Leifheit’s FY26 guidance came in below expectations at the EBIT level, with only modest revenue growth and EBIT broadly in line with FY25. The company is entering its new strategic phase in a challenging environment marked by continued consumer caution. To expand its market share in Europe, the company is increasing investments in marketing and innovation, which are expected to weigh on near-term EBIT margins, partly offset by ongoing production efficiency gains. Free cash flow is projected to remain broadly stable, albeit below our expectations. The FY25 dividend proposal offers an attractive yield of over 8%, supported by a solid liquidity position. In light of the soft outlook, we lower our estimates for FY26 and beyond and reduce our PT to EUR 20.00 (from EUR 23.00) but reiterate our BUY rating. We continue to see the stock as an attractive long-term dividend investment with further upside if the strategy succeeds. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

Against this backdrop, mwb research is hosting an online earnings call on April 1, 2026, at 10:00 a.m. with Carsten Salewski (CSO/COO) and Dirk Schwingel (CFO). Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional retail investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-01-10-00/VC6-GR.

While FY25 preliminary results revealed a sharp deterioration in Q4 with limited visibility on root causes, raising concerns around execution and order timing, the company has simultaneously secured a fully committed refinancing package linked to a strategic solar partnership with a leading non-Asian player. As part of this, the company will redeem its EUR 12m corporate bond early, with around EUR 27m deployed to refinance the bond alongside other liabilities, removing the key near-term funding overhang and significantly strengthening balance sheet stability, effectively shifting the narrative from survival toward recovery. Although uncertainty around underlying business momentum and the FY26 outlook may weigh on sentiment in the near term, we expect the new partnership to drive material revenue contributions from 2026 onwards and view the strategic validation and financial de-risking as more important for the equity case, supporting a continued Speculative BUY despite a modestly lower PT of EUR 4.20. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

Nagarro’s FY2025 prelims slightly missed expectations, with revenue of EUR 999.3m (+2.8% YoY) and reported EBITDA of EUR 118.7m, down 11.5% YoY), largely impacted by one-offs. Adj. EBITDA came in -6% YoY at EUR 138.2m, impacted by FX impacts on intra-group loans. Operationally, performance remained solid, with gross profit improving by 8.6% YoY. The FY2026 outlook points to stable underlying margins but weaker-than-expected revenue, reflecting macro uncertainty related to the Iran conflict. We downgraded our estimates, leading to a revised PT of EUR 87.00 (from EUR 92).We maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/nagarro-se

The current geopolitical tensions around Iran are acting as a supportive macro backdrop for Verbio rather than a headwind. With energy prices already elevated, further pressure on fossil fuel markets is likely to increase the political focus on energy security and, in turn, on biofuels, thereby reinforcing stronger policy support. Compared to the 2022 energy crisis following the Russian invasion of Ukraine, when policy responses were clearly intensified, a similar dynamic could gradually re-emerge, albeit to a lesser extent. Combined with already tightened regulatory frameworks in Europe and the US, this environment should support sustained demand for biofuel supply over the mid- to long term. Against this backdrop, we raise our estimates and increase our price target to EUR 44.00 from EUR 32.00, reiterate our BUY rating, as the second energy crisis within a few years could act as a new catalyst for stronger policy support. On April 14, the company will provide first-hand insights at our German Select online conference. Register here: https://research-hub.de/conference/german-select-vii The full update can be downloaded under https://research-hub.de/companies/verbio-se

Drägerwerk (Dräger) reported strong FY25 results, with EBIT up 20% yoy and margins improving despite significant FX and tariff headwinds. Order intake rose 7.7% yoy, signaling robust demand and improved visibility, supported by higher-margin services and consumables. Underlying profitability appears stronger than reported, with Q4 highlighting operating leverage. We incorporate final figures, raise our estimates, particularly long term, and increase our price target from EUR 97.00 to EUR 108.00 and upgraded from HOLD to BUY. Dräger will present at our German Select Conference on April 14: register here: https://research-hub.de/events/registration/2026-04-14-14-00/DRW3-GR The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

INDUS confirmed its solid FY25 performance, with revenue reaching EUR 1.73bn and an adjusted EBITA margin of 8.5%, at the upper end of guidance. A key highlight was the exceptionally strong free cash flow of EUR 124m, significantly exceeding the EUR 90m target. This financial strength supports a dividend increase to EUR 1.30 per share. Supported by a record order backlog of EUR 706m and strategic bolt-on acquisitions, management issued a confident FY26 outlook, forecasting revenues between EUR 1.80-1.95bn. Given the robust operational setup and attractive 4.6% dividend yield, we reiterate our BUY rating with a PT of EUR 35.00. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Airbus had a soft start in 2026, with our estimates pointing to just 95 deliveries by mid-March, equal to only 11.1% of the FY26 target of 870 aircraft (versus 11.9% at the same stage last year against the original 820 target, later cut to 790). Rumours of just 6.2% are wrong. While the group could still catch up through its seasonally strong Q4, the combination of ongoing engine bottlenecks and Middle East supply chain exposure increases execution risk and raises the probability of another target adjustment. At the same time, we continue to see hidden value in Airbus’ 37.5% stake in MBDA, which we estimate could be worth c. EUR 7bn to Airbus (~5% of EV), yet remains below EBIT and therefore underappreciated in the equity story. This upside is balanced by higher near-term operational risk, which is why we keep our cautious stance and reiterate HOLD with a PT of EUR 173.00. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Effective 23 March 2026, Pyramid AG has implemented a 4:1 capital reduction, consolidating its share count from approximately 23.1m to 5.8m. This reverse split, involving a change in ISIN from DE000A40ZWM7 to DE000A41YDL0, is a purely technical adjustment aimed at increasing the share price to improve institutional fungibility and move away from penny stock volatility. Alongside the segment change to Munich’s m:access, the measure concludes a broader corporate cleanup following the divestment of its Asian operations. This structural refinement supports a more focused equity story as the group pivots toward its high-margin European core. We maintain our BUY rating with a post-split adjusted PT of EUR 5.40 (equivalent to the pre-split PT of EUR 1.35). The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Deutsche Rohstoff is accelerating its 2026 Wyoming drilling program by adding a second rig, now expecting at least 11 net wells (vs. 8.5 previously) and potentially over 20 if oil prices stay high. Considering a hedging ratio as low as 20% if production is maximized, the company can greatly benefit from higher spot and short-dated future oil prices. These will likely remain elevated through Q4 26 as a permanent risk premium, infrastructure repair delays, and the urgent restocking of global reserves create a price floor. Updating the production program and WTI prices leads to significant upgrades in our estimates. As a result, we raise the price target to EUR 121.00 (from EUR 100.00) and reaffirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag