Schloss Wachenheim’s 9M 2025/26 results confirm resilient volume development in a difficult beverage market, but earnings momentum remains constrained by mix and cost pressure. Bottle volumes rose 3.5% yoy across all three regions, while revenues increased only 1.3% due to continued mix effects and weak conditions in parts of the wine market. Gross margin improved clearly, but higher personnel, freight, advertising, maintenance, IT and depreciation costs limited EBIT growth. Q3 was seasonally soft, yet not thesis-changing. Management confirmed FY guidance but now targets the lower end. We lower our PT to EUR 20.00 from EUR 21.00 and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/schloss-wachenheim-ag

Bechtle delivered a solid Q1 26 with strong top-line momentum and a record order backlog, while profitability remained slightly below consensus expectations. Business volume rose 13.2% yoy to EUR 2.23bn, supported by 11.0% organic growth, while revenue increased 7.6% yoy to EUR 1.57bn, slightly above consensus. EBT improved 11.5% yoy to EUR 61.6m, almost in line with expectations. Demand was broad-based across regions and customer groups, with particularly strong momentum in “Other Europe”. Gross margin expansion and positive operating cash flow were encouraging, while the EUR 3.3bn backlog supports visibility into FY26. We reiterate our BUY rating and the EUR 41.00 price target. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

Kontron’s Q1 was optically weak, but underlying trends remained resilient. Reported revenues fell due to deconsolidation, IT services disposals, supply-chain delays and GreenTec restructuring, while adjusted EBITDA increased slightly and backlog reached a record EUR 2.54bn. The new revenue wording triggered questions, but the bridge points mainly to scope effects: 2026 M&A revenue is no longer included, while flat reported sales would already imply organic growth. EBITDA guidance remains unchanged. The focus areas of Transportation, Aerospace & Defense and Cyber Solutions continued to grow strongly, and Ennoconn’s potential tender offer should be read as a strategic commitment, not an exit call. While adjusting our top-line estimates, we leave our earnings estimates broadly unchanged. We maintain our EUR 34.00 PT and stick to our BUY rating. The full update can be downloaded under https://research-hub.de/companies/kontron-ag

Siemens Healthineers (SHL) released its Q2 figures and lowered its FY26 outlook after a mixed performance, mainly due to structural weakness in China Diagnostics and additional supply-chain inflation. The new guidance implies 4.5% to 5.0% revenue growth in constant currency (cc), but reported figures look weaker, with Q2 revenue down 3.9% yoy and H1 down 2.7% yoy. Imaging and Precision Therapy remain solid, growing 6.1% and 4.7% (cc), respectively, while Diagnostics declined 6.5% (cc) and margins fell to 0.9%. We reduce our price target to EUR 49.00 but maintain BUY, as the 23% YTD share price decline likely prices in much of the disappointment. The full update can be downloaded under https://research-hub.de/companies/siemens-healthineers-ag

Krones’ Q1 26 results reflect a solid operational start despite currency-driven revenue headwinds. Strong demand drove order intake up 5.3% to EUR 1.51bn, elevating the backlog to EUR 4.32bn and securing visibility well into the year. While reported revenue fell slightly to EUR 1.38bn, EBITDA margins improved to 10.8%, highlighting excellent cost discipline. The primary weak spots were a planned dip in free cash flow to EUR -9.5m due to working-capital management and softer top-line performance in non-core segments. With a fortress balance sheet boasting EUR 523.1m in net cash and confirmed FY26 guidance (sales growth between 3-5%; EBITDA margin 10.7-11.1%), the fundamental investment case remains fully intact with anticipated top-line acceleration in the H2 26. We reiterate our BUY rating with an unchanged PT of EUR 150.00. The full update can be downloaded under https://research-hub.de/companies/krones-ag

Today’s analyst call at 2pm CEST turned the focus from headline defense spending to the quality of that spending. Rheinmetall remains the best listed European defense platform, but Q1 was weak, the guidance bridge remains messy, and investors are now finally (!) questioning whether traditional land systems and ammunition deserve the same long term multiple as drones, air defence, missiles and digital battlefield solutions. We stay constructive on Rheinmetall’s industrial position, with an unchanged EUR 1,450 price target. HOLD. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Leifheit delivered a soft Q1 26 but in line with expectations, reflecting continued weak consumer demand across Europe. Revenues declined moderately yoy, while profitability turned negative due to higher marketing and innovation spending aimed at strengthening brand positioning ahead of a potential recovery. Cash flow also weakened, though the balance sheet remains solid and continues to support a stable dividend. Underlying demand trends remained subdued across segments, with no meaningful improvement and the core household business still under pressure. Management confirmed its full-year guidance, pointing to slightly higher revenues but continued near-term earnings pressure, with EBIT broadly in line with FY25 and stable free cash flow expected. Overall, 2026 remains a transition year focused on brand rebuilding and innovation. We view the increased spending as necessary, while Leifheit remains financially well positioned, with a cash position of EUR 21m at the end of Q1 providing sufficient flexibility. We maintain our BUY rating with a PT of EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

Against this backdrop, mwb research is hosting an online roundtable with Carsten Salewski (CSO/CCO) and Dirk Schwingel (CFO) on May 12, 2026, at 10:00 a.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-05-12-10-00/V6C-GR.

LANXESS’ Q1 confirmed a trough-like earnings backdrop, with weak demand, low utilization, FX headwinds, portfolio effects and Asian price pressure more than offsetting cost savings and lower functional costs. Segment trends remained broadly weak, particularly in Advanced Intermediates, while Consumer Protection and Specialty Additives also saw earnings pressure despite some March volume momentum and selective strength in water treatment, lubricants and flame retardants. Although Q2 should improve sequentially on price increases, temporary supply-chain shifts and back-end-loaded savings, visibility on a sustainable earnings inflection remains limited given ongoing dependence on cost pass-through, FX, construction demand and fragile end-markets. We reiterate HOLD with an unchanged EUR 17.00 price target. The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

Knorr-Bremse delivered a strong start to FY26, with Q1 results slightly below expectations at the top line due to currency effects, but clearly ahead on profitability, driven by cost control, operating leverage and BOOST efficiencies. Revenue showed modest organic growth, while earnings expanded strongly with meaningful margin improvement and better-than-expected cost absorption. Free cash flow also increased significantly, supported by stronger conversion and disciplined working capital management. Rail remained the key stabiliser with stable revenue and further margin gains, while Truck delivered strong profitability improvement despite the ongoing weak truck cycle, reflecting effective cost discipline. Management confirmed its FY26 outlook, highlighting continued resilience and execution. Following the results, we raise our estimates and increase our price target to EUR 103.00 (from EUR 86.00) but upgrade only to HOLD from SELL due to elevated valuation. The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag