Montega Maintains Hold on Circus, Price Target at EUR 2.20

• Montega maintained a Hold rating on Circus with a 12-month price target of EUR 2.2 on October 20, 2026.
• The third-quarter update showed operational stabilization, with 33 systems deployed and the 2026 delivery target unchanged at 50 units.
• July’s revenue guidance cut to EUR 5.2 million from EUR 44–55 million set the reduced expectations underpinning the assessment.
• Mandatory proprietary ingredient pods add recurring revenue, offering potential for higher gross margins.
• Montega left estimates unchanged, awaiting evidence of a production ramp-up from 2027 and clarity on near- and medium-term funding needs.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Circus SE published the original content used to generate this news brief via EQS News (Ref. ID: rc_27124) on October 20, 2026, and is solely responsible for the information contained therein.