Amadeus Fire’s Q1 26 results showed a 9% yoy revenue decline to EUR 89.4m and a 30% drop in operating EBITA to EUR 3.0m, yet highlighted a crucial sequential improvement over Q4 25. While Personnel Services remains under pressure from a weak German labour market, the Training segment is proving resilient and strategically vital due to its AI-led digital transformation. Management confirmed its FY26 sales and EBITA guidance, banking on a stronger H2. Despite current macro headwinds and elevated leverage, we believe the structural shortage of skilled workers and the company's "AI First" strategy offer significant upside. We therefore reiterate our BUY rating with unchanged PT of EUR 70.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

MHP Hotel AG released audited FY25 figures, confirming a strong year with revenue up 11% and EBITDA rising 35%, reflecting solid operational performance. Growth was driven by new assets like Koenigshof Munich and the newly opened Conrad Hamburg, while portfolio metrics such as average room rate and RevPAR both increased 6%. Cash flow was impacted by EUR 8m in pandemic liability reductions and higher capex for the Conrad renovation, though the balance sheet remains robust. The company is expanding its MOOONS brand with a new Frankfurt project planned for 2029, targeting scalable growth and improved margins. Looking ahead, MHP confirmed a positive FY26 outlook, supported by strong Q1 momentum and the Hyatt Regency Vienna acquisition, guiding for EUR 225m revenue and > EUR 10m EBITDA. We adjust our estimates to the lower end of the margin guidance, reflecting global geopolitical uncertainties and rising costs for energy and personnel. We confirm our BUY rating and reduce our price target to EUR 3.00 (old EUR 3.30). The earnings call recording can be viewed here: https://research-hub.de/events/video/2026-05-06-10-00/CDZ0-GR. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Zalando reported Q1 2026 results, broadly in line with expectations at the operating level. GMV rose 21.7% yoy to EUR 4.3bn, revenue increased 23.8% to EUR 3.0bn and adjusted EBIT improved 38.7% to EUR 64.8m. Reported net income was burdened by already-flagged restructuring costs, while FCF was weak due to seasonal working-capital effects. Reported top-line growth benefited from ABOUT YOU consolidation, with pro-forma growth more moderate. B2B was the highlight, while B2C margins were diluted by ABOUT YOU. With guidance confirmed, synergies progressing and current trading stable, we confirm our BUY rating and EUR 39.00 price target; key watchpoints are cash conversion, ABOUT YOU margin progression and macro/geopolitical risks. The full update can be downloaded under https://research-hub.de/companies/zalando-se

ZEAL delivered a soft Q1 in a weak jackpot environment, with revenue broadly in line with our estimate. Profitability was softer due to elevated marketing, personnel and direct operating costs, but we view this as a function of the company’s expansion phase and therefore temporary. With FY26 guidance reiterated, the year remains back-end loaded and dependent on a more supportive jackpot backdrop. At the same time, ZEAL continues to expand its portfolio, now launching a premium car raffle to reduce dependency on the jackpot environment and enhance mix. As investment intensity normalizes, we see scope for margins to expand to higher steady-state levels. We reiterate our BUY rating with unchanged PT of EUR 72.00, implying a ~31x 2027E P/E. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Daimler Truck reported a weak start to the year, with Q1 26 results reflecting continued cyclical pressure. Lower volumes weighed on revenue, while profitability declined sharply and free cash flow turned negative. Order intake increased strongly yoy, but this improvement is largely driven by a low base and catch-up effects in North America rather than a genuine demand recovery. Segment performance remained mixed, with North America under pressure, Europe relatively resilient, and buses more stable. Management confirmed full-year guidance, although the outlook does not yet fully reflect rising geopolitical risks and potential trade policy headwinds. Overall, we feel confirmed in our cautious view and see the order strength as temporary, with continued pressure expected from geopolitical dynamics. We reiterate our SELL rating with a price target of EUR 30.00, as we believe the market still underestimates not only cyclical but also structural risks from Chinese EV competition that are only beginning to unfold. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

RENK delivered a solid Q1 broadly in line with consensus and pre-close expectations. Order intake was strong at EUR 582m, keeping the EUR 2bn FY26 target well on track, while revenue was in line and adj. EBIT margin beat by 60bp. However, the quarter was split. VMS continues to benefit from the European defense ramp and delivered strong, while M&I margin was weak due to customer-related logistics delays and a supplier disruption that shifted >EUR 20m of Marine revenue into Q2/Q3. Guidance was confirmed and management now targets the upper half of the EUR 255-285m adj. EBIT range, broadly in line with consensus expectations. With valuation fair and M&I execution risk still visible, we leave our HOLD rating and EUR 53.00 PT unchanged. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Redcare Pharmacy reported Q1 2026 results, broadly confirming the preliminary figures, with group revenue up 18.4% yoy to EUR 849.5m and adjusted EBITDA up 58% to EUR 14.4m, albeit slightly below consensus. Gross margin declined due to a soft and competitive non-Rx market, a higher Rx share and the Rx bonus, but lower selling and distribution expenses more than offset the pressure. DACH remained the key growth and earnings driver, while International profitability was affected by temporary effects. German non-Rx recovered from the Q4 trough and Rx momentum remained strong. Overall, Q1 supports FY26 guidance and marks a step in the right direction. We confirm our BUY rating and EUR 95.00 price target. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv

TeamViewer (TMV) reported Q1 2026 results broadly in line with expectations, with revenue of EUR 183.2m close to consensus and broadly stable at -0.4% cc yoy. Growth was held back by expected 1E churn, the SMB reset and FX headwinds. Enterprise ARR remained the key positive, rising 7.7% cc yoy, or 11% excluding the 1E effect, while SMB weakness is likely to persist into Q2. Adj. EBITDA of EUR 83.0m beat consensus, though partly due to marketing spend phasing. Guidance was confirmed. Q1 was reassuring, not thesis-changing. We reiterate BUY and EUR 9.60 price target. The full update can be downloaded under https://research-hub.de/companies/teamviewer-se

Rational delivered a strong start to FY26, with broad-based organic acceleration across core regions, continued outperformance from iVario and further evidence that the multi-year expansion of the global salesforce is translating into structurally stronger growth and visibility, particularly in North America. While gross margin came under pressure from FX and tariffs despite US pricing actions and higher volumes, underlying execution remained strong with disciplined cost control, resilient profitability and improved cash generation. Overall, the Q1 print strengthens our view that Rational is entering a structurally stronger growth phase supported by increasing sales productivity, recurring aftermarket exposure and long-term penetration potential, underpinning our BUY rating and slightly higher EUR 830.00 PT. Register for today’s earnings call at 15:00 CEST here: https://research-hub.de/events/registration/2026-05-06-15-00/RAA-GR. The full update can be downloaded under https://research-hub.de/companies/rational-ag

Koenig & Bauer’s Q1 26 was defined by a strong 21.4% jump in orders (EUR 297.6m) and a successful S&T turnaround, contrasted by a reported net loss of EUR -27.6m. The bottom line was hit by EUR 6.6m in one-off costs for the Albert-Frankenthal closure and seasonal FCF weakness (EUR -37.8m). However, with a EUR 1bn+ backlog and the "IMPACT" program gaining traction, the path to the FY26 operating EBITDA target of EUR 80m remains viable. We view the current earnings pressure as a temporary, yet partly seasonal side effect of essential structural realignment. We see a favorable risk-reward profile, particularly driven by the strong order momentum, which is why we reiterate our BUY rating with unchanged PT of EUR 18.00. The full update can be downloaded under https://research-hub.de/companies/koenig-bauer-ag