Montega cuts Circus price target to EUR 2.2, downgrades to Hold

• Montega cut its rating on Circus to Hold from Buy, slashing its 12-month target price to EUR 2.2 from EUR 10.
• The downgrade followed a sharp FY 2026 guidance reset to revenue of EUR 5.2 million from EUR 44-55 million.
• Montega cited scaling bottlenecks across logistics, commissioning staffing, maintenance, service processes; expected 2026 system deliveries cut to about 50 from nearly 200.
• EBITDA is now seen at about EUR -17 million versus prior guidance of EUR -6 million to EUR -8 million.
• Montega expects negative operating results through 2030, flagging a potential funding gap despite the completed Alberts acquisition financed mainly with 1,200,000 new shares.

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_26208) on July 20, 2026, and is solely responsible for the information contained therein.