A cross-read from SUMCO reinforces our initial 2026 view. While leading-edge 300mm demand remains structurally supported, legacy inventory digestion is set to continue weighing on wafer purchase volumes into 2026, particularly in non-leading-edge 300mm and 200mm segments. For Siltronic, this translates into a weak H1, with only a gradual and modest improvement in H2 as inventories work down. With low volumes and pricing not yet reflationary, depreciation elevated from the FabNext ramp-up, and additional FX headwinds, we expect 2026 earnings to remain negative and likely deteriorate further versus 2025 before recovering. We therefore reiterate our HOLD rating and maintain our price target of EUR 51.00 pending clearer evidence of inventory digestion, particularly in the legacy segments before turning constructive. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

KWS reported a slightly improving Q2, though the quarter remains seasonally small, with the main earnings contribution usually coming in Q3. H1 sales were broadly in line, supported by operational improvements and one-off gains from the North American corn license sale and AgReliant disposal. Cereals remained the key earnings driver, while Sugarbeet was weaker due to reduced planting areas. Corn benefited from the one-off, and Vegetables stayed negative due to ongoing R&D investments. The company now expects flat comparable sales for FY26, down from previously anticipated growth of around 3%, and confirmed its EBITDA margin guidance of 19–21%, reflecting continued focus on cost discipline and profitability. We adjust our est., confirm our BUY rating and revise our PT slightly to EUR 82.00 from EUR 83.00. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

Given this background, mwb research is hosting an online roundtable with Erik Nagel (CEO) and Heiko Luck (Sales DACH & EU) on February 19, 2026, at 2:00 p.m. After 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; access details will be provided after registration at https://research-hub.de/events/registration/2026-02-19-14-00/UMDK-GR.

TeamViewer (TMV) reported Q4 2025 results. As pre-released, pro forma revenues stayed flat yoy at EUR 194.6m (+2% yoy in constant currency [cc])) in Q4, taking the full-year pro-forma topline to EUR 767.5m (+5% yoy cc), in line with company guidance of reaching the lower-end of EUR 766m-785m. TMV also achieved its targeted adjusted (adj.) EBITDA margin of c. 44% for the full year (45% in Q4) on disciplined cost management. The company exhibited improving execution quality with material acceleration on its standalone Enterprise annual recurring revenues (ARR; +19% yoy cc) and a return to positive sequential ARR growth at 1E. For FY26, management expects only weak revenues grow of 0%-3% yoy in cc and targets a declining adj. EBITDA margin of c.43%, reflecting a cautious stance amid a volatile market environment. TMV’s shift in business towards AI/automation, an uptick in enterprise deals, and good traction for 1E’s DEX platform are reassuring. We include FY25 figures and the new guidance in our model. Despite lowered estimates and a reduced PT of EUR 9.60 (before EUR 10.00), valuation remains attractive, and we maintain our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/teamviewer-se

CECONOMY delivered a solid start to FY 2025/26 against a high prior-year base. Adjusted sales in Q1 grew 3.4% (LFL +3.0%) to EUR 7.6bn, supported by strong online momentum (+6.9%) and double-digit growth in Services & Solutions (+13.7%). Gross margin improved by 40bps to 17.3%, driven mainly by mix effects from accessories, services and marketplace. Adjusted EBIT rose 11% to EUR 311m (4.1% margin), with early positive signals from Poland’s restructuring. Free cash flow was seasonally strong at EUR 1.52bn. Guidance was confirmed. With JD.com holding a controlling stake pending final approvals, EUR 4.60 per share remains the valuation anchor. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

Gerresheimer (GXI) has postponed the publication of its 2025 financial statements and launched further investigations into revenue recognition and inventory accounting, intensifying concerns around financial reporting. Expanded corrections for 2024 and substantial non-cash impairments of EUR 220–240m represent a significant balance sheet shock, and EPS 2025 is likely to turn sharply negative. The planned sale of Centor, a high margin US business, may support short-term deleveraging but is strategically dilutive. Although the 2026 outlook points to operational resilience, forecasting visibility remains low. In addition, governance issues and accounting uncertainty dominate the investment case. We lower our estimates and apply a higher risk discount in our DCF model, leading to a new PT of EUR 19.10 (from EUR 27.60). We reiterate our HOLD rating given the absence of near-term catalysts. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

Recent AI-related concerns have triggered a broad sell-off across software equities, also affecting Chapters Group. We view the share price decline as a sentiment-driven move without evidence of weakening portfolio fundamentals. Chapters’ assets are predominantly mission-critical systems of record, deeply embedded in regulated workflows with high switching costs, which supports their resilience in an AI-driven environment. Following the sharp compression in software multiples, we place less emphasis on relative valuation and focus on intrinsic, cash flow-based approaches, notably a DCF and SOTP analysis. In our view, the sell-off appears disproportionate to the quality and durability of the portfolio. We therefore reiterate our BUY rating and EUR 48.00 PT and see the recent sell-off as an attractive entry opportunity. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

Q1 FY26 was largely in line with expectations, reflecting a normalization in project execution after a busy prior year. Sales were lower, particularly in Green Hydrogen (gH2), where revenue recognition from major projects was high last year, while Chlor-Alkali (CA) activity slowed in new construction but service remained stable. Order intake softened, with continued delays in gH2 projects and a temporary dip in CA service, yet a landmark Middle East order in CA provides near-term support. Management confirmed FY26 guidance, underpinned by a strong CA order pipeline and actively pursued gH2 projects worth several billion euros, with particularly strong opportunities in Europe and India. Cash remains robust, and the company is well financially positioned and set for a rebound. We increase our estimates from FY28, reflecting the strong near-term gH2 project outlook in Europe. We maintain our BUY rating and raise our PT to EUR 15.00 from EUR 10.00. The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

TKMS delivered a solid Q1 with stable revenues, resilient margins and a guidance update. The pre market share price decline of around 2% appears surprising given the lack of negative fundamental news and, in our view, offers an attractive entry point. While quarterly figures were largely in line, the key takeaway is the upgrade to FY 25/26 revenue growth range by 300bp and the reaffirmed margin expansion trajectory above 6%, with >7% mid-term intact. The reported backlog stands at EUR 18.7bn and would approach roughly EUR 25bn (mwb est.) including the recently signed Norway 212CD order and the highly likely MEKO A-200 contract, materially enhancing long-term revenue visibility. In our view, execution on the existing backlog is sufficient to drive the equity story, with additional tender wins (India & Canada) representing incremental upside rather than a prerequisite for performance. PT EUR 125.00. BUY. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

With FY25 results due on 25 March, we expect Q4 to deliver a sequential catch-up as delayed projects convert, driving a sharp rebound in revenues to ~EUR 26m (+50% qoq) and EBIT to ~EUR 3.6m (vs -EUR 1.8m in Q3), and likely placing FY25 results toward the lower end of guidance. While execution into year-end remains the key near-term focus, attention is increasingly shifting to the FY26 outlook, where we expect conservative but constructive guidance on improving underlying trends, notably continued growth in Asia and gradually stabilizing European demand. We expect revenue guidance in the EUR 90–100m range (c.15% yoy growth at the midpoint) and an EBIT margin of 3–6%. Despite lowering our outer-year estimates, valuation remains undemanding at ~4.8x EV/EBITDA on FY26, underpinning our BUY rating and EUR 6.00 price target. The full update can be downloaded under https://research-hub.de/companies/viscom-se