MHP reported H1 26 headline figures. Revenue grew strongly at 25% yoy, while operating earnings dropped on paper. However, underlying EBITDA actually improved after adjusting H1 25 for a large one-off owner contribution. Management lowered fullyear guidance for revenue to EUR 220m-225m (from ~EUR 225m) and EBITDA to ~EUR 8m (from >EUR 10m) due to broader macroeconomic headwinds, including fewer highspending Middle Eastern travelers, elevated energy costs, cautious F&B spending, and a slower initial ramp-up of the Conrad Hamburg. Consequently, we adjust our estimates and the price target to EUR 2.70 (from EUR 3.00). Our BUY rating stands, backed by cost-mitigation efforts that should cushion margins, the strong positioning in the premium DACH hotel market and an attractive valuation. The full H1 26 results are scheduled to be released on September 14, register for the 12:00 earnings call here: https://research-hub.de/events/registration/2026-09-14-12-00/CDZ0-GR The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Ernst Russ has raised its FY26 EBIT guidance to EUR 55-65m (previously EUR 45-55m), primarily reflecting the agreed sale of the container vessel EF Emma. Revenue guidance has been narrowed to EUR 150-160m (previously EUR 145-160m). Concurrently, the acquisition of two additional product/chemical tanker newbuildings expands the planned tanker fleet to six vessels, adding c. USD 38.3m to the charter backlog. We estimate gross disposal proceeds of c. EUR 18-20m and a combined tanker investment of c. EUR 62m, requiring c. EUR 19m in equity under an assumed 70% debt financing structure. In our view, management is executing a masterclass in capital recycling—monetizing container assets to fund high-visibility tanker growth. This strategy supports near-term reported earnings while expanding the recurring earnings base beyond 2027. We reiterate BUY with an unchanged PT of EUR 14.50. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

United Internet announced sweeping transformation programs at its subsidiaries 1&1 Versatel and IONOS. The restructuring aims to improve competitiveness and fund future growth, resulting in approximately 800 job reductions and EUR 95m in one-off expenses in FY26. Once fully implemented, management expects annual savings of approximately EUR 55m. However, as the majority of these proceeds will be reinvested into AI and network modernization, the near-term uplift to profitability remains limited. The company confirmed its FY26 operating guidance, including EBITDA of roughly EUR 1.45bn. We view these efficiency measures positively for the medium term, though near-term execution remains key. We reiterate our BUY rating with a PT of EUR 30.00. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag

CHAPTERS released strong preliminary H1 2026 pro-forma figures, with adjusted operating EBITDA rising 68% yoy to c. EUR 32m, reflecting both portfolio expansion and strong underlying performance. For FY26, management raised its organic adjusted operating EBITDA growth guidance to 36-39%, from above 22% previously. Organic growth expectations for total output and recurring revenues were also lifted to 11-14% (previously “high single-digit %”). With AI transformation and industry clustering still at an early stage, we see further medium-term earnings potential not priced yet. We raise our 2027/28 estimates and increase our price target from EUR 55.00 to EUR 56.00. BUY. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

The US rebound we have highlighted since initiating coverage in 2023 is now taking shape and could prove stronger than expected. Beyond catch-up from IRA-related delays, surging power demand from AI, data centers and industrial expansion is adding a structural growth driver. Despite Washington’s tougher stance on wind, attractive generation costs and short deployment times suggest that economics could ultimately outweigh politics. For Nordex, this could provide a timely growth pillar as Europe, particularly Germany, approaches a potential peak. With much of the operational improvement already priced in, we remain cautious on the risk/reward profile. We nevertheless maintain our BUY rating and EUR 44.00 PT, which, however, corresponds to only modest upside of c. 10%, while awaiting further signals to strengthen our confidence. On September 15, Nordex will present at our Future of Energy online conference, exploring the drivers shaping the next phase of the energy market; register here for free: https://research-hub.de/conference/the-future-of-energy The full update can be downloaded under https://research-hub.de/companies/nordex-se

AUTO1 announced that CFO Christian Wallentin has stepped down after around eight months in the role for family reasons. CEO Christian Bertermann will assume CFO responsibilities on an interim basis, while Wallentin remains available as senior advisor and the succession process is already at an advanced stage. The departure is notable given Wallentin’s financing background and visible role at the June CMD, but we see no indication of a change in strategy, targets or operating performance. We therefore view the transition as orderly, leave estimates unchanged and maintain our EUR 35.00 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Airbus cut its 20-year China aircraft demand forecast by ~470 units due to high-speed rails. While high-speed rail could create some further downside to domestic air traffic assumptions according to one academic study from 2023, the impact is immaterial to our estimates given Airbus’ ~9-year backlog and still-strong global demand outlook. We see COMAC as the more relevant structural risk, particularly from the mid-2030s as certification, production capacity and domestic engine capabilities improve. Near term, however, the investment case remains driven by deliveries rather than long-term demand forecasts. Q3 is tracking relatively weak (mwb est.), but we expect a strong Q4, with Pratt & Whitney still the main bottleneck. Any delivery slippage should largely shift value into 2027 rather than destroy it. BUY, PT EUR 227. The full update can be downloaded under https://research-hub.de/companies/airbus-se

We attended Blue Cap’s Investor Day in Munich, which provided a deeper look into the group’s investment strategy and, importantly, direct access to the management teams of its portfolio companies. While the event did not trigger changes to our estimates, it strengthened our understanding of Blue Cap’s Buy, Transform & Sell model and the individual value-creation levers across the portfolio. The key message, in our view, is that Blue Cap increasingly needs to be seen as an active transformation investor rather than a passive SME holding company. Following several successful exits, most notably con-pearl, the acquisition of Janoschka marks the beginning of a new investment cycle. At the same time, the existing portfolio offers a broad set of operational self-help measures ranging from pricing and efficiency improvements to digitalization, internationalization and technology-driven business-model development. We reiterate BUY with an unchanged PT of EUR 33.00. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

Yesterday, the European Commission’s update on the IF26 Hydrogen Auction added a more constructive tone to Europe’s hydrogen debate. The up to EUR 500m funding envelope itself is not new, but the proposed framework is becoming more pragmatic, with support spanning both renewable RFNBO and electrolytic low-carbon hydrogen while also targeting lower administrative hurdles. That matters because the sector’s real problem is no longer a lack of projects, but getting them beyond FEED and into firm electrolyzer orders. For tk nucera, any improvement in this conversion could be meaningful. Its strong balance sheet, sizeable net cash position and proven track record in large-scale electrolysis leave it well placed to scale when demand returns and potentially emerge stronger from the current downturn. We maintain our BUY rating and the EUR 15.00 PT. On September 15, tk nucera will present at our Future of Energy online conference to explore the forces shaping the next phase of the energy market; register here for free: https://research-hub.de/conference/the-future-of-energy The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

The recent cyberattack on Berlin’s state administration highlights persistent vulnerabilities in public-sector IT and reinforces the structural demand case for secunet. The incident underscores the operational and political consequences of inadequate cyber resilience, supporting continued investment in secure, trusted infrastructure. This comes against an already elevated threat backdrop, with cybersecurity accounting for an increasing share of IT budgets. A stronger focus on digital sovereignty could provide an additional tailwind for trusted domestic providers such as secunet. With order momentum strong and backlog at record levels, we see the incident as supportive for the medium-term growth backdrop. HOLD, PT EUR 210. The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag