Aumann's Next Automation Pivot: Diversification Reshapes an E-Mobility Pure Play
H1 2026: revenue down 35% but Next Automation order intake +72% and a 62% equity ratio buy time as automotive investment stays stalled.
AAG.DE · Earnings Call · 2026-08-13
The tale of two segments
Aumann's first half 2026 is a study in contrast. Group revenue fell 35% to EUR 70.6 million, with E-mobility revenue down 47% to EUR 47.4 million as automotive customers remain "cautious with their spending." CEO Sebastian Roll acknowledged: “We, therefore, do not see yet the broad-based recovery in automotive investment that we had initially hoped for.” — Jan-Henrik Pollitt, CFO · 2026-08-13 Yet the company protected its bottom line: EBITDA margin held at 10.5%, a level CFO Jan-Henrik Pollitt called "resilient." That resilience comes partly from low volume discipline — the company has been optimizing cost structure rather than chasing revenue.Next Automation: from option to engine
The real story is Next Automation. Order intake surged 72% to EUR 37.7 million, order backlog grew 32% to EUR 61.9 million, and revenue rose 23% to EUR 23.2 million — even as overall order intake dropped 27%. The segment now represents the majority of group backlog, a milestone that would have been unthinkable a year ago. Roll's presentation highlighted entry into aerospace (first orders for civil aircraft production ramp), defense (drone assembly lines), clean tech (solar module disassembly, fuel-cell membrane manufacturing), and life science (skin-delivered patches and oral films). The common thread: automation expertise applied to new industries. The drone opportunity is emblematic. Aumann is offering end-of-line line testing as a wedge, then expanding into e-motors and full assembly. Roll explained: “We try to step in with a lot of different customers and then step-by-step, having a look on the e-motor.” — Sebastian Roll, CEO · 2026-08-13 Defense customers span both startups and established companies. The company is also watching a potential new wave in battery recycling: “the idea of some car makers right now is to bring to the market also refurbished battery modules and battery packs and ... it's a very complex assembly line” — Sebastian Roll, CEO · 2026-08-13 — a natural extension of its battery modules expertise.Capital strength and M&A patience
Financially, Aumann is in a commanding position: net cash of EUR 154.4 million and an equity ratio of 62.2%, a financial position that gives it flexibility for organic growth, acquisitions, and shareholder returns (dividend of EUR 1.11 per share plus a buyback program). The company has been touting M&A for several quarters, but CEO Roll admitted progress is slower than hoped: "there are a handful of companies where we are in discussion," though he emphasized "quality fit and strategic fit is more important than speed." In the prior call, the focus had already shifted: “we are now looking especially for targets in the area of Next Automation. That's where we would like to expand our portfolio, and that's clear our target for 2026 to acquire a company in this area.” — Sebastian Roll, CEO · 2026-03-31 Roll had similarly noted earlier in the year: “we didn't lost one. So we are still in some different -- we're still looking at different targets, to be honest.” — Sebastian Roll, CEO · 2026-05-12 The company is also open to larger deals, given its balance sheet.Why it matters
Aumann is no longer an E-mobility pure play. The diversification is real, and it's showing up in numbers that matter. While the overall top line is still pressured, the mix shift toward Next Automation insulates the company from the prolonged automotive investment drought. Guidance for 2026 remains ~EUR 160 million revenue and 6–8% EBITDA margin, but CFO Pollitt noted: “it's a bit too early to have a clear estimation on where exactly we will be in ... with our guidance. Larger customer decisions will take place in the second half.” — Jan-Henrik Pollitt, CFO · 2026-08-13 If those decisions materialize, the second half could see a meaningful step-change in both order intake and revenue. The company's ability to maintain double-digit EBITDA margins at a 35% revenue decline is a testament to its operational discipline, but the real upside lies in whether Next Automation can scale beyond niche wins. With a robust pipeline, a strong balance sheet, and a clear strategic pivot, Aumann is positioning itself to emerge from the automotive downturn as a broader industrial automation player.— CEO Sebastian Roll, summarizing the Next Automation order intake surge.This clearly confirms that our diversification strategy is working.