Dürr’s final Q2 2026 release confirmed a modest operating miss versus consensus (adjusted EBIT EUR 41.9m, -3.7% vs. consensus), with core weak spots already known from preliminary disclosures. While Automotive order intake rallied (+28% yoy) and Woodworking maintained margin discipline, severe project charges at BBS Automation dragged Industrial Automation into the red. Final disclosures revealed weaker cash conversion (Q2 FCF EUR 5.6m) and pointed to significant H2 cash outflows, though a low net debt position (EUR 77.7m) limits balance sheet risk. Achieving FY26 guidance requires a steep H2 margin ramp-up, shifting the core thesis to a 2027 recovery postrestructuring. We reiterate BUY with a PT of EUR 32.00. The full update can be downloaded under https://research-hub.de/companies/duerr-ag

Overall, Q2 earnings developed as expected and showed the anticipated sequential recovery. The key positive was order intake of EUR 260.7m (+231% yoy; +75% qoq), driven by a major OSAT coater award; while the mix was concentrated and less favorable from a margin perspective, underlying demand remained broad across the portfolio. The record backlog materially improves 2027 visibility and de-risks the next earnings leg, while the H2 delivery ramp remains achievable and upcoming product launches add medium-term upside. With SUSS well positioned in the multi-year AI and advanced-packaging cycle, we reiterate our EUR 120.00 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

RENK delivered a solid Q2 with record order intake, stronger profitability and good cash generation, while revenue was broadly in line. Management confirmed FY26 guidance and targets the upper half of the EUR 255m to EUR 285m adjusted EBIT range. The print therefore reduces execution risk around our FY26 estimates, but does not materially change our broader land system thesis. HOLD, PT EUR 48.00 at an 2026E EV/EVITDA of 14.5x. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Leifheit’s Q2 26 results were broadly in line with preliminary figures. While sales remained under pressure from weak consumer demand, profitability improved on the back of earlier cost-base measures. The key new disclosure was the strong recovery in operating cash flow, which turned clearly positive in Q2 after a very weak Q1, supported by better working-capital management. Household remained the main drag, while Wellbeing stabilized, and Private Label continued to grow. The FOCUS program should further strengthen the cost base, targeting annual savings of around EUR 7.5m from 2028, despite near-term restructuring costs. We reiterate our BUY rating with a EUR 19.00 PT, implying 43% upside, alongside a dividend yield of around 9%. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

Rubean AG has reached a critical commercial inflection point, expanding its active SoftPOS terminal base past 150,000 (+90% yoy) and reporting H1 26 revenue of EUR 2.4m (+50% yoy). Growth is bolstered by high-profile enterprise integrations (Correos, Deichmann, RAC, SEUR, GLS), expanding distribution through key partners (Fiserv, Elavon, MultiSafepay, Payten, RS2), and entry into new markets like USA and further European countries. With new Co-CEO Stephan Kück leading commercial execution, recurring software licensing fees are expected to reach ~50% of total sales in FY26, backing full-year revenue guidance of EUR 5-6m and a target for full-year profitability in FY27. Despite persistent small-cap financing and dilution risks, we view the scaling platform favorably. We therefore confirm our BUY rating and EUR 10.00 PT after overhauling our financial model and introducing FY28E. The full update can be downloaded under https://research-hub.de/companies/rubean-ag

Carl Zeiss Meditec’s (CZM) Q3 26 results showed sequential stabilization, but not enough evidence of a sustainable recovery. Revenue increased modestly and adjusted margins improved, while weaker order intake continued to limit visibility. Ophthalmology remains constrained by FX, softer consumables demand, China-related IOL issues, and subdued investment across APAC. The restructuring program ProfitUp is becoming more concrete, including portfolio rationalization, production consolidation, organizational integration, and a planned manufacturing site in India. However, execution risk and the timing of savings remain uncertain. We reduce our earnings estimates, mainly due to an expected EUR 150m goodwill impairment in Ophthalmology and cut our price target to EUR 22.50 from EUR 24.00, and downgrade to SELL (from HOLD). The full update can be downloaded under https://research-hub.de/companies/carl-zeiss-meditec-ag

Deutsche Rohstoff expanded its 2026 drilling program by six wells to 32 after initial 2-mile and 3-mile wells into Niobrara formation outperformed expectations by 35% and 50%. Driven by this momentum, management raised its FY26 midpoint base case revenue guidance by 15% to EUR 310m and EBITDA by 7% to EUR 390m (including ~EUR 162m from its Almonty stake sale), while boosting FY27 midpoint EBITDA guidance by 14% to EUR 250m. Stronger medium-term cash flows fully offset increased short-term Capex, keeping our valuation intact. Trading at a forward EV/EBITDA under 2x with additional upside from its remaining Almonty stake, Deutsche Rohstoff remains highly attractive. We reiterate our BUY rating and EUR 128.00 target price. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

Fraport’s Q2 2026 results reflected a mixed performance marked by a weak domestic core and strong international offset. While group revenue expanded +4% yoy and EBITDA rose modestly by +1% thanks to strong international assets (EBITDA +20%), EBIT dropped -19% due to elevated depreciation following the Terminal 3 opening, and Q2 free cash flow fell into negative territory. Segment dynamics diverged sharply: Aviation EBITDA contracted -15% on a -3% drop in Frankfurt passenger traffic, triggering a segment guidance downgrade, whereas Retail & Real Estate and International showed relative resilience. Although management confirmed full-year Group EBITDA (up to EUR 1.5bn) and Group Result (EUR 300m–400m) targets, passenger guidance for Frankfurt was recently slashed to "about FY25 levels" (~63.2m), leaving the group's financial targets vulnerable as it relies on lower-margin international operations to offset highyield domestic weakness. SELL with unchanged price target EUR 62.00. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Rheinmetall confirmed a strong Q2 on the P&L, with sales up 69% and the operating result up 115% at a 17.1% margin which was already known, but the release was dominated by two negatives. FY26 sales guidance was cut by EUR 300m on the F126 cancellation, as we had expected, and capex was reset from 16% of sales at the CMD to 8% to 9%. In our view it is that capex cut, not operations, that keeps the above 40% cash conversion target reachable after an H1 OFCF outflow of EUR 1.6bn which massively missed the consensus. The FY26 backlog ambition was also reduced to above EUR 100bn from around EUR 135bn. We raise 2027 and 2028 capex, lower sales on shifting German procurement priorities, and reduce our PT to EUR 1,050 from EUR 1,150. Down to SELL from HOLD. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Koenig & Bauer reported a strong Q2 2026 operational turnaround, highlighted by accelerated order intake of EUR 412m and a record order backlog of EUR 1.12bn (bookto-bill of 1.27x). Operational EBITDA surged to EUR 17m (up from EUR -2.9m in Q1), driven by sequential earnings momentum across both Paper & Packaging (EUR 6.8m) and Special & New Technologies (EUR 7.7m). Furthermore, Q2 free cash flow turned positive at EUR 16.8m. While achieving confirmed FY26 guidance (~EUR 1.3bn revenue, EUR 80m operational EBITDA) as always requires a steep H2 margin expansion (~8.9%), high backlog visibility and cost actions strengthen confidence. We maintain our BUY rating with a PT of EUR 18.00. The full update can be downloaded under https://research-hub.de/companies/koenig-bauer-ag