Airbus delivered a mixed set of numbers. Q4 was operationally solid, but growth flatters to deceive due to prior year space charges. Full year revenues were broadly in line, yet reported EBIT missed and the quality of earnings remains uneven. Our cautious stance proved correct. We were exactly in line with the 2026 delivery guidance at 870 aircraft, while the market was positioned for closer to 900. The guidance confirms that supply chain constraints, particularly engine availability from Pratt & Whitney, continue to cap the ramp-up and limit margin expansion. Consensus expectations, especially on EBIT, still look too ambitious. Execution risk remains elevated, upside is limited without a clean ramp up, and valuation does not compensate for these risks. We reiterate to SELL, price target EUR 175.00. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Bayer has taken a further step toward containing the Monsanto overhang by proposing a nationwide Roundup class settlement alongside the pending Supreme Court review in Durnell, creating a dual-track path combining structured financial resolution with potential legal closure. The 21-year capped program of up to USD 7.25bn, subject to court approval, materially clarifies the liability envelope, while a favorable federal preemption ruling could further limit residual and opt-out exposure, including adverse verdicts on appeal. The EUR 4bn provision increase hurts but improves transparency around total exposure. Management guides to approximately EUR 5bn of litigation-related cash outflows in 2026, likely marking a peak year, followed by roughly EUR 1bn annually, replacing verdict volatility with a defined payment schedule. We view this shift from open-ended exposure to structured containment as a meaningful improvement in the risk profile, yet the equity continues to discount prolonged legal drag. As visibility improves, we see scope for gradual multiple normalization and reiterate our BUY rating with an unchanged EUR 54.00 price target. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Südzucker (SZU) announced it will suspend the FY26 dividend, following EUR 0.20 per share in FY25, alongside extraordinary non-cash impairments on fixed assets, mainly in the Sugar segment. While these write-downs will weigh on reported EBIT, they leave operating performance and cash generation unaffected, making the impact largely valuation neutral. The sugar market remains challenging, with global oversupply and strong harvests pressuring prices and margins. Cost-saving initiatives, inventory and balance sheet clean-ups, and the dividend suspension position SZU to navigate the downcycle. Looking ahead, acreage reductions and rising bioethanol demand under initiatives such as RED III could support both sugar prices and profitability in the CropEnergies segment. We reiterate our HOLD rating with a PT of EUR 9.00, awaiting clearer signs of a cyclical recovery. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

Duerr released preliminary FY25 figures showing a clear beat versus its own profitability guidance. Net income rose to ~EUR 200m, well above the EUR 120–170m range, supported by solid operations and a larger-than-expected book gain from the environmental technology divestment (closed late Oct 2025). Accordingly, EBIT margin before special effects reached 5.6%, slightly exceeding the 4.5–5.5% target corridor, underscoring cost discipline and effective portfolio management. Top-line performance was modestly softer, with sales of ~EUR 4.17bn just below the EUR 4.2–4.6bn range, while order intake remained resilient at ~EUR 3.9bn within guidance. Cash generation was strong, with FCF expected at the upper end of EUR 100–200m and net financial debt at the low end of -75m to -175m, supporting a healthy balance sheet. BUY, with slightly upwards adjusted PT of EUR 35.00 (prev. EUR 31.00). The full update can be downloaded under https://research-hub.de/companies/duerr-ag

Amadeus Fire reported preliminary FY25 revenue of EUR 364m, down 17% yoy but within the EUR 355-385m guidance. Operating EBITA fell sharply to EUR 14m (FY24: EUR 55.5m), landing slightly below the EUR 15-25m target range, which however was heavily burdened by EUR 6m in total restructuring costs. Implied Q4 revenue hence reached c. EUR 87m, while reported quarterly result near break-even. Both Personnel Services and Training segments suffered from Germany’s economic stagnation and cautious hiring. While the restructuring is now complete and adjusted EBITA stood at EUR 20m, a meaningful recovery is unlikely before 2027. We expect continued pressure in H1 2026 but remain positive on the long-term digital pivot. BUY, PT EUR 80.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

INDUS is expected to deliver a solid Q4 and FY25 performance within guidance, demonstrating resilience in a complex industrial environment. Q4 revenue is projected at EUR 450–457m with EBIT of EUR 38–40m, implying a ~9% margin and strong sequential and yoy improvements. Consensus EPS of EUR 0.44 underscores sustained profitability. For FY25, revenue of EUR 1.73bn and adjusted EBITA of EUR 150m (8.7% margin) reflect controlled execution and 2–3% yoy growth, supported by disciplined cost management and five bolt-on acquisitions under the “EMPOWERING MITTELSTAND” strategy. A record order backlog and solid order intake enhance 2026 visibility. While free cash flow generation remains key, fundamentals appear robust. We reiterate our BUY rating with an unchanged price target of EUR 35.00. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Deutsche Rohstoff reported solid FY25 operational results with average production of ~13,600 BOE/d, broadly in line with estimates. Total output fell 8% due to lower gas volumes, but the oil share rose to 65%, driven by strong performance from the Chinook wells. For FY26, the company plans disciplined growth focused on the Powder River Basin, with 8.5 net wells expected online, and acreage secured in Ohio, leading to total capex of USD 84m (mwb est.). The recent strong increase in proved and probable reserves, massive gains in the Almonty stake and upgraded estimates now lead to price target of EUR 88.00 (from EUR 69.00). We confirm our BUY rating. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

NORMA Group reported Q4 FY25 prelim results in line with our expectations, confirming resilient operating cash flow despite a challenging market environment. FY25 revenue was within guidance, though slightly down yoy, reflecting a slowdown in the distribution business with connecting components due to softer demand in automotive and industrial markets. The early February 2026 sale of the Water Management (WM) business unit generated a significant net cash inflow, strengthening the “NewNORMA” strategy with a focus on industrial applications in connection technology, reducing debt, and returning substantial value to shareholders. Efficiency measures are already delivering savings, supporting margins. Backed by a robust balance sheet, NORMA is well positioned to pursue growth opportunities. We still see the risk & reward profile as promising and maintain our BUY rating with a PT of EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

Fincantieri’s CMD resets expectations for European submarine profitability and, in our view, strengthens the case for TKMS. While group numbers are not directly comparable due to cruise exposure, the message is clear. Underwater systems are the core growth driver through 2030, with targeted submarine EBITDA margins of ~20% (!). This sets a new benchmark for sector economics. Against this backdrop, TKMS’s current margin profile looks temporarily depressed. As platform lead and technology authority for the 212 family, TKMS should benefit as volumes scale and legacy contracts roll off. The reported Q1 -1.6% adj. EBIT margin is not representative of normalized earnings power. If peers target ~20% EBITDA in submarines, there are only few structural reasons why TKMS should not move in a similar direction in the long-term. Our ~14% group EBITDA assumption by 2030 may therefore prove conservative. We reiterate BUY with a EUR 125.00 price target. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Bechtle had already reported prelims on February 6, highlighting a solid Q4 performance that should extend into FY26. The company delivered FY25 targets despite muted demand, posting prelim EBT of EUR 324m with a 5% margin and modest +2% yoy revenue growth. Earnings resilience reflected disciplined cost management and an improved mix toward services and software, offsetting weak public-sector procurement and cautious SME spending. Delayed federal budget approval weighed on tenders, though regional public demand began recovering in Q4. FY26 should mark earnings stabilization. Structural drivers including cloud migration, cybersecurity, Windows 10 replacement, while massive AI investments lead to selective supply constraints and increasing hardware prices. We confirm our EUR 44.00 price target and upgrade from HOLD to BUY after recent price decline which seem to be overdone. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag