Fresenius Medical Care (FME) reported mixed Q2 2025 results. Revenue was broadly in line at EUR 4,792m, but EBIT and EBITDA fell short of consensus, reflecting cost pressures and weakness in Care Delivery. EPS exceeded expectations at EUR 0.77, supported by a lower tax rate. While strong cash flow and Value-Based Care growth were positives, the weak H1 performance increases pressure on H2 to meet full-year targets. We reduce our estimates and lower the price target to EUR 49.00 (prev. EUR 52.00). However, recent share price weakness offers upside potential. We upgrade from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

Fraport reported Q2 25 results that were in line with expectations, showing solid core operational performance. While reported revenue and group profit declined due to IFRIC 12 and negative contributions from Antalya's currency effects, adjusted revenue and EBITDA both increased by 8.2%. The company's free cash flow turned positive at EUR 29m, a significant improvement from the negative free cash flow in Q2 24, driven by lower capital expenditures. Segmental performance was robust in Aviation and Ground Handling, though Retail & Real Estate and International Activities faced challenges, particularly from currency devaluations and rising costs. Fraport maintained its full-year 25 outlook, anticipating a moderate increase in EBITDA and flat to slightly lower group net profit. The dividend remains suspended as the company focuses on deleveraging. With unchanged estimates and PT, we reiterate to HOLD. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Rheinmetall has secured a EUR 770m vehicle call-off under its EUR 3.5bn Bundeswehr framework, boosting visibility and setting the stage for strong H2 performance. While not reflected in Q2 results (due Aug 8), the order underscores accelerating demand for Rheinmetall’s modular vehicle platforms across NATO allies. With structural defense spending tailwinds in Europe, rising equipment share, and growing traction in the U.S. market, the company is positioned for outsized growth. We confirm our BUY rating and raise our price target to EUR 2,288, expecting upward guidance revisions in H2 as defense budgets and procurement priorities are finalized in Germany. Rheinmetall remains a core structural growth story in European defense with an estimated revenue CAGR of ~27% between 2024 and 2030. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Hamborner REIT delivered a resilient Q2/H1 25 performance, with rental income of EUR 22.6m (-2.6% yoy) and EUR 45.7m (-2.1% yoy) respectively in Q2 and H1, reflecting recent asset sales. FFO after 6 months declined 12.0% yoy to EUR 24.9m, in line with full-year guidance of EUR 44–46m. Despite rising costs and a slight increase in vacancy (3.5%), the portfolio remains well-leased with a WALT of 5.7 years. EPRA NAV per share dipped 2.9% to EUR 9.51, while LTV rose modestly after recent dividend payment to 44.3%. Management raised rental income guidance to EUR 89.5–90.5m, citing leasing strength. With a ~6.0% dividend yield and strong balance sheet, Hamborner remains attractively valued in our view, which is why we reiterate our BUY rating and EUR 11.00 target price, offering ~90% upside. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

tonies will publish its Q2 figures on 21 August. We anticipate a more moderate growth rate in Q2 25, expecting an 18% yoy increase, down from 24% in Q1 25. In the US, price increases in May to offset tariffs and unfavorable FX rates could have dampened growth, but still expected at 25%. Tough comparisons in the DACH region could lead to a slight decline, while the Rest of World (RoW) should still see strong growth. The adjusted EBITDA margin is projected to improve 380 bps yoy due to increased fixed cost absorption, although this will be partially offset by costs related to tariff uncertainty and potential Toniebox 2 launch preparations (unconfirmed). Free cash flow for H1 is expected to remain stable at around EUR -32m, as increased inventory build-up due to tariff threats and a potential new Toniebox launch could offset improved profitability. Our FY25 estimates are robust under reasonable tariff assumptions and we reiterate our BUY recommendation with a target price of EUR 11.00.The full update can be downloaded under https://research-hub.de/companies/tonies-se

Cicor has completed the acquisition of MADES, its fourth deal in 2025, adding ~CHF 27m in A&D-focused revenues and deepening its exposure to regulated EMS verticals. MADES is already included in FY25 guidance (CHF 620–650m revenue, CHF 64–72m EBITDA). The group retains firepower of ~CHF 100m for further M&A. Meanwhile, the recent U.S. tariffs on Swiss exports are expected to have no material impact, given Cicor’s minimal U.S. exposure and certain healthcare exemptions. Following the stock’s strong post-H1 recovery, we raise our PT to CHF 207 but downgrade to HOLD. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Daimler Truck Group’s (DTG) Q2 2025 results were broadly in line with consensus in terms of revenues and beat adjusted (adj.) EBIT by c.5%. Revenues at DTG’s industrial business declined 6% yoy during the quarter, reflecting 5% yoy weaker unit sales. Volumes were significantly weak in Trucks North America (-20% yoy) amid deteriorating demand. This was partly negated by resilient unit sales in MercedesBenz Trucks (Europe) (flat yoy, thanks to catch-up effects), Trucks in Asia (+13%), and Daimler Buses (+5%). In terms of profitability, adj. EBIT fell 5% yoy to EUR 1.10bn at the Industrial business, but with a stable yoy margin of 9.3% (consensus of 8.5%). The regional weakness has shifted from Europe in early-2024 to North America in 2025, largely due to US tariff-led uncertainties. This prompted management to cut its FY 2025 guidance for the Trucks North America business. Despite Europe’s recovery, overall demand remains fragile. We maintain our SELL rating with an unchanged price target of EUR 34.00. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Mayr-Melnhof Karton AG (MM) is expected to deliver muted Q2 results amid ongoing challenging trading conditions, as flagged by peers Stora Enso and Metsa, with market headwinds only partially offset by internal efficiency measures. Revenue is projected to rise modestly by about 0.8% year-over-year to EUR 1,027m—down 1.5% sequentially—while adjusted EBIT should reach EUR 53m, representing a slight year-over-year margin improvement but a sequential decline. In Board & Paper, persistent overcapacities and imports keep the market soft, with revenues expected roughly flat year-over-year and just breaking even operationally. Food & Premium Packaging division will reflect the deconsolidation of TANN from June, reducing sales by about 3% and EBITDA by 4%, pushing sales slightly down sequentially and causing around a 100bps margin dip. Conversely, Pharma & Health Care Packaging should see slight sequential improvements, notably from the Essentra turnaround. We maintain our BUY rating with PT EUR 115.00. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

ProSiebenSat.1 Media’s (PSM) Q2 2025 results were again clouded by weakness in its high-margin TV advertising (ad) business, given persistent macro headwinds. Revenues declined 7% yoy (a 1% miss vs consensus; -3% yoy organic), due to soft ad revenues. Adj. EBITDA dropped 40% yoy to EUR 55m, posting a 13% miss, also in part due to Verivox deconsolidation. Management expects recovery in Entertainment ad revenues in DACH in H2 and broadly maintained its FY 2025 outlook – revenues of c. EUR 3.85bn (+/- EUR 150m) and adj. EBITDA of EUR 520m (+/- EUR 50m), however, now below mid-point of the target range. Following PPF Group’s offer to increase its stake in PSM to 29.99% for cash of EUR 7.00/share, MFE-MediaForEurope enhanced its public takeover offer for all outstanding PSM shares. MFE is now offering cash of EUR 4.48+ 1.3 MFE A-shares per PSM share (initial offer: cash: EUR 4.48+ 0.4 MFE A-shares), translating to c. EUR 8.15/ share. PPF’s offer just increases its stake; however, the MFE proposal means ceding full control. We revise our target price to EUR 8.00 (old: EUR 7.00), converging to MFE’s new offer and maintain our HOLD rating on the stock. The full update can be downloaded under https://research-hub.de/companies/prosiebensat-1-media-se

Nemetschek (NEM) reported detailed Q2 2025 results that were in line with its preliminary release. The revenue momentum continued to impress, led by increasing share of subscription and SaaS revenues (+72.5% yoy in constant currencies [c.c.]). The overall Q2 topline grew 30.5% yoy c.c. on strong organic (org.) growth of 21.6% yoy in c.c. The Build segment continued to grow organically and through contribution from GoCanvas, while Design benefitted from growing demand for multi-year subscription contracts. EBITDA increased 44.0% yoy to EUR 88.5m in Q2, with margins expanding 3.5ppt yoy to 30.5% on operating leverage benefits. Following a strong H1, management had raised its FY 2025 guidance at the time of pre-release, which it confirmed. It estimates revenues to grow by 20%-22% yoy c.c. (+17%-19% previously) and the EBITDA margin is still forecasted at c.31%. High annual recurring revenue share provides good business stability and enhances margin quality. Execution is strong with growing presence in the US, but valuation appears fair. We reiterate HOLD rating at an unchanged PT of EUR 125.00. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se