Fraport delivered a strong Q3 profit beat, with EBITDA surging 23% to EUR 593m (including a EUR 50m one-off), while sales of EUR 1.38bn slightly missed expectations. Even excluding the one-off, all four business units showed solid operational momentum: Aviation (+14% yoy EBITDA), Retail & Real Estate (+9%), Ground Handling (EBITDA more than doubled), and International Activities (+9%) despite FX headwinds. Free cash flow hit a record high, supported by stronger operating cash flow and lower capex, signaling the end of Fraport’s heavy investment cycle. Management confirmed FY25 guidance—expecting only modest EBITDA growth, flat to down group results (which we believe too cautious), and no dividend as deleveraging remains the priority. Despite moderate earnings upgrades and a higher price target of EUR 64.00 (from EUR 62.00), our rating remains SELL due to limited passenger recovery at Frankfurt and muted earnings outlook. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

United Internet AG delivered a mixed Q3 2025, with revenues of EUR 1.51bn (+1.9% yoy) slightly below expectations, but EBITDA up 5% yoy to EUR 324m, supported by strong growth in Business and Consumer Applications. EBIT declined 9% yoy to EUR 158m as 1&1 network and fibre rollout costs continued to weigh on margins. The company reclassified Sedo GmbH as held for sale under IFRS 5, excluding it from consolidated results. Management reaffirmed FY25 guidance—now adjusted for Sedo and the Energy unit—with revenues of ~EUR 6.05bn, EBITDA of ~EUR 1.3bn, and capex of ~EUR 750m. Solid operational delivery offsets network-related cost pressure; we maintain HOLD with a EUR 28.00 price target. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag

Rigsave’s H1 25 standalone holding results offer limited insight due to a lack of audited group consolidation. However, the company reported strong operational progress in H1 25 with revenues up fivefold yoy to EUR 0.66m, while net profit declined to EUR 29k due to the absence of last year’s fund dividend. The company established further asset pooling mandates, supporting the topline in H1, with further EUR 0.8m in sales expected in H2. Rigsave shifted its strategy toward institutional clients, accelerating both growth and scalability. Assets under management reached EUR 170m, with the full impact expected in FY26. With expanding mandates and rising AUM, Rigsave remains well positioned for growth. Spec. BUY, PT EUR 6.20. The full update can be downloaded under https://research-hub.de/companies/rigsave-spa

Stratec SE (Stratec) published its detailed Q3 results confirming the weak prelims communicated earlier. Sales were down 3.4% yoy in constant currency (c.c.), while adjusted (adj.) EBIT dropped 17.7% yoy to EUR 4.3m, with the margin narrowing 1.1ppt yoy to 7.6%. Stratec’s Q3 results were clouded by a rise in delayed system deliveries, brought forth by trade policy tensions and related supply chain disruptions. Moreover, some of this impact is now expected to extend into 2026. Nevertheless, Stratec left its recently adjusted FY25 guidance unchanged, expecting sales to be flat yoy in c.c. and the adj. EBIT margin at the lower end of the 10%–12% range (FY24: 13.0%), needing a solid Q4 with sales of c. EUR 82m and adj. EBIT of c. EUR 12.9m (margin: c.15.8%). This, although achievable, comes with significant execution risks given ongoing logistics and trade tariff headwinds. Nevertheless, at current valuation level, its long-term growth prospectus and asset-light structure make it an attractive investment. We therefore maintain our BUY rating with a slightly lowered price target of EUR 27.10 (EUR 28.50). The full update can be downloaded under https://research-hub.de/companies/stratec-se

Krones delivered good set of numbers in Q3 and 9M 2025. Revenues were up 4.7% yoy to EUR 1.38bn (in line with mwb est. and consensus), taking 9M topline higher by 6% yoy, predominantly driven by volume effects. Despite the macro uncertainties, order intake was strong at EUR 1.37bn during the quarter (+3.9% yoy), translating into a solid book-to-bill ratio of 1.0x. EBITDA rose 5.4% yoy to EUR 142.2m (in line), with the margin improving by a modest 10bps yoy to 10.3%; excluding expenses related to the drinktec trade fair, the margin would have been closer to 10.7-10.8%, reflecting efficiency gains and a favorable business mix. Management reaffirmed its FY guidance, targeting 7-9% revenue growth and a 10.2-10.8% EBITDA margin, which appears achievable, given its solid order backlog of EUR 4.29bn. Krones remains an attractive investment opportunity, backed by market leadership, a differentiated product range, and superior growth profile. We maintain our BUY rating and EUR 160.00 price target. The full update can be downloaded under https://research-hub.de/companies/krones-ag

Rubean AG continues to deliver strong operational momentum, with 9M 2025 revenues surging 170% yoy to over EUR 3.5m and Q3 sales alone up 115% yoy to around EUR 1.0m. The sharp increase reflects growing market adoption of Rubean’s SoftPOS technology and first revenues from new partners. In addition, recent strategic deals with Payten and shopreme significantly extend Rubean’s geographic reach and product integration across both payment service providers and retail environments. With solid growth visibility into Q4, we lift our FY25 revenue forecast by c. EUR 0.5m, anticipating at least 40% sales growth. As scaling effects strengthen, Rubean appears to be nearing break-even. We reiterate our BUY rating and EUR 10.00 PT, offering c. 80% upside. The full update can be downloaded under https://research-hub.de/companies/rubean-ag

The Platform Group (TPG) delivered another strong quarter with solid top-line growth and rising profitability. Q3 GMV increased 51% yoy to EUR 250m, and revenue grew 35% yoy to EUR 188.6m, driven by robust organic growth and expansion across verticals. Adjusted EBITDA rose 79% yoy to EUR 12.5m (margin 6.7%), while reported EBITDA reached EUR 15.7m (8.3%). The newly integrated Optics & Hearing segment contributed EUR 4.9m revenue and EUR 1.3m adj. EBITDA. Following stronger 9M results, we raised FY25E reported EBITDA to EUR 72m and EPS to EUR 2.27. BUY confirmed with a EUR 19.50 price target. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-ag

Westwing delivered a solid Q3 2025, returning to growth despite weak consumer sentiment. Revenues rose 3.4% yoy to EUR 99m and adjusted EBITDA surged 73% to EUR 6.1m (6.1% margin), driven by a record 66% share of the high-margin Westwing Collection and strict cost control. While DACH declined 2.4% due to the later assortment rollout, International grew 10.8%, supported by progress in assortment premiumization and new market entries. Management reaffirmed FY 2025 guidance and expects margins at the upper end. Reflecting stronger operational momentum and improved mid-term prospects, we raise our DCF-based PT to EUR 16.50 (from EUR 15.00) and maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/westwing-group-se

Fielmann reported strong set of numbers in 9M 25. Sales were up 9% yoy to EUR 1.8bn, supported by organic (org. +4% yoy) and inorganic (+5% yoy) contributions; Q3 reverted to a normalised base, with the topline increasing 3% yoy, all now being org. Adj. EBITDA grew 18% yoy to EUR 434m in 9M, and the margin widened 1.7ppt yoy to 23.6% on improved store productivity and sales structure and overall favorable operating leverage. The positive margin development was witnessed in both Europe and the US. Given good progress in 9M, management confirmed its FY25 targets of EUR 2.5bn in sales and an adj. EBITDA margin of c. 24% (Europe to reach c. 25%), which appears clearly achievable. Fielmann’s international expansion, optimized cost structures, and strong execution tract record should contribute to steady sales growth and margin expansion. Therefore, we reiterate our BUY rating and maintain our PT at EUR 68.00. The full update can be downloaded under https://research-hub.de/companies/fielmann-group-ag

Zalando delivered a solid Q3 2025 with revenues up 26.5% yoy to EUR 3.02bn (pro-forma +7.5%) and GMV +21.6% (pro-forma +6.7%), supported by strong B2C momentum and the consolidation of ABOUT YOU. Adj. EBIT rose 3.9% yoy to EUR 96m, reflecting margin dilution from mix and integration effects. Management confirmed FY25 guidance (GMV +12-15% reported, adj. EBIT EUR 550-600m) and expects 4-6% GMV growth (pro forma) in Q4, implying steady trading. Margins should gradually recover from 2026 onward as platform and B2B scaling drive synergies (>EUR 100m by 2028-29). We broadly maintain estimates and reiterate our BUY rating and EUR 39.00 PT. The full update can be downloaded under https://research-hub.de/companies/zalando-se