H2APEX delivered a strong Q4 beat, with revenue significantly ahead of expectations, highlighting solid execution despite continued EBITDA losses. FY25 reflects a clear strategic shift away from EPC activities, resulting in lower revenue but improving order momentum, supported by a strong book to bill ratio and a materially higher backlog that enhances visibility. Management’s FY26 guidance confirms a return to growth and is fully in line with expectations, supported by contracted revenues and early contributions from one own project, with further upside expected from the broader pipeline of own green hydrogen projects. Overall, the transition toward a more hydrogen project-based model is gaining traction, improving medium term visibility and revenue quality. Near term earnings should remain impacted by upfront investments, but a growing pipeline, improving revenue quality and strong demand for green hydrogen support a compelling long term investment case. We reiterate our Spec. BUY rating with a PT of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/h2apex-group-sca

AIXTRON’s Q1 2026 came in line with prelims, with surging order intake driven by optoelectronics pointing to the start of a new growth cycle, while ongoing weakness in SiC and stable GaN demand continue to weigh on the near-term picture. With capacity expansion in Malaysia underway ahead of the upcycle, the balance sheet was further strengthened by the EUR 450m convertible issued post-Q1, providing a sizable “war chest” and enhanced financial flexibility. Management reiterated FY26 guidance, implying a pronounced step-up in H2. We adjust our estimates to reflect opto momentum and AI-related GaN orders into late 2026. Despite these incremental positives, we continue to see valuation as stretched at ~42x 2026E EBIT, ~26.5x 2027E and ~22x 2028E. We therefore reiterate our SELL rating with a slightly higher PT of EUR 35.00 (old: EUR 33.00). The full update can be downloaded under https://research-hub.de/companies/aixtron-se

Drägerwerk (Dräger) Dräger reported a strong Q1 26, with revenues of EUR 756m (+6.9% yoy, cc) and order intake of EUR 864.7m (+3.4% yoy, cc), indicating solid demand. EBIT improved significantly to EUR 17.9m (margin 2.4%), driven by higher volumes, gross margin expansion, and cost discipline. Both segments contributed, with Safety remaining the key profit driver and Medical showing clear progress. Regional growth was led by the Americas, while APAC declined. The results support the margin expansion story, although seasonality implies a back-end loaded year. Guidance remains unchanged. We reiterate BUY with a price target of EUR 108.00. Want to learn more about Dräger? Watch the full presentation from our recent German Select Conference here: https://research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Drägerwerk (Dräger) reported a strong Q1 26, with revenues of EUR 756m (+6.9% yoy, cc) and order intake of EUR 864.7m (+3.4% yoy, cc), indicating solid demand. EBIT improved significantly to EUR 17.9m (margin 2.4%), driven by higher volumes, gross margin expansion, and cost discipline. Both segments contributed, with Safety remaining the key profit driver and Medical showing clear progress. Regional growth was led by the Americas, while APAC declined. The results support the margin expansion story, although seasonality implies a back-end loaded year. Guidance remains unchanged. We reiterate BUY with a price target of EUR 108.00. Want to learn more about Dräger? Watch the full presentation from our recent German Select Conference here: https://research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

123fahrschule’s (123fs) reported a stable start into FY26 with preliminary Q1 revenue of EUR 6.7m, slightly above the prior year revenues of EUR 6.6m, despite a weak overall market, highlighting the resilience of 123fs’ platform-based model. EBITDA reached EUR 0.56m compared to EUR 0.67m in Q1 25, broadly in line with expectations, with the decline mainly caused by higher fuel costs and increased marketing spend for customer acquisition and market share gains. Management’s strategic investments ahead of the planned driver’s license reform support future scaling. Rising demand for digital training solutions and improving regulatory visibility strengthen confidence in FY26 guidance. We reiterate BUY with an unchanged PT of EUR 5.20. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

Kion delivered a strong start to the year, with Q1 26 order intake rising 10%, beating expectations of flat order intake. While revenue remained relatively stable, adjusted EBIT grew 5.0% and beat consensus, supported by efficiency programs and a 40bps margin expansion. Both segments showed positive momentum: ITS unit orders rose 11% fuelled by EMEA and APAC demand and pull-forward effects ahead of an April price increases, while IAS saw a 26% order surge fuelled by e-commerce acceleration. Despite geopolitical turmoil, Kion confirmed its FY26 guidance and maintains its strategic focus on high-growth technologies like physical AI and warehouse automation. We confirm our price target of EUR 55.00 and our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

TAKKT’s Q1 26 results show a 10.3% sales decline to EUR 225.7m, driven by cautious customer behavior and US dollar weakness. EBITDA fell to EUR 4.4m, with the margin nearly halving to 2.4%. While the Foodservices division struggled (-13.9% organic), the Office Furniture & Displays segment showed signs of stabilization. Management is responding via the "TAKKT Forward" strategy, focusing on cost-cutting and efficiency. Despite the soft start, FY26 guidance remains unchanged, targeting an EBITDA margin of 2-5%. We believe the path to recovery remains back-end heavy and contingent on improved demand. Still, we believe that we have seen the trough, which is why we reiterate to BUY with unchanged PT of EUR 4.50 as we see a positive risk/return profile. The full update can be downloaded under https://research-hub.de/companies/takkt-ag

MTU's Q1 26 results confirm the bull case. FCF of EUR 177m crushed consensus by 108%, a CCR of 77% in a seasonally weak quarter proving the prior-year cash drag was programme-specific. The street's conservative CCR estimates are simply wrong. OEM margin of 30.2% beat by 250bps on better spare engine mix and a 25% military ramp, directly refuting last week's bearish thesis. The 9% commercial OEM revenue miss is seasonal. The PW1100G drag reversed EUR 31m yoy and closes permanently in 2026, guidance was confirmed in full, and the 2030 CCR target of 75-99% remains still underappreciated. The lower end is only reached if MRO grows faster than modelled. The bear case on CCR is volume outperformance, the same volume consensus undermodels on the top line while ignoring MTU's own guidance of a 50% MRO revenue increase between 2030 and 2035. Two new catalysts not in our model (GTF A certification, UAV market entry) add further upside to a stock trading at a 50% discount to peers on EV/EBITDA. PT raised to EUR 530.00 (from 520.00), BUY. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

Against this backdrop, mwb research is hosting an online roundtable on May 7, 2026, at 10:00 a.m. CEST with Dr. Claus Bischoff (CEO) and Tobias Popp (CCO). Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-05-07-10-00/RSL2-GR.

Against this backdrop, mwb research is hosting an online roundtable on May 6, 2026, at 3:00 p.m. CEST with Dr. Peter Stadelmann (CEO) and Jörg Walter (CFO). Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-05-06-15-00/RAA-GR