GEA delivered a solid Q1 2025 with soft revenues but stronger-than-expected profitability. Sales of EUR 1,258m came in just below consensus, with organic growth slowing to 0.9%, reflecting continued macro pressures and mixed divisional performance. However, adjusted EBITDA rose 9.8% yoy to EUR 198m—5% above consensus—driven by gross profit gains. Order intake grew 3.4% organically, supported by large orders and a healthy book-to-bill ratio of 1.12x, maintaining a robust EUR 3.2bn backlog. While free cash flow remained negative, it improved yoy on better working capital management. With guidance reaffirmed and profitability tracking well, mwb research’s analysts maintain their HOLD rating and DCF-based target price of EUR 55.00. The full update can be downloaded under https://www.research-hub.de/companies/GEA%20Group%20AG

INDUS Holding AG has lowered its FY25 guidance due to geopolitical disruptions. Revenue is now expected at EUR 1.70–1.85bn (prev. EUR 1.75–1.85bn), and adjusted EBITA at EUR 130–165m (prev. EUR 150–175m), with a reduced margin of 7.5–9.0%. The downgrade (mid-point reduction of sales -1.4% / adj. EBITA -9.2%) stems from weakened demand in the Materials Solutions segment following new U.S. tariffs and Chinese export controls on tungsten, which impact key subsidiary BETEK. Potential H2 revenue losses of EUR 20–40m and EBITA impact of EUR 8–15m are possible – according to the company. Despite near-term headwinds, management has responded quickly, and the diversified portfolio provides resilience in the view of mwb research’s analysts. The analysts cut their PT to EUR 33.00 (prev. EUR 34.00) but maintain their BUY rating based on INDUS’ long-term value potential. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

Hugo Boss delivered soft but better-than-expected Q1 2025 results, highlighting resilience in a tough environment. Sales declined 2% yoy in constant currency to EUR 999m, beating expectations despite weaker consumer sentiment. Gross profit also fell 2% yoy to EUR 613m, with margins stable at 61.4%. EBIT dropped a steeper 12% yoy to EUR 61m (margin: 6.1%), though this exceeded estimates by 22%, reflecting effective cost control amid inflationary pressures. Despite ongoing macro uncertainty, Hugo reaffirmed its FY 2025 guidance, expecting flat sales (at the mid-point) and EBIT growth of 5–22% yoy (EUR 380m–440m; margin ~9.5%). While the return to growth may take time, the outlook remains robust. mwb research maintains their EUR 52.00 target and reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/Hugo%20Boss%20AG

MTU Aero Engines (MTU) delivered another strong quarterly result in Q1 25. In line with its preliminary release, adj. revenues grew 25% yoy to EUR 2.09bn, led by commercial maintenance (+33% yoy) and commercial OEM (+17% yoy) segments. Adj. EBIT surged 38% yoy to EUR 300m, with the margin improving 1.3ppt yoy to 14.3% (+30bps qoq) on a better OEM mix (+5.0ppt yoy to 28.4%). Revenues and adj. EBIT had surpassed consensus by 9% and 16%, respectively, at the time of pre-release. Management confirmed its recently updated FY 25 guidance – revenues of EUR 8.3b-8.5bn (vs EUR 8.7bn-8.9bn previously, due to EUR-US FX rate development) and mid-teens growth in adj. EBIT. These exclude estimated potential impact from tariffs (c.mid-to-high doubledigit EURm). MTU’s solid Q1 results, robust order backlog of EUR 27.7bn, and improving cash flow situation (adj. FCF of EUR 150m in Q1) are reassuring and indicate resilient demand for engine maintenance and aftermarket services. mwb research’s analysts maintain their BUY rating with unchanged PT of EUR 365.00. The full update can be downloaded under https://www.research-hub.de/companies/MTU%20Aero%20Engines%20AG

ZEAL's Q1 2025 results underscore the strength and scalability of its business model, delivering standout performance amid a zero-jackpot peaks environment (Q1 24: 4 peaks). Benefiting from the momentum carried over from Q4’ 24, revenues came in at EUR 51.1m (+42% yoy), beating mwb estimate by 5%. Meanwhile the EBITDA margin reached 35% (+9pp yoy), well ahead of our estimate of EUR 29%. This highlights ZEAL’s high operational leverage amid a +25% yoy increase in operational expenses. Performance was driven by pricing tailwinds, a growing user base, and a more profitable product mix. Although management has reiterated its FY25 guidance, mwb research’s analysts view it as slightly cautious as Q1 delivered a strong beat despite zero jackpot peaks, and with the first Eurojackpot peak already in motion, the setup for FY25 looks favourable. The analysts see clear upside potential and accordingly raise our estimates and price target to EUR 63.50 (from EUR 60.00), confident in ZEAL’s ability to deliver consistent shareholder value. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE

Redcare Pharmacy delivered a decent start to 2025, with Q1 sales rising 28% year-on-year to EUR 717m, in line with expectations. Growth was driven by prescription sales, up 50% to EUR 234m, and non-prescription sales, up 20% to EUR 484m. German Rx sales surged 191% to EUR 108m, reflecting rapid adoption of e-prescriptions. Adjusted EBITDA margin improved to 1.3% in Q1 from -0.7% in Q4 2024, thanks to better marketing efficiency. Management reaffirmed FY25 guidance: over 25% sales growth and 2%-2.5% EBITDA margins, along with a long-term margin goal above 8%. mwb research remains confident in RDC’s strategy and execution, maintaining their price target of EUR 144.00, and reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

TeamViewer (TMV) started FY25 strongly, driven by Enterprise momentum and the integration of 1E. Pro forma revenues rose 7.5% yoy to EUR 190.3m, largely due to 1E’s contribution of EUR 17.8m. Stand-alone growth was modest at 6.6% yoy. While Enterprise grew 22.2% yoy, the dominant SMB segment remained weak at +2%. Adjusted EBITDA rose 20% to EUR 81.7m (43% margin), aided by reduced marketing costs. However, core performance visibility remains limited as transparency suffers due to complex pro forma reporting and several IFRS adjustments. Despite margin dilution from 1E, strategic progress and confirmed guidance support mwb research’s BUY rating with an unchanged price target of EUR 15.50. The full update can be downloaded under https://www.research-hub.de/companies/research/TeamViewer%20AG

Scout24 delivered strong Q1 2025 results, with revenue up 16% yoy (12% organically) to EUR 157.6m, driven by solid subscription demand and a 25% rebound in Transaction Enablement. Ordinary operating EBITDA rose 18% yoy to EUR 93.7m, supported by a better mix, operating leverage, and interconnectivity strategy. The business remains highly cash-generative, returning EUR 24m in Q1 via buybacks, with an additional EUR 100m buy-back planned through June 2026. A recent acquisition and AI-first approach enhance its competitive position and ecosystem potential. However, these positives and medium-term growth prospects appear priced in. mwb research’s analysts therefore maintain their HOLD rating and leave their price target unchanged at EUR 100.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Scout24%20SE

Hensoldt’s Q1 2025 revenue rose 20% YoY to EUR 395m, mainly driven by the ESG acquisition, while organic growth remained muted. Demand for TRML-4D radar, a previous growth driver, continued to fade as intake shifted toward Eurofighter radar systems. Profitability declined, with negative EBIT and EPS due to higher amortisation, interest costs, and logistics center ramp-up. The Sensors segment was particularly affected, while Optronics posted growth on a favorable base. While management raised its 2030 revenue ambitions to EUR 6bn, mwb research’s base case of 3.5% long-term EU-NATO defense spending remains unchanged, and mwb research’s mid-term growth forecast still exceeds Hensoldt’s guidance. Remains a SELL rating with EUR 48.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/Hensoldt%20AG.

Leifheit announced a slow start to 2025, with Q1 results broadly in line with expectations. Sales fell 3.3% yoy to EUR 63.7m, impacted by weak European demand, strategic portfolio adjustments, and the insolvency of key partner Blokker. Gross profit slightly declined, but the margin improved to 45.6% due to ongoing efficiency gains. EBIT dropped 9.1% to EUR 3.1m, and free cash flow was negative at EUR –7.2m, driven by higher receivables and increased investments. The Household segment fell 2.2%, while other segments showed sharper declines. Regionally, Germany grew strongly, but other markets weakened. Despite the slow start, Leifheit confirmed its 2025 guidance. Based on mwb research’s conservative estimates, the analysts maintain their BUY rating and PT of EUR 30.00, supported by solid financials and a 5–6% dividend yield. The full update can be downloaded under: https://research-hub.de/companies/leifheit-ag