KION reported a reasonable set of numbers in Q1 2025. Revenues fell 2% yoy to EUR 2.8bn (-9% qoq) on declines at both the Industrial Trucks & Services (IT&S; -2% yoy) and Supply Chain Solutions (SCS; -4% yoy) businesses. Adj. EBIT came in at EUR 196m, down 14% yoy and the margin deteriorated 90bps yoy to 7.0% (-120bps qoq), dragged by IT&S (-23% yoy) where low new truck sales resulted in under absorption of fixed costs. However, both revenues and adj. EBIT were 2% ahead of consensus, while order intake (+11% yoy) beat consensus by 3%, led by strong service orders. Assuming no significant economic downturn, management confirmed its guidance for FY 2025, reiterating its expectation for revenues at EUR 10.9bn-11.7bn (-5% to +2% yoy) and adj. EBIT of EUR 720m-870m (-21% to -5% yoy) with lower adj. EBIT at IT&S, partly offset by higher results from SCS. Its efficiency programme is on track and should bring in annual cost savings of EUR 140m-160m from FY 26 onwards and provide some cushion till macro conditions see a meaningful turnaround and uncertainties recede. mwb research’s analysts maintain their estimates and their PT at EUR 46.00. The analysts confirm their BUY rating on the stock. The full update can be downloaded under https://www.research-hub.de/companies/Kion%20Group%20AG

123fahrschule (123fs) delivered a strong Q1 25, with revenues up 18% yoy to EUR 6.6m and EBITDA at EUR 0.65m, significantly above Q1 24. Growth was driven by increased demand in the Class B segment (car driving licenses) and new branch openings. Registrations surged 41%, highlighting market share gains. Q1 results align with full year guidance and mwb research’s estimates. Operational leverage and brand scale are improving, with further upside expected from simulator sales. In Q1, the EBITDA margin rose to 9.8%, indicating sustained profitability improvements. Therefore, mwb research’s analysts confirm their BUY rating and EUR 6.20 price target, reflecting continued growth potential. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

Fielmann reported strong preliminary results for Q1 2025. Sales grew 13% yoy to an estimated EUR 598m during the quarter. Adj. EBITDA surged 28% yoy to EUR 146m, with the overall adj. EBITDA margin improving by c.2.64ppt yoy to 24.2%, and that in Europe coming at a stronger 25.6%, both surpassing margin targets under the company’s Vision 2025 strategy. Management remains confident of healthy business momentum continuing for the rest of FY 2025 and guides for sales of c.EUR 2.5bn, implying c.9% yoy growth. On the profitability front, Fielmann aims to reach c.24.0% in terms of the overall adj. EBITDA margin (+2.3ppt yoy), including c.25.0% in Europe (+2.2ppt yoy). The Q1 results once again underlines the strong competitive position of the group, backed by its dominant market share in the German and European optical retail market and its successful international expansion and cross-selling strategy. mwb research reiterates its BUY rating with a slightly raised PT of EUR 68.00 (previously EUR 66.00). The detailed Q1 results are due on 8 May. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG

Enapter delivered better-than-anticipated FY24 results, with revenues of EUR 21.3m and EBITDA of EUR –6.9m, EUR 1.7m above preliminary figures due to post-closing adjustments. Product revenues rose 18.8% yoy, offsetting the absence of a EUR 15m one-off from FY23. FY24 order intake doubled to EUR 50m, driving a record EUR 42m backlog, led by strong demand for multi-core systems in Italy and progress in China via the Wolong Joint Venture. For FY25, Enapter guides for EUR 39–42m in revenue and up to breakeven EBITDA, though mwb research’s analysts see breakeven more likely in 2026. A high 2.35x book-to-bill ratio highlights strong positioning despite market uncertainty. With 136% upside to mwb research’s unchanged EUR 7.00 PT, the analysts reiterate their Spec. BUY. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

tonies will report Q1 headline figures on 15 May. mwb research’s analysts expect revenues of EUR 96m, up 22% yoy, driven by strong performances in the US (+40% to EUR 39m) and Rest of World (+65% to EUR 17m), while DACH remains flat at EUR 40m due to Easter timing effects. While Q1 results are expected to show healthy growth, new US tariffs on Chinese exports - where tonies has significant production - pose a risk from Q2 onwards. The company is exploring alternative production in Vietnam and Tunisia, although cost implications limit flexibility. A price increase of around USD 2.00 for a Tonies figurine may offset the tariffs but could dampen US growth somewhat. However, this is already reflected in mwb research’s current estimates and the analysts reiterate their BUY rating with a price target of EUR 11.00. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Airbus posted mixed Q1 2025 results, with revenues up 6% yoy to EUR 13.5bn, beating consensus by 5%, helped by favourable FX despite a 4% decline in commercial aircraft deliveries. Reported EBIT fell 22% yoy to EUR 473m (cons.: EUR 605m), weighed down by EUR -151m in adjustments, mostly from Defence & Space restructuring; adjusted EBIT was broadly in line. Net income rose 33% to EUR 793m, driven by favourable financial results linked to the revaluation of Airbus’s 10.5% stake in Dassault Aviation. Segment-wise, Helicopters (+10% EBIT) and Defence (+30% order intake) outperformed, while Commercial Aircraft EBIT declined 9% despite an 11% R&D cut. With a high COGS ratio (~82%) and increasing tariff exposure, mwb research’s analysts see growing margin risk. As the stock hits mwb research’s prior target, the analysts upgrade to HOLD but reduce their PT to EUR 142 (from EUR 144). The full update can be downloaded under https://www.research-hub.de/companies/Airbus%20SE

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