The FY25 annual report confirms that the anticipated profitability inflection has yet to materialize, as improving order intake and in-line revenues were overshadowed by weak earnings driven by adverse mix, write-downs, and FX losses. As a result, EBIT remained negative but improved yoy, cash flow came under pressure as working capital absorbed liquidity. Demand remains clearly bifurcated, with structural softness in automotive, battery inspection, and parts of microelectronics offset only partly by strength in SMT, Asia-driven projects, and device inspection. FY26 guidance points to stabilization and further margin expansion. Following the recent share price correction, valuation is increasingly undemanding on mid-cycle assumptions. We have upgraded to BUY from HOLD with an unchanged price target of EUR 5.00. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Friedrich Vorwerk (FVG) announced its FY25 results, fully in line with preliminary figures. Profitability increased strongly, driven by efficient project execution, favorable pricing, and operating leverage, while the balance sheet strengthened further and the dividend proposal came broadly in line with expectations. Order intake was softer throughout the year, resulting in a declining order book, although backlog visibility remains solid. This reflects a more cautious investment environment, mainly due to delays in the German infrastructure program and slower hydrogen development. Looking ahead, management guides continued growth in FY26 at broadly stable margins, with some near-term headwinds in Q1 due to weather conditions. We slightly adjust our estimates in light of the softer-than-expected guidance. At the same time, risks are gradually increasing amid macro uncertainty and a renewed energy crisis, similar to the 2022/23 environment. Against this backdrop, we remain cautious and reiterate our SELL rating with a reduced PT of EUR 60.00 (old: EUR 65.00). The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

Leifheit reported FY25 results fully in line with preliminary figures in a still challenging market environment. Revenue declined yoy, mainly driven by softer demand in Germany and key European markets. EBIT was lower yoy, while adjusted EBIT excluding one-off effects was only slightly below the prior year, highlighting resilient underlying profitability supported by efficiency gains and a more favorable product mix. Free cash flow decreased yoy but remained clearly positive, underlining solid cash generation despite a weaker earnings base. For FY26, management reiterated guidance for slight revenue growth and broadly stable EBIT yoy, indicating a stabilization phase rather than a strong cyclical recovery. Free cash flow is expected to remain steady yoy. Strategic focus is shifting toward execution of the company’s strategy, including brand relaunch, stronger marketing, and the FOCUS performance program aimed at improving efficiency and competitiveness. We maintain our BUY rating and PT of EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

cyan AG reported FY25 prelims in line with expectations, with revenue at the top end of guidance (EUR 9.2m) and EBITDA of EUR 0.75-0.85m, confirming a clear turnaround despite ongoing investments. Operationally, growth remains driven by the telco business, while Guard 360 has entered the market with first partners secured. For 2026, management guides further revenue growth (EUR 10.2-11.5m) and continued positive EBITDA, while maintaining investments in product development and sales. Visibility on topline development remains supported by continued customer growth and rollout activity. We leave our estimates unchanged and confirm our BUY rating with a EUR 4.00 price target. The full update can be downloaded under https://research-hub.de/companies/cyan-ag

The Platform Group (TPG) continues to expand its Optics & Hearing segment through further acquisitions, targeting a structurally higher-margin vertical with EBITDA margins of 20-25%. While this strategy could improve the group’s margin profile, it also increases operational complexity and capital intensity, as the company builds a physical retail footprint. The upcoming FY25 results will be a key validation event, with investors focusing on earnings quality, cash conversion, and working capital dynamics rather than growth alone. For the time being, we maintain our estimates, confirm our EUR 19.50 price target, and reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa

NORMA reported FY25 results in line with preliminary figures, confirming a weak but expected performance in a challenging environment. Deconsolidated group revenue declined 6.8% yoy to EUR 821.7m, while adj. EBIT fell to EUR 6.3m, reflecting lower volumes and a high fixed cost base, partly offset by cost measures. Segment performance was mixed, with Mobility & New Energy remaining the main drag, while Industry Applications showed relative resilience, though supported by reallocation effects. Regionally, all key markets declined, with continued weakness in automotive-related demand and FX headwinds. For FY26, NORMA guides for a modest recovery with 0–2% revenue growth and an adj. EBIT margin of 2–4%, indicating a transition year focused on restructuring, efficiency gains, and footprint optimization. Cash flow is expected at EUR 10–20m. Overall, results were in line with expectations and the investment case remains intact, supported by ongoing buybacks, the Water Management disposal, and balance sheet improvement. We see attractive risk/reward with limited downside and recovery upside potential. BUY rating and PT EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

Pyramid AG’s planned EUR 8m capital increase at EUR 1.38 per share, structured as a 1:1 rights issue, is expected to cause significant dilution and heavily impact its short-term valuation. Following a largely cosmetic reverse stock split, the measure highlights ongoing balance sheet weakness, with net debt around EUR 12m as of 30.06.25. While management announces the raise as growth financing, the steep discount and scale could suggest funds might primarily be used to stabilize the balance sheet and support going-concern status rather than expansion. In our view, the move signals limited financing alternatives and structural capital deficits. Although it improves liquidity, investor concerns over dilution and debt persist, likely keeping the share price under pressure until take-up of the rights issue by investors becomes clear. We therefore place the shares “Under Review” (previously BUY) until the magnitude of the full dilution is visible. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Q4’25 marked a turning point, with a strong rebound in orders that carried constructively into Q1’26. While the topline came in slightly ahead of expectations, profitability remained under pressure. Looking ahead, FY26 is set for a temporary step back, with Q1 marking the trough in sales and profitability, implying a back-end loaded recovery. Supported by industry tailwinds (HBM, CoWoS), we expect sustained order momentum and scope for guidance to narrow as visibility improves. While meaningful margin expansion is likely delayed until 2027, the company retains a compelling mid-term growth story, underpinned by capacity ramp-up, product innovation, and structural demand drivers. We view the current phase as a cyclical and operational reset, with execution over the next 12–18 months as the key catalyst. We reiterate our BUY rating with a slightly higher price target of EUR 61.00. SUSS will present at our German Select Conference on 14 April 2026, with Vice President IR & Communication Sven Köpsel providing additional insights: Please register here The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

RENK’s 19% selloff has brought valuation back to more reasonable levels, with the shares now looking broadly fair in our view. The mid-term story remains intact and is supported by RENK’s comparatively defensive aftermarket mix (>50% in the long-term mwb est.), even if uncertainty on demand and platform exposure beyond 2030 remains. We upgrade from SELL to HOLD with an unchanged EUR 53.00 price target. Key catalysts are the July 2026 NATO Summit and our online conference with RENK on April 14, where investors can join virtually (online registration). The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

After another challenging year for Südzucker (SZU), we expect no meaningful operational recovery in Q4 26 (FY ended February 28). The sugar year, which ended in December, continued to reflect structural oversupply in Europe following a strong harvest, keeping sugar prices under pressure. We forecast revenues of around EUR 2.2bn, down 2.3% yoy, and EBITDA of EUR 163m, with margins improving to 7.5% mainly due to cost savings rather than pricing. However, EBIT will be heavily impacted by extraordinary impairments in the Sugar segment. Despite the weak near-term backdrop, we see increasing signs of a turning cycle, with early improvements in sugar prices already visible. Rising bioethanol prices, reduced European beet acreage, and potential El Niño climate event related supply disruptions all point toward tighter global sugar markets and higher prices. Against this improving outlook, we raise our mid-term estimates, expect FY27 at the upper end of guidance, and upgrade SZU to BUY (from HOLD) with a new PT of EUR 15.00 (old: EUR 9.00). The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag