Amadeus Fire reported preliminary FY25 revenue of EUR 364m, down 17% yoy but within the EUR 355-385m guidance. Operating EBITA fell sharply to EUR 14m (FY24: EUR 55.5m), landing slightly below the EUR 15-25m target range, which however was heavily burdened by EUR 6m in total restructuring costs. Implied Q4 revenue hence reached c. EUR 87m, while reported quarterly result near break-even. Both Personnel Services and Training segments suffered from Germany’s economic stagnation and cautious hiring. While the restructuring is now complete and adjusted EBITA stood at EUR 20m, a meaningful recovery is unlikely before 2027. We expect continued pressure in H1 2026 but remain positive on the long-term digital pivot. BUY, PT EUR 80.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

INDUS is expected to deliver a solid Q4 and FY25 performance within guidance, demonstrating resilience in a complex industrial environment. Q4 revenue is projected at EUR 450–457m with EBIT of EUR 38–40m, implying a ~9% margin and strong sequential and yoy improvements. Consensus EPS of EUR 0.44 underscores sustained profitability. For FY25, revenue of EUR 1.73bn and adjusted EBITA of EUR 150m (8.7% margin) reflect controlled execution and 2–3% yoy growth, supported by disciplined cost management and five bolt-on acquisitions under the “EMPOWERING MITTELSTAND” strategy. A record order backlog and solid order intake enhance 2026 visibility. While free cash flow generation remains key, fundamentals appear robust. We reiterate our BUY rating with an unchanged price target of EUR 35.00. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Deutsche Rohstoff reported solid FY25 operational results with average production of ~13,600 BOE/d, broadly in line with estimates. Total output fell 8% due to lower gas volumes, but the oil share rose to 65%, driven by strong performance from the Chinook wells. For FY26, the company plans disciplined growth focused on the Powder River Basin, with 8.5 net wells expected online, and acreage secured in Ohio, leading to total capex of USD 84m (mwb est.). The recent strong increase in proved and probable reserves, massive gains in the Almonty stake and upgraded estimates now lead to price target of EUR 88.00 (from EUR 69.00). We confirm our BUY rating. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

NORMA Group reported Q4 FY25 prelim results in line with our expectations, confirming resilient operating cash flow despite a challenging market environment. FY25 revenue was within guidance, though slightly down yoy, reflecting a slowdown in the distribution business with connecting components due to softer demand in automotive and industrial markets. The early February 2026 sale of the Water Management (WM) business unit generated a significant net cash inflow, strengthening the “NewNORMA” strategy with a focus on industrial applications in connection technology, reducing debt, and returning substantial value to shareholders. Efficiency measures are already delivering savings, supporting margins. Backed by a robust balance sheet, NORMA is well positioned to pursue growth opportunities. We still see the risk & reward profile as promising and maintain our BUY rating with a PT of EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

Fincantieri’s CMD resets expectations for European submarine profitability and, in our view, strengthens the case for TKMS. While group numbers are not directly comparable due to cruise exposure, the message is clear. Underwater systems are the core growth driver through 2030, with targeted submarine EBITDA margins of ~20% (!). This sets a new benchmark for sector economics. Against this backdrop, TKMS’s current margin profile looks temporarily depressed. As platform lead and technology authority for the 212 family, TKMS should benefit as volumes scale and legacy contracts roll off. The reported Q1 -1.6% adj. EBIT margin is not representative of normalized earnings power. If peers target ~20% EBITDA in submarines, there are only few structural reasons why TKMS should not move in a similar direction in the long-term. Our ~14% group EBITDA assumption by 2030 may therefore prove conservative. We reiterate BUY with a EUR 125.00 price target. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Bechtle had already reported prelims on February 6, highlighting a solid Q4 performance that should extend into FY26. The company delivered FY25 targets despite muted demand, posting prelim EBT of EUR 324m with a 5% margin and modest +2% yoy revenue growth. Earnings resilience reflected disciplined cost management and an improved mix toward services and software, offsetting weak public-sector procurement and cautious SME spending. Delayed federal budget approval weighed on tenders, though regional public demand began recovering in Q4. FY26 should mark earnings stabilization. Structural drivers including cloud migration, cybersecurity, Windows 10 replacement, while massive AI investments lead to selective supply constraints and increasing hardware prices. We confirm our EUR 44.00 price target and upgrade from HOLD to BUY after recent price decline which seem to be overdone. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

In this context, mwb research is organizing an online roundtable with Dr. Franz Richter (CEO) and Robert Stark (CFO) on February 24, 2026, at 2:30 p.m. 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. Access details will be provided after registration at https://research-hub.de/events/registration/2026-02-24-14-00/HNL-GR.

Carl Zeiss Meditec (CZM) reported weak set of numbers in Q1 FY 2026 that were in line with its pre-release. Revenues declined c.5% yoy to EUR 467m and EBITA slumped disproportionately by 77% yoy to EUR 8.1 (margin: -5.5ppt yoy to 1.7%), owing to adverse FX, an unfavorable mix, and operating deleverage. EBITA performance at both the Ophthalmology and Microsurgery divisions deteriorated during the quarter. Following the withdrawal of FY26 guidance at the time of pre-release and several ongoing challenges, including postponed clinic investments in the Americas and expected pricing pressure from the upcoming volume-based procurement tender for bifocal intraocular lens in China, we prefer to maintain our cautious stance on the company. We await more clarity on the company’s strategic direction and cost-optimization initiatives, which management plans to present in May 2026, along with an update on FY26 outlook. We maintain our recently cut estimates and apply a higher risk discount in our DCF model, leading to a new PT of EUR 29.50 (old EUR 31.00). Despite the recent sell-off (down 38% over the past month), the rating remains HOLD. The full update can be downloaded under https://research-hub.de/companies/carl-zeiss-meditec-ag

The recent share price dip highlights an attractive risk-reward profile ahead of Q4. Fundamental momentum remains strong, supported by robust order intake and a high backlog, reinforcing confidence in the company’s growth trajectory into the next years. Q4 results are expected to confirm continued profitability expansion, while the market could be pleasantly surprised by the outlook for the next fiscal year or potential mid-term targets. Strong cash generation and the potential for shareholder returns further enhance the investment case. With the outlook remaining positive, the recent dip may present a compelling entry point. We reiterate our BUY with a PT of EUR 36.00. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Amadeus Fire AG is set to report weak Q4 2025 results amid continued subdued demand in Germany. A broad-based recovery has yet to materialize, and sentiment remains fragile across staffing and training markets. Q4 earnings are expected to be burdened by additional restructuring costs (mwb est. of c. EUR 1m), likely pushing FY25 EBITA to the lower end of the EUR 15–25m guidance range. While both recent acquisitions are developing positively, they remain too small to materially impact near-term earnings. We expect losses to persist in H1 2026, though results should improve as roughly EUR 6m in restructuring expenses roll off. A more meaningful operational recovery is unlikely before 2027. We maintain BUY with a reduced price target of EUR 80.00 (prev. EUR 90.00). The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag