Fielmann Group reported its final H1 results confirming the strong prelims. Sales were up 12.3% yoy to EUR 1.2bn in H1 2025 (+12.2% yoy in Q2), supported by 4.4% yoy organic growth on strong performance across markets and product categories, while the inorganic growth (+7.9% yoy) came from Shopko acquisition. On profitability front, adjusted (adj.) EBITDA grew 25.9% yoy and the margin expanded 2.6ppt yoy to 23.7% in the first half, supported by improved efficiency, a favourable sell-out structure, and stringent cost control. Fielmann maintained its FY 25 outlook of EUR 2.5bn in sales and an adj. EBITDA margin of c. 24%, which it is well on the way to achieve. The company’s clear targets for 2030 (sales of EUR 3.8bn-EUR 4.2bn and adj. EBITDA margin of c. 25%), which, supported by a strong execution track record, makes Fielmann a compelling investment case in the European retail healthcare sector. Therefore, we reiterate our BUY rating and maintain our price target at EUR 68.00. The full update can be downloaded under https://research-hub.de/companies/fielmann-group-ag

Delivery Hero reported solid Q2 25 results with revenue growth clearly outpacing GMV and profitability trending upward. Q2 GMV rose 3% yoy to EUR 12.24bn, while Total Segment Revenue grew 19% yoy to EUR 3.66bn, beating consensus. For H1, Adjusted EBITDA increased 71% yoy to EUR 411m, with the Group achieving its first positive operating result. Cash flow improved and debt maturities were reduced following bond buybacks. Guidance was adjusted to reflect FX headwinds, with GMV and revenue growth intact. We revise estimates mainly for FX and W/C, keeping our EUR 45 PT unchanged. BUY. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

LM PAY reported solid Q2 25 results, confirming improved operational stability. Revenues increased by 41% yoy to PLN 7.46m, while EBIT more than doubled to PLN 2.23m versus PLN 0.79m in Q2 24, resulting in a high margin of around 30%, in line with Q1 25. This performance reflects stronger demand in healthcare and beauty financing, an expanded partner network, and improved brand visibility. With H1 revenues at PLN 14.7m, the company has reached 46% of its FY25 revenue guidance (PLN 32–42m). EBIT already accounts for 63% of the lower end of targets. We believe LM PAY will deliver the required growth in H2. Hence, we confirm our price target of EUR 63.00 and the BUY rating. The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

Ernst Russ AG delivered a solid Q2 2025, with revenues of EUR 38.9m (−4.4% yoy) broadly in line with estimates, despite a smaller fleet. EBIT of EUR 15.3m beat expectations (+8% vs. mwb est.), supported by disposal gains from the sale of MS Andante, driving a strong margin of 39%. Net income after minorities rose to EUR 10.3m, while EPS of EUR 0.31 matched last year but exceeded forecasts. Operational performance remained robust with utilization at 97.3% and charter rates stable at USD 17,412/day. With ~84% of mwb FY25 revenues estimates already secured and more than EUR 30m disposal gains realized, guidance appears de-risked. We reiterate our BUY rating and increase our PT to EUR 11.00 (prev. EUR 10.00), as we increase our estimates following the company’s better than expected Q2/H1 print. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Yesterday, mwb research hosted an earnings call with MS Industrie, where CEO Dr. Aufschnaiter reviewed H1 2025 results and outlined the company’s strategic direction. The highly automated Trossingen site remains a key revenue driver, while the new Charlotte, US facility is scheduled to ramp up production in September 2025, with break-even expected in 2026. Long-term contracts with Daimler, Traton and other customers secure revenue of over EUR 1.1bn through 2031. Management plans to reduce on-road exposure from 70% to 50% and expand into off-road segments, including construction equipment, generators, and defense. With the capex cycle largely complete, non-core disposals planned, and dividends expected to resume in 2027, MS Industrie is well-positioned to generate shareholder value. We reiterate our BUY rating with a PT of EUR 2.40, implying 60% upside. The earnings call recording is available here: https://research-hub.de/events/video/2025-08-27-14-00/MSAG-GR. The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Mister Spex’s Q2 2025 results underline the ongoing transformation progress under SpexFocus. Sales fell 22% yoy to EUR 52.9m, reflecting store closures, reduced discounting, and weak demand, but profitability improved sharply. Gross margin expanded >500bps to 53.7%, supported by a healthier product mix and premium lenses. EBIT loss narrowed to EUR -4.3m (Q2’24: -7.2m), ahead of expectations of c. EUR 6m, driven by lower personnel and marketing costs. Operating cash flow turned positive, and cash at hand remained robust at EUR 65.5m, providing strategic flexibility. While FY25 sales guidance was cut to -10% to -20% yoy already in June, EBIT margin outlook of -5% to -15% was maintained. We reiterate our BUY rating with unchanged PT of EUR 4.00, with upside optionality as the transformation process is gaining traction. The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

The Payments Group Holding (PGH) outlined ambitious 2025–2028 targets, anchored by its 75% acquisition of TPG. Transaction volumes are projected to scale from EUR 80m in 2024 to over EUR 1bn by 2028, supported by the recently activated e-money license. In the same time span, revenues are expected to quadruple from EUR 7m (2024) by 2028, implying ~40% CAGR, while consolidated EBITDA is guided at EUR 4m in 2026 and above EUR 10m by 2028. Stablecoin entry, though excluded from forecasts, offers significant optionality. Execution and regulatory risks remain, but the outlook signals a scalable model and pathway to sustainable profitability. We reiterate our BUY rating with the recently upgraded PT of EUR 1.80 purely based on the company’s NAV until the TPG acquisition has been finalized. The full update can be downloaded under https://research-hub.de/companies/the-payments-group-holding

Schloss Wachenheim has issued preliminary FY 2024/25 results, missing its revised guidance due to a weak Q4. While full-year volumes were stable (+1.2% yoy), pricing and product mix fell short, resulting in EBIT of EUR 27.2m (vs. EUR 31-33m guided). The company’s underperformance mirrors recent warnings from peers, as sector-wide consumer caution and trading down to private-label products weighed on profitability. Q4 EBIT dropped to EUR 3.8m, reflecting margin pressure across all regions. We lower our price target to EUR 21.00 (from EUR 22.00) but maintain our BUY rating, expecting normalized dynamics beyond the current cycle. The full update can be downloaded under https://research-hub.de/companies/schloss-wachenheim-ag

Amid pressure from weak end-market demand, Asian overcapacity, and elevated energy costs, LANXESS’ presentation at the German Select conference hosted by mwb research emphasized a defensive stance, prioritizing cost savings, network optimization, and balance sheet repair, with Envalior monetization offering further potential deleveraging. With depressed utilization and thus margin headroom, we believe the stock has scope for attractive upside if a 2026 recovery in demand gradually materializes, supported by potential easing of energy costs, the German government’s planned stimulus, and a shift toward higher-margin specialties. We reiterate our BUY with an unchanged EUR 30.00 PT, positioning LANXESS as a geared participant in a potential cyclical upturn even amid intense Asian competition. The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

Vossloh presented yesterday at our German Select Conference, highlighting its strong position in rail infrastructure, a sector supported by sustainability requirements and significant investment tailwinds. Rail contributes minimally to transport emissions and external costs, emphasizing the need for a shift from road to rail. Governments are responding with record investment programs in Germany and other key markets, including the US, China, and India. Vossloh is uniquely positioned as a pure-play rail track specialist, combining hardware, services, and digital solutions, with a dedicated team driving predictive maintenance. The Sateba acquisition is a strategic fit, expanding scale and scope. We remain confident in Vossloh’s long-term growth and profitability and its ability to achieve the 2030 targets. On this basis, we reiterate our BUY rating and price target of EUR 105. The roundtable with Vossloh has been recorded and is available here: https://research-hub.de/events/video/2025-08-26-14-30/VOS-GR The full update can be downloaded under https://research-hub.de/companies/vossloh-ag