EBITDA (eNuW: EUR 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 EUR 112.8m (eNuW: EUR 110m)
and improved EBITDA by 95.2% to EUR 20.9m (eNuW: EUR 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 EUR 17.3m to EUR 30.4m,
significantly stronger than the Q2 25 increase of EUR 5.2m. This was driven by
operational improvements and disciplined CAPEX spending.
Guidance looks rather conservative. Semperit expects to reach EUR 100m in
operating EBITDA, implying H2 operating EBITDA of around EUR 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 EUR 105m (eNuW), implying a 14.5% margin. Maintaining BUY at a PT of EUR 22,
based on DCF.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=e133eccf855ea82c28a596e5c87ca8ef
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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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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2382932 14.08.2026 CET/CEST
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