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

Company Name: ATOSS Software SE ISIN: DE0005104400   Reason for the research: Update Recommendation: BUY from: 30.07.2025 Target price: EUR 152.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald In the second quarter, the EBIT margin settled at 33.6%, coming down from last year’s elevat [ … ]

TeamViewer (TMV) reported solid Q2 2025 results, with pro-forma revenue up 6% cc to EUR 190.7m, driven by strong Enterprise growth (+15% cc). EMEA led regionally, while U.S. public sector weakness weighed on AMERICAS. Adjusted EBITDA rose 17% to EUR 84.0m, lifting the margin to 44% and reflecting disciplined cost management. However, 1E disappointed commercially, with sequential revenue declining and H1 performance falling short of full-year targets. The FY 2025 outlook was confirmed, but 1E must accelerate in H2. Overall, TeamViewer demonstrated operational resilience. We maintain our BUY rating and price target of EUR 15.50. The full update can be downloaded under https://research-hub.de/companies/teamviewer-se

Krones delivered solid Q2 2025 results, with revenue of EUR 1.32bn (+0.6% yoy) and EBITDA of EUR 139m (+6.4% yoy), broadly in line with expectations. Order intake held steady at EUR 1.29bn, maintaining a strong order backlog of EUR 4.29bn. H1 revenue rose 6.7%, and the EBITDA margin improved to 10.6%, supported by operational efficiency and a favorable business mix. Despite softer free cash flow due to higher working capital, the balance sheet remains strong with EUR 375m net cash. Management reaffirmed full-year guidance, targeting 7–9% revenue growth and 10.2–10.8% EBITDA margin. Krones remains on track with its mid-term targets and offers resilient fundamentals. 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

TAKKT reported lackluster results in Q2/H1 25, in line with its pre-announcement. The operating environment remained challenging during the quarter amid macro uncertainties and US tariff headwinds. Sales declined 7.7% yoy in Q2 to EUR 240.3m (organic: -5.7% yoy), weighed down by weakness across segments. The adjusted (adj.) EBITDA margin deteriorated 3.0ppt yoy to 3.6% during the quarter, due to lower sales and higher freight charges, in part due to the impact of US tariffs. Management does not expect any recovery in demand in the near term and confirmed its recently trimmed FY25 outlook - organic sales to decline by 2-9% yoy and the adj. EBITDA margin to come in c.4.0%-6.0%. However, management’s FY guidance of FCF of low to mid double-digit EURm range (H1: -EUR 9.3m due to inventory build) was reassuring. The implementation of a new operating model and centralization of services could bring efficiency gains in the long term, however, associated costs could be a near-term drag. We maintain our recently adjusted estimates and PT of EUR 7.50 and our rating remains BUY for investors with a good risk appetite who are betting on a mid-term turnaround. The full update can be downloaded under https://research-hub.de/companies/takkt-ag

Company Name: Intershop Communications AG ISIN: DE000A254211   Reason for the research: Update Recommendation: Buy from: 29.07.2025 Target price: 2.30 Last rating change: Analyst: Sebastian Droste Guidance cut but AI and restructuring offer upside On July 23, Intershop released its H1 2025 financial results and lowered its guidan [ … ]