FUCHS SE's final Q2 25 numbers confirmed the preliminary print, with revenues dropping 5% sequentially and 1% year-on-year, primarily due to negative currency effects. Despite an encouraging 80bp sequential improvement in gross margin, alleviating pricing pressure fears, Q2 EBIT fell to EUR 101m from EUR 108m in Q1, pushing the operating margin to an eight-quarter low, largely due to sustained high operating expenses from acquisitions, ramp-up costs, and wage adjustments. Free cash flow before acquisitions remained resilient. Fuchs confirmed its downgraded FY25 guidance, expecting sales and EBIT to be flat year-on-year, implying a slight H2 sales decline but an EBIT margin recovery. While valuation is starting to look attractive given the selloff after the profit warning, we prefer to wait for more tangible signs of a profit recovery in H2 before taking action. HOLD. The full update can be downloaded under https://research-hub.de/companies/fuchs-se

Hensoldt's Q2 2025 results showed a 5% yoy revenue growth to EUR 549m, with slightly improved EBITDA and EBIT margins yoy but impacted by temporary lower productivity in the Sensors segment. Order intake rose by just 3% in H1 2025, mainly due to weakness in Sensors, trailing peers like Rheinmetall. The Sensors segment (86% of revenue) saw modest growth but lower margins, while Optronics (13.6% of revenue) had a strong recovery with 17.2% revenue growth and a sharp margin improvement. Despite maintaining its FY25 guidance, long-term growth remains constrained by limited exposure to key NATO priorities. Nevertheless, we have revised our long-term assumptions and our price target, which we have increased from EUR 48.00 to EUR 55.00. However, we are maintaining our SELL recommendation. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

PUMA’s final Q2 results confirm ongoing challenges: US tariffs and other external headwinds weighed on performance, but core issues remain with elevated inventories, weak brand pull, and soft demand. Key regions like North America and China continue to decline, highlighting the need for a significant strategic reset. With persistent internal pressures and limited signs of near-term recovery, the outlook remains cautious. Following working capital remodeling, we further reduce our PT to EUR 20.00 (old: EUR 22.00), and the rating stays at HOLD, reflecting the uncertain environment as PUMA works to regain momentum. The full update can be downloaded under https://research-hub.de/companies/puma-se

Amadeus Fire ("Amadeus") confirmed a weak Q2 2025 performance, following a previously issued profit warning. Q2 revenue dropped 20.6% yoy to EUR 88.4m, while operating EBITA plunged 85.5% to EUR 2.1m, reflecting persistent market challenges. For H1, revenue fell 17.5% yoy to EUR 186.6m, and operating EBITA dropped 77.8% to EUR 6.4m. Both the Personnel Services and Training segments struggled, particularly due to delays in publicly funded training and reduced client demand. The company has revised its full-year guidance to EUR 355m–385m in revenue and EUR 15m–25m in operating EBITA, reflecting a ~65% yoy EBITA decline as the management expects FY25 not to benefit from early signs of macroeconomic recovery. We reiterate our BUY rating and recently downwards adjusted PT of EUR 90.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

Heidelberger Druckmaschinen (Heidelberg) delivered a strong Q1 25/26, returning to profitability ahead of expectations. Sales rose 16% yoy to EUR 466m, driven by robust packaging demand, while adjusted EBITDA rebounded to EUR 20.5m, lifting the margin to 4.4% (from -2.3%). Print & Packaging Equipment led with 42% sales growth. As expected, order intake normalized post-drupa but remained solid, ensuring good H2 visibility. In addition, free cash flow improved but was still seasonally negative at -EUR 68m. U.S. tariff risk appears manageable due to localized sourcing and cost pass-throughs. On a separate note, strategic steps, including entry into defense and the Polar Mohr acquisition, support the company’s ongoing transformation. Whilst the guidance has been confirmed, we slightly raise our estimates and PT to EUR 2.70 (prev. EUR 2.60). Although upside is becoming increasingly moderate, we reiterate to BUY. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Q2 results came broadly in line with our expectations, with solid execution despite ongoing softness in end markets. Power demand (SiC, GaN) remains subdued in the West but is holding up in China, keeping overall trends flat yoy. Optoelectronics is gaining momentum, particularly in lasers for AI-related datacom, while LED and microLED continue to weigh on yoy comps following last year’s one-off strength. Q3 sales guidance of EUR 110–140m aligns with our view for a flat to slightly lower sequential print ahead of a stronger Q4, consistent with typical seasonality. We continue to view 2026 as a transition year with no significant momentum, with broader acceleration likely from 2027. Thus, we maintain our BUY rating and EUR 20.00 price target, supported by the company’s clear technology leadership and exposure to long-term structural growth in next-gen semiconductor trends. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

Airbus reported Q2 2025 revenues of EUR 16.1bn (0.5% yoy), but adjusted EBIT actually declined 12% yoy when stripping out the EUR 989m Defense and Space (D&S) one-off effect from 2024. Commercial Aircraft EBIT fell 16%, with deliveries down -6% yoy to 170 units, including a 19-unit A320 shortfall which is a result of ongoing supply chain strain, leaving 60 A320s undelivered. Despite a headline EBIT jump of +35%, the true operating performance deteriorated, and net income growth of 63% vanishes when adjusting for the base effect. D&S order intake dropped 16% which is a red flag in the context of rising global defense budgets. Meanwhile, APAC revenue surged to 27% (from 20% yoy), but rising COMAC competition makes this exposure a long-term structural risk which still is not reflected in Airbus valuation. We downgrade Airbus to SELL (prev. HOLD) with an unchanged PT of EUR 142.00. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Symrise posted a soft Q2, with organic sales growth decelerating to 2.0% (Q1: 4.2%), and FY25 sales guidance revised down amid persistent pet food weakness and cautious customer behavior. Despite topline pressure, margin delivery remains strong, supported by scale, mix improvements, and early gains from the ONE SYM program. Management continues to drive structural improvements and streamline the portfolio, reinforcing confidence in medium-term targets. To reflect a more dynamic and cautious demand environment, we trim our sales estimates but maintain our margin view and reiterate our BUY rating with a slightly lower price target of EUR 105.00 (prior: 110.00), viewing the recent share price weakness as an attractive entry point into a high-quality story. The full update can be downloaded under https://research-hub.de/companies/symrise-ag

Kion’s Q2 2025 results were in line with management commentary at its pre-close call. Revenues declined 6% yoy to EUR 2.7bn (mwb est. EUR 2.8bn) and adj. EBIT fell 14% yoy to EUR 189m (mwb est. EUR 200m), falling 2% and 4% short of consensus estimates, respectively. The adj. EBIT margin deteriorated 70bps yoy to 7.0% (flat qoq), as the Industrial Trucks & Services (IT&S) segment faced factory underutilisation and pricing pressure. However, order intake was exceptionally strong at EUR 3.5bn in Q2, growing c.30% both yoy and sequentially, mainly led by the Supply Chain Solutions (SCS) segment. Overall order intake surpassed consensus by a wide 14%, although Kion cautioned that order intake trends are still bumpy. Given a comfortable order book of EUR 5.0bn (-6% yoy; +12% qoq) at end-Q2 and good operational progress so far in H1, management confirmed its FY 2025 targets – including revenues of EUR 10.9bn-11.7bn (-5% to +2% yoy) and adj. EBIT of EUR 720m-870m (-21% to -5% yoy). We think that valuation may be getting stretched and downgrade to SELL with an unchanged PT of EUR 46.00. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

Redcare Pharmacy (RDC) reported strong Q2 2025 results, confirming prelims. Sales rose 26.5% yoy to EUR 709m, driven by a 48.2% increase in Rx, including +125% in Germany on strong CardLink adoption. Non-Rx grew 17% yoy. Adj. EBITDA climbed 21% to EUR 18.1m, with a 2.6% margin (+1.3ppt qoq, -10bps yoy). FY25 guidance (>25% sales growth) was reiterated. While H2 momentum may soften on tough comps, e-Rx adoption and the extended CardLink license (through Jan 2027) support structural growth. We maintain our EUR 144.00 PT and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv