Wacker Chemie’s reported final Q4 25 results that were in line with its preliminary release, confirming that the chemical downturn is now running deeper across end-markets. The overall operating performance was impacted by weak volumes, adverse FX, and low-capacity utilization levels, with the polysilicon segment further being significantly impacted by sluggish solar volumes. Earnings deteriorated sharply in FY 25, owing to 29% yoy drop in adj. EBITDA and significant one-offs. Demand visibility remains limited into 2026, and Wacker guides for low single-digit % yoy growth in sales; however, EBITDA is expected to grow to EUR 550m-700m, up 46% yoy, underpinned by cost saving measures and on a low base. Moreover, guidance does not account for any restructuring costs or account for any potential impact from the ongoing Middle East tensions. Recovery risks appear skewed to the downside as customer order patterns remain very cautious, thus earnings normalization is likely to be delayed. We maintain our HOLD rating with an unchanged price target of EUR 75.00. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

Multitude AG reported preliminary FY25 results, with net profit of EUR 26.6m (+31.7% yoy), exceeding guidance and slightly above our estimate, while revenues of EUR 256.9m were broadly stable. Lower interest income from divested non-core activities was offset by a strong increase in fee and commission income, reflecting a shift toward less capital-intensive revenue streams. The loan portfolio grew 23% yoy to EUR 939m, supported by improving credit quality as impairments declined. Deposits rose 29% to EUR 1.03bn, strengthening the funding base. The company also refinanced the perpetual bond, avoiding a costly interest step-up and improving balance-sheet flexibility. Management reaffirmed FY26 profit guidance of EUR 30m and we confirm our BUY rating and EUR 14.40 price target. The full update can be downloaded under https://research-hub.de/companies/multitude-ag

Rheinmetall’s Q4 results are difficult to benchmark due to the lack of a consistent market consensus following the recent guidance revision and the ongoing portfolio changes not reflected in all models. While FY reported sales from continuing operations came in slightly below Vara consensus, operating margins were clearly stronger than expected, indicating continued profitability momentum in the core defense business. Order intake and the backlog remain robust, supporting long-term growth visibility. However, the FY2026 sales guidance of EUR 14.0 - 14.5bn appears somewhat below parts of market expectations, reflecting timing effects and differences in how M&A contributions are modeled. We adjust our estimates through lower near-term topline and higher minority interests, which reduces reported net income, but do not change the structural growth trajectory. We reiterate our HOLD rating with a price target of EUR 1,700. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Deutsche Rohstoff reported strong preliminary FY25 results. Revenue reached EUR 195m, above the forecast range of EUR 170–190m and slightly ahead of estimates, despite a 17% yoy decline due to lower oil prices and a weaker US dollar. EBITDA came in at EUR 132.0m, at the top of guidance and above expectations, even with around EUR 10m in one-off costs. In Q4, revenue fell 30% yoy to EUR 45.0m due to lower oil prices and lower production, while EBITDA was EUR 30.3m and margins improved as the oil share in production rose. Operating free cash flow for FY25 was about EUR 25m, reducing net debt to EUR 150m and leverage to 1.1x. With EUR 65m in cash, a low hedging ratio, and a 46% increase in reserves, the company remains flexible in adjusting drilling activity opportunistically as the price environment evolves. Updating the valuation of the Almonty stake yields a new price target of EUR 100.00 (up from EUR 97.00). BUY. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

Hugo Boss delivered a solid Q4 beat, with sales up 7% c.c. and exceeding consensus by 6%, while EBIT surpassed expectations by 8% on a stronger margin. Performance was partly supported by a timing shift from Q1 2026 and higher wholesale sell-in as inventories normalized, while gross margin remained under pressure from clearance activity, FX and mix effects. For FY25, the group met guidance with EBIT up 8% and margin improving to 9.2%. Management reiterated that 2026 will be a transition year under the Claim 5 Touchdown strategy, implying lower sales and EBIT of EUR 300–350m. We maintain a cautious stance and reiterate HOLD (PT EUR 38.00), despite the announced EUR 200m buyback. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

Gerresheimer (GXI) announced that its audited FY25 financial statements will be delayed until June 2026 due to ongoing investigations by a second external auditor into transactions from FY24 and FY25. As we had expected, the review could take several months, prolonging uncertainty around the company’s accounting. The delay will likely lead to exclusion from the SDAX and may trigger technical selling pressure from index investors. GXI has also begun discussions with lenders regarding reporting deadlines under its financing agreements, raising the risk of potential covenant issues. With visibility limited and governance concerns elevated, we reiterate our SELL rating and EUR 12.50 price target. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

GEA reported final FY 25 results that were in line with its preliminary release. Sales of EUR 5.5bn in the fiscal were up 3.7% yoy organically and were in line with consensus at the time of pre-release. Adj. EBITDA increased 8.4% yoy to EUR 907m, and the margin widened 1.1ppt yoy to 16.5%, registering a modest beat vs consensus, supported by an improved gross margin. Order intake was better-than-expected at EUR 5.9bn (+9.1% yoy organic) on strong Q4 momentum (+18% yoy organic, book-to-bill 1.2x). Given a comfortable order backlog of EUR 3.3bn, management is optimistic for FY 26 and targets to achieve org. sales growth of 5.0%-7.0% yoy and an adj. EBITDA margin of 16.6%-17.2%. It also anticipates further improvements in its operating margin, based on ongoing efficiency and restructuring measures, which we believe should help the company to steer towards its >5% organic sales CAGR and a 17%-19% EBITDA margin target by 2030. We slightly tweak our estimates and confirm our BUY rating and unchanged EUR 68.00 price target. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

A 30% share price correction YTD creates an attractive entry point for KION and prompts us to upgrade the stock to BUY from SELL. The recent sell off has brought valuation multiples back into their historical range, providing a more balanced starting point for investors. While operational execution and proof of margin expansion remain critical, the risk reward profile has improved materially following the correction, supporting our rating upgrade. We also reassess the company’s risk profile, as the expected lower leverage and more balanced maturity structure should lead to lower capital costs. With a new price target of EUR 55.00 (old: EUR 48.50), we recommend to BUY. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

Preliminary FY25 results from Dermapharm Holding (DMP) show a 1.3% revenue decline to EUR 1,165m, slightly below expectations but within guidance, as the company continued withdrawing low-margin parallel import products. Q4 revenue grew 1.6% yoy, signaling that the portfolio streamlining is nearing completion. Profitability exceeded expectations: adjusted EBITDA rose 2.9% to EUR 325m with a 27.9% margin, and Q4 EBITDA increased 16.7% yoy to EUR 87m. Branded pharmaceuticals remained solid, while Other healthcare products and Parallel import business saw mixed trends. With earnings visibility improving, we reaffirm our EUR 45.00 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Planethic has secured SAFE financing from a FoodTech investor to fund a new Mililk production facility in Chicago, covering the full initial investment, operational launch, and start-up losses without diluting the parent company. The plant, scheduled to start operations in summer 2026, marks a key step in Mililk’s North American expansion. The SAFE structure reduces financial risk and protects Planethic’s balance sheet while transferring part of the subsidiary’s future upside to the investor. We confirm our EUR 12.50 price target and maintain a Speculative Buy rating. Note that successful scaling of the US plant alone could generate enough value to justify Planethic’s current enterprise value. The full update can be downloaded under https://research-hub.de/companies/planethic-group-ag