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

INDUS Holding raised its FY26 guidance, expecting revenue of EUR 1.90–2.10bn and adjusted EBITA of EUR 220–260m (midpoint EUR 240m, +37%), driven by severe tungsten carbide shortages boosting Materials Solutions. Preliminary H1 26 figures confirm strong momentum, with revenue up 15.4% yoy to EUR 965.2m and adjusted EBITA more than doubling to EUR 123.5m (12.8% margin). While working capital buildup dragged H1 free cash flow to EUR -36.9m and raw material pricing may normalize, operational positioning and market share gains remain compelling. We reiterate our BUY rating and increase our PT to EUR 43.00 from previously EUR 40.00 as we significantly increase our FY26 est. We note, however, that a normalization of tungsten prices could trigger a reversion to the mean; hence, we refrain from extrapolating current margin levels over the coming years. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Nemetschek (NEM) reaffirmed its organic FY26 outlook (excluding M&A) and expects HCSS to add approximately 600 BP to constant-currency growth. However, PPA effects, integration expenses, and share-based compensation should dilute the EBITDA margin by around 150 BP in FY26. In addition, the preliminary PPA could reduce H2 26 revenue and EBITDA by a mid- to high-EUR 20m amount and minorities may represent ~13% of Group earnings (mwb est.). Hence, the transaction enhances the Group’s growth profile, while PPA effects, integration costs, and the minority interest are likely to impact financials. We incorporate all effects and update our model, with an only small effect on DCF-based valuation. With a new price target of EUR 91.00 (old EUR 95.00), we confirm our BUY rating. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Rheinmetall delivered a strong Q2 beat on sales and operating profit, but the lack of a guidance increase limits the positive read through. We view the clearly negative OFCF as less meaningful given quarterly working capital volatility, although the missed F126 advance payment remains a risk for FY cash flow. More importantly, the leaked German budget documents support our cautious stance on traditional land systems and point to lower cumulative spending on ammunition and combat vehicles. We therefore see the update as neutral and reiterate our HOLD rating and EUR 1,150 price target. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Final Q2 results were in line with prelims and confirmed that the earnings beat was driven primarily by stronger contribution margins, supply-related pricing and the Zhanjiang ramp-up rather than a broad-based demand recovery, with elevated hedging and trading gains also providing a less-repeatable contribution. Cash conversion remained weak, but continued cost reduction, Ludwigshafen restructuring, portfolio optimization, deleveraging and the new buyback should strengthen BASF’s earnings resilience and provide downside support. With July trading holding up and no material demand destruction evident, we expect conditions to stabilize gradually through H2 2026, with scope for a modest improvement into 2027. We reiterate our BUY rating and EUR 55.00 price target. The full update can be downloaded under https://research-hub.de/companies/basf-se