Heidelberg reported Q3/9M FY25/26 results with profitability clearly outperforming expectations despite a difficult macro environment and FX headwinds. Q3 sales reached EUR 617m, slightly above estimates, while EBITDA of EUR 50m and net profit of EUR 17m exceeded forecasts by 13% and ~40%, respectively. Incoming orders of EUR 517m however slightly missed expectations, reflecting normalized demand and customer hesitation in North America. Over nine months, sales rose 6.1% to EUR 1.6bn (9.0% FX-adjusted), while orders declined 11% due to the lack of the drupa effect. Management reaffirmed full-year guidance, though EBITDA margins are likely at the lower end of targets. With slightly adjusted estimates, we reiterate to BUY with new PT of EUR 2.60 (prev. EUR 2.80) as we account for adverse FX effects. Strategically, expansion into advanced technology segments supports long-term resilience. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Rheinmetall held its FY25 investor recap yesterday. FY25 guidance was already cut in the prior update but was widely misread by the market as an upgrade. As we highlighted on 18 December, the adjustment was driven by mix and timing rather than demand. The focus now shifts to FY26 where initial management comments imply revenues below both consensus and our assumptions, pointing to another reset year. Lower visibility and delayed program phasing make FY26 the new pressure point in the equity story. Execution will be key. Cash generation appears strong but is inflated by advance customer payments. While this supports near term liquidity, rolling CCR is the more relevant metric and will normalize over time. Backlog and order intake remain very strong, but near-term valuation is driven by execution timing and political risk rather than backlog size. We reduce our topline assumptions and cut our price target to EUR 2,000 from EUR 2,200, while maintaining a BUY. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Against this backdrop, mwb research is hosting an online roundtable with Markus Dränert (CEO) and Petra Stappenbeck (CFO) on February 18, 2026, at 1:30 p.m. CET. 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/2026-02-18-13-30/ISHA-GRzur.

Infineon delivered a solid but seasonally softer Q1 FY26, with AI-driven power demand continuing to accelerate, supporting margins and backlog growth, while Automotive proved resilient and industrial/IoT markets remained subdued. Management pulled forward EUR 500m of investments to accelerate AI power capacity, now targeting EUR ~2.5bn of AI revenue in FY27 versus EUR ~1.5bn expected in FY26. The ams OSRAM sensor acquisition represents a strong strategic fit at an attractive price, offering immediate earnings support upon closing, incremental upside from synergies over the medium term, and long-dated optionality through physical-AI applications such as robotics. While the AI trajectory and sensor expansion improve the medium-term quality of growth and earnings, the near-term setup remains constrained by FX, pricing and lingering underutilization amid an uneven recovery in core businesses. Accordingly, we see limited scope for a sharp re-rating in the coming quarters and maintain our HOLD rating and EUR 40.00 price target, reflecting a fair risk-reward. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag

Shares of Zalando came under pressure following renewed concerns around the expansion of social commerce platforms, particularly TikTok Shop, into European fashion e-commerce. Historically, social commerce has struggled to translate strong discovery and engagement into scalable fashion economics, with persistent challenges around fulfillment and unit economics. Zalando’s strategy reflects these learnings, combining integrated discovery capabilities through About You with a scalable platform and infrastructure model. ZEOS (Zalando E-commerce Operating System) underpins this positioning by enabling multi-channel monetization beyond the frontend. We reiterate our BUY rating and EUR 39.00 price target. The full update can be downloaded under https://research-hub.de/companies/zalando-se

Siltronic’s preliminary Q4 strength overstates the underlying momentum, as the rebound was largely driven by delivery shifts from Q3 and early 2026, limiting visibility into 1H26 demand. While FY25 targets were met, earnings quality continues to deteriorate, with higher volumes more than offset by adverse price/mix, FX headwinds, higher depreciation from the FabNext ramp and the small-diameter line shutdown, pushing EBIT into negative territory. Inventory digestion in power and memory remains the key constraint while net cash outflow narrowed on lower capex and timing effects rather than operational improvement. Leverage remains elevated, implying slower balance-sheet repair and higher interest expense. We reiterate HOLD and lower our price target to EUR 51.00 (from EUR 53.50), as valuation does not offer sufficient compensation for the prevailing headwinds and timing risk. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

HMS Bergbau AG has announced the start of production (SOP) at its coal mine in Botswana, marking the transition of the Maatla project from development into the operational phase. The open-pit mine is ramping up production of high-energy export coal. Phase 1 targets an annual run-rate of approximately 1.2 million tons, with a planned expansion to up to 3.6 million tons per annum in Phase 2. HMS holds an exclusive marketing agreement for 100% of production. In 2026, Botswana operations are expected to contribute a low double-digit million euro amount to revenue. With SOP achieved at Maatla and marine fuels adding a new growth vector, HMS Bergbau continues its transition from a pure commodity trader towards a more integrated energy and commodity platform. We maintain our EUR 70.00 PT and BUY rating. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Sartorius’ FY25 prelims showed revenues and underlying EBITDA broadly in line with expectations. Group sales increased 4.7% yoy to EUR 3.54bn, with growth across all regions. However, the widening gap between underlying and reported EBITDA implies reported margins of around 27.3% (mwb est.), about 1.6pp below our expectations, highlighting that the market recovery is not yet firmly established. Bioprocess Solutions remained the main earnings driver, supported by consumables, while Lab Products & Services faced softer demand and margin pressure. FY26 guidance suggests moderate growth and limited margin upside. We confirm our view, that valuation of >60x PER in FY26E remains demanding, supporting our SELL rating. We lower our assumptions and derive a DCF-based price target of EUR 172.00 (before EUR 175.00). The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

MHP Hotel is taking over operations of the former Andaz Vienna with immediate effect under a new Hyatt franchise agreement. The 303-room hotel will be rebranded as Hyatt Regency Vienna in April 2026 and refocused on premium business and MICE demand, supported by 2,000 sqm of event space. This marks MHP’s first partnership with Hyatt and further diversifies its franchisor mix beyond Marriott after the recent Conrad opening with Hilton. The hotel becomes MHP’s fourth asset in Vienna, creating a Belvedere district cluster of nearly 1,000 rooms with operational synergies and a strong position in the high-margin MICE segment. We expect the property to achieve RevPAR of around EUR 155 and generate approximately EUR 26m in annual revenue. We adjust estimates to reflect the Hyatt Regency addition and also higher renovation and ramp-up costs for recent portfolio additions. We come to an unchanged PT of EUR 3.30 and confirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

NORMA has successfully closed the sale of its Water Management (WM) unit, marking a key strategic milestone. The transaction unlocks significant value for shareholders, with a portion of proceeds used to reduce debt and strengthen the core industrial business, leaving the company almost debt-free with strong financial flexibility. Management also plans to return up to EUR 260m to shareholders, representing over 50% of the current market cap, highlighting disciplined capital allocation and shareholder alignment. Guidance for the continuing operations remains unchanged, with the transformation into “NewNORMA” progressing as planned, focusing on industrial core segments, cost efficiency, and profitability. The remaining business units offer attractive upside potential, supported by a streamlined, synergy-rich portfolio and a balance sheet with ample M&A optionality. Overall, the transaction has worked out as we expected, and we confirm our PT of EUR 20.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/norma-group-se