Mayr-Melnhof Karton AG published its annual report, confirming preliminary figures and showing a challenging year marked by weak European demand and declining sales. Despite revenue pressure, adjusted EBIT rose (+15% excluding the Tann divestment) thanks to cost savings and the Fit-for-Future program. Looking ahead, difficult market conditions and structural overcapacity in Europe are expected to persist into 2026, prompting a continued focus on efficiency, with the program’s savings target raised by EUR 100m to EUR 250m by FY27. Following the Tann sale, leverage improved, enabling a more generous dividend policy (40–60% payout; EUR 2.00 proposed for 2025). Shares are trading at a 20-25% discount to peer multiples, in contrast to historical premiums. Against this backdrop, risk-reward seems attractive even if markets remain difficult. BUY, PT EUR 105.00. For further insights, register to the online roundtable with MM Head of IR Stephan Sweerts-Sporck on 23 April at our Austrian Select conference: https://research-hub.de/conference/austrian-select The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

MTU has taken the step we had been waiting for, entering UAV and cruise missile propulsion through the acquisition of AeroDesignWorks (ADW). The target is small, with ~40 employees and ~EUR 10m of revenue (mwb est.), but the strategic relevance could be significant. Small gas turbines remain a key bottleneck in modern warfare, credible suppliers are scarce, and ADW already produces turbojets in series for UAVs serving active defense customers. The bigger upside, however, lies in higher thrust applications for larger UAVs and cruise missiles, potentially including Taurus. While the purchase price is undisclosed and near term EPS accretion remains unclear, we see meaningful potential in a market growing at >60% p.a. & margins of >30% (mwb est.). We raise our PT to EUR 520.00 from EUR 505.00 and reiterate BUY. At just 10.1x 2026E EV/EBITDA, MTU still looks too cheap, and our multiple based framework points to > EUR 600.00. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

123fahrschule’s (123fs) FY25 figures reflect a strategic reset. Despite 11% yoy revenue growth to EUR 25m, EBITDA declined from EUR 0.5m last year to EUR -1.5m due to one-offs, while adjusted EBITDA of ~EUR 0.6m indicates a near break-even core business. Structural cost reductions and balance sheet clean-up should support profitability in FY26. The key catalyst remains the German driver education reform, expected to be legislated by end-2026 and effective from 2027, aligning closely with the company’s digital model. FY26 EBITDA guidance of EUR 1.5m–2.5m appears achievable, although financing risks persist. We reiterate BUY with an unchanged EUR 5.20 price target. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

GEA’s Q1 pre-close supports our view that the company is navigating the current macro backdrop well. While Q1 growth looks slightly softer, this appears to be primarily timing driven rather than a sign of weaker underlying demand, with management reaffirming FY26 guidance of 5-7% organic sales growth and a 16.6-17.2% EBITDA margin before restructuring. We expect a more clearly back-end loaded year, supported by strong Q4 25 order intake, while FX remains a c.3% headwind (mwb est.). Our Q1 2026 sales estimates are EUR 1.24bn and our EBITDA before restructuring are EUR 198m (15.9% margin / vs. 15.8% last year), implying no major surprise in either direction. With limited direct Middle East exposure, around 80% local procurement, no semiconductor shortages and further buybacks still a realistic option after more than EUR 700m returned since 2021, we continue to view GEA as a defensive quality name that can help reduce portfolio beta in a more uncertain macro environment. However, due to the significant rally we downgrade to HOLD. PT EUR 68.00 confirmed. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

Against this backdrop, mwb research is hosting an online earnings call on April 16, 2026, at 10:00 a.m. CEST with Dr. Claus Bischoff (Chairman of the Executive Board) and Tobias Popp (CFO). Following the 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/2026-04-16-10-00/RSL2-GR.

Against this backdrop, mwb research is hosting an online roundtable with Antje Kelbert (Head of Investor Relations) on April 14, 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/2026-04-14-16-00/HBH3-GR.

Against this backdrop, mwb research is hosting an online roundtable with Ronald Slabke (CEO) on April 14, 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/2026-04-14-15-30/HYQ-GR.

Against this backdrop, mwb research is hosting an online roundtable with Alina Köhler (Head of Investor Relations & Corporate Strategy Manager) on April 14, 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/2026-04-14-15-00/VBK-GR.

Against this backdrop, mwb research is hosting an online roundtable with Ralf Hoppe (Head of Investor Relations, PR & ESG) on April 14, 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/2026-04-14-14-30/ELG-GR.

Against this backdrop, mwb research is hosting an online roundtable with Thomas Fischler (Head of Treasury & Investor Relations) on April 14, 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/2026-04-14-14-00/DRW3-GR.