tk nucera reported a weak Q2 FY26, with revenue down sharply yoy to EUR 50m, mainly driven by the completion of large green hydrogen projects and higher-than-expected one-off effects. This reflects a temporary gap caused by a still slowly developing green hydrogen market and weak prior-year order intake. Earnings were also impacted by lower volumes and negative operating leverage. The Green Hydrogen (gH2) segment remained under pressure due to project timing effects and non-recurring costs, while the Chlor-Alkali (CA) business stayed stable and resilient. Order intake was the clear positive, surging by 279% yoy to EUR 316m, supported by a major hydrogen project in Spain, with backlog improving to EUR 732m. Guidance was confirmed, signaling improved operational stability ahead. We maintain BUY with a price target of EUR 15.00. The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

INDUS’s Q1 2026 results were strong with a massive operational beat and upgraded earnings guidance and an adj. EBITA which rose 70.7% to EUR 42.5m. However, strategic pre-financing of raw materials (driven by tungsten-carbide price effects in Materials Solutions) led to a working capital spike, causing FCF to plunge to EUR -74.1m and prompting a cut in FY FCF guidance to "at least break-even." Despite the liquidity pressure, record order backlogs and strong pricing power reinforce the operational trajectory. In our view, the fundamental story remains intact, provided the inventory build-up reverses as planned. BUY, with recently upgraded PT of EUR 40.00 following the prelim. announcement earlier this month. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Duerr delivered a resilient but slightly disappointing Q1 2026, missing consensus on order intake (EUR 957.4m / -11% yoy), revenue (EUR 940.2m / -6.7% yoy), and adjusted EBIT (EUR 39.1m / flat yoy). While the adjusted EBIT margin improved to 4.2% year-on-year, it lagged consensus and our expectations. Positives included a strong free cash flow of EUR 26.7m and a reduction in net debt to EUR 47m. However, with Industrial Automation under review and Q1 contributing only 17% of full-year expected EBIT, the recovery appears heavily back-end loaded. We believe a significant acceleration is required to meet confirmed FY 2026 guidance. We stay at BUY and unchanged PT of EUR 35.00, however slightly trim our margin forecasts going forward. The full update can be downloaded under https://research-hub.de/companies/duerr-ag

United Internet’s Q1 2026 results showcased solid revenue growth (+2.5% yoy) and impressive contract momentum, reaching 30.1m subscribers (+380k in the quarter). While EBITDA of EUR 331.9m missed consensus due to margin pressure at 1&1, bottom-line metrics (EBIT and EPS) surprised to the upside. IONOS continues to be the cleanest growth story within the group, and Mail & Media delivered strong margin improvements. Management’s confirmation of FY guidance implies a significant EBITDA ramp-up in the coming quarters. In our view, the fundamental story remains intact as the company navigates its 5G network transition. We reiterate our BUY rating and PT of EUR 30.00. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag

Rheinmetall shares have lost ~40% from their 2025 peak, triggered by CEO commentary on the long-term role of land-based systems and a structural shift towards cheaper drones, neither of which is new and both already embedded in our unchanged model in which we assume a full cycle with a 200bps EBIT margin contraction, a 12% revenue decline, and a 24% FCF decline from peak. Valuation has reset to historical median territory, with FY27E EV/EBITDA at ~12x and P/E at 24x versus a peak of 70x. With cycle risks now better priced and the CEO purchasing more than EUR 1m of stock last week, we upgrade to BUY with an unchanged price target of EUR 1,450. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Viromed has achieved a key regulatory milestone, securing MDR Class IIa certification for ViroCAP med, enabling it to market the device for wound treatment across Europe. This shifts the focus from regulatory hurdles to revenue generation, highlighted by strong interest at the European Wound Congress 2026. FY25 revenue of EUR 5.1m fell short of guidance (EUR 8–10m), partly due to delays common in medical technology, though net income of EUR 0.6m exceeded expectations. FY26 forecasts have been revised down from EUR 80m revenue with double-digit EBIT to a “significant increase” in both revenue and net income. Despite low visibility on exact growth due to regulatory dependencies and production scaling, the MDR IIa certification reduces risk, supporting a BUY rating with an unchanged price target of EUR 10.00. The full update can be downloaded under https://research-hub.de/companies/viromed-medical-ag

Stabilus is selling Fabreeka and Tech Products to VMC Group for USD 92m, sharpening its focus on core Motion Control and automation while using proceeds mainly to reduce debt. Strategically, the disposal makes sense given limited synergies, but the assets are highly profitable, with FY2025 revenue of about USD 32m and adjusted EBIT of USD 8.9m, implying a 28% margin. From FY2027, the sale will remove around EUR 7.5–8.0m of EBIT, making it margin dilutive. Despite lowering estimates and the price target to EUR 21.90 from 24.00, we reiterate BUY rating due to the depressed valuation. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

GEA delivered a solid Q1 2026, with organic revenue growth of 5.3% yoy and an EBITDA margin before restructuring of 16.1%, both coming in ahead of our own estimates, while order intake grew organically by 6.4% yoy and the book-to-bill reached 1.14x. FY26 guidance was confirmed. The Middle East conflict has had no material impact on the business, with the region accounting for only ~3% of order intake and ~85% of procurement sourced locally. Since our downgrade to HOLD on 9 April the stock has already retraced ~10%, and today's additional 5% decline in response solid print surprises us as an overreaction that opens an attractive entry point into a resilient business model. We upgrade to BUY with an unchanged PT of EUR 68.00. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

STRATEC’s weak Q1 2026 results were in line with expectations and confirmed the cautious phasing communicated with FY25. Sales fell 11.5% yoy to EUR 53.4m, while reported EBIT turned slightly negative and adjusted EBIT margin declined to 1.3%. Systems showed double-digit growth, but weakness in high-margin service parts and consumables, lower development revenues, negative scale effects and mix pressure weighed on profitability. FCF improved sharply to EUR 18.6m, mainly due to working-capital inflows, but should not be extrapolated. Guidance was confirmed, yet FY26 remains a back-end loaded “show-me” story. HOLD, PT EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/stratec-se

Q2 showed a clear acceleration after a softer Q1, with revenue of EUR 624m up 22% yoy and well ahead of our EUR 555m estimate. Adjusted EBIT margin matched expectations at 5.4%, while order intake of EUR 2.5bn materially exceeded forecasts, driven by Norwegian 212CD submarines and Atlas torpedo orders. Backlog now exceeds EUR 20bn, providing around eight years of revenue coverage. Submarine margins improved sharply as legacy drag fades, Atlas remains a high-quality growth and margin asset, and Surface Vessels’ weaker margin was largely optical. FY guidance is firmly intact. TKMS stays well positioned for the coming decades in a volatile defense sector where we see rising risks at its competitors. BUY with an unchanged price target of EUR 125.00. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa