GEA delivered a strong Q2, with organic sales growth of 11.0% and EBITDA before restructuring of EUR 251m, clearly ahead of consensus. The EBITDA margin expanded 90bp yoy to 17.4%, while order intake grew 14.2%, confirming broad based demand momentum. Management consequently raised FY26 guidance already in July across all three KPIs, now targeting 6-8% organic growth, a 17.0-17.4% EBITDA margin and 36- 40% ROCE. With H1 growth already at 8.2%, we consider the upgraded targets achievable. GEA remains a low beta compounder with resilient end markets, a rising margin and ROCE profile, a growing backlog and a capital return story which does not get affected by crisis. We confirm our price target of EUR 76.00. BUY. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

LANXESS delivered a clear sequential earnings rebound, with output pricing offsetting input-cost inflation and volumes improving, although part of the uplift was supported by temporary Middle East-related supply disruption and underlying demand remains soft. Nevertheless, back-end-loaded savings and ongoing portfolio measures should support H2, and we see LANXESS landing toward the upper end of guidance as part of the Q2 volume recovery should prove sticky. We continue to view Q1 as the trough; with utilization still depressed, even a gradual demand normalization into 2027 could unlock meaningful operating leverage, though a further re-rating will require clearer evidence of sustainable volume recovery. We reiterate our BUY rating and price target of EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

Daimler Truck reported Q2 results in line with preliminaries, with unit sales up 8% yoy and Industrial Business revenue up 6%, while adj. Group EBIT declined 18% and RoS fell to 6.8% amid tariff pressure. FCF was strong at EUR 1.76bn. Trucks North America remained the key earnings contributor, though margins weakened, while MercedesBenz Trucks showed a more resilient performance. The raised FY26 guidance, including adj. Group EBIT of EUR 3.6–4.1bn and Industrial Business RoS of 7–9%, was already announced with the preliminaries and is reflected in our estimates. We continue to see recent demand strength largely as a catch-up effect from ageing fleets rather than a sustained recovery. With the truck market still weak and Chinese EV competition a structural risk, we reiterate our SELL rating and EUR 33.00 PT. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Scout24 delivered another strong quarter, with Q2 revenue up 20.0% yoy and 10.4% organically, while the organic EBITDA margin reached around 64%. The results showed solid underlying profitability despite costs for the integration of Spain. Segment-wise, Professional remained the main growth driver, while Private subscription momentum improved and AI products increasingly supported engagement and monetization. Management confirmed FY26 guidance and indicated that revenue is currently tracking towards the upper end of the 16-18% range. Overall, Q2 reinforces our positive view on Scout24’s growth, margin profile and earnings quality. We reiterate BUY with EUR 135.00 PT. The full update can be downloaded under https://research-hub.de/companies/scout24-se

Enapter has reached an agreement with Patrimonium to transfer the Enapter Campus in Saerbeck in exchange for the discharge of its outstanding bond liabilities. While the significant discount to the property’s book value is painful, we view the solution positively, as the Campus is no longer essential under the new partner-based production model and the transaction will materially reduce interest expenses, strengthening cash flow and financial flexibility during a challenging transition phase for the hydrogen market. The shift towards an asset-light business model had already been taking shape and is therefore already reflected in our model. Enapter will increasingly rely on production partners while retaining its technological core and focusing on R&D, sales, project development and service. A strategic investor has already committed to the planned capital increase in H2 2026, while a bridge loan supports near-term liquidity. We reiterate our Spec. BUY rating and PT of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/enapter-ag

Kontron’s Q2 showed a clear operational improvement, with underlying organic growth and stronger margins despite continued supply-chain constraints. Excluding GreenTec, H1 revenues grew organically by around 5%, while Q2 adjusted EBITDA increased by c. 20% yoy and the adjusted margin reached 14.7%. Demand remains strong, reflected in a 1.55x book-to-bill and record EUR 2.75bn backlog. Management confirmed its 2026 earnings guidance despite persistent component shortages. We slightly trim our sales estimates to reflect shipment risks but leave earnings broadly unchanged. Overall, Q2 reinforces our confidence in the improving operational quality and 2027 setup. PT of EUR 35.00 and BUY confirmed. The full update can be downloaded under https://research-hub.de/companies/kontron-ag

ProSiebenSat.1 Media’s (PSM) delivered a sharp earnings recovery in Q2 26 despite continued revenue pressure. Group revenue declined 9% yoy, or 2% organically, while EBITDA improved to EUR 80m and EBIT reached EUR 40m (last year: EUR -72m). Cost reductions more than offset weakness in linear TV advertising, although accounting changes and an easier comparison base supported the improvement. Joyn maintained strong user and viewing growth, while digital advertising and distribution revenues remained resilient. The outlook depends on disciplined execution rather than a meaningful advertising recovery. A leaner cost base supports higher profitability. We adjust our model assumptions and derive a higher price target of EUR 4.50 (old EUR 4.30). The rating remains unchanged at BUY. The full update can be downloaded under https://research-hub.de/companies/prosiebensat-1-media-se

Rational’s Q2 results were broadly in line, with healthy underlying demand despite the expected normalization after Q1 US pre-buying, strong cash generation and unchanged FY26 guidance. Europe and Latin America remained the main growth drivers; North America was solid on a constant-currency basis. Overall, the print confirms that Rational remains on track for FY26, with improved visibility into H2 despite continued cost pressures. We reiterate our BUY rating and EUR 830.00 price target. Register for Q2 earnings call on Aug 06 at 15:00 CE(S)T under: https://research-hub.de/events/registration/2026-08-06-15-00/RAA-GR. The full update can be downloaded under https://research-hub.de/companies/rational-ag

Dürr’s final Q2 2026 release confirmed a modest operating miss versus consensus (adjusted EBIT EUR 41.9m, -3.7% vs. consensus), with core weak spots already known from preliminary disclosures. While Automotive order intake rallied (+28% yoy) and Woodworking maintained margin discipline, severe project charges at BBS Automation dragged Industrial Automation into the red. Final disclosures revealed weaker cash conversion (Q2 FCF EUR 5.6m) and pointed to significant H2 cash outflows, though a low net debt position (EUR 77.7m) limits balance sheet risk. Achieving FY26 guidance requires a steep H2 margin ramp-up, shifting the core thesis to a 2027 recovery postrestructuring. We reiterate BUY with a PT of EUR 32.00. The full update can be downloaded under https://research-hub.de/companies/duerr-ag

Overall, Q2 earnings developed as expected and showed the anticipated sequential recovery. The key positive was order intake of EUR 260.7m (+231% yoy; +75% qoq), driven by a major OSAT coater award; while the mix was concentrated and less favorable from a margin perspective, underlying demand remained broad across the portfolio. The record backlog materially improves 2027 visibility and de-risks the next earnings leg, while the H2 delivery ramp remains achievable and upcoming product launches add medium-term upside. With SUSS well positioned in the multi-year AI and advanced-packaging cycle, we reiterate our EUR 120.00 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se