Nordex reported Q2 revenue of EUR 1.9bn, stable yoy but 8.7% above consensus expectations. EBITDA rose significantly, driving the margin up to 5.8% (+230 bps yoy), supported by a favorable market environment, scaling benefits, stable pricing, and disciplined cost management. Particularly noteworthy is the free cash flow, which was notably strong at EUR 145.1m (Q2/2024: EUR 94.0m), reflecting improved capital efficiency. The order backlog increased to EUR 14.3bn, underpinned by again a high book-to-bill ratio of 1.42x. Despite a strong share price rally this year, Nordex’s solid market position, the robust European market momentum, and continued financial improvements indicate meaningful upside potential. We raise our price target to EUR 26.00 (from EUR 22.00) and maintain our BUY rating. On Oct. 1, mwb research will host an online roundtable with Nordex – register here: https://research-hub.de/events/registration/2025-10-01-14-00/NDX1-GR. The full update can be downloaded under https://research-hub.de/companies/nordex-se

PUMA issued a drastic FY25 profit warning, now expecting a low double-digit sales decline (currency-adjusted) and negative EBIT. External pressures (US tariffs, FX headwinds) played a role, but weak brand momentum and structural flaws are more central. Q2 prelims were soft across all major regions, with wholesale and apparel sharply down. Gross margin contracted; net income fell to EUR –247m. CEO Arthur Hoeld calls 2025 a “reset year” and will present a new strategy in Q4. We cut FY25 EBIT to EUR –157m and downgrade to HOLD (PT EUR 22.00). The brand must rebuild relevance, on shelves and in portfolios. The full update can be downloaded under https://research-hub.de/companies/puma-se

Viscom SE is expected to report Q2 results broadly in line with Q1, with revenues and order intake remaining flat, supported by steady backlog conversion and continued activity across Asia. EBIT margin is seen improving sequentially to around 2%, driven by ongoing cost optimization and benefits of a leaner operating model. Looking ahead, we expect H2 to be flat to modestly better than H1, with a more meaningful recovery likely in 2026. With a return to operating profitability already achieved in Q1, we reiterate our BUY rating and EUR 6.50 price target, underpinned by the potential for a cyclical upswing beginning in 2026. Please register for the earnings call on 14 August here: https://research-hub.de/events/registration/2025-08-14-10-00/VC6-GR. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Verbio’s Q4 FY25 results (ended 30 June) are expected to show early signs of operational recovery, although a full turnaround remains unlikely at this stage. The quarter should benefit from the gradual ramp-up of the US Nevada plant and stabilizing prices, following a challenging first 9M marked by technical issues in US, margin pressure, and weak selling prices due to dumping from Asia. Consensus expects FY25 EBITDA at EUR 24–47m, implying EUR 1–24m in Q4 and our estimates reflect the midpoint. On the regulatory side, the EU and US have introduced supportive measures in recent months, including stricter European certification rules and higher US blending mandates. While FY25 remains a transition year, we see FY26 as the starting point for recovery. Following our revised estimates, we reiterate our BUY rating and EUR 15.00 price target. The full update can be downloaded under https://research-hub.de/companies/verbio-se

Traton reported subdued Q2 2025 results. Sales declined 2% yoy to EUR 11.3bn, as volumes grew only marginally by 1% yoy to 79,996, in line with its preannouncement. Volume trends were mixed across brands, with most reflecting ongoing market pressures. Adj. EBIT slumped 29% yoy to EUR 725m in Q2, and order intake slowed sequentially, with the book-to-bill ratio at 0.82x during the quarter. Amid uncertainties related to US tariffs and the weak economic situation in Europe and Brazil, management downgraded its 2025 outlook, now expecting unit and revenue growth of -10% to 0% yoy and an adj. EBIT margin of 6.0%–7.0%. Even the trade agreement between the US and the EU is unlikely to provide short-term relief, in our view. We reduce our estimates to reflect the guidance downgrade and continue to expect a gradual recovery only in the coming years. Therefore, we maintain our SELL rating and PT of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/traton-se

The Payments Group Holding (PGH) has reached a strategic inflection point with the activation of Calida Financial’s e-money license by the MFSA and its integration into Bluecode, a leading European mobile payment system. As the first e-money issuer within Bluecode, PGH enables privacy-compliant, prepaid mobile payments across the EEA, aligning with EU digital sovereignty goals. With scalable infrastructure, strong regulatory footing, and a growing merchant network, PGH is well-positioned for high-margin growth. Given the steep increase of the share price yesterday (and today), we downgrade the stock from BUY to HOLD with unchanged PT of EUR 1.50, but note that further visibility in the transaction could soon trigger an overhaul of our estimates, valuation and rating again. The full update can be downloaded under https://research-hub.de/companies/the-payments-group-holding

ATOSS Software’s Q2 2025 revenues grew 9% yoy to EUR 45.8m, again driven by the SaaS business, with revenues from cloud/subscription up 30% yoy. Overall recurring revenues (subscription + maintenance) grew 20% yoy to EUR 32.7m, now accounting for 71% of the total topline, and edging closer to its long-term target of 75%. However, EBIT of EUR 15.4m declined 2% yoy and the margin deteriorated 3.7ppt yoy to 33.6%, likely due to sales organization-related investments. Despite a slowdown in order intake amid global macro uncertainties, management is confident of reaching its 2025 guidance (unchanged), including sales of “around” EUR 190m and an EBIT margin of at least 31%. ATOSS also confirmed its 2030 targets, including sales of EUR 400m and an EBIT margin of >35%. However, given the current subdued demand environment, we believe that reaching its ambitious targets could be backend loaded. We reiterate our HOLD rating and price target of EUR 125.00 unchanged. The full update can be downloaded under https://research-hub.de/companies/atoss-software-se

Ceconomy has confirmed it is in advanced discussions with JD.com regarding a possible takeover at EUR 4.60 per share, a ~23% premium to the July 23 close. While no formal bid has been made, this marks the first official acknowledgment of long-standing market speculation. JD.com’s interest is likely to center on logistics and infrastructure, similar to its earlier (withdrawn) approach to Currys. Gaining control will require support from anchor shareholders, notably Convergenta (29.2%). Given limited upside vs. our EUR 4.10 target and ongoing uncertainty, we downgrade from BUY to HOLD pending further clarity. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

Vossloh reported better-than-expected Q2 2025 numbers, with sales, EBIT, and order intake surpassing consensus by 3%, 16%, and 8%, respectively. The top-line grew 14% yoy to EUR 331.5m, led by broad-based growth across businesses. EBIT was up 19% yoy (+52bps to 11.3%), driven by Customized Modules, even as other segments reported a decline. Given the good order momentum, management confirmed its 2025 guidance for its existing business, expecting revenue growth of 6% yoy and EBIT to increase 9% yoy at the mid-point of its target range. Europe’s rail infrastructure renewal and global projects, along with catch-up effects from China, offer tailwinds over the medium-to-long term, which should help the company achieve its organic target of over 5% sales CAGR through 2030. We adjust our 2025 estimates to reflect the delay in the Sateba consolidation (previously expected in May) but raise our long-term profitability assumptions due to strong business momentum. As a result, we increase our price target from EUR 90.00 to EUR 105.00 and maintain our BUY rating. Vossloh will present at our German Select Conference on August 26. Register here: https://research-hub.de/events/registration/2025-08-26-14-30/VOS-GR The full update can be downloaded under https://research-hub.de/companies/vossloh-ag

Nemetschek raised its FY25 revenue guidance to 20–22% currency-adjusted growth (prev. 17–19%) following strong Q2 results. The Design segment benefitted from higher multi-year subscription uptake, while Build continued to grow organically and through GoCanvas. Q2 revenue rose 27.4% yoy to EUR 290.0m, EBITDA increased 44.0% to EUR 88.5m, with margins expanding to 30.5%. US growth and product innovation further drive momentum. Despite one-off charges, the balance sheet remains solid. Execution is strong, but valuation appears full. We raise our price target to EUR 125.00 (from EUR 117.00) and reiterate our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se