Puma remains in the midst of its deliberate distribution reset heading into Q1 2026 results on 30 April. We model revenues of EUR 1.83bn, with North America wholesale clean-up (incl. Model change at Puma United) and China uncertainty the primary drags. Gross margin is estimated at ~46.5% (Q1 2025: 47.0%), as ongoing inventory clean-up continues to weigh. We model EBIT of EUR 20-35m (Q1 2025: EUR 70m). With 2026 a transition year, investor focus will center on materialization of structural improvements and strategic commentary on 2027 and beyond. In addition, the Iran conflict adds incremental macro risk. Remains a HOLD with an unchanged PT of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/puma-se

We downgrade Brenntag to HOLD as the share price has reached our EUR 60.00 target (~8.2x 2026E EV/adj. EBITDA), leaving the risk-reward balanced. The near-term outlook remains challenging, with management guiding to a ~3% yoy EBITDA decline in 2026 amid weak industrial demand, limited order visibility and ongoing pricing pressure, particularly in Essentials, while FX and geopolitical uncertainty add further headwinds. At the same time, the Middle East conflict could provide some temporary tailwinds through higher prices and potential pre-buying. While cost savings and strong cash generation provide downside support, these factors appear largely priced in. With ongoing headwinds and current valuation, we see limited scope for re-rating without a sustained recovery in volumes. The full update can be downloaded under https://research-hub.de/companies/brenntag-se

Against this backdrop, mwb research is hosting an online roundtable with Moritz Palmi (Head of IR) on April 23, 2026, at 4:00 p.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-23-16-00/ETS.VI

Against this backdrop, mwb research is hosting an online roundtable with Andreas Grassauer (CEO) on April 23, 2026, at 3:30 p.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-23-15-30/MARI.VI

Against this backdrop, mwb research is hosting an online roundtable with Eric Schmiedchen (Head of IR) on April 23, 2026, at 3:00 p.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-23-15-00/T9Z-GR

Against this backdrop, mwb research is hosting an online roundtable with Philip Pauer (CEO & Founder) on April 23, 2026, at 2:30 p.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-23-14-30/HRX5-AV zur Verfügung gestellt.

Against this backdrop, mwb research is hosting an online roundtable with Claus Retschitzegger (CEO) on April 23, 2026, at 2:00 p.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-23-14-00/ACX-GR

Against this backdrop, mwb research is hosting an online roundtable with Bettina Schragl (Director of Communications & Capital Markets) on April 23, 2026, at 1:30 p.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-23-13-30/SEM.VI

Against this backdrop, mwb research is hosting an online roundtable with Stephan Sweerts-Sporck (Head of IR) on April 23, 2026, at 12:00 p.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-23-12-00/MMK-AV zur Verfügung gestellt.

Against this backdrop, mwb research is hosting an online roundtable with Felix Strohbichler (CFO) on April 23, 2026, at 11:30 a.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-23-11-30/PAL.VI zur Verfügung gestellt.