Geratherm Medical AG reported a weak H1 26 as supply chain bottlenecks in Respiratory, and weak demand and order postponements in Middle East drove down sales, despite a strong rebound in Incubator Systems. A favorable shift in product mix bolstered the gross margin and kept gross profit flat, but cost inflation pushed EBIT into the red and weighted on operating cash flow amid inventory accumulation. Management did not supply a quantitative FY26 guidance. We see the biggest risk in Healthcare Diagnostic which still faces demand uncertainty following the end of shorttime work. We revise our estimates and adjust our price target from EUR 4.50 to EUR 4.00. However, the BUY rating stands, as substantial cash reserves offer strong downside protection and a favorable risk/reward profile as the group pivots toward its MedTech holding structure. The full update can be downloaded under https://research-hub.de/companies/geratherm-medical-ag

Gerresheimer (GXI) reported Q1 2026 prelims. The headline figures show modest sales of EUR 524m (+1% yoy) and sharply improved FCF of EUR -32m vs. -141m, but adj. EBITDA fell to EUR 66m from EUR 81m and clearly missed consensus by c.20%. Overall, visibility remains poor. The Centor/PPP disposals materially reduce balance-sheet risk, yet missing pro-forma earnings figures or net proceeds disclosure prevent a robust valuation. However, based on our back-of-the-envelope SOTP calculation, we raise our target to EUR 20.00 on lower leverage, but retain our SELL rating as the current share price already discounts a cleaner recovery than the data supports. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

H2APEX delivered strong top-line growth in Q2/H1 2026, confirming continued strategic progress. Profitability remained under pressure as elevated ramp-up costs continued to weigh on earnings and cash flow, which we consider typical for the current ramp-up phase. Encouragingly, the core Project Development & Energy-/Asset Management business gained significant traction, while Storage & Transportation generated first revenues and broadened the group’s commercial base. Operationally, the WAL project reached another important milestone by securing injection capacity into Germany’s hydrogen core network, while RED III should provide additional regulatory support for green hydrogen demand. Management maintained its full-year revenue outlook. We lower our bottom-line estimates for 2026 and 2027 but continue to view the long-term investment case as intact and reiterate our Spec. BUY rating, with a slightly reduced PT of EUR 2.70 (old: EUR 2.80), implying 167% upside. The full update can be downloaded under https://research-hub.de/companies/h2apex-group-sca

LANXESS presented at our German Select conference, reiterating FY26 adj. EBITDA guidance of EUR 450-550m. Back-end-loaded savings, anti-dumping support and some spillover from supply-chain disruption nevertheless leave room for upside if volumes hold. More importantly, utilization remains only c. 65-70% versus healthy levels around 80%, giving the group meaningful operating leverage into even a modest demand recovery without requiring material capacity capex. Deleveraging remains the main balance-sheet lever, with net debt/adj. EBITDA at c. 4.0x on versus a <2.5x target by 2028, supported by self-help measures and eventual Envalior monetization. Overall, we see an attractive setup with significant earnings torque against a still-depressed valuation and reiterate BUY with a EUR 20.00 price target. The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

Delivery Hero’s Q2 showed a clear acceleration in underlying trading, with group GMV and revenue ahead of consensus and stronger momentum across Asia, Americas and Integrated Verticals. South Korea continued to recover, while H1 cash generation improved, with FCF before extraordinary items reaching EUR 348m. Management consequently raised FY26 guidance for GMV, revenue, adjusted EBITDA and FCF, despite expected H2 headwinds from higher Dmart investment and working-capital normalization. Operational momentum is improving, but the investment case remains dominated by Uber’s EUR 41.50 per share cash offer. We retain our EUR 41.50 price target and recommend to SELL in the tender period. As of 11:15 CET Uber has published the offer document. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

Siltronic’s presentation at our German SELECT Conference reinforced our view that the industry recovery is progressing. 300mm utilization is close to capacity limits, while 200mm demand is improving and early signs of stronger pricing support our view of a broader pricing recovery in 2027. Customer interest in securing 2027/28 volumes and management’s discipline on further Singapore capacity also point to a tightening market, although the high LTA share means repricing will be gradual. We fine-tune our model for higher FabNext depreciation and, following the share-price recovery to around our EUR 85.00 target, downgrade to HOLD from BUY, as the current valuation of c.7.5x 27E EV/EBITDA leaves insufficient upside despite improving trajectory. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Fielmann’s final H1 2026 report largely confirms the preliminary figures released in July and therefore contains few headline surprises. H1 sales reached EUR 1.25bn, up 1.8% yoy, while adjusted EBITDA came in at EUR 296m with a resilient 23.7% margin. More importantly, the detailed report provides additional colour on the regional mix. Germany remained soft with sales growth of only 0.8%, while international momentum accelerated materially. US sales growth improved to 4.5% at constant currencies, although this came at the expense of profitability, with the US adjusted EBITDA margin falling to 12.5% from 14.9%. Cash conversion was also weak, with H1 free cash flow down 39%. Following last week’s guidance cut, however, none of this materially changes our estimates or investment case. We reiterate BUY and our EUR 64.00 PT. The full update can be downloaded under https://research-hub.de/companies/fielmann-group-ag

EDAG’s Q2 26 results showed a stabilizing top line but renewed pressure on profitability, with adj. EBIT turning negative again after a stronger Q1, although remaining well above last year. Order intake stayed slightly ahead of revenues, supporting a solid book-to-bill and healthy backlog. Vehicle Engineering remained the strongest segment, while Electrics/Electronics improved but stayed under pressure and Production Solutions continued to lag. At the same time, EDAG is advancing its diversification strategy through a broader engineering footprint in India and growing Defence exposure. With the automotive market still subdued, management remains cautious on FY26, while maintaining its long-term adj. EBIT margin target of 6-8%. We now view the whole of 2026 as a transition year, while still expecting a stronger recovery from 2027 onward. We reiterate our BUY rating and EUR 4.00 PT. The full update can be downloaded under https://research-hub.de/companies/edag-engineering-group-ag

Rational’s presentation at our German Select Conference reinforced our positive view, with FY26 guidance reiterated and the key investor debate shifting to 2027 pricing power as US tariffs rise and the 2026 refund falls away. China remains weak at the headline level, but early traction for the locally produced iCombi One, including a new key account, supports positioning. On innovation, management remains focused on internally developed technology, with iHexagon viewed as a gradual product-cycle opportunity and no appetite to pursue M&A in cooking automation. We reiterate our BUY rating and EUR 830.00 price target. Video is available under: https://researchhub.de/events/video/2026-08-25-15-00/RAA-GR The full update can be downloaded under https://research-hub.de/companies/rational-ag

Lufthansa presented at our mwb GS8 conference yesterday and confirmed our bullish case. Management is in no rush on a Lufthansa Technik (LHT) IPO but did not rule it out, and we now expect a listing towards the end of the decade. An activist campaign could be a plausible accelerator. LHT alone is worth >40% of group EV standalone and the owned fleet covers >85%, which leaves the airline franchise and Cargo in the current valuation close to zero (mwb est.). Furthermore, pricing is already turning as the “cheap” tickets sold before the Iran war roll out of the mix, and the working capital drag from short booking windows should reverse in 2027. Estimates unchanged. BUY, PT EUR 21.00. The full update can be downloaded under https://research-hub.de/companies/deutsche-lufthansa-ag