Redcare Pharmacy delivered a solid Q3, with revenue up 18% and adjusted EBITDA rising 68%, lifting the margin to 3.4%. German Rx growth remained resilient despite intensifying bonus competition, while improved commercial execution and marketing efficiency significantly eased gross-margin pressure. Management confirmed FY26 guidance, with the lower ends appearing well supported. October trading reflects the expected normalization in Rx growth against tougher comparables, while non-Rx faces a delayed cough-and-cold season. The improving margin trajectory strengthens our investment case, although management retains flexibility to reinvest in growth and market leadership. We reiterate BUY and maintain our EUR 95.00 target price. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv

Wacker delivered a solid Q3, with reported EBITDA nearly doubling to EUR 217m (+94% yoy), although the underlying improvement to EUR 182m (+63% yoy) is more telling, driven by PACE savings and stronger Chemicals margins rather than a recovery in demand. While Chemicals continues to perform well, solar polysilicon remains a drag, with little reason to expect a meaningful turnaround anytime soon. Cash generation was also solid, supported by lower capex, although exceptional inflows boosted the headline figure. FY26 guidance now points to the upper half of the EBITDA range, despite a sharp seasonal slowdown expected in Q4. We remain positive on Wacker's shift toward better margins, lower capital intensity and stronger cash generation, while recognizing the continued weakness in end markets. At 6.4x 2027E EV/EBITDA, valuation looks undemanding. We reiterate BUY with a EUR 105.00 price target. Wacker will present at our German Select IX (1 December 2026) and Chemicals & Beyond (8 December 2026) conferences. Register here: https://research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

Airbus had a quiet Q3, with revenue falling 2% yoy to EUR 17.5bn, 2.5% below consensus, while EBIT Adjusted declined 9% to EUR 1.77bn, in line with expectations. Commercial Aircraft margins slipped on lower volume, a weaker mix and the former Spirit work packages. Defence and Space, a laggard for years, is now pulling its weight. EBIT Adjusted rose 19% and order intake 70%. FCF before customer financing was an outflow of EUR 1.27bn as inventories rose EUR 9.7bn ahead of the year end push. Guidance is unchanged, but ~870 needs a record 323 deliveries in Q4, and CEO Faury speaks of “870 plus or minus 20”. We trim FY26E deliveries to 860 (from 870). The medium term outlook is intact, with the 2029 target of EUR 12 to 13bn EBIT Adjusted, the EUR 5bn buyback and a backlog of 9,310 aircraft. We would treat any December weakness as a buying opportunity. BUY, PT unchanged at EUR 227.00. The full update can be downloaded under https://research-hub.de/companies/airbus-se

AIXTRON's final Q3 results confirmed the strong preliminary figures, with robust cash generation supported by higher profitability and substantial customer prepayments. Order momentum remains strong, driven by continued AI-related photonics investments, while power electronics is showing initial signs of recovery from a depressed base. We increasingly see quarterly orders of around EUR 275m as sustainable over the coming quarters, although converting this demand into revenue will depend on the pace of the supply-chain ramp. We consider FY27 revenue of around EUR 850m achievable, with further upside depending on execution. At 15.6x 2027E EV/EBIT, we maintain our BUY rating and EUR 45.00 price target. AIXTRON will present at the German Select IX Conference on 1 December 2026. Please register under: https://research-hub.de/events/registration/2026-12-01-10-30/AIXA-GR The full update can be downloaded under https://research-hub.de/companies/aixtron-se

Dräger's final Q3/9M 2026 results essentially confirmed the preliminary figures released in mid-October, with no material deviations. While Q3 profitability was disappointing and benefited from customs refunds, nine-month net sales and earnings remained comfortably above the prior-year level. Importantly, management reiterated its FY26 guidance, and the implied Q4 earnings contribution required to meet our forecasts remains within Dräger's historical seasonal pattern. We confirm our estimates, EUR 135.00 price target and BUY rating. Dräger will host a Capital Markets Day on November 18 (hybrid), and professional and institutional investors as well as analysts are invited to register: https://researchhub.de/events/registration/2026-11-18-10-00/DR0-GR The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

MTU’s Q3 confirmed both pillars of our case. Adj. sales rose 14% to EUR 2,429m, 6% above our estimate and 3% above consensus. Adj. EBIT of EUR 349m came in slightly short because of OE mix (margin 14.4%). MRO EBIT grew 20% and its margin improved to 8.0% despite the Fort Worth ramp, which we see as a strong sign. 9M FCF of EUR 466m (CCR 62%) led MTU to raise its CCR guidance for the second time this year, to 55% to 60%. With GTF compensation settled by year end, the 2027 cash inflection is intact. The commercial OE cut costs top line, not the main thesis and should not be overweighted. We expect a bullish long-term outlook at the CMD on 30 November especially on MRO. BUY, PT EUR 530.00. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

Knorr-Bremse delivered solid Q3 26 results, with revenue up 9.0% yoy, slightly below consensus, while operating EBIT rose 19.1%, exceeding expectations. The operating EBIT margin expanded 130bps to 14.6%, supported by efficiency gains and cost discipline, while free cash flow surged 49.8% to EUR 238m. Rail remained resilient, supported by a strong order book and ongoing project execution, while maintaining high profitability. Truck rebounded on catch-up effects following weaker periods and recovering demand in North America and Europe, alongside the benefits of previous cost-saving measures. Management confirmed FY26 guidance, expecting revenue and free cash flow at the upper end of the respective ranges. With results largely in line with our expectations, we make only minor adjustments to our model. However, a FY26E P/E of 23x limits upside potential. We reiterate HOLD with a EUR 103.00 PT. The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag

KION’s final Q3 figures confirm the prelims. Revenue rose 5% yoy to EUR 2,835m, adjusted EBIT rose 7% to EUR 203m, and a lower tax rate lifted EPS to EUR 0.76. KION confirmed its reduced outlook from 14 October. However, the main issue is ITS. Units rose 13% yoy, but new truck orders in EUR fell 9%. The gap reflects a shift to cheaper warehouse trucks and to APAC and the Americas, while EMEA stagnated, especially in the value and economy segment. KION already lost share in EMEA in Q2 (units down 6% vs. market up 12%). We therefore see rising competitive pressure at the low end rather than a one quarter blip, a view our supplier checks ahead of the results also support. We lower our revenue assumptions accordingly, which has however no impact on the PT. In addition, the Q3 presentation gives no new date for the double-digit margin target, which now lies beyond 2027. We keep our PT at EUR 51.00 and reiterate BUY, as c.6x EV/EBITDA 2027E and c.8x P/E 2027E already price in much of the ITS weakness. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

Hensoldt has published its analyst consensus ahead of Q3 results, and it shows how conservative the FY26 guidance has become. To hit it, Q4 sales would have to fall 3.4% yoy after ~21% growth in 9M (incl. our Q3E). We therefore expect a raise at the latest with the Q3 release. Whether it moves the shares depends on its size. Consensus already sits 2.7% above guidance. A raise to ~EUR 2.85bn to 2.9bn would merely confirm it; only EUR 3bn or more would be new information. More important, we expect the debate to shift from FY26-FY29 sales to a bigger picture, and that picture is less favourable. Almost none of the new low-cost vehicles we have analysed (UGVs, UAVs) carry Hensoldt content, while armoured vehicles, where Hensoldt earns a large share of its money today, account for >40% of revenue and software for only 10% (mwb est.). SELL, PT EUR 62.00. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

BASF's Q3 results were broadly in line with our expectations, supported by temporary upstream pricing tailwinds and tangible restructuring benefits, while underlying demand remains subdued. Although management raised its FY26 earnings guidance, FCF targets remained unchanged despite lower expected capex. Nevertheless, the Q4 cash-flow recovery remains demanding. Looking ahead, further cost savings, lower capital intensity and the Zhanjiang ramp-up support the medium-term earnings outlook, although persistent structural challenges in Europe and uncertainty surrounding a potential Evonik acquisition warrant caution. With a broader demand recovery and sustainable cash generation still to materialize, we reiterate our HOLD recommendation and EUR 55.00 price target. BASF will be participating in our “Chemicals & Beyond” conference on 8 December. Please register under: https://researchhub.de/events/registration/2026-12-08-11-00/BAS-GR The full update can be downloaded under https://research-hub.de/companies/basf-se