What Aumann (AAG) Said on Its Q3 Earnings Call

Key Points

• Aumann cut its 2026 revenue outlook to EUR 140 million–160 million from around EUR 160 million, citing weaker-than-expected order intake, but raised its expected EBITDA margin to 8%–10% from 6%–8% as profitability exceeded plan.
• Revenue fell 34% in the first nine months: E-mobility revenue dropped 53% amid delayed automotive investment, while Next Automation revenue rose 51% and its order intake nearly doubled.
• Management gave no 2027 guidance, saying growth depends on converting sales leads into orders. The September order backlog was down year over year to EUR 101.6 million, though the company expects E-mobility orders to pick up in coming quarters.

Aumann ETR: AAG lowered its 2026 revenue outlook while raising its profitability forecast, as growth in its Next Automation business helped offset a sharp decline in E-mobility revenue during the first nine months of the year.

The company now expects full-year revenue of EUR 140 million to EUR 160 million, compared with its previous forecast of around EUR 160 million. It raised its expected EBITDA margin to 8% to 10% from 6% to 8%.

CFO Jan-Henrik Pollitt said order intake had fallen short of expectations, prompting the revised revenue outlook, while profitability had been better than planned. Management declined to provide guidance for 2027, saying the outcome would depend on orders secured in the coming months.

Revenue Falls as Next Automation Grows

Revenue for the first nine months fell 34% from a year earlier to EUR 104.4 million. E-mobility revenue dropped 53% to EUR 61.2 million as automotive customers continued to delay investments, while Next Automation revenue rose 51% to EUR 43.2 million.

Next Automation, which includes aerospace, clean technology and life sciences applications, accounted for about 41% of group revenue in the nine-month period. Pollitt said the segment generated more revenue than E-mobility in the third quarter alone.

Group EBITDA declined 42% to EUR 10.7 million. The EBITDA margin was 10.2%, down from 11.6% a year earlier. Pollitt attributed the result to cost measures and project execution, adding that projects running better than planned allowed the company to release about EUR 2.9 million in risk provisions.

CEO Sebastian Roll said profitability was currently roughly equal across E-mobility and Next Automation. He said the newer markets were already generating margins in the double-digit range and could eventually be at least as profitable as E-mobility.

Order Intake Trails Expectations

Nine-month order intake fell 15% to EUR 95.8 million. E-mobility orders declined to EUR 39 million from EUR 82.9 million a year earlier, while Next Automation orders rose 93% to EUR 56.9 million.

The group’s order backlog stood at EUR 101.6 million at the end of September, down from EUR 135.8 million a year earlier. Next Automation represented EUR 52.9 million of the backlog.

Asked why the backlog had fallen by almost EUR 14 million from the end of June, Pollitt said a larger customer project was canceled because of changes in production planning. Aumann adjusted the backlog accordingly and remained in discussions with the customer, he said.

Roll said Aumann had secured several orders related to drone production, including a third-quarter order for drone motor production. Pollitt estimated that defense accounted for 15% to 20% of third-quarter order intake, while saying much of the potential in defense and drone-related projects remained ahead.

E-Mobility Pipeline and 2027 Outlook

Management said electric vehicle sales growth was beginning to appear in discussions with E-mobility customers, including talks about upcoming vehicle platforms, even though investment decisions remained slow.

Roll said the company had more customer quotations than at any time in roughly the past two years. Asked about Volkswagen’s SSP platform, he described it as an important new E-mobility platform and said discussions covered areas including battery packs, modules and, in some cases, battery recycling production solutions.

Later in the call, when asked to quantify the sales pipeline’s development, Roll said E-mobility had seen a decrease over recent quarters, while pointing to approximately EUR 40 million in accumulated E-mobility order intake. He said he expected orders in the segment to increase in coming quarters.

Pollitt said Aumann hoped 2026 would mark the bottom for group revenue and that revenue would grow in 2027, but stressed that the result depended on converting sales leads into orders.

Balance Sheet and Acquisition Plans

Aumann reported net cash of EUR 109.4 million at the end of September, after returning about EUR 36 million to shareholders in the third quarter through a share buyback and dividend. Its equity ratio was 67.7%.

Roll said the company was examining several acquisition targets, mainly in Next Automation, but discussions were continuing and issues remained to be resolved. Pollitt said Aumann also wanted to expand its U.S. footprint through organic and greenfield projects as well as acquisitions. He estimated that roughly 80% of revenue came from Europe, with about 10% each from the Americas and Asia.

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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