Q2 was slightly below our expectations, but the underlying trajectory is becoming more constructive: 300mm demand remains strong, the Singapore ramp is improving utilization, and the emerging recovery in 200mm suggests that Power inventories are finally easing. Near-term earnings remain constrained by weak pricing, unfavorable mix and elevated depreciation, but improving customer interest, high industry loading for 300mm and stabilizing non-LTA prices strengthen the case for broader pricing recovery and greater bargaining power in 2027. Following the sharp share-price correction, we believe the risk-reward has turned attractive, prompting us to raise our price target to EUR 85.00 from EUR 70.00 and upgrade the shares to BUY from SELL. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

CECONOMY delivered a solid Q3, with currency- and portfolio-adjusted sales up 8.0% and adjusted EBIT improving by EUR 19m to EUR -5m. For the first nine months, adjusted EBIT rose 22.1% to EUR 342m, putting the FY 2025/26 target of ~EUR 500m firmly within reach. Regional performance was mixed, with DACH returning to growth on weather- and World Cup-driven demand. At its July Strategy Day, CECONOMY set a new FY 2028/29 ambition of EUR 800m adjusted EBIT. The takeover by JD.com is progressing. Only two regulatory hurdles remain (Austria, EU subsidy control), with closing still expected in H2 calendar 2026. We maintain our SELL rating and EUR 4.60 price target, which continues to reflect the JD.com offer price as the relevant valuation anchor. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

KION delivered a strong Q2, with revenue slightly ahead of our estimate and adjusted EBIT materially above expectations, driving a 70bp margin improvement to 7.7%. The 20% decline in order intake was largely optical, reflecting last year’s record IAS order intake and the Q1 pull forward in ITS rather than weaker underlying demand. IAS was the clear positive, with revenue up 23% and adjusted EBIT up 42%, while the narrowed FY26 guidance mainly reflects lower ITS expectations partly offset by a better IAS outlook. We view the revised guidance as a modest de-risking rather than a profit warning. With Q2 results ahead of our pre-close assumptions and the earnings recovery intact, we see the share price weakness as disconnected from fundamentals and reiterate our EUR 55.00 price target and BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

Drägerwerk’s (Dräger’s) final Q2 26 results confirmed the preliminary figures and reinforced the case for a sustained operational recovery. Revenue rose 8.6% yoy to EUR 847.3m, while EBIT more than doubled to EUR 45.9m and the margin expanded to 5.4%. Even excluding the EUR 7.8m tariff refund, underlying profitability improved materially. Safety remained the key earnings driver, combining strong order intake with an 11.3% EBIT margin. Medical returned to profitability, although a weaker order intake was reported. Overall, broad-based gross margin expansion and operating leverage support our investment thesis. We reiterate BUY and our EUR 114.00 price target. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Airbus delivered a strong Q2, with EBIT Adjusted 11% above consensus, although most of the beat came from Defense and Space rather than commercial aircraft. The commercial aircraft division nevertheless showed solid underlying momentum, with a 12.3% Q2 margin on sharply higher deliveries, while the weak H1 margin mainly reflects the Q1 trough. Guidance was unchanged, but the EUR 7.5bn earnings target looks comfortable, whereas cash flow remains more dependent on a heavily year end weighted conversion of inventory into deliveries. Demand is clearly not the issue, with a record backlog and strong defence orders, leaving supply chain execution as the key variable. We reiterate BUY and slightly increase our price target to 227.00 (from 225.00). The full update can be downloaded under https://research-hub.de/companies/airbus-se

Knorr-Bremse delivered a strong second quarter, confirming that its transformation programme continues to translate into higher profitability, stronger cash generation and resilient operational execution. Both the Rail and Truck divisions performed well, with improving margins supported by cost discipline, efficiency gains and healthy demand. Management also slightly raised its FY26 guidance and introduced its new Growth Beyond strategy, outlining ambitious medium-term growth and profitability targets through '30. While the improved outlook reinforces our positive view on the company's operational momentum, we believe much of this progress is already reflected in the current valuation. Therefore, we reiterate our HOLD rating with a PT of EUR 103.00. The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag

Symrise reported Q2 26 organic sales growth acceleration to 4.5%, up from -0.4% in Q1 and beating consensus of ~3.0%. For H1 26, reported sales declined 0.6% yoy due to FX and portfolio headwinds, while adjusted EBITDA fell 1.9% yoy (margin down 30 bps to 21.8%) amid Middle East freight surcharges and transformation costs. Segmentally, Taste, Nutrition & Health organic growth of 4.9% in Q2 26 was tempered by price normalization and organic decline in Pet Food, while Scent & Care’s 3.8% organic growth in Q2 26 was lifted by easy comparables in Aroma Molecules, masking mid-single-digit declines in high-margin Fine Fragrance and UV filters. Despite management reaffirming its FY 26 guidance (2-4% organic growth, 21.5-22.5% adjusted EBITDA margin), reaching the upper bound requires a steep H2 acceleration, leaving growth reliant on execution of the ONE SYM transformation and the planned Floral Concept acquisition amid macro softness. With high-margin categories facing demand fatigue, rising debt, and ongoing margin erosion, we remain on the sidelines and confirm our HOLD rating with an unchanged price target of EUR 100.00. The full update can be downloaded under https://research-hub.de/companies/symrise-ag

AIXTRON delivered a strong Q2, with order intake of EUR 214.5m (+81% yoy), in line with our expectations and reinforcing the multi-year AI-opto opportunity. Sales of EUR 115.1m (-16% yoy) were slightly below our estimate but within guidance, while gross margin of 40.7% beat our forecast and partly offset weaker operating leverage, resulting in a 12.8% EBIT margin. Cash conversion was strong with FCF surging to EUR 113.6m (+175% yoy) supported by advance payments. With the recent sell-off looking overdone, valuation now offers a more attractive entry point into the optoelectronics cycle, with further upside from GaN-based AI power delivery and a later SiC recovery. We upgrade AIXTRON from HOLD to BUY with an unchanged EUR 40.00 price target, implying c. 22.5x 2027E EV/EBIT; further detail is expected during today’s earnings call at 15:00 CEST. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

MTU's Q2 26 results confirm the cash thesis. FCF of EUR 117m beat consensus by 31% and H1 FCF of EUR 294m is up 39% (!) yoy at a cash conversion ratio (CCR) of 59% against 44%, prompting management to raise the 2026 CCR guidance to 50 to 60% from 45 to 55%. Consensus sits at 48.9%, below the new floor, so the street has to revise its cash numbers upwards. OEM delivered a record 32.0% adjusted EBIT margin, up 180bps yoy and ~290bps above consensus, with organic spare parts USD sales up high teens. Commercial OEM revenue optics reflect FX and a tough prior year comparison, and management guides a steep original equipment ramp up for H2. MRO revenue beat by 19% and grew 37% yoy. Guidance is unchanged and fully hedged at EUR/USD 1.20, so the EBIT range contains no currency help. Powder metal compensation closes at year end 2026, which will support FCF from 2027 onwards. At 10x EV/EBITDA 2026E against a peer median above 20x, the discount remains unjustifiable. PT unchanged at EUR 530.00, BUY. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

TAKKT’s H1 26 results highlight a transitional phase marked by top-line pressures but robust cost-saving execution. H1 organic sales declined 5.4% to c. EUR 454m, though Q2 showed sequential improvement (-4.1%). The adjusted EBITDA margin stood at a solid 4.1%, yet restructuring expenses pushed reported EBIT to EUR -4.4m. We view the ongoing portfolio simplification as highly sensible, though H2 free cash flow generation requires closer monitoring. With full-year guidance maintained despite macroeconomic headwinds, the foundation is being laid for future operating leverage. Reconfirming our confidence in the turnaround story, we reiterate our BUY rating with a PT of EUR 4.50. The full update can be downloaded under https://research-hub.de/companies/takkt-ag