INDUS delivered a solid FY25 operational close, reporting FY revenue of EUR 1.74bn (+1% yoy) and adjusted EBITA of EUR 147.8m (8.5% margin), in line with guidance and broadly matching expectations. Q4 showed clear sequential improvement (EUR 466m sales; EUR 43.6m adj. EBITA, 9.4% margin), supported by Engineering milestones and stable Infrastructure demand. INDUS exited the year with a backlog surpassing prior-year levels, providing strong visibility into 2026. Free cash flow exceeded the EUR 90m target, highlighting disciplined working capital management. Strategically, INDUS continues to execute on its M&A agenda, including the recent AMIRA acquisition in Italy. With leverage around 2.0x and improving, we reiterate our BUY rating and EUR 35.00 PT. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Photon Energy has postponed the EUR 1.3m coupon payment on its Green Bond due on 23 February to preserve liquidity amid an escalating dispute with Poland’s transmission system operator, PSE. PSE intends to offset EUR 1.1m of Q1 26 revenues against disputed 2024 capacity market claims. Photon Energy is pursuing legal remedies and alternative liquidity sources to settle the coupon promptly. A simple missed interest payment does not automatically constitute an event of default under the bond terms unless the company suspends payments generally or declares inability to pay. However, the situation underscores heightened liquidity risk, particularly as the total disputed amount stands at EUR 3.9m and could lead to further offsets or balance sheet impairments. Ahead of Q4 25 results and the upcoming earnings call, we have placed our rating and price target under review pending greater clarity on liquidity, covenant headroom and going-concern risk. The full update can be downloaded under https://research-hub.de/companies/photon-energy-nv

Company Name: Rosenbauer International AG ISIN: AT0000922554   Reason for the research: Update Recommendation: BUY Target price: EUR 61 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Commercial momentum to continue in 2026; Chg. PT Rosenbauer recently provided several updates on its commercial [ … ]

MTU delivered a strong set of FY25 prelims that reinforces the structural earnings story. Growth remains robust across both OEM and MRO, margins continue to expand despite temporary GTF headwinds, and the EBIT margin has already moved close to the 2030 ambition level, up 150bp yoy(!). Operational execution is solid, the order book stands at around EUR 30bn, and 2026 guidance points to continued double digit earnings growth. The negative market reaction of -6% looks difficult to justify in our view and provides an attractive entry opportunity. The investment case remains fully intact, driven by structural aftermarket growth, improving mix, expanding margins and strong earnings visibility. Despite this, MTU still trades at a discount to peers, which we consider unwarranted given its quality profile, high entry barriers and improving cash flow trajectory. Price target unchanged at EUR 505.00. BUY. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

Hamborner REIT announced a substantial strategic repositioning, sharpening its focus on food-anchored retail and DIY assets while reducing office exposure from c. 43% of portfolio value to 10-20% over the medium term. We estimate office currently contributes roughly 40-45% of rental income (~EUR 41-46m based on 2025E sales), making this a meaningful earnings reallocation. The rationale is compelling given structural headwinds in German offices versus the resilience of grocery-led retail. Management also increases flexibility via smaller ticket sizes and selective core-plus investments. Compared to prior periods, FY26 guidance is softer (FFO EUR 38-42m), reflecting disposals, higher maintenance, operating and financing costs; we adjust estimates accordingly. Despite a transitional 2026, the repositioning should enhance defensiveness and long-term value. We reiterate BUY with a slightly lower PT of EUR 10.50. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

R. STAHL reported mixed FY25 results, with revenues declining 9.1% yoy to EUR 313m, below guidance and expectations due to weak investment spending and geopolitical headwinds, which also led to decreasing order intake. However, EBITDA before special items reached EUR 34.4m, exceeding guidance and estimates, mainly driven by temporary cost effects and a strong December. EBIT fell sharply yoy but slightly beat forecasts. We see FY26 as a transition year with limited visibility: While lowering our price target to EUR 18.50, we reiterate BUY given solid fundamentals and long-term growth drivers. The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

Powering Germany’s green hydrogen transition, H2APEX is evolving from an EPC service provider into a full-scale hydrogen producer. Since 2012, it has built expertise across the hydrogen value chain, progressing from pilot projects to operational plants. Flagship projects at the Laage and Lubmin sites, planned to start production in 2029 and 2030 respectively, alongside four smaller projects across Germany, highlight its ambition to deliver ready-to-market hydrogen. Strategically positioned, H2APEX leverages renewable energy, RFNBO certification, proprietary technologies, and access to Germany’s planned Hydrogen Core Network to secure industrial and mobility clients. Early deployments build experience, while the flagship projects will enable large-scale supply, unlock economies of scale, and boost margins. With disciplined project execution and strategic partnerships, H2APEX is exceptionally well positioned to capture growing market opportunities. We initiate coverage of H2APEX with a Spec. BUY rating and a PT of 3.00 offering an upside potential of 136%. The full update can be downloaded under https://research-hub.de/companies/h2apex-group-sca

Schloss Wachenheim delivered solid H1, supported by steady volume growth and improved group profitability. While revenue growth remained modest due to mix pressure in Germany, gross margin expansion drove higher EBIT and strengthened margin quality. Eastern Europe continued to act as the key earnings pillar, whereas France benefited from stronger gross profitability, although the prior-year EBIT comparison was supported by a one-off effect. Germany remained challenged by weaker wine retail demand and ongoing trading down. Q2 confirmed stable margins in the seasonally important quarter. With guidance reaffirmed and H1 covering most annual earnings, we reiterate our BUY rating and EUR 21.00 price target. The full update can be downloaded under https://research-hub.de/companies/schloss-wachenheim-ag

Following the recent release of preliminary FY25 results, attention now turns to the upcoming earnings event and outlook. With final results due on March 26, we expect 2026 to be another transition year. 2025 was about reducing overhead where the company also rolled out a voluntary separation program at headquarters in Q4. In 2026, Mister Spex will focus on optimizing tech stack and logistics backbone, the final step in completing the restructuring in our view. We estimate related restructuring costs at EUR 10–20m. While offline sales are projected to grow 10% yoy and recent M&A could contribute around EUR 4m in additional revenue, continued online weakness is likely to limit overall sales growth to roughly 0% yoy in FY26E. Despite the extended realignment, we reiterate our positive stance, reflecting the long-term appeal of Mister Spex’s market and positioning. BUY, PT EUR 3.40 (prev. EUR 4.00). The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

Company Name: ZEAL Network SE ISIN: DE000ZEAL241   Reason for the research: Update Recommendation: BUY Target price: EUR 67 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller The odds remain compelling Following a multiple compression over the last years (2026e EV/EBITDA c. 37% below 5-year historic med [ … ]