Mister Spex’s FY25 results confirm its SpexFocus transformation is improving profitability through cost discipline, despite a deliberate 16% revenue decline to EUR 181.5m. The company reduced promotions and exited unprofitable markets, leading to a 27% drop in active customers but significantly higher earnings quality. Gross margin rose to 55.6%, EBIT improved to minus EUR 26.3m, and operating cash flow turned positive. Growth is shifting toward higher-margin prescription glasses and retail stores, supported by rising average order value. FY26 will remain transitional, with flat to declining revenue and continued restructuring costs, but improving margins signal progress. Overall, Mister Spex is prioritizing sustainable profitability over scale, requiring investor patience. We reiterate to BUY with unchanged PT of EUR 3.40. The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

EDAG delivered better than expected FY25 results, supported by a stronger Q4 and improving cost efficiency. While revenue declined in a difficult automotive environment, profitability developed better than feared, reflecting early restructuring benefits and tighter cost control. FY25 was clearly a transition year towards a leaner and more resilient cost base, even as automotive OEMs continued to reduce and internalise R&D spending. At the same time, diversification continued to gain traction, with defence emerging as the key growth driver and industrial end markets providing additional support. This is gradually reducing reliance on automotive, even though the segment still dominates the earnings base. Looking ahead, EDAG expects a stabilising environment with improving profitability driven by restructuring savings, disciplined execution, and a higher share of non-automotive business. While automotive headwinds persist in the near term, the medium-term outlook is supported by diversification and a potential cyclical recovery in R&D spending. Therefore, we reiterate our BUY rating with an unchanged PT of EUR 6.50, implying an upside of 64%. The full update can be downloaded under https://research-hub.de/companies/edag-engineering-group-ag

The final FY25 figures add only little beyond the prelims announced in February. Since then, the shares dropped >13%, after 2026 revenue guidance of EUR 2,750m came in below market expectations. Our key question remains whether today’s elevated growth can be sustained beyond 2030, in a sector that typically benefits from highly plannable revenue streams. While Hensoldt offers strong visibility through the current rearmament cycle to 2030, we believe consensus is already pricing in too much durability beyond that point, effectively inflating terminal value assumptions without sufficient proof. Around 10% of management’s EUR 6bn 2030 revenue ambition is tied to M&A, while consensus already appears to assume organic revenue growth to c.EUR 5.7bn, which looks too aggressive in our view. Software defined defence could support a more recurring revenue profile over time but is still only expected to reach c.8% of sales by 2030. We therefore continue to view the current setup as more cycle driven than structurally underpinned and reiterate our SELL rating with a EUR 57.00 price target. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

The upcoming opening of Terminal 3 on April 22 marks a strategic shift for Frankfurt Airport, as airlines relocate to the modern 20m-passenger facility, allowing Lufthansa to consolidate its operations within the 60m-capacity Terminal 1. However, Fraport’s indication to mothball Terminal 2 until 2034/2035 - following an estimated EUR 1.5bn renovation - suggests a conservative view on long-term passenger growth. It could also serve as a tactical move to block a "Munich-style" joint venture that would force Fraport to share lucrative non-aviation revenues with Lufthansa. While this delay supports the new dividend policy by deferring heavy capex and improving mid-term cash flow, the tacit admission that 2019 traffic levels may not be structurally exceeded for another decade reinforces a cautious investment outlook. We maintain our SELL rating with a EUR 62.00 price target. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Amadeus Fire reported FY25 results confirming a deep cyclical trough, with revenue falling 16.8% yoy to EUR 363.6m and operating EBITA dropping to EUR 13.7m. Adjusted for EUR 6.1m in restructuring costs, EBITA reached EUR ~20m, reflecting the severe impact of German economic stagnation on both Personnel Services and Training segments. Despite the first net loss in decades at EUR -2.2m, the group has successfully reset its cost base and pivoted toward scalable digital training via the acquisitions of Masterplan and eduBITES. While recovery visibility remains limited for H1 2026, the leaner organization and shift toward recurring SaaS-based revenue support a significant earnings rebound by 2027. We maintain our BUY rating but adjust our PT to EUR 70.00 (prev. 80.00). The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

Gevorkyan has completed a 7.2% capital increase through an accelerated bookbuilding, issuing 1.2m shares at CZK 192 (~EUR 7.86) and raising about EUR 9.0m net to fund expansion, innovation, automation, and international growth. The deal included a share-lending arrangement with majority shareholder Artur Gevorkyan, who is subject to a 180-day lock-up. The funds will support the recently acquired Bologna-based factory, which strengthens Gevorkyan’s global customer base (including Ducati and Piaggio) and positions it for growth in defense and aerospace markets. The acquisition is expected to drive revenues through 2029, but lacking any disclosure on purchase price or financial figures, we leave our estimates unchanged for now. The dilution then results in a new price target of EUR 12.80 (old: EUR 13.70) and confirmation of our BUY recommendation. We recently initiated coverage of Gevorkyan, the full note can be downloaded here: https://research-hub.de/companies/gevorkyan-as. The full update can be downloaded under https://research-hub.de/companies/gevorkyan-as

Stratec’s FY25 preliminary results confirm a weak year, with Q4 failing to deliver the expected recovery. In 2025, sales declined by 2.6% and margins reached only the lower end of guidance. Additionally, EUR 10.5m in impairments related to a product family reflect delayed launches and reduced growth potential. While management guides for mid- to high-single-digit growth in 2026, visibility remains limited due to ongoing supply chain disruptions and cost pressures. Despite reduced estimates and the lower price target to EUR 24.30 (before EUR 27.10), we maintain our BUY rating given the recently weak share price performance. The full update can be downloaded under https://research-hub.de/companies/stratec-se

Yesterday’s earnings call confirmed the company’s resilient outlook and strategic discipline. The company reported a strong FY25, with revenue of EUR 158m and record EBITDA of EUR 126.7m, supported by vessel sales but underpinned by solid operations and a strong balance sheet. For 2026, management guided conservatively, with most revenue already secured via charters, ensuring high visibility despite planned dry dockings for class renewal. The company continues to streamline its structure through minority buyouts and remains disciplined in capital allocation, focusing on various shipping segments while avoiding high-risk investments. Its niche positioning and flexible divestment strategy help mitigate risks, supporting a resilient outlook and reinforcing confidence in its medium-term growth trajectory. We maintain our BUY stance with unchanged PT of EUR 12.50. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Verbio has raised its FY26 EBITDA guidance, reflecting strong biofuel demand, improving spreads, and a more supportive regulatory and geopolitical backdrop. The company also expects further deleveraging by year-end. This confirms our more constructive view outlined earlier this week, particularly regarding improving market conditions driven by geopolitical tensions and energy-market tightness similar to 2022. Following the upgrade, we raise our FY26 estimates and position ourselves at the upper end of guidance, which we still view as conservative. We also slightly increase capex assumptions and lift estimates for the following years, reflecting higher confidence in the outlook. Improving spreads, higher GHG quota prices, and stronger policy support reinforce our positive view. We raise our price target to EUR 50.00 (from EUR 44.00) and reiterate our BUY rating. On April 14, the company will provide first-hand insights at our German Select online conference. Register here: https://research-hub.de/conference/german-select-vii The full update can be downloaded under https://research-hub.de/companies/verbio-se

ZEAL delivered a mixed Q4, with weak Eurojackpot dynamics sharply reducing engagement and billings, partly cushioned by resilient 6aus49 and strong momentum in newer verticals like Games and raffles. While revenue slightly beat on product mix, profitability missed due to higher marketing spend and investments in new verticals. Looking ahead, 2026 guidance points to solid double-digit growth driven by product diversification, but with continued margin pressure as ZEAL leans into marketing and scaling initiatives. The company proposed a dividend of EUR 1.40 per share for FY25, flat yoy if we exclude the special dividend. We adjust our model and estimates, resulting in a higher price target of EUR 72.00 (old 67.00) and maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se