GEA delivered a solid Q1 2026, with organic revenue growth of 5.3% yoy and an EBITDA margin before restructuring of 16.1%, both coming in ahead of our own estimates, while order intake grew organically by 6.4% yoy and the book-to-bill reached 1.14x. FY26 guidance was confirmed. The Middle East conflict has had no material impact on the business, with the region accounting for only ~3% of order intake and ~85% of procurement sourced locally. Since our downgrade to HOLD on 9 April the stock has already retraced ~10%, and today's additional 5% decline in response solid print surprises us as an overreaction that opens an attractive entry point into a resilient business model. We upgrade to BUY with an unchanged PT of EUR 68.00. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

STRATEC’s weak Q1 2026 results were in line with expectations and confirmed the cautious phasing communicated with FY25. Sales fell 11.5% yoy to EUR 53.4m, while reported EBIT turned slightly negative and adjusted EBIT margin declined to 1.3%. Systems showed double-digit growth, but weakness in high-margin service parts and consumables, lower development revenues, negative scale effects and mix pressure weighed on profitability. FCF improved sharply to EUR 18.6m, mainly due to working-capital inflows, but should not be extrapolated. Guidance was confirmed, yet FY26 remains a back-end loaded “show-me” story. HOLD, PT EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/stratec-se

Q2 showed a clear acceleration after a softer Q1, with revenue of EUR 624m up 22% yoy and well ahead of our EUR 555m estimate. Adjusted EBIT margin matched expectations at 5.4%, while order intake of EUR 2.5bn materially exceeded forecasts, driven by Norwegian 212CD submarines and Atlas torpedo orders. Backlog now exceeds EUR 20bn, providing around eight years of revenue coverage. Submarine margins improved sharply as legacy drag fades, Atlas remains a high-quality growth and margin asset, and Surface Vessels’ weaker margin was largely optical. FY guidance is firmly intact. TKMS stays well positioned for the coming decades in a volatile defense sector where we see rising risks at its competitors. BUY with an unchanged price target of EUR 125.00. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

coinIX closed the 2025 fiscal year with a small net loss, following a net profit in the previous year, primarily due to the significant market correction in Q4 and the resulting decline in realized gains from cryptocurrency holdings. Recurring income from delegating and staking stabilized revenues, while management compensation and, consequently, other operating expenses declined significantly. For 2026, coinIX continues to focus on early-stage investments in blockchain and DeFi projects. The company has already capitalized on market opportunities for investments in Polli and HYPE tokens and has strengthened strategic partnerships between portfolio companies. The stablecoin investments were increased to allow flexibility for countercyclical top-ups. An update of our NAV valuation model results in a new fair value per share of EUR 1.70 (previously: EUR 2.40) and thus an upside potential of approximately 60%. BUY. The full update can be downloaded under https://research-hub.de/companies/coinix-gmbh-co-kgaa

HWK 1365 SE has published its 2025 annual financial statements. The company has reached the forecast revised in December: Total revenue fell by 11% to EUR 15.5m, with a consolidated net loss of EUR 5.0m (adjusted: EUR -2.6m). Through active liquidity management, cost reductions, and a supplementary collective bargaining agreement, the financial situation was stabilized; at year-end, the company had EUR 0.4m in liquid funds and no bank liabilities. For 2026, markets remain challenging given the weak paper industry and geopolitical risks; nevertheless, HWK expects moderate revenue growth of 2–5% and an improvement in EBITDA to around EUR 1m, driven by cost discipline, a focus on liquidity, and diversification into food and service sectors. Based on adjusted estimates, we arrive at a new price target of EUR 19.75 (previous: EUR 34.00). We see significant potential, though this requires that the situation in the core paper market recovers: Speculative Buy. The full update can be downloaded under https://research-hub.de/companies/hwk-1365-se

Schloss Wachenheim’s 9M 2025/26 results confirm resilient volume development in a difficult beverage market, but earnings momentum remains constrained by mix and cost pressure. Bottle volumes rose 3.5% yoy across all three regions, while revenues increased only 1.3% due to continued mix effects and weak conditions in parts of the wine market. Gross margin improved clearly, but higher personnel, freight, advertising, maintenance, IT and depreciation costs limited EBIT growth. Q3 was seasonally soft, yet not thesis-changing. Management confirmed FY guidance but now targets the lower end. We lower our PT to EUR 20.00 from EUR 21.00 and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/schloss-wachenheim-ag

Bechtle delivered a solid Q1 26 with strong top-line momentum and a record order backlog, while profitability remained slightly below consensus expectations. Business volume rose 13.2% yoy to EUR 2.23bn, supported by 11.0% organic growth, while revenue increased 7.6% yoy to EUR 1.57bn, slightly above consensus. EBT improved 11.5% yoy to EUR 61.6m, almost in line with expectations. Demand was broad-based across regions and customer groups, with particularly strong momentum in “Other Europe”. Gross margin expansion and positive operating cash flow were encouraging, while the EUR 3.3bn backlog supports visibility into FY26. We reiterate our BUY rating and the EUR 41.00 price target. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

Kontron’s Q1 was optically weak, but underlying trends remained resilient. Reported revenues fell due to deconsolidation, IT services disposals, supply-chain delays and GreenTec restructuring, while adjusted EBITDA increased slightly and backlog reached a record EUR 2.54bn. The new revenue wording triggered questions, but the bridge points mainly to scope effects: 2026 M&A revenue is no longer included, while flat reported sales would already imply organic growth. EBITDA guidance remains unchanged. The focus areas of Transportation, Aerospace & Defense and Cyber Solutions continued to grow strongly, and Ennoconn’s potential tender offer should be read as a strategic commitment, not an exit call. While adjusting our top-line estimates, we leave our earnings estimates broadly unchanged. We maintain our EUR 34.00 PT and stick to our BUY rating. The full update can be downloaded under https://research-hub.de/companies/kontron-ag

Siemens Healthineers (SHL) released its Q2 figures and lowered its FY26 outlook after a mixed performance, mainly due to structural weakness in China Diagnostics and additional supply-chain inflation. The new guidance implies 4.5% to 5.0% revenue growth in constant currency (cc), but reported figures look weaker, with Q2 revenue down 3.9% yoy and H1 down 2.7% yoy. Imaging and Precision Therapy remain solid, growing 6.1% and 4.7% (cc), respectively, while Diagnostics declined 6.5% (cc) and margins fell to 0.9%. We reduce our price target to EUR 49.00 but maintain BUY, as the 23% YTD share price decline likely prices in much of the disappointment. The full update can be downloaded under https://research-hub.de/companies/siemens-healthineers-ag

Krones’ Q1 26 results reflect a solid operational start despite currency-driven revenue headwinds. Strong demand drove order intake up 5.3% to EUR 1.51bn, elevating the backlog to EUR 4.32bn and securing visibility well into the year. While reported revenue fell slightly to EUR 1.38bn, EBITDA margins improved to 10.8%, highlighting excellent cost discipline. The primary weak spots were a planned dip in free cash flow to EUR -9.5m due to working-capital management and softer top-line performance in non-core segments. With a fortress balance sheet boasting EUR 523.1m in net cash and confirmed FY26 guidance (sales growth between 3-5%; EBITDA margin 10.7-11.1%), the fundamental investment case remains fully intact with anticipated top-line acceleration in the H2 26. We reiterate our BUY rating with an unchanged PT of EUR 150.00. The full update can be downloaded under https://research-hub.de/companies/krones-ag