HUGO BOSS delivered Q2 sales in line with expectations, while gross margin and EBIT came in clearly ahead. The margin beat reflected sourcing efficiencies, selective pricing and stronger full-price sales, although lower marketing spends provided a temporary benefit and will reverse in H2. Management maintained its FY26 guidance, with further sourcing, assortment and logistics efficiencies expected to support profitability despite operating deleverage from weaker sales. We have raised our gross-margin assumptions but kept revenue forecasts broadly unchanged, as demand remains subdued and visibility on a return to growth is limited. Our price target rises to EUR 38.00 (old: EUR 36.50) and we maintain our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

Siemens Energy delivered another impressive quarter with its Q3 FY26 results, supported by strong demand for grids, gas turbines and data-centre-related energy infrastructure. Revenue, profitability, cash generation and order intake all exceeded market expectations, while the record EUR 162bn backlog provides excellent visibility. Gas Services and Grid Technologies remained the key growth engines, while Siemens Gamesa returned to profitability. Management confirmed FY26 guidance and now expects the margin toward the upper end of the range. However, we had already anticipated a very strong quarter, leaving our estimates unchanged. With much of the strength already reflected in market expectations and valuation, we see limited further upside. Maintain SELL and PT EUR 100.00. On September 15, the company will provide deeper insights into its outlook at our Future of Energy online conference, with free registration available here: https://research-hub.de/events/registration/2026-09-15-10-00/ENR-GR. The full update can be downloaded under https://research-hub.de/companies/siemens-energy-ag

Beiersdorf's full H1 2026 report provides detailed granularity following its recent preannounced full-year guidance cut. H1 Group sales fell 3.5% organically to EUR 4.95bn, dragged down by NIVEA (-6.8%), while Derma (+7.8%) and Free Cash Flow (EUR 0.20bn) showed resilience. While H1 Group EBIT margins held up at 15.5%, full-year guidance targeting an EBIT margin of at least 11.8% signals a steep H2 margin drop. In our view, this margin reset is driven by a deliberate EUR 100m marketing boost in H2 to fund an 18-month turnaround plan for NIVEA. Rebuilding brand equity over short-term margin protection is strategically sound. We reiterate BUY with an unchanged (but recently cut) PT of EUR 95.00. The full update can be downloaded under https://research-hub.de/companies/beiersdorf-ag

Bayer’s Q2 was broadly on track but uneven, with Crop Science carrying the quarter through stronger mix and structural cost savings, while Pharma remained in transition and Consumer Health margins stayed under pressure. Cash flow was still weak due to litigation payments, although materially better than in Q1, and the Apollo transaction improves the year-end leverage outlook without changing the underlying cashgeneration picture. Overall, the results support the operating case rather than materially upgrade it, while the Supreme Court ruling and a clearer path to lower legal outflows keep the re-rating thesis intact. We reiterate our BUY rating and EUR 65.00 price target. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Fresenius Medical Care’s (FME) delivered solid reported Q2 26 results, with revenue and EBIT growth supported by Care Delivery, reimbursement benefits, payer mix and FME25+ savings. However, earnings quality remained mixed, as attributable net income declined, and US same-market treatment growth stayed negative. Value-Based Care improved, while Care Enablement benefited from pricing and the 5008X rollout but continued to face pressure from China and cost inflation. We have reduced our longerterm estimates to reflect weaker volume trends, lower operating leverage and fading temporary benefits. With much of the turnaround already priced in, we reduce our target from EUR 47.00 to EUR 44.00 and downgrade to HOLD. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

Company Name: UmweltBank AG ISIN: DE0005570808   Reason for the research: Researchstudy Update Recommendation: BUY Target price: EUR 8.00 Target price on sight of: 31.12.2027 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: 20260804_UmweltBank_Update_engl Contact for questions: GB [ … ]

Lufthansa delivered a weak but better than feared Q2. Revenue came in on consensus and slightly ahead of our estimate, while adjusted EBIT of EUR 383m fell short of consensus but comfortably beat our number, with a sharply higher fuel bill and strike costs accounting for the entire earnings decline. Management narrowed FY26 adjusted EBIT guidance, cut net capex and left the cash guide unchanged, with both the EBIT midpoint and the FCF guide above consensus. After a negative H1, the range puts the entire year on H2, where yields, the turnaround and the additional cost measures have to land together. We read Q2 as a cost shock masking resilient demand rather than a deterioration in the business and expect the fuel headwind to reverse once the Iran conflict eases. We see today’s share price drop of -10% as an overreaction, as Lufthansa remains structurally undervalued while the market keeps pricing in a never-ending crisis. BUY, PT unchanged at EUR 21.00. The full update can be downloaded under https://research-hub.de/companies/deutsche-lufthansa-ag

HAMBORNER REIT's Q2/H1 2026 results demonstrate resilient operational cash flows alongside headline pressures. H1 rental income fell 1.3% yoy to EUR 45.06m, but rose 1.7% like-for-like. H1 FFO reached EUR 23.80m (-4.4% yoy), covering ~59.5% of full-year guidance midpoint. Non-cash property impairments of EUR 19.2m led to a Q2 IFRS loss of EUR 16.48m and reduced portfolio value to EUR 1.32bn. While EPRA LTV rose to 45.2% and debt maturities present refinancing headwinds, active capital rotation into food-anchored retail is de-risking the business. Trading at a 49% NAV discount, we believe the stock is significantly undervalued. We reiterate our BUY rating with a PT of EUR 10.50. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

Underlying Q2 performance was broadly in line with our expectations, confirming continued operating momentum and solid cash generation. Nevertheless, reported results were distorted by non-operating IFRS 2 charges, which might weigh on nearterm sentiment despite the unchanged underlying picture. Following the recent shareprice pullback, we now see sufficient upside to our unchanged EUR 170.00 price target and upgrade the shares from HOLD to BUY, with the stock trading at 20.7x 2026E and 17.8x 2027E underlying P/E. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

Verbio’s preliminary FY26 results came in ahead of guidance, with EBITDA reaching EUR 192m versus EUR 14m in the prior year, above the EUR 160–180m guidance range and slightly ahead of our EUR 187m estimate. Net debt improved significantly from EUR 164m to EUR 92m, outperforming management guidance, consensus and slightly our forecast, likely supported by lower inventories. The figures imply Q4 EBITDA of around EUR 86m, substantially ahead of the EUR 52m consensus estimate and reflecting the highly supportive biofuels pricing environment. While current profitability is cyclical and unlikely to remain at peak levels indefinitely, near-term earnings and cash flow momentum remain strong. Over the medium to long term, RED III, rising demand for advanced biofuels, the US ramp-up and the stronger balance sheet support the investment case. We reiterate our BUY rating with a EUR 55.00 price target. The full update can be downloaded under https://research-hub.de/companies/verbio-se