Dear Investors, We are pleased to invite you to the High-Tech Engineering Online Investor Conference taking place on September 16. Discover the future of engineering at this online conference, where 14 leading high-tech engineering companies will present their strategies, innovations and current trading conditions. Gain direct access to the companies behind the next generation of industrial, digital, and sustainable technologies, uncovering disruptive solutions poised to revolutionize markets and deliver substantial returns. Details of the conference: Topic: High-Tech Engineering Conference Location: Online Date: 16.09.2025 Time: 09:00-17:00 CEST Registration: via this registration link: https://research-hub.de/conference/high-tech-engineering Program: 09:00: Basler AG - Hardy Mehl (Executive Board) 09:30: Kontron AG - Clemens Billek (CFO) 10:00: Viscom SE - Carsten Salewski (COO) 10:30: AIXTRON SE - Christian Ludwig (VP IR) 11:00: technotrans SE - Michael Finger (CEO) 11:30: Circus SE - Nikolas Bullwinkel (CEO) & Fabian Becker (CFO) 12:00: GEA Group AG - Eduard Biller (IR Manager) 12:30: Dr Hoenle AG - Dr Markus Arendt (CEO) & Robert Stark (CFO) Lunch Break 14:00: Heidelberger Druckmaschinen AG - Sascha Donat (Head of IR) 14:30: Singulus Technologies AG - Markus Ehret (Executive Board) 15:00: HWK 1365 SE - Dr Heiko Hessemann (Managing Director Hüttenwerke Königsbronn) 15:30: LPKF Laser & Electronics SE - Klaus Fiedler (CEO) 16:00: WashTec AG - Kevin Lorenz (IR Manager) 16:30: Duerr AG - Mathias Christen (Senior Manager & Spokesperson) We are looking forward to your registration! Your mwb research team

At Performance One’s AGM, shareholders approved all agenda items, supporting the strategic realignment into a lean holding focused on Digital Health and AI. Divestments, particularly of the Digital Services unit, remain possible, potentially leading to shareholder distributions. A recent company visit confirmed cost efficiency gains and execution discipline. Management reiterated FY25 guidance of EUR 9.0–9.5m revenue and EUR 0.4–0.7m EBITDA, in line with our assumptions. Long-term prospects in scalable digital health solutions support valuation upside beyond current market levels. We reaffirm our BUY rating with a price target of EUR 4.70, highlighting progress in its transformation. The full update can be downloaded under https://research-hub.de/companies/performance-one-ag

Geratherm delivered strong growth in H1 25, with like-for-like revenues increasing by 13.2% yoy and by 15.4% sequentially. This growth was driven by the Respiratory and Incubator Systems divisions, with the latter experiencing a 92% yoy surge following MDR certification. The EBITDA margin improved by 2.6 percentage points yoy to 7.5%, leading to breakeven at EBIT level. This was supported by lower personnel costs resulting from short-time work. However, Healthcare Diagnostics remains weak, and short-time work has been extended until the end of the year. Positive free cash flow in H1 enabled Geratherm to reduce its debt and increase its net cash position. Given the ongoing strength of the Respiratory and Incubator Systems divisions, which is offsetting the challenges in the diagnostics sector, we are maintaining our estimates and the BUY rating, with an unchanged target price of EUR 6.00. The full update can be downloaded under https://research-hub.de/companies/geratherm-medical-ag

At the mwb German Select Conference, INDUS reaffirmed its role as a long-term “evergreen” investor in the German Mittelstand. With 43 portfolio companies generating EUR 1.72bn in 2024 sales, the group combines stable cash flows with disciplined growth. M&A remains the core driver, with five add-ons in H1 2025 and EUR 500m earmarked for acquisitions by 2030. Strategy pillars—M&A, technology, and internationalization—are delivering, with recent expansion into the US and Scandinavia. Despite softer H1 earnings (EUR 56.1m adj. EBITA), order intake and backlog grew strongly, supporting expectations of sequential improvement in H2. With a solid balance sheet, attractive dividend policy, and clear growth roadmap, INDUS remains well positioned. We reiterate our BUY with an unchanged PT of EUR 33.00. Watch the conference recording at research-hub.de. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

tonies is set to launch its most significant product innovation to date: the Toniebox 2 (TB2). Pre-orders seem to be already strong ahead of the 15 September release in Europe and ANZ and the 5 October release in North America, ensuring availability for the holiday season. Priced around 10% higher than the TB1, the TB2 offers enhanced features such as Tonieplay, a night light, sunrise alarm, LED ring, quadruple storage and over-the-air updates, which are expected to justify the price premium. Alongside 'My First Tonies' for toddlers and the Tonieplay gaming platform, the launch extends the target age range from 3–7 years to 1–9 years, thereby broadening revenue streams. We conservatively estimate that customer lifetime value will increase by around a third, driven by higher box pricing, more figurine purchases and Tonieplay adoption. tonies has confirmed its recently issued FY25 guidance, which already included the TB2 launch. Taking into account the additional revenue potential of the TB2, we are raising our estimates for FY26 and beyond, supporting a new price target of EUR 11.70 (up from EUR 11.00). We reiterate our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Fielmann Group reported its final H1 results confirming the strong prelims. Sales were up 12.3% yoy to EUR 1.2bn in H1 2025 (+12.2% yoy in Q2), supported by 4.4% yoy organic growth on strong performance across markets and product categories, while the inorganic growth (+7.9% yoy) came from Shopko acquisition. On profitability front, adjusted (adj.) EBITDA grew 25.9% yoy and the margin expanded 2.6ppt yoy to 23.7% in the first half, supported by improved efficiency, a favourable sell-out structure, and stringent cost control. Fielmann maintained its FY 25 outlook of EUR 2.5bn in sales and an adj. EBITDA margin of c. 24%, which it is well on the way to achieve. The company’s clear targets for 2030 (sales of EUR 3.8bn-EUR 4.2bn and adj. EBITDA margin of c. 25%), which, supported by a strong execution track record, makes Fielmann a compelling investment case in the European retail healthcare sector. Therefore, we reiterate our BUY rating and maintain our price target at EUR 68.00. The full update can be downloaded under https://research-hub.de/companies/fielmann-group-ag

Delivery Hero reported solid Q2 25 results with revenue growth clearly outpacing GMV and profitability trending upward. Q2 GMV rose 3% yoy to EUR 12.24bn, while Total Segment Revenue grew 19% yoy to EUR 3.66bn, beating consensus. For H1, Adjusted EBITDA increased 71% yoy to EUR 411m, with the Group achieving its first positive operating result. Cash flow improved and debt maturities were reduced following bond buybacks. Guidance was adjusted to reflect FX headwinds, with GMV and revenue growth intact. We revise estimates mainly for FX and W/C, keeping our EUR 45 PT unchanged. BUY. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

LM PAY reported solid Q2 25 results, confirming improved operational stability. Revenues increased by 41% yoy to PLN 7.46m, while EBIT more than doubled to PLN 2.23m versus PLN 0.79m in Q2 24, resulting in a high margin of around 30%, in line with Q1 25. This performance reflects stronger demand in healthcare and beauty financing, an expanded partner network, and improved brand visibility. With H1 revenues at PLN 14.7m, the company has reached 46% of its FY25 revenue guidance (PLN 32–42m). EBIT already accounts for 63% of the lower end of targets. We believe LM PAY will deliver the required growth in H2. Hence, we confirm our price target of EUR 63.00 and the BUY rating. The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

Ernst Russ AG delivered a solid Q2 2025, with revenues of EUR 38.9m (−4.4% yoy) broadly in line with estimates, despite a smaller fleet. EBIT of EUR 15.3m beat expectations (+8% vs. mwb est.), supported by disposal gains from the sale of MS Andante, driving a strong margin of 39%. Net income after minorities rose to EUR 10.3m, while EPS of EUR 0.31 matched last year but exceeded forecasts. Operational performance remained robust with utilization at 97.3% and charter rates stable at USD 17,412/day. With ~84% of mwb FY25 revenues estimates already secured and more than EUR 30m disposal gains realized, guidance appears de-risked. We reiterate our BUY rating and increase our PT to EUR 11.00 (prev. EUR 10.00), as we increase our estimates following the company’s better than expected Q2/H1 print. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Yesterday, mwb research hosted an earnings call with MS Industrie, where CEO Dr. Aufschnaiter reviewed H1 2025 results and outlined the company’s strategic direction. The highly automated Trossingen site remains a key revenue driver, while the new Charlotte, US facility is scheduled to ramp up production in September 2025, with break-even expected in 2026. Long-term contracts with Daimler, Traton and other customers secure revenue of over EUR 1.1bn through 2031. Management plans to reduce on-road exposure from 70% to 50% and expand into off-road segments, including construction equipment, generators, and defense. With the capex cycle largely complete, non-core disposals planned, and dividends expected to resume in 2027, MS Industrie is well-positioned to generate shareholder value. We reiterate our BUY rating with a PT of EUR 2.40, implying 60% upside. The earnings call recording is available here: https://research-hub.de/events/video/2025-08-27-14-00/MSAG-GR. The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag