Traton’s preliminary Q2 figures point to a clear improvement in adjusted profitability, with Group adj. EBIT coming in well above expectations and International Motors returning to positive territory. However, the release included only a limited number of KPIs and focused solely on adjusted operating metrics. More importantly, the strong earnings performance was not matched by cash generation, as net cash flow remained negative and significantly below consensus. This divergence may reflect non-cash, one-off tariff-related receivables recognition and working-capital movements, but the limited disclosure does not yet allow for a firm conclusion. We therefore leave our estimates unchanged and await the full Q2 and H1 results on 23 July for better visibility on reported earnings, cash conversion and margin sustainability. Our broader investment thesis remains unchanged, with cyclical weakness and rising structural competition still key concerns. We maintain our SELL rating and EUR 23.00 PT. The full update can be downloaded under https://research-hub.de/companies/traton-se

Pyramid AG reported strong preliminary H1 2026 results, showing sales of EUR 40.3m (+10% yoy) and EBITDA of EUR 1.9m. Momentum was exceptionally strong in Q2, where revenues grew 28% qoq to EUR 22.6m and the EBITDA margin reached 7.5% (vs 1.1% in Q1). Supported by an annualized order intake run-rate of over EUR 100m, the operational turnaround is taking shape. While consolidated results and cash conversion remain to be seen, the operational trend and the recently secured balance sheet stability support a constructive outlook. We reiterate our BUY rating and PT of EUR 3.30. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Vossloh announced preliminary Q2 2026 results showing strong revenue growth, supported by the consolidation of Sateba, while profitability came under pressure from integration effects and higher procurement and logistics costs. Management also lowered its 2026 guidance, reflecting weaker call-offs under framework agreements, project delays into 2027 and limited cost pass-through. However, the underlying investment case remains intact. Order intake continued to grow strongly and the order book reached a new record, providing solid visibility for the coming years. We therefore reduce our FY 2026 estimates to around the midpoint of the new guidance and lower our medium-term margin assumptions. Despite this, we still expect Vossloh to achieve its 2030 targets, supported by structural growth in rail infrastructure spending. Following the recent share-price sell-off, we see an attractive entry point. We reiterate our BUY rating but lower our PT to EUR 90.00 from EUR 100.00. The full update can be downloaded under https://research-hub.de/companies/vossloh-ag

MHP Hotel AG (MHP) has secured a long-term lease agreement for a new ~180-room Marriott Autograph Collection hotel in the heart of Düsseldorf, expanding its total portfolio to 16 properties in operation or in active pipeline. Developed in partnership with Midstad and scheduled to open by 2029 within the iconic, historic Carsch-Haus building ensemble, this project is expected to generate stabilized annual revenue of over EUR 20m. The transaction hits the sweet spot of a polarizing DACH hotel market, where the premium and luxury tiers heavily outpace the budget segment. By repositioning scarce, culturally significant inner-city architecture, MHP can command premium average daily rates and achieve high occupancy. Furthermore, as MHP continues to scale its footprint across premier metropolitan hubs, it is well-positioned to exploit significant operational cluster synergies, leading us to confirm our BUY recommendation with a price target of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

CHAPTERS Group has raised its 2026 outlook for organic growth in adjusted operating EBITDA to above 22%, from the previous 14%-17%, while confirming 7%-9% organic revenue growth. The guidance upgrade is underpinned by stronger operating leverage, driven by earlier-than-expected AI and automation efficiencies, value-based pricing and growing cluster synergies. While the new guidance creates clear upside risk to our forecasts, we leave our estimates unchanged ahead of the Capital Markets Day on 15 July, which typically provides a operational deep dive through case studies, platform presentations and strategic commentary from management. We reiterate BUY and our EUR 50.00 price target. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

Leifheit announced preliminary Q2 2026 results showing continued sales weakness but a clear yoy and sequential improvement in EBIT, indicating that earlier restructuring and efficiency measures are helping to cushion the impact of lower volumes. The consumer backdrop remains challenging, with cautious spending, weak demand and tight retailer inventories. Management also provided further details on the FOCUS programme, aimed at simplifying the organisation, reducing costs and strengthening long-term profitability. The revised FY 2026 guidance points to continued pressure on sales, earnings and cash flow, although new product launches should support H2. We lower our FY 2026 and 2027 estimates but keep our longer-term view broadly unchanged. At 12.6x 2028E P/E and an 8% dividend yield, we reiterate our BUY rating but lower our PT to EUR 19.00 from EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

Following a pre-close call with the company, we see no material change in the underlying picture since Q1. We expect a sequential improvement in both sales and EBITDA margin in Q2 and continue to anticipate a stronger H2 relative to H1. Positively, Siltronic remains reluctant to lock in additional long-term business at prevailing spot prices, which we read as a positive sign that management expects bargaining power and pricing to improve. At this stage, we continue to struggle to see a credible path to a meaningful earnings recovery without a broad-based price and volume inflection, even assuming double-digit revenue growth next year. Ahead of Q2 results, we therefore reiterate our SELL rating and unchanged EUR 70.00 price target. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

cyan AG has reported several developments that strengthen the Guard 360 investment case. The CANCOM partnership has already yielded a first German ISP customer, with marketing scheduled to begin in September 2026 and further ISP agreements potentially following. Separately, FileWave has added Guard 360 to its endpointmanagement offering, expanding the product’s partner network and addressable customer base. Co-founder Markus Cserna has also been confirmed as long-term CEO, ending the external search process. Overall, the recent news flow supports Guard 360’s potential as a second growth pillar. We continue to expect first material revenue contributions from Guard 360 from 2027 onwards. BUY, PT EUR 4.00. The full update can be downloaded under https://research-hub.de/companies/cyan-ag

Fraport’s weak June and H1 traffic figures highlight a fragile domestic growth trajectory, with Frankfurt passenger volumes down 1.7% in June yoy and 0.8% in H1 yoy due to Lufthansa strikes, high jet fuel prices, and geopolitical conflict in Iran. This stagnation creates an unfortunate mismatch with the April opening of the EUR 4bn Terminal 3 which adds 19m in annual passenger capacity and significantly escalates fixed costs. While a 1.0% increase in H1 group passengers offered minor cushion via international growth, performance there remains highly uneven. Consequently, FY26 targets look increasingly vulnerable. CEO Stefan Schulte has already lowered the Frankfurt passenger forecast to flat 2025 levels, abandoning the previously expected growth of at least 2.8%. Management considers the FY26 financial guidance to still be “achievable”, but also warned that stalling high-margin domestic traffic will dampen financial performance. We slightly reduce our FY26 estimates and maintain our EUR 62.00 price target and SELL recommendation. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Traton announced improved Q2 26 unit sales, but the regional mix still points to a fragile recovery rather than a clear turning point. Growth was supported by Scania’s product launch in China, Brazil’s subsidized credit program and solid momentum at Volkswagen Truck & Bus. However, International Motors continued to suffer from weak North American demand, while MAN’s key German market lagged the broader European market. H1 unit sales were still slightly below the prior-year level, underlining that the underlying trend remains fragile and partly supported by temporary or region-specific factors. For the full Q2 results on 23 July, we expect moderate revenue and adj. EBIT growth, but broadly stable margins. We see limited earnings momentum due to an unfavorable regional mix, ongoing weakness in North America and persistent cost and pricing pressure. Cyclical risks from freight markets, interest rates and tariffs remain significant, while Chinese electric-truck competition represents a growing structural threat. We reiterate our SELL rating and EUR 23.00 price target. The full update can be downloaded under https://research-hub.de/companies/traton-se