Beiersdorf reported weaker-than-expected organic (org.) sales growth of 0.6% yoy in Q2, missing consensus (cons.) of +1.7%. Org. sales development at the Consumer segment (+1.5% yoy vs cons. +3.0%) was weighed down by softer sales at NIVEA, while tesa (-3.7% vs cons. -4.8%) fared better. Adj. EBIT of EUR 836m (flat yoy) in H1 fell 2% short of cons. Due to increasingly challenging market conditions, Beiersdorf downgraded its guidance for FY25, now expecting group sales to increase c. 3% yoy org. (vs +4%-6% previously) on lower org. growth of 3%-4% yoy for the Consumer segment (+4%-6% previously). The group adj. EBIT margin was confirmed at slightly higher yoy, with Consumer now up 20bps (+50bps yoy previously), while tesa’s margin was unchanged at c. 16%. Despite a promising and well-spread launch pipeline for the rest of 2025 and for 2026, org. growth numbers and the margin could be slightly softer than expected amid weakening consumer sentiment. Consequently, we adjust our estimates. We reiterate our BUY rating on the stock, however, at a lower price target of EUR 136.00 (old: EUR 146.00). The full update can be downloaded under https://research-hub.de/companies/beiersdorf-ag

Bayer’s Q2 results reinforced the company’s underlying operational momentum, with strong execution in Crop Science and better-than-expected performance in Pharmaceuticals prompting an upward revision to full-year guidance. Management’s focus on efficiency and portfolio resilience is beginning to show through, particularly in the core segments. However, the upbeat operational picture continues to be overshadowed by persistent litigation headwinds, with substantial new provisions highlighting the scale and complexity of ongoing legal risks. In addition, subdued cash generation and a still-heavy debt load weigh on sentiment and constrain valuation upside in the near term. While the fundamentals are showing signs of improvement, the overhang from legal and financial uncertainties tempers our view. We therefore reiterate our HOLD rating on the stock, with a slightly lower price target of EUR 27.00 (previously EUR 29.00). The full update can be downloaded under https://research-hub.de/companies/bayer-ag

R. STAHL reported a weak Q2, reversing the strong momentum from Q1. Order intake declined to EUR 67.0m, bringing H1 to EUR 165.8m (-8.3% yoy), while sales fell 13.1% yoy to EUR 151.2m, with declines across all regions. EBITDA pre exceptionals dropped to EUR 8.9m (margin: 5.9%), and net income turned negative – a full-year loss is now also anticipated (mwb est.). In response, management launched cost-cutting measures, including a restructuring program expected to yield EUR 10m in annual savings by 2026. FY25 guidance was lowered. Despite short-term pressure, long-term fundamentals remain intact. With revised short-term expectations and a slightly reduced price target of EUR 24.00 (old EUR 24.50), we confirm our BUY rating. The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

Zalando reported solid Q2 2025 results with revenues up 7.3% year-on-year and a stable adjusted EBIT margin of 6.5%. B2B remained the growth driver (+12.2%), while B2C grew 6.8%. Following the closing of the ABOUT YOU acquisition in July, management raised its full-year guidance: reported GMV and revenues are now expected to grow 12-15% and 14-17%, respectively, with adjusted EBIT seen at EUR 550-600m. In H2, gross margin is expected to come in slightly below prior year levels due to deferred revenues from the loyalty program and a more margin-dilutive mix from Lounge and B2B. Following model adjustments, we maintain our EUR 39.00 PT and BUY rating. The full update can be downloaded under https://research-hub.de/companies/zalando-se

SUSS's Q2 results highlighted weaker-than-expected order intake, especially in Photomask (China) and AI-related backend demand. While the revised FY25 guidance looks achievable thanks to strong H1 execution and the current order backlog, fading intake clouds the FY26 outlook. Against this backdrop, we trim our outer-year estimates and cut our PT to EUR 56.00 (from EUR 68.40), reflecting softer momentum and delayed margin convergence. However, we see the margin reset as largely one-off and investments-driven, with no major cancellations and encouraging signals around advanced packaging. As such, fading order momentum underscores a cyclical pause, not a fundamental deterioration. With structural growth levers intact and a compelling valuation relative to peers, we reiterate our BUY rating, as the stock offers asymmetric upside once demand reaccelerates. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

Rheinmetall’s Q2 came in below expectations, with lower sales and margins driven by a slower defence ramp-up and ongoing weakness in civil business. However, defence remains the long-term growth engine, contributing 80% of revenue. Free cash flow turned sharply negative, reflecting high capex and inventory build-up ahead of an expected H2 acceleration. Order intake was soft due to delayed German procurement, but the backlog rose to a record EUR 63bn, ensuring solid visibility. We slightly raise our short-term revenue estimates while lowering the short-term margins following the Q2 margin decline. We confirm our BUY rating with a slightly lower PT of EUR 2,280 and expect a guidance raise in H2 as German budget clarity improves. With an estimated revenue CAGR of ~27% through 2030, Rheinmetall is leading Europe's defence build-up. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

GEA's final Q2 25 results confirmed the preliminary figures, with order intake and sales slightly missing consensus expectations, but EBITDA exceeding them. The final results explain the positive surprise in profitability: GEA achieved a record gross margin of 38.1% in Q2, driven by improved margins in new machine sales and the continued high proportion of service business (although it is declining slightly sequentially). The company demonstrated good cost discipline, leading to an increase in the EBITDA margin to 16.5%. One area of slight concern is the weak operating cash flow, with net working capital in relation to sales increasing sequentially. GEA has confirmed its upgraded guidance for FY25, suggesting a strong second half of the year. However, this is already reflected in the current valuation, resulting in a HOLD recommendation with unchanged price target of EUR 62.00. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

Rational reported decent set of numbers in Q2 2025. Revenues of EUR 311m (+5% yoy) were in line with consensus, led by positive momentum in Europe ex-Germany and North America. EBIT of EUR 81m grew 4% yoy and surpassed market expectations by 4%. The margin was stable yoy at 26.1%, despite the planned R&D spend. Management reiterated its cautiously optimistic outlook for FY 2025, maintaining revenue growth guidance at mid-single-digit and an EBIT margin of c.26%, although now expecting in the lower section, reflecting tariff headwinds (company has factored EUR 10m tariff costs). As valuations are attractive vs own historical average, we maintain our BUY rating on the stock with an unchanged PT of EUR 835.00, backed by its impressive track record and consistent delivery of growth and high-quality earnings. The full update can be downloaded under https://research-hub.de/companies/rational-ag

ZEAL’s Q2 results tell a clear story: despite softer jackpot dynamics and a slight miss on sales, the company continues to execute strongly on its strategy, leveraging its scalable platform to drive impressive margin expansion and solid bottom-line growth. High-margin verticals like Games and Traumhausverlosung are paying off, offsetting pressure from a less favourable jackpot environment. All in, with healthy growth in key KPIs and clear visibility into recurring revenues, we believe ZEAL is well on track to deliver against its full-year targets and likely beat it. We reiterate our BUY rating and EUR 63.50 price target. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

WashTec reported a reasonable set of results in Q2. Revenues were up 3.5% yoy to EUR 123.6m and EBIT grew 10.4% yoy to EUR 12.7m (margin +60bps yoy to 10.3%), led by positive momentum in Europe, particularly in the Equipment segment. However, softness in key accounts in North America persisted. Nevertheless, overall equipment order inflows in H1 were significantly higher yoy and order backlog was up 6% yoy. Following satisfactory progress so far, WashTec reiterated its cautious guidance for FY 2025. On the strategy front, the company is focusing on growing its recurring revenue base by transitioning towards subscription-based models. It is also pursuing digitisation initiatives (EasyCarWash PRO/4U) and widening its product offerings (e.g., SmartCare Connect and Magic Care). Through these initiatives, it targets a higher than 5% revenue CAGR over 2024-2027 and an EBIT margin of 12%-14% by 2027. We see long-term value in the stock, given improved operational execution and its attractive dividend payouts. We confirm our BUY rating at an unchanged PT of EUR 55.00. The full update can be downloaded under https://research-hub.de/companies/washtec-ag