Daimler Truck reported Q2 26 unit sales of 86,707 vehicles, up 8% yoy, supported by Mercedes-Benz Trucks and Trucks North America, while Daimler Buses remained under pressure. At first glance, this looks encouraging, but the improvement comes against a low prior-year base and does not yet point to a sustainable recovery. H1 26 tells a more cautious story, with reported group unit sales down 1% yoy to 155,556 units, suggesting that Q2 was mainly supported by catch-up effects. Ahead of the full Q2 results on August 7, we expect revenue of EUR 12.6bn, broadly flat yoy, and adj. EBIT of EUR 897m, down 20% yoy, implying a 7.1% margin. The cyclical pressure, geopolitical uncertainty, tariff overhang, and rising Chinese EV truck competition continue to weigh on the outlook. We believe the market remains to underestimate cyclical and structural risks, with clear parallels to the pressure Chinese competition has already created for the European car industry. We therefore reiterate our SELL rating and EUR 30.00 PT. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

The NATO summit confirmed that traditional land systems, while still important, are no longer where the incremental rearmament money flows, with spending intent concentrating on layered air defense, deep-strike, drones and surveillance. Tanks contribute ~20% of the 2030 EBIT guidance, and the Street continues to capitalise an oversized Arminius contract on the back of CEO commentary framing the program at ~EUR 40bn total / ~EUR 22bn to RHM on ~3,000 systems, figures we and multiple sources view as too high. The near-one-year delay in the German decision, alongside Estonia's suspension of a EUR 500m tank buy in favour of drones and air defense confirms our view. We therefore base Arminius on ~1,800 vehicles, cut post-2030 assumptions, and raise our minority interest assumption to reflect growth increasingly running through 51%-held JVs. As of now the Street largely ignored this topic. We downgrade Rheinmetall to HOLD (from BUY) and cut our price target to EUR 1,150 (from EUR 1,400). The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Hugo Boss is set to report Q2 on 4 August 2026 against a fragile macro backdrop and cautious industry read-across. Consensus expects another weak sales quarter, but the key issue is less the top line than the quality of the reset: gross margin resilience, inventory discipline and free cash flow. Middle East disruption and softer tourist flows remain relevant risks, while broader apparel peers continue to prioritize marketplace health over volume. The stock also remains under the shadow of Frasers Group's ongoing EUR 38.00 tender offer, pitched at the statutory minimum price. With 2026 still a transition year under CLAIM 5 TOUCHDOWN, we leave estimates unchanged and maintain our HOLD rating and EUR 36.50 price target. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

At its AGM, Viromed highlighted critical regulatory milestones, led by the MDR Class IIa certification for ViroCAP Med. This clearance acts as a catalyst for global expansion across Europe, the Middle East, Asia (via UMECO), and the US (via an initiated FDA 510(k) process). To bypass a 4-to-6-year delay for broad German statutory health insurance coverage, management is negotiating direct selective contracts for its wound treatment. Additionally, clinical data for PulmoPlas is slated for high-impact journal submission in mid-July 2026 to back an application for special BfArM authorization. While concurrently commercializing two early-stage blockbuster assets poses operational challenges, the de-risked investment case and accelerated international footprint justify a steeper long-term growth curve. Consequently, we increase our price target to EUR 11.00 (old: EUR 10.00) and reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/viromed-medical-ag

HMS Bergbau’s earnings call delivered a segment-level breakdown of the FY2026 guidance, with coal trading, marine fuels and mining each contributing distinct revenue and margin profiles. Comments on 2026 development indicate that (marine fuel) trading has normalized post-Hormuz, and first full mine revenues are expected in July. The medium-term earnings profile should strongly benefit from mining: Maatla and HRV together are expected to reach EUR 27-33m EBITDA at steady state, comparable to the entire coal trading segment. We adjust our model for segment margins, taxes and minorities, improving bottom line. Hence, we raise our price target from EUR 80.00 to EUR 85.00. BUY. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

GEA’s Q2 pre close supports our view that Q1 weakness was mainly timing related rather than the start of a broader slowdown. Management confirmed FY26 guidance, pointed to accelerating organic sales growth, healthy order intake, improving backlog conversion from Q2 onwards and further yoy margin progress. We estimate Q2 sales of EUR 1.38bn with a 16.8% EBITDA margin before restructuring expenses and now model FY26 closer to the upper half of the margin guidance range. We also lower our normalized CapEx assumptions, as management reiterated that capital intensity should decline over time. Combined with around EUR 500m of expected FY26 free cash flow, limited visible M&A targets and a strong balance sheet, this increases buyback potential (mwb est.). We raise our PT to EUR 73.00 (prev. EUR 68.00). BUY. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

Canada officially named TKMS preferred bidder for the Canadian Patrol Submarine Project over Hanwha Ocean's (042660:KS) KSS-III. Note that yesterday several articles wrongly reported a Hanwha win, sending their stock up 10% (today -20%...). The decision was made after the German closing. At a contract value that "can easily exceed EUR 15bn," this beats every number we have heard (mwb est. EUR 12bn). We put the total program at >CAD 60bn including service, torpedoes and maintenance over three-plus decades. We had flagged a 70% win probability against management's 50/50 framing, yet consensus targets, options-implied vols & many investor meeting show that Canada was priced at close to zero. Against the record backlog of EUR 20.6bn (9.5x FY2024/25 revenue), an award of this size extends order visibility into the 2040s. We raise our PT to EUR 135.00 (prev. EUR 125.00), lift our CAGR to 13% (vs 10% guidance), and reiterate TKMS as our preferred German defense name. We await a decent guidance hike. BUY The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

AUTO1 has priced FinanceHero 3, its third public consumer car loan ABS, securitizing German and Austrian Autohero loan receivables worth EUR 236.3m. The deal was 2.8x oversubscribed, with the senior tranche expected to carry a triple-A rating. The transaction sits alongside AUTO1's captive finance push. By originating loans and securitizing them, AUTO1 generates a net interest margin (currently ~5%, targeted at 5 to 7%). Consumer finance GPU per Retail unit rose from EUR 12 in 2021 to EUR 210 in 2025, with management's long-term target at EUR 870-1,100. FinanceHero 3 shows capital markets remain willing to absorb these assets, supporting the case that consumer finance can scale without tying up excessive capital. We maintain our estimates, price target of EUR 35.00, and BUY rating. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

We downgrade Symrise from BUY to HOLD following the recent share-price re-rating since our last update, leaving the shares close to our updated fair value. We still expect trends to improve sequentially into Q2 and beyond, driven by continued momentum in the core growth categories and supported by pricing actions and reinvestment from ONE SYM, although FX, weaker EAME demand and residual pressure in UV filters and Aroma Molecules should keep the recovery gradual. We raise our price target slightly from EUR 95.00 to EUR 100.00, implying 23.5x 2027E P/E, but see further upside as dependent on sustained organic growth re-acceleration and easing macro/FX headwinds. The full update can be downloaded under https://research-hub.de/companies/symrise-ag

Ahead of Rational’s Q2 print, we expect healthy growth despite the Q1 pull-forward effect, with EUR 326m sales (+5% yoy) supported mainly by volumes. We see EBIT margin at c.25%, helped by OpEx discipline and the Q2 tariff refund despite FX, tariff and input-cost headwinds. In our view, the moderation in growth should not be viewed in isolation, but in the context of a strong Q1, healthy underlying volume demand and a potentially better Q3 starting point, with June order intake leaving the order book around EUR 10-15m above normal levels. We reiterate BUY and our EUR 830.00 price target. Register for Q2 earnings call on Aug 06 at 15:00 CE(S)T here: https://research-hub.de/events/registration/2026-08-06-15-00/RAA-GR The full update can be downloaded under https://research-hub.de/companies/rational-ag