ZEAL's Q1 2025 results underscore the strength and scalability of its business model, delivering standout performance amid a zero-jackpot peaks environment (Q1 24: 4 peaks). Benefiting from the momentum carried over from Q4’ 24, revenues came in at EUR 51.1m (+42% yoy), beating mwb estimate by 5%. Meanwhile the EBITDA margin reached 35% (+9pp yoy), well ahead of our estimate of EUR 29%. This highlights ZEAL’s high operational leverage amid a +25% yoy increase in operational expenses. Performance was driven by pricing tailwinds, a growing user base, and a more profitable product mix. Although management has reiterated its FY25 guidance, mwb research’s analysts view it as slightly cautious as Q1 delivered a strong beat despite zero jackpot peaks, and with the first Eurojackpot peak already in motion, the setup for FY25 looks favourable. The analysts see clear upside potential and accordingly raise our estimates and price target to EUR 63.50 (from EUR 60.00), confident in ZEAL’s ability to deliver consistent shareholder value. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE

Redcare Pharmacy delivered a decent start to 2025, with Q1 sales rising 28% year-on-year to EUR 717m, in line with expectations. Growth was driven by prescription sales, up 50% to EUR 234m, and non-prescription sales, up 20% to EUR 484m. German Rx sales surged 191% to EUR 108m, reflecting rapid adoption of e-prescriptions. Adjusted EBITDA margin improved to 1.3% in Q1 from -0.7% in Q4 2024, thanks to better marketing efficiency. Management reaffirmed FY25 guidance: over 25% sales growth and 2%-2.5% EBITDA margins, along with a long-term margin goal above 8%. mwb research remains confident in RDC’s strategy and execution, maintaining their price target of EUR 144.00, and reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

TeamViewer (TMV) started FY25 strongly, driven by Enterprise momentum and the integration of 1E. Pro forma revenues rose 7.5% yoy to EUR 190.3m, largely due to 1E’s contribution of EUR 17.8m. Stand-alone growth was modest at 6.6% yoy. While Enterprise grew 22.2% yoy, the dominant SMB segment remained weak at +2%. Adjusted EBITDA rose 20% to EUR 81.7m (43% margin), aided by reduced marketing costs. However, core performance visibility remains limited as transparency suffers due to complex pro forma reporting and several IFRS adjustments. Despite margin dilution from 1E, strategic progress and confirmed guidance support mwb research’s BUY rating with an unchanged price target of EUR 15.50. The full update can be downloaded under https://www.research-hub.de/companies/research/TeamViewer%20AG

Scout24 delivered strong Q1 2025 results, with revenue up 16% yoy (12% organically) to EUR 157.6m, driven by solid subscription demand and a 25% rebound in Transaction Enablement. Ordinary operating EBITDA rose 18% yoy to EUR 93.7m, supported by a better mix, operating leverage, and interconnectivity strategy. The business remains highly cash-generative, returning EUR 24m in Q1 via buybacks, with an additional EUR 100m buy-back planned through June 2026. A recent acquisition and AI-first approach enhance its competitive position and ecosystem potential. However, these positives and medium-term growth prospects appear priced in. mwb research’s analysts therefore maintain their HOLD rating and leave their price target unchanged at EUR 100.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Scout24%20SE

Hensoldt’s Q1 2025 revenue rose 20% YoY to EUR 395m, mainly driven by the ESG acquisition, while organic growth remained muted. Demand for TRML-4D radar, a previous growth driver, continued to fade as intake shifted toward Eurofighter radar systems. Profitability declined, with negative EBIT and EPS due to higher amortisation, interest costs, and logistics center ramp-up. The Sensors segment was particularly affected, while Optronics posted growth on a favorable base. While management raised its 2030 revenue ambitions to EUR 6bn, mwb research’s base case of 3.5% long-term EU-NATO defense spending remains unchanged, and mwb research’s mid-term growth forecast still exceeds Hensoldt’s guidance. Remains a SELL rating with EUR 48.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/Hensoldt%20AG.

Leifheit announced a slow start to 2025, with Q1 results broadly in line with expectations. Sales fell 3.3% yoy to EUR 63.7m, impacted by weak European demand, strategic portfolio adjustments, and the insolvency of key partner Blokker. Gross profit slightly declined, but the margin improved to 45.6% due to ongoing efficiency gains. EBIT dropped 9.1% to EUR 3.1m, and free cash flow was negative at EUR –7.2m, driven by higher receivables and increased investments. The Household segment fell 2.2%, while other segments showed sharper declines. Regionally, Germany grew strongly, but other markets weakened. Despite the slow start, Leifheit confirmed its 2025 guidance. Based on mwb research’s conservative estimates, the analysts maintain their BUY rating and PT of EUR 30.00, supported by solid financials and a 5–6% dividend yield. The full update can be downloaded under: https://research-hub.de/companies/leifheit-ag

Amadeus Fire reported a weak Q1 25, with revenue down 14.5% yoy to EUR 98.2m, driven by significant declines in temporary staffing (-21.3%) and permanent placement (-24.6%). Operating EBITA dropped 70.2% to EUR 4.3m, and net income fell sharply to EUR 1.0m, reflecting continued macroeconomic pressures and subdued client demand. The Training segment showed relative resilience (-6.5% yoy), supported by private customer activity and digital offerings. Management confirmed its FY25 guidance, implying further margin pressure and no near-term recovery. While earnings visibility remains low, Amadeus retains long-term potential through its scalable model and strong market positioning. mwb research’s analysts maintain their BUY rating and EUR 97.00 price target, offering ~28% upside. The full update can be found on https://www.research-hub.de/companies/Amadeus%20FiRe%20AG

Zalando posted a solid Q1 2025, with revenue up 7.9% yoy to EUR 2,420m, 2% above consensus. Growth was driven by B2B (+11.6% yoy) and B2C (+7.6% yoy to EUR 2,200m), supported by strong end-of-season sales and demand for spring/summer collections. GMV rose 6.5% yoy to EUR 3,500m. Adjusted EBIT surged 65% yoy to EUR 46.7m (1% below consensus), with margin up 70bps yoy to 1.9% on strong gross margins (+90bps yoy to 39.1%), offsetting higher marketing costs. FY 2025 guidance was reaffirmed: GMV/revenue growth of 4–9% and adj. EBIT up ~10% yoy. The ABOUT YOU acquisition is on track for summer, with expected synergies supporting mid- to high-single-digit growth. mwb research’s analysts maintain their BUY rating and EUR 39.00 target. The full update can be downloaded under https://www.research-hub.de/companies/Zalando%20SE

WashTec’s Q1 25 performance was a mixed bag. Revenues were up 7.9% yoy to EUR 108.8m, driven by strong equipment sales in Europe, which more than offset softness in key accounts in North America. Equipment order inflows were significantly higher yoy on healthy momentum across all segments and regions, driving order backlog up yoy. Meanwhile, EBIT declined 3.9% yoy to EUR 4.9m, and the margin contracted 60bps yoy to 4.5%, due to lower revenues from North America. Assuming no further deterioration in global trade conflicts and no major impact on car wash equipment sales, management reiterated its cautious guidance for FY25, with mid-single-digit revenue growth, high-single-to-low-double-digit EBIT growth, and FCF of EUR 35-45m. The high order backlog, together with its digital product offerings, should help WashTec attain is FY25 targets and sustain healthy sales momentum, in the view of mwb research’s analysts. The analysts confirm their BUY rating at an unchanged PT of EUR 55.00. The full update can be downloaded under https://www.research-hub.de/companies/WashTec%20AG

Kontron reported a solid Q1 2025, beating earnings expectations despite muted topline growth. Revenues rose 8.2% yoy to EUR 385.4m, while gross margin improved to 44.0%, driving a 36% yoy EBITDA increase to EUR 48.0m. Europe showed positive revenue growth and margin gains; the Global segment saw a margin recovery despite lower sales. Software + Solutions boasted a 43% EBITDA growth despite headwinds in solar. Design wins rose sharply to EUR 7.45bn (+12% qoq), supporting future order intake. With a 1.28x book-to-bill and a growing backlog, Kontron is confident on a stronger H2 and reaffirmed FY25 guidance. mwb research’s analysts reiterate their BUY rating and EUR 35.00 price target. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG