tonies delivered strong FY25 preliminary headline numbers, with revenues reaching EUR 630m (+36% cc yoy), clearly ahead of guidance (“at least 25%”) and expectations, driven by the successful launch of Toniebox 2, rapid expansion in new markets (ANZ), and major licensing deals such as Ms. Rachel. Adjusted EBITDA margin of ~8.5% hit the top end of guidance, as cost pressures from tariffs, FX and the TB2 launch were offset by manufacturing shifts and price increases. In Q4, growth was led by North America (+42% cc yoy) and Rest of World (+60% cc yoy), while the “mature” DACH region surprised positively with 17% yoy growth thanks to TB2. Overall, the strong performance underpins an upbeat FY26 outlook supported by TB2 and new global partnerships (e.g. Pokémon, Hasbro), leading to upgraded estimates and a higher price target of EUR 14.00 (old: EUR 13.20). We reiterate to BUY. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Rational’s strong year-end delivery reinforces the positive momentum heading into 2026. Q4 sales and margins came ahead of our estimates, highlighting operating leverage as volumes normalize and suggesting that the ongoing salesforce expansion is translating into higher-quality, sustainable growth. The group firmly back within its historical growth range despite FX, tariffs and uneven regional demand, with disciplined cost control and procurement benefits offsetting elevated R&D spend. From a qualitative perspective, momentum is driven by robust execution in Europe (ex-Germany) and North America, continued outperformance of iVario as the key structural growth engine, and resilient iCombi demand supporting the installed base and aftermarket opportunity, while Asia remains the sole weak spot. The strong finish therefore reduces near-term growth concerns and underpins our BUY rating and slightly upgraded PT of EUR 820.00 (prev. EUR 800), which implies a premium but, in our view, defensible 35x 2026E P/E given Rational’s earnings quality and long-term growth profile. The full update can be downloaded under https://research-hub.de/companies/rational-ag

WashTec reported strong preliminary FY25 results, delivering record revenue and continued profitable growth. Revenue reached EUR 499m, up 5% yoy and in line with guidance and mwb estimates, while EBIT increased 8% to EUR 49m, implying a margin of around 9.8%. Profit growth again outpaced revenue, reflecting operating leverage, pricing discipline, and cost control. Q4 performance was slightly softer yoy due to a strong prior-year comparison, but underlying demand and profitability remained solid. Free cash flow rose to EUR 42m, supporting shareholder returns and yet again a healthy dividend for FY25 (mwb est. EUR at least 2.40). Management’s outlook remains positive, supported by an elevated order backlog, underpinning good visibility into FY26. We therefore reiterate our BUY rating with unchanged PT of EUR 55.00. The full update can be downloaded under https://research-hub.de/companies/washtec-ag

Heidelberg reported Q3/9M FY25/26 results with profitability clearly outperforming expectations despite a difficult macro environment and FX headwinds. Q3 sales reached EUR 617m, slightly above estimates, while EBITDA of EUR 50m and net profit of EUR 17m exceeded forecasts by 13% and ~40%, respectively. Incoming orders of EUR 517m however slightly missed expectations, reflecting normalized demand and customer hesitation in North America. Over nine months, sales rose 6.1% to EUR 1.6bn (9.0% FX-adjusted), while orders declined 11% due to the lack of the drupa effect. Management reaffirmed full-year guidance, though EBITDA margins are likely at the lower end of targets. With slightly adjusted estimates, we reiterate to BUY with new PT of EUR 2.60 (prev. EUR 2.80) as we account for adverse FX effects. Strategically, expansion into advanced technology segments supports long-term resilience. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Rheinmetall held its FY25 investor recap yesterday. FY25 guidance was already cut in the prior update but was widely misread by the market as an upgrade. As we highlighted on 18 December, the adjustment was driven by mix and timing rather than demand. The focus now shifts to FY26 where initial management comments imply revenues below both consensus and our assumptions, pointing to another reset year. Lower visibility and delayed program phasing make FY26 the new pressure point in the equity story. Execution will be key. Cash generation appears strong but is inflated by advance customer payments. While this supports near term liquidity, rolling CCR is the more relevant metric and will normalize over time. Backlog and order intake remain very strong, but near-term valuation is driven by execution timing and political risk rather than backlog size. We reduce our topline assumptions and cut our price target to EUR 2,000 from EUR 2,200, while maintaining a BUY. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Against this backdrop, mwb research is hosting an online roundtable with Markus Dränert (CEO) and Petra Stappenbeck (CFO) on February 18, 2026, at 1:30 p.m. CET. 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. Access details will be provided after registration at https://research-hub.de/events/registration/2026-02-18-13-30/ISHA-GRzur.

Infineon delivered a solid but seasonally softer Q1 FY26, with AI-driven power demand continuing to accelerate, supporting margins and backlog growth, while Automotive proved resilient and industrial/IoT markets remained subdued. Management pulled forward EUR 500m of investments to accelerate AI power capacity, now targeting EUR ~2.5bn of AI revenue in FY27 versus EUR ~1.5bn expected in FY26. The ams OSRAM sensor acquisition represents a strong strategic fit at an attractive price, offering immediate earnings support upon closing, incremental upside from synergies over the medium term, and long-dated optionality through physical-AI applications such as robotics. While the AI trajectory and sensor expansion improve the medium-term quality of growth and earnings, the near-term setup remains constrained by FX, pricing and lingering underutilization amid an uneven recovery in core businesses. Accordingly, we see limited scope for a sharp re-rating in the coming quarters and maintain our HOLD rating and EUR 40.00 price target, reflecting a fair risk-reward. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag

Shares of Zalando came under pressure following renewed concerns around the expansion of social commerce platforms, particularly TikTok Shop, into European fashion e-commerce. Historically, social commerce has struggled to translate strong discovery and engagement into scalable fashion economics, with persistent challenges around fulfillment and unit economics. Zalando’s strategy reflects these learnings, combining integrated discovery capabilities through About You with a scalable platform and infrastructure model. ZEOS (Zalando E-commerce Operating System) underpins this positioning by enabling multi-channel monetization beyond the frontend. We reiterate our BUY rating and EUR 39.00 price target. The full update can be downloaded under https://research-hub.de/companies/zalando-se

Siltronic’s preliminary Q4 strength overstates the underlying momentum, as the rebound was largely driven by delivery shifts from Q3 and early 2026, limiting visibility into 1H26 demand. While FY25 targets were met, earnings quality continues to deteriorate, with higher volumes more than offset by adverse price/mix, FX headwinds, higher depreciation from the FabNext ramp and the small-diameter line shutdown, pushing EBIT into negative territory. Inventory digestion in power and memory remains the key constraint while net cash outflow narrowed on lower capex and timing effects rather than operational improvement. Leverage remains elevated, implying slower balance-sheet repair and higher interest expense. We reiterate HOLD and lower our price target to EUR 51.00 (from EUR 53.50), as valuation does not offer sufficient compensation for the prevailing headwinds and timing risk. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

HMS Bergbau AG has announced the start of production (SOP) at its coal mine in Botswana, marking the transition of the Maatla project from development into the operational phase. The open-pit mine is ramping up production of high-energy export coal. Phase 1 targets an annual run-rate of approximately 1.2 million tons, with a planned expansion to up to 3.6 million tons per annum in Phase 2. HMS holds an exclusive marketing agreement for 100% of production. In 2026, Botswana operations are expected to contribute a low double-digit million euro amount to revenue. With SOP achieved at Maatla and marine fuels adding a new growth vector, HMS Bergbau continues its transition from a pure commodity trader towards a more integrated energy and commodity platform. We maintain our EUR 70.00 PT and BUY rating. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag