LM Pay specializes in providing consumer loans designed to pre-finance medical and dental treatments, including hospitalization expenses. These loans cover a wide range of medical procedures. In addition, the company’s business model includes financing for veterinary services. Against this backdrop, mwb research will host an online earnings call on May 7, 2025, at 2:00 PM (CEST) with Jakub Czarzasty, CEO of LM Pay. Following the presentation, there will be an opportunity for Q&A. The event is aimed at professional investors and semi-professional private investors and will be conducted online in English. Participation is free of charge, and access details will be provided after registration at the following link: https://research-hub.de/events/registration/2025-05-07-14-00/Y00-GR

Vossloh reported reasonable Q1 2025 results. While revenues were down 7% yoy to EUR 251.1m, due to declines at Core Components and Customized Modules, and EBIT fell 59% yoy to EUR 7.4m, due to mix effects and Sateba acquisition-related costs, order trends were encouraging. The company’s order intake fell a mere 3% yoy to EUR 339.2m, with the book-to-bill ratio at a robust 1.35x. This took the order backlog to a record-high EUR 926.4m (+15% yoy) by end-Q1, providing good visibility through the rest of 2025. Moreover, management is optimistic of seeing an uptick in sales in Q2, mainly at Core Components. Vossloh also confirmed its FY 2025 outlook for its existing business, expecting revenue growth of 6% yoy and EBIT to increase 9% yoy at the midpoint of its guidance range. This is expected to be further topped up by the French Sateba Group acquisition (consolidation likely from May). mwb research’s analysts broadly maintain their estimates and reiterate their HOLD rating on the stock at an unchanged price target of EUR 65.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Vossloh%20AG

Nordex announced Q1 25 revenue of EUR 1.4bn, an 8.8% decline yoy, primarily due to seasonality, weather, and customer delays. However, this shortfall is not a major concern given the solid order book. Gross profit increased to 27.3%, up 800 bps yoy, and EBITDA margin rose to 5.5%, surpassing consensus expectations. Positive FCF of EUR 4m marks a significant improvement from the negative EUR 254m in Q1 last year. The order intake remains strong, with a 7.1% increase in the Projects segment and a 27.4% rise in Service orders. The book-to-bill ratio stands at 1.59x, with an order backlog of EUR 13.46bn. Nordex reaffirmed its 2025 guidance, expecting revenue between EUR 7.4bn and EUR 7.9bn, with an EBITDA margin of 5.0% to 7.0%. mwb research’s analysts remain confident in Nordex’s ability to achieve sustained profitable growth and maintain their BUY rating with an unchanged price target of EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

Delivery Hero’s FY24 report highlights operational progress, with GMV up 8% yoy and Total Segment Revenue rising 22% yoy. Adjusted EBITDA increased sharply to EUR 693m (from EUR 254m), and the company generated positive free cash flow of EUR 100m. While reported figures were impacted by higher legal provisions, net loss narrowed. Q1 2025 results confirm continued momentum, with GMV up 8% yoy in constant currency (excluding hyperinflation effects) and revenue up 22% yoy. Performance was driven by strong growth in MENA and the Americas, and improved monetization in Europe. Segment growth was broad-based. FY25 guidance was reaffirmed, targeting GMV growth of 8–10% yoy and adj. EBITDA of EUR 975m 1.025bn. mwb research’s analysts maintain their EUR 45.00 price target and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

AIXTRON is expected to drop its Q1 results next week on 30 April, with revenue guidance at EUR 90-110m against mwb research’s EUR 104m estimate (-12% yoy). mwb research’s analysts forecast order intake at EUR 108m (-10% yoy), reflecting both seasonal patterns and continued softness across SiC and GaN markets. Beyond low volumes, margins expected to be weighed down by a mid-single-digit million-euro severance charge tied to restructuring efforts, though this sets the stage for ~EUR 5m in annual cost savings, equivalent to a ~1pp margin uplift from Q2 onward. The expected discrepancy in performance from 2024 to 2025 stems primarily from fading LED demand following a one-off boost last year. Lead times have been shortened to 3–4 months (vs. 6–9 months), allowing AIXTRON to accelerate order conversion ahead of an expected seasonal pick-up as early as Q2. The analysts will be watching Q2 guidance closely (mwb est.: EUR 116m in sales). With a unique market position and a lot of growth opportunities ahead, they view current levels as an attractive entry point into a structurally advantaged compounder ahead of the seasonal recovery. mwb research’s analysts reiterate their BUY rating and price target. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Deutsche Rohstoff reported its final FY24 results, confirming preliminary figures. The FY25 guidance was revised due to a more bearish oil price outlook (WTI base case now USD 60, from USD 75) and a reduced drilling program, yet revenue and EBITDA estimates fell only slightly thanks to effective hedging, higher working interest and a positive view on well productivity. A proposed 14% dividend increase to EUR 2.00 and a new EUR 4m share buyback enhance shareholder returns. The successful EUR 40m bond tap last week and a comfortable net debt/EBITDA ratio of 0.9x put Deutsche Rohstoff on a solid financial footing. mwb research’s analysts adjust their estimates in line with the new base case, leading to a revised price target of EUR 47.00 (old: EUR 53.00). Deutsche Rohstoff continues to trade at a deep discount to the peer group on an EV/EBITDA basis, underlining the value opportunity. Shareholders are rewarded with an attractive dividend and price support from the new buyback programme. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

Originally a pioneer in optical data storage production equipment, Singulus has reinvented itself as a specialist in thin-film coating and surface treatment technologies. Historically, its performance has been inconsistent and volatile due to reliance on a handful of large, project-based customers, long solar investment cycles, and limited recurring revenue. To mitigate this, the company is leveraging its rare dual-technology platform and modular, process-neutral solutions to tap into high-growth emerging applications in semiconductors, solid-state batteries, and new medical applications, while also pivoting toward higher-efficiency solar technologies such as HJT and Perovskite tandem. As Singulus’ machines carve out a strong foothold in these markets, the company is set to diversify its customer base and improve its business mix, while scaling and edging closer to sustained profitability. mwb research’s analysts initiate with a Spec. Buy and a price target of EUR 4.00. The full update can be found under https://research-hub.de/companies/singulus-technologies-ag

secunet reported a strong preliminary Q1 2025, with revenue up 35.9% yoy to EUR 78.3m and EBIT turning positive at EUR 1.8m. The performance was driven by high Public Sector deliveries, supported by a strong order backlog of EUR 205.3m at year-end 2024, following full-year order intake of EUR 421.5m. Despite the solid start, the company maintained its 2025 guidance of EUR 425m in revenue and an EBIT margin of 9.5–11.5%. Strategic investments in areas such as cloud security and cryptography continue to weigh on near-term profitability. A leadership transition is also underway, with Marc-Julian Siewert set to join the Management Board in July as successor to the current CEO. mwb research’s analysts maintain their HOLD rating and EUR 175.00 price target, awaiting more clarity on earnings trajectory. secunet’s CEO and CFO will present at mwb research’s virtual A&D conference on 20 May, 2025. Check https://research-hub.de/events/registration/2025- 05-20-14-30/YSN-GR to register for the event. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

Cicor has closed the acquisition of Éolane France, adding CHF 125m in profitable sales, seven sites, and nearly 900 employees to its EMS platform. The transaction strengthens Cicor’s presence in France and supports its nearshoring strategy via Moroccan sites. While Éolane currently operates below group margins, Cicor plans to lift profitability through its proven decentralised integration model. This deal is a key milestone toward the 2028 revenue target of CHF 1bn. Additional upside is expected from two pending acquisitions (Mercury, MADES), not yet included in mwb research’s forecasts. The analysts upgrade to BUY (from HOLD) and raise their price target to CHF 120.00 (from CHF 100.00). Cicor will present at mwb research’s virtual A&D conference on 20 May, 2025. Check https://researchhub.de/events/registration/2025-05-20-11-30/CICN-SW to register. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

With Q2 expected to come in line with company guidance and consensus, supported by seasonal strength in Automotive and continued AI momentum, the near-term setup looks achievable. However, With FX rate nearing 1.15 USD/EUR — 10 cents above the assumed 1.05 — Infineon’s disclosed sensitivity implies a potential EUR 500m revenue and EUR 200m Segment Result headwind in H2, assuming spot levels persist. While hedging should soften the blow, the scale of the move raises the bar for FY25 guidance delivery, particularly amid additional uncertainty from potential tariffs that could shave 1-1.5% off global light-vehicle production (mwb est.). Thus, mwb research’s analysts revise their estimates again. That said, even if Infineon falls modestly short of its FY25 guidance, the analysts continue to view the recent share price weakness as a compelling entry opportunity to build exposure to an undisputed leader in power semis. Thus, mwb research reiterates their BUY rating with a revised price target of EUR 34.00 (old: EUR 35.00). The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG