Q1 beat consensus across the board with revenues of EUR 496m (+26% YoY), 3.0x book-to-bill, record backlog of EUR 9.8bn and a confirmed guidance. Execution is clearly solid, especially in Optronics, where scale effects drove strong growth and margin expansion. However, valuation remains the core issue. At 45x 2026 P/E and 27.9x EV/EBIT, the stock prices in perfection and a much larger SDD contribution than projected by the company by 2030 (only 8%). We raise our PT to EUR 62.00 (from 57.00) but reiterate SELL due to meaningful exposure to politically driven and cyclical land systems procurement. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Voltatron's Q1 2026 ad hoc confirms the successful restructuring case. Revenue from continuing operations surged to EUR 12.6m, driven by the first-time full consolidation of KOMITEC, and the core business turned pre-tax profitable for the first time. The headline EBITDA margin of 16.6% is flattered by a one-off accounting gain from the acquisition, but strip that out and the 8.1% adjusted margin is consistent with our full-year trajectory. The revenue run-rate annualises slightly ahead of our EUR 49.0m estimate. Final numbers including balance sheet and cash flow will be published on 13 May. Speculative BUY, EUR 5.00 price target unchanged. The full update can be downloaded under https://research-hub.de/companies/voltatron-ag

Hugo Boss reported Q1 2026, delivering a modest beat on both revenues alongside better-than-expected margins. Group sales came in at EUR 905m, ahead of consensus, while the gross margin improved to 62.5% (+110bps). However, with 2026 explicitly a reset year under CLAIM 5 TOUCHDOWN, top-line pressure was expected and EBIT fell 42% year-over-year to EUR 35m. Management confirmed full-year guidance, though the ongoing Middle East conflict adds meaningful uncertainty to the lower end of the EBIT range. Free cash flow was a genuine bright spot. We leave our estimates unchanged, reflecting the continued macro-overhang, and reiterate our HOLD recommendation with a price target of EUR 36.50. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

Fresenius Medical Care’s (FME) Q1 figures confirm a gradual recovery path and were broadly in line with expectations. Revenue declined 6% yoy to EUR 4.61bn, slightly ahead of estimates, while adjusted operating income of EUR 467m matched expectations. Care Delivery remained the key driver, supported by TDAPA reimbursement, favorable rate/payor mix, and FME25+ savings, although U.S. same-market treatment growth stayed weak at -0.4%. FME25+ delivered EUR 50m of additional sustainable savings, but also triggered EUR 166m of one-time costs, weighing on reported EBIT. Cash flow improved, leverage remained controlled, and the completed buyback should support EPS. We reiterate BUY with EUR 47.00 PT. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

NORMA delivered a stronger-than-expected start to 2026, with Q1 results ahead of expectations. Profitability improved meaningfully versus last year and exceeded consensus, driven by faster-than-anticipated efficiency gains and solid execution of the “NewNORMA” program. Sales were slightly lower year-on-year but still above expectations. Segment trends were mixed, with resilient performance in Industry Applications and continued weakness in Mobility & New Energy due to soft automotive demand. Strategic progress was supported by the completion of the Water Management disposal, strengthening the balance sheet and enabling meaningful shareholder returns, alongside new contract wins and improved commercial momentum. Overall, the results reinforce the investment case, underpinned by earlier profitability gains, disciplined execution, and enhanced capital returns. We reiterate our BUY rating and raise our price target to EUR 23.00 from EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

secunet delivered a solid Q1 2026, with revenue ahead of consensus and strong momentum in the Public Sector, while profitability reflected the typical seasonal pattern and additional timing effects. Order intake was the key highlight, almost doubling to EUR 143.0m, up 90.7% yoy, while backlog rose 21.1% to EUR 337.7m, providing a strong basis for the rest of the year. Public Sector growth was driven by Defence & Space and Homeland Security, both benefiting from structurally robust security demand. With guidance confirmed and backlog visibility strengthened, we continue to see the upper end of FY26 guidance as achievable and reiterate BUY, PT EUR 205.00. The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag

Fraport delivered a solid Q1 with a recovery in passenger traffic despite strike- and weather-related disruptions, generating revenue of EUR 853m (+5.2% yoy) and group EBITDA of EUR 196m (+10.4%), slightly missing and exceeding consensus, respectively. Ground Handling stood out with strong revenue and EBITDA improvements, while Aviation and Retail & Real Estate showed modest growth, though retail revenue per passenger softened. Free Cash Flow improved as major capex programs wind down, though operating cash flow was minimal and net debt remains elevated at EUR 8.5bn. Management reaffirmed FY26 guidance with modest growth in passengers and EBITDA, a substantial decline in group result and plans to resume dividends of EUR 1.00 per share. Despite a solid Q1, challenges—including Terminal 3 integration, rising opex and wages, declining retail spend, geopolitical and fuel risks—underscore ongoing pressures, supporting our SELL rating with an unchanged EUR 62.00 price target. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

WashTec achieved record Q1 revenue of EUR 111.3m (+2.3% yoy), fueled by strong North American equipment sales and a growing order backlog. However, EBIT fell 22.4% to EUR 3.8m due to delayed efficiency projects and expansion costs in the Czech Republic. Free cash flow also weakened to EUR 7.0m on working capital timing. Despite these margin pressures, management confirmed its FY26 guidance (mid-single-digit revenue growth; disproportionate EBIT growth; FCF of EUR 35-45m). In our view, the demand environment remains healthy, and the current profitability dip is largely operational/temporary. Execution on cost-saving measures in H2 will be key to meeting full-year targets. We therefore reiterate our BUY rating with unchanged PT of EUR 55.00. The full update can be downloaded under https://research-hub.de/companies/washtec-ag

Elmos delivered a strong Q1, confirming the return of underlying demand post-destocking, with profitability slightly ahead of expectations and cash generation the key highlight. The beat was driven by strong execution, cost optimization and operating leverage, more than offsetting material and supplier cost inflation, while low capex and a working capital release supported adj. FCF. Management’s upgraded FY26 guidance underlines improving visibility on growth, margins and cash conversion, and we lift our PT by 13% to EUR 170.00 to reflect higher earnings quality and medium-term margin upside. However, with much of the operational upside now reflected in the shares, further re-rating looks increasingly dependent on multiple expansion rather than incremental fundamental upgrades; we therefore reiterate HOLD on balanced risk-reward and fair valuation. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

Enapter reported FY25 results broadly in line with prelim figures. Revenue increased slightly yoy to EUR 22.1m, while EBITDA declined to EUR -18.1m, mainly due to one-off effects including bad debt provisions and costs related to a stack recall. The order backlog decreased to EUR 36m from EUR 42m but continues to provide a solid base. Cash management improved, supported by better operating cash flow (still negative) and higher financing inflows from capital increases and convertible bonds, resulting in year-end cash of around EUR 10m, up EUR 5.4m yoy. FY26 is underpinned by EUR 29m of contracted deliveries and potential upside from a recovery in green hydrogen demand in Europe and China. We reiterate our Spec. BUY rating with a PT of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/enapter-ag