In this context, mwb research is organizing an online roundtable with Dr. Franz Richter (CEO) and Robert Stark (CFO) on February 24, 2026, at 2:30 p.m. 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. Access details will be provided after registration at https://research-hub.de/events/registration/2026-02-24-14-00/HNL-GR.

Carl Zeiss Meditec (CZM) reported weak set of numbers in Q1 FY 2026 that were in line with its pre-release. Revenues declined c.5% yoy to EUR 467m and EBITA slumped disproportionately by 77% yoy to EUR 8.1 (margin: -5.5ppt yoy to 1.7%), owing to adverse FX, an unfavorable mix, and operating deleverage. EBITA performance at both the Ophthalmology and Microsurgery divisions deteriorated during the quarter. Following the withdrawal of FY26 guidance at the time of pre-release and several ongoing challenges, including postponed clinic investments in the Americas and expected pricing pressure from the upcoming volume-based procurement tender for bifocal intraocular lens in China, we prefer to maintain our cautious stance on the company. We await more clarity on the company’s strategic direction and cost-optimization initiatives, which management plans to present in May 2026, along with an update on FY26 outlook. We maintain our recently cut estimates and apply a higher risk discount in our DCF model, leading to a new PT of EUR 29.50 (old EUR 31.00). Despite the recent sell-off (down 38% over the past month), the rating remains HOLD. The full update can be downloaded under https://research-hub.de/companies/carl-zeiss-meditec-ag

The recent share price dip highlights an attractive risk-reward profile ahead of Q4. Fundamental momentum remains strong, supported by robust order intake and a high backlog, reinforcing confidence in the company’s growth trajectory into the next years. Q4 results are expected to confirm continued profitability expansion, while the market could be pleasantly surprised by the outlook for the next fiscal year or potential mid-term targets. Strong cash generation and the potential for shareholder returns further enhance the investment case. With the outlook remaining positive, the recent dip may present a compelling entry point. We reiterate our BUY with a PT of EUR 36.00. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Amadeus Fire AG is set to report weak Q4 2025 results amid continued subdued demand in Germany. A broad-based recovery has yet to materialize, and sentiment remains fragile across staffing and training markets. Q4 earnings are expected to be burdened by additional restructuring costs (mwb est. of c. EUR 1m), likely pushing FY25 EBITA to the lower end of the EUR 15–25m guidance range. While both recent acquisitions are developing positively, they remain too small to materially impact near-term earnings. We expect losses to persist in H1 2026, though results should improve as roughly EUR 6m in restructuring expenses roll off. A more meaningful operational recovery is unlikely before 2027. We maintain BUY with a reduced price target of EUR 80.00 (prev. EUR 90.00). The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

We downgrade Siltronic to SELL from HOLD after its ad-hoc 2026 guidance confirmed our concerns but proves materially worse than anticipated. The guidance not only underwhelmed relative to our expectations but also signals a more challenging earnings trajectory ahead. While AI-related demand remains structurally supportive, it is currently being outweighed by headwinds in the legacy segment, adverse FX, pricing erosion and additional operational and structural pressures. We revise our estimates accordingly and cut our price target to EUR 41.00 (from EUR 51.00), reflecting the deteriorating near-term momentum and lack of catalysts. We maintain our SELL rating until we see tangible evidence of legacy inventory normalization, and a clear path back to positive operating earnings. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Hannover Medical School reported in a press conference yesterday successful preliminary results from a multi-year in-vitro study showing that cold atmospheric plasma effectively destroys multiple bacterial strains in lung tissue without harming human cells. The results indicate a clear therapeutic window and offer a potential alternative to antibiotics for conditions such as Ventilator-Associated Pneumonia (VAP) and possibly other severe or influenza-related pneumonias. The technology will now undergo final ex-vivo validation with Saarland University, expected within 2-3 months, to support an application for special approval from the Federal Institute for Drugs and Medical Devices (BfArM). Positive validation could mark a key regulatory milestone and act as a catalyst for the share price. We confirm our BUY rating with a EUR 10.00 price target. The full update can be downloaded under https://research-hub.de/companies/viromed-medical-ag

Hensoldt and Helsing have announced a strategic partnership around Helsing’s autonomous combat aircraft CA 1, a three to five tonne unmanned combat jet. HENSOLDT is expected to integrate radar, optronics, self protection and electronic warfare systems combined with its MDOcore data fusion software. The programme is early stage, with no disclosed procurement contracts and first demonstrations planned in the coming months. No contract value has been communicated; our base case implies upside of around EUR 1.00 per share, the bull case EUR 4.85 and the low case EUR 0.40. Even under constructive assumptions, CA 1 would not be transformational relative to Hensoldt’s future revenue base. Without funded procurement and clarity on scope, licence structures and IP ownership, the partnership remains a long term cathalyst rather than a near term earnings driver. We therefore do not include CA 1 into our DCF based price target, which remains unchanged at EUR 65.00. SELL. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Fielmann reported strong FY25 prelims with sales of EUR 2.44bn (+7% yoy) and record net profit of EUR 205m (+33% yoy). While topline slightly missed the EUR 2.5bn goal, adjusted EBITDA margin hit ~24%, beating expectations. This validates the "Vision 2025" strategy, driven by successful US expansion and structural productivity gains. Earnings quality has improved significantly, supporting faster deleveraging and an attractive valuation (~8x–9x EV/EBITDA 2025). Investors are further rewarded with a proposed dividend hike to EUR 1.40 (3,2%). We view the slight revenue shortfall as minor compared to the structural profitability beat and confirmed integration success. We reiterate our BUY recommendation with a PT of EUR 68.00. The full update can be downloaded under https://research-hub.de/companies/fielmann-group-ag

Cancom delivered preliminary FY25 results slightly above expectations, with revenue of EUR 1,712m and EBITDA of EUR 102.5m. Q4 showed the strongest performance of the year, as EBITDA rose 45.8% yoy and margins improved to 8%, signaling an operational inflection. While the recovery is gaining traction, profitability remains below prior years and depends on a sustained demand rebound. Sector headwinds, including supply-chain pressures, semiconductor tightness and rising hardware costs, limit visibility for the new fiscal year 2026. We lower our price target from EUR 28.00 to EUR 25.00 and maintain a HOLD rating, awaiting clearer guidance on March 26. The full update can be downloaded under https://research-hub.de/companies/cancom-se

HelloFresh’s FY25 preliminary results show improving profitability but continued weakness in revenue momentum. Net revenue of EUR 6.76bn (-9% cc) and AEBITDA of EUR 423m were broadly in line with guidance, with Meal Kits margins recovering to 13.5% on the back of cost discipline. However, Q4 revenues declined by 14-15% yoy and demand trends remain subdued, particularly in Ready-to-Eat. Management signaled higher reinvestments for 2026 and announced exits from Italy and Spain, while January trading showed no clear improvement. We lower our price target from EUR 10.00 to EUR 7.00, reflecting slower revenue normalization, flatter margin improvement, and higher volatility, while maintaining our BUY rating. The full update can be downloaded under https://research-hub.de/companies/hellofresh-se