United Internet's Q2 2026 results demonstrated solid top-line growth of 4.1% to EUR 1.54bn, accompanied by a 7.9% rise in EBITDA to EUR 344.1m. However, operational performance was uneven. While 1&1 successfully improved margins, it suffered deliberate mobile subscriber losses. Meanwhile, IONOS generated strong customer additions but struggled to translate this into near-term profitability. Mail & Media emerged as the standout performer, significantly beating profit expectations. Looking ahead, achieving the maintained FY26 EBITDA target of EUR 1.45bn will require a pronounced profit acceleration in the second half of the year. In our view, the group is well-positioned to meet these demands if segment operating leverage improves. We maintain our BUY rating with a PT of EUR 30.00. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag

Infineon delivered a solid Q3 beat, with AI and operating leverage doing the heavy lifting, while strengthening industrial and automotive demand broadened the recovery and helped lift backlog by 5bn qoq to nearly EUR 30bn. Management upgraded FY26 guidance and expects a further earnings step-up in Q4, with pricing becoming a larger tailwind into FY27. However, the revenue outlook was broadly in line with our expectations and the retained margin target did not impress. We believe the current valuation already captures much of the upside from the improving earnings trajectory into FY27 and beyond. As such, we reiterate our HOLD rating and EUR 60.00 price target. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag

GEA has published a new share buyback of up to EUR 500m running from August 2026 to the end of 2027, with a first tranche of up to EUR 250m starting this month and due to be completed within seven months. All shares acquired will be cancelled. It is the third program since 2021, after EUR 300m and EUR 400m, lifting cumulative repurchases to EUR 1.2bn(!). At an assumed avg. price of EUR 60, GEA retires ~8.3m shares, or 5.1% of the current 162.8m. We therefore lift FY27E+ EPS, while sales, EBITDA and EBIT estimates are unchanged. Distributions remain broadly covered by free cash flow and net cash keeps building, so bolt on M&A capacity is preserved. Coming five days before the H1 report, the news reads as a confidence signal and closes the capital return gap we flagged on 22 July. PT unchanged at EUR 76.00. BUY. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

The Trump administration is preparing a Section 232 package combining a minimum import price with tariffs on polysilicon and downstream products, potentially limiting circumvention and supporting US producers, although the final rates, scope and exemptions remain unclear. For Wacker, the proposal offers meaningful upside from a depressed base: Q2 Polysilicon EBITDA fell 66% yoy to EUR 11m despite strong semiconductor volumes, as weak solar demand, lower pricing, destocking and higher energy costs weighed on earnings. We raise our mid-term estimates slightly and raise our price target to EUR 95.00 from EUR 90.00, while retaining our HOLD rating pending evidence of a durable earnings recovery. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

ZEAL delivered another beat in Q2 amid 12 jackpot peak draws, with strong lottery momentum translating into better-than-expected revenue, EBITDA and cash generation. Execution also remained solid, as record customer acquisition was achieved without a material deterioration in efficiency, while proprietary lotteries and SevenCanyon continue to diversify growth beyond the core brokerage model. We see the H2 delivery as achievable, supported by the ongoing Lotto 6aus49 peak streak, now at 20 consecutive draws and still running into Q3. We reiterate BUY with an unchanged EUR 72.00 price target, as the current valuation does not adequately reflect ZEAL’s medium-term earnings and growth potential. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Mister Spex will report Q2 2026 results on August 13. Revenues are forecasted to fall c. 10% yoy to EUR 47.6m, tracking toward the lower end of expectations amid market headwinds and store rationalization under 'SpexFocus'. Crucially, gross margin is projected to expand by 280 bps yoy to ~55-56%, driven by private labels, higher prescription share, and seasonal sunglasses sales. Adjusted EBITDA is set to rise 39% yoy to EUR 2.3m (4.8% margin, +170 bps yoy) due to tight cost discipline, helping absorb EUR 3.5-4m in estimated restructuring costs and elevated depreciation. Meanwhile, the group's cash position is likely to show subtle signs of stabilization. We maintain our BUY rating with a PT of EUR 3.40. The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

Zalando reported a mixed Q2, with strong reported growth largely reflecting the consolidation of ABOUT YOU, while pro-forma GMV and revenue growth slowed to 4.4% and 1.1%, respectively. Weaker sneaker demand and the continued shift towards partner business weighed on underlying revenue momentum. Adjusted EBIT nevertheless rose 10.4%, supported by B2B, retail media and synergies, although margins declined. Management now expects GMV and revenue growth in the lower half of the prior range and narrowed adjusted EBIT guidance to EUR 680-720m. Overall, the outlook is more cautious and increasingly back-end loaded, with greater weight on Q4 delivery. BUY maintained; PT down to EUR 38.00 (old: EUR 39.00). The full update can be downloaded under https://research-hub.de/companies/zalando-se

HUGO BOSS delivered Q2 sales in line with expectations, while gross margin and EBIT came in clearly ahead. The margin beat reflected sourcing efficiencies, selective pricing and stronger full-price sales, although lower marketing spends provided a temporary benefit and will reverse in H2. Management maintained its FY26 guidance, with further sourcing, assortment and logistics efficiencies expected to support profitability despite operating deleverage from weaker sales. We have raised our gross-margin assumptions but kept revenue forecasts broadly unchanged, as demand remains subdued and visibility on a return to growth is limited. Our price target rises to EUR 38.00 (old: EUR 36.50) and we maintain our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

Siemens Energy delivered another impressive quarter with its Q3 FY26 results, supported by strong demand for grids, gas turbines and data-centre-related energy infrastructure. Revenue, profitability, cash generation and order intake all exceeded market expectations, while the record EUR 162bn backlog provides excellent visibility. Gas Services and Grid Technologies remained the key growth engines, while Siemens Gamesa returned to profitability. Management confirmed FY26 guidance and now expects the margin toward the upper end of the range. However, we had already anticipated a very strong quarter, leaving our estimates unchanged. With much of the strength already reflected in market expectations and valuation, we see limited further upside. Maintain SELL and PT EUR 100.00. On September 15, the company will provide deeper insights into its outlook at our Future of Energy online conference, with free registration available here: https://research-hub.de/events/registration/2026-09-15-10-00/ENR-GR. The full update can be downloaded under https://research-hub.de/companies/siemens-energy-ag

Beiersdorf's full H1 2026 report provides detailed granularity following its recent preannounced full-year guidance cut. H1 Group sales fell 3.5% organically to EUR 4.95bn, dragged down by NIVEA (-6.8%), while Derma (+7.8%) and Free Cash Flow (EUR 0.20bn) showed resilience. While H1 Group EBIT margins held up at 15.5%, full-year guidance targeting an EBIT margin of at least 11.8% signals a steep H2 margin drop. In our view, this margin reset is driven by a deliberate EUR 100m marketing boost in H2 to fund an 18-month turnaround plan for NIVEA. Rebuilding brand equity over short-term margin protection is strategically sound. We reiterate BUY with an unchanged (but recently cut) PT of EUR 95.00. The full update can be downloaded under https://research-hub.de/companies/beiersdorf-ag