Intershop reported a 4% yoy revenue decline in Q1 2025 to EUR 9.1m, driven by an 18% drop in service revenues amid its partner-first transition. Cloud & Subscription revenue rose 5% to EUR 5.2m, now 56% of total revenue. Profitability improved: EBITDA rose 7% to EUR 0.84m, and EBIT reached EUR 73k, supported by cost control and project completions. ARR grew 14% to EUR 20.4m, but cloud orders and Net New ARR declined 17% and 43% yoy, respectively. FY 2025 guidance is unchanged: 5–10% revenue decline, slightly positive EBIT, and modest ARR growth. Margin gains are promising, but soft order momentum clouds near-term growth. mwb research’s analysts maintain their PT (EUR 3.00) and BUY rating. An earnings call will be held on 30 April at 13:30 CEST. Follow the link to register: https://research-hub.de/events/registration/2025-04-30-13-30/ISHA-GR. The full update can be downloaded under https://www.research-hub.de/companies/Intershop%20Communications%20AG

Siltronic delivered mixed Q1 results, with sales exceeding expectations but margins under pressure mainly due to weaker volumes and an unfavorable product mix. Elevated customer inventories and low demand visibility continue to weigh on performance, while macro risks—particularly tariffs and currency volatility—add further uncertainty to the near-term outlook. mwb research’s analysts have revised their estimates to reflect the constrained profitability outlook and the risk of a delayed recovery, resulting in a new price target of EUR 60.00 (previously EUR 65.00). Nevertheless, the analysts maintain their BUY rating, supported by intact long-term structural growth drivers and Siltronic’s stable market share, signaling that the current pressure is industry-wide rather than company-specific. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

Friedrich Vorwerk (FVG) delivered good Q1 25 results, reinforcing its growth trajectory and solidifying its position in the market. Revenues increased by 73.4% yoy to EUR 133.0m, driven by favorable weather conditions, a high-quality project mix, and strong operational execution. EBITDA rose by 168.9% yoy to EUR 18.2m, with the margin expanding to 13.7%. The growth was primarily driven by the Electricity segment, which saw impressive revenues up 269% yoy to EUR 73.8m, while EBITDA margin growth was mainly fueled by Adjacent Opportunities. The order backlog remains strong at EUR 1.1bn, although order intake fell slightly due to project timing. Despite the company’s robust financial performance, the modest 2.7% yoy increase in workforce in Q1 25 suggests FVG may be approaching its capacity limits, making it harder to sustain such growth. Combined with the stock trading at a rich P/E of 28.7x, this bears the risk of potential setbacks. mwb research’s analysts maintain their SELL rating, with an unchanged PT of EUR 45.00. The full update can be downloaded under https://www.researchhub.de/companies/Friedrich%20Vorwerk%20Group%20SE

HelloFresh delivered a mixed Q1, with revenues declining year-on-year due to weaker meal kit performance, particularly in North America. However, profitability surprised positively, with adjusted EBITDA more than tripling, driven by strong execution of efficiency initiatives across production, labor, procurement, and marketing. The company reaffirmed its full-year 2025 guidance, expecting further profitability gains despite ongoing sales pressure. Growth in the ready-to-eat and newer brands (like Good Chop) partly offset meal kit declines, though marketing cutbacks weighed on order volumes. Margin expansion was supported by improved productivity and disciplined marketing spend. As macroeconomic and regional challenges persist, mwb research’s analysts maintain a cautious stance on HF. The analysts broadly maintain their estimates and keep their PT unchanged at EUR 11.00, reiterating their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/HelloFresh%20SE

Aixtron delivered a solid Q1 sales beat with revenues of EUR 112.5m, exceeding both guidance and expectations, but gross margin fell sharply to 30% (or ~35% adjusted), missing forecasts due to product mix and G10 ramp-up costs. EBIT consequently dropped significantly, though net income was in line, aided by tax income. Free cash flow rebounded strongly on working capital reductions, and order intake of EUR 132.2m (+10% yoy) outpaced expectations, driven by strength in power electronics. With the FY25 outlook confirmed and Q2 guidance implying sequential growth, the margin setback seems temporary. Finetuning the model, mwb research’s analysts adjust the price target to EUR 19.00 (old: EUR 19.50) and reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Symrise delivered a solid Q1 2025 with organic sales growth of 4.2%, surpassing market expectations. The Taste, Nutrition & Health segment led with strong growth, while Scent & Care slightly underperformed due to challenges in cosmetic ingredients. However, reported sales (+2% yoy to EUR 1.32bn) continued to be impacted by FX headwinds. With a strong start in the year, Symrise has reaffirmed its FY 2025 outlook. The company is progressing well on its 'ONE Symrise' strategy, driving synergies across business units and focusing on product development and high-growth areas such as health & wellness. Strategic initiatives, including the ongoing review of its terpene ingredients business, could unlock additional value. Beyond this, operational efficiencies and disciplined pricing are also expected to continue supporting profitability. With an expected 4% FCF yield and 5-7% organic growth, mwb research’s analysts believe that Symrise still offers a decent investment opportunity. Therefore, analysts reiterate the BUY rating with an unchanged price target of EUR 110.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Symrise%20AG

Suss MicroTec is expected to release its Q1 results next week on 8 May. Order intake is anticipated to come in relatively soft, primarily due to the normalization of the AI-driven boom in 2023/24, shorter customer planning horizons, and delays such as Samsung's HBM qualification. However, thanks to a strong backlog, mwb research’s analysts expect Q1 sales to land at EUR 112m (+19.8% yoy), with moderate sequential growth expected through 2025. Margins are likely to remain stable or slightly declining due to an unfavorable shift in product mix and one-off costs. However, management is confident in their ability to expand margins in the mid-term, driven mainly by new product launches. Since the order backlog and expected H1 2025 intake are likely to be exhausted in FY25, the analysts will be closely monitoring order intake throughout the year as it will shape expectations for 2026 growth. mwb research’s analysts maintain their BUY rating and price target. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Nagarro SE published preliminary FY24 results following the postponement of its audited annual report. The delay is due to technical issues in revenue recognition and the transition to new auditor KPMG, involving purchase price allocations and earn-out liabilities, impacting goodwill and intangible asset valuations. Despite this, FY24 revenue reached EUR 972m, up 6.6% yoy, with adjusted EBITDA increasing to EUR 146.5m and a margin expansion to 15.1% (+1.3pp yoy). Q4 revenue grew 11.4% yoy, with adjusted EBITDA rising 10.3%. 2025 outlook was not revised, but mwb research’s analysts see potential weakness due to US tariff turmoil and its potential impact on customer demand, leading to a revised price target of EUR 97.00 (old: EUR 102.00), while maintaining a BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

Traton reported detailed Q1 2025 results that were in line with its preliminary release. Revenues during the quarter declined 10% yoy to EUR 10.6bn on a similar 10% yoy drop in volumes to 73.1k units. This along with unfavorable unit economics resulted in a steep 42% yoy decline in adj. EBIT to EUR 646m (was a 26% miss vs consensus at the time of pre-release). Scania, MAN Trucks, and International Motors faced significant stress from weakening demand in Europe and growing concerns in North America. For now, Traton is sticking to its FY 2025 guidance, anticipating improved business performance in H2 and projecting a change in unit sales and absolute revenues of -5% to +5% yoy and an operating margin of 7.5%-8.5% for the full year. However, in the view of mwb research’s analysts, the ongoing uncertainty surrounding US tariffs could adversely affect global investment and the cyclical truck market, likely prompting guidance cuts ahead. The analysts maintain their estimates that they had lowered at the time of Q1 prelims and reiterate their SELL rating at an unchanged price target of EUR 23.00. The full update can be downloaded under https://www.research-hub.de/companies/Traton%20SE

Knorr-Bremse’s preliminary Q1 25 results show a mixed picture but highlight strong operational momentum. Order intake significantly beat expectations at EUR 2.376bn (consensus: EUR 2.066bn), driven by solid demand in the Rail division and a strong Truck business in Europe. Revenue of EUR 1.958bn and operating EBIT of EUR 236m came in slightly below consensus. Net income and EPS were also under consensus, mainly due to EUR 23m in expected restructuring charges tied to the BOOST 2026 program. Despite this, the company reported a notable improvement in free cash flow to EUR 15m (Q1 24: -EUR 95m), aided by a EUR 45m tax refund. mwb research’s analysts upgrade their rating from SELL to HOLD and raise their price target slightly to EUR 80.00 (from EUR 79.00). While fundamentals are improving, the analysts remain cautious and await further confirmation. The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG