Delivery Hero's FY 2025 results confirmed operational progress: adj. EBITDA +30% to EUR 903m, FCF positive for a second year (before extraordinary items), and Integrated Verticals reaching breakeven. AdTech continues to show momentum. However, extraordinary legal outflows drove net debt up by c.EUR 0.5bn to EUR 2,4bn despite positive operating cash generation. The 2026 outlook reflects deliberate reinvestment into the Everyday App strategy, with adj. EBITDA guided at EUR 910-960m. The pending Taiwan disposal (USD 600m) should ease liquidity. Shareholder noise from Aspex and the Prosus overhang add near-term uncertainty. BUY, PT EUR 28.00 confirmed. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

MS Industrie’s preliminary FY25 results came in below expectations, as the strong momentum from Q1-Q3 did not carry into Q4, which showed a clear slowdown and weaker profitability driven by US ramp-up costs. On a full-year basis, core revenue remained broadly stable when adjusted for the MS Ultraschall divestment in the prior year base. Adjusted EBITDA, excluding ramp-up costs and FX effects, still showed a resilient underlying trend. Looking ahead, a solid order backlog supports FY26 growth expectations, driven by the core business and the US ramp-up into AI-related applications. While macro uncertainties remain, visibility is solid. Additional support comes from accounting tailwinds related to the Trossingen site acquisition, though we slightly trim profitability forecasts due to truck-cycle headwinds and weaker contributions from minority investments. Overall, we continue to see MS Industrie as well positioned, supported by strong OEM exposure, low capex needs and increasing diversification. We reiterate BUY with a revised PT of EUR 2.20 (from EUR 2.40). The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Airbus likely delivered ~129 aircraft in Q1 (mwb est), below the already weak 136 in Q1 2025 and clearly behind what is required to support the 870 FY guidance. This implies a Q1 run rate of just 14.8% of the FY, compared to 17.2% last year and a 10 year average of 18.6% (a gap of 240bp and 380bp respectively). Airbus would need to deliver ~741 aircraft over the remaining nine months, a step up that looks increasingly demanding given the current starting point. This is not a demand issue but an execution problem. Engine shortages, particularly from Pratt & Whitney, continue to cap deliveries and have already been flagged as ongoing. While Airbus has historically relied on a strong Q4 to catch up, the current shortfall appears too large in our view, especially with no clear resolution on the key bottleneck. We therefore see a high probability of a delivery guidance cut with the Q1 results. We therefore lower our 2026 delivery estimate from 860 to 840 aircraft and reduce our sales and margin assumptions. HOLD, PT reduced to EUR 170.00 (from 173.00). The full update can be downloaded under https://research-hub.de/companies/airbus-se

AUTO1 Group delivered a strong FY25, with revenues up 30% yoy to EUR 8.2bn, adj. EBITDA surging 81% to EUR 198m and net profit more than tripling to EUR 78m, all at record-high volumes of 842k units. Operating leverage is clearly kicking in. With only 3.1% market share in a EUR 700bn European used car market and an adj. EBITDA margin of 2.4% versus a long-term target of 5-9%, the structural upside remains compelling. A constructive pricing environment, AUTO1's Price Index up 2.0% ytd, supports FY26 guidance of EUR 250-275m adj. EBITDA (+33% yoy). The stock's recent underperformance looks overdone. BUY, PT EUR 33.00. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Dermapharm Holding (DMP) reported detailed financial results for FY25, confirming its preliminary print. Revenues declined 1.3% yoy to EUR 1.17bn as good organic growth in Branded Pharmaceutical was more than offset by the planned phase-out of low-margin products in the Parallel Import business. Adj. EBITDA increased 2.9% yoy to EUR 325m, corresponding to a 1.2ppt yoy improvement in the margin to 27.9%. Revenues grew 1.7% yoy in Q4; however, strong adj. EBITDA growth (+17.8% yoy) and a 4.1ppt yoy margin improvement to 30.0% were particularly impressive and suggest that portfolio transformation is likely nearing completion. For FY26, management guides for revenues of EUR 1.182bn-1.218bn (+3% yoy at the mid-point) and adj. EBITDA of EUR 331m-341m (c.+3% yoy with a margin of c.28% at the mid-point). While volume-driven momentum is likely to remain limited in the near term, structural measures are enhancing visibility of the earnings trajectory. We update our estimates and reiterate our BUY rating on DMP at a slightly higher PT of EUR 48.00 (before EUR 45.00). The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

The FY25 annual report confirms that the anticipated profitability inflection has yet to materialize, as improving order intake and in-line revenues were overshadowed by weak earnings driven by adverse mix, write-downs, and FX losses. As a result, EBIT remained negative but improved yoy, cash flow came under pressure as working capital absorbed liquidity. Demand remains clearly bifurcated, with structural softness in automotive, battery inspection, and parts of microelectronics offset only partly by strength in SMT, Asia-driven projects, and device inspection. FY26 guidance points to stabilization and further margin expansion. Following the recent share price correction, valuation is increasingly undemanding on mid-cycle assumptions. We have upgraded to BUY from HOLD with an unchanged price target of EUR 5.00. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Friedrich Vorwerk (FVG) announced its FY25 results, fully in line with preliminary figures. Profitability increased strongly, driven by efficient project execution, favorable pricing, and operating leverage, while the balance sheet strengthened further and the dividend proposal came broadly in line with expectations. Order intake was softer throughout the year, resulting in a declining order book, although backlog visibility remains solid. This reflects a more cautious investment environment, mainly due to delays in the German infrastructure program and slower hydrogen development. Looking ahead, management guides continued growth in FY26 at broadly stable margins, with some near-term headwinds in Q1 due to weather conditions. We slightly adjust our estimates in light of the softer-than-expected guidance. At the same time, risks are gradually increasing amid macro uncertainty and a renewed energy crisis, similar to the 2022/23 environment. Against this backdrop, we remain cautious and reiterate our SELL rating with a reduced PT of EUR 60.00 (old: EUR 65.00). The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

Leifheit reported FY25 results fully in line with preliminary figures in a still challenging market environment. Revenue declined yoy, mainly driven by softer demand in Germany and key European markets. EBIT was lower yoy, while adjusted EBIT excluding one-off effects was only slightly below the prior year, highlighting resilient underlying profitability supported by efficiency gains and a more favorable product mix. Free cash flow decreased yoy but remained clearly positive, underlining solid cash generation despite a weaker earnings base. For FY26, management reiterated guidance for slight revenue growth and broadly stable EBIT yoy, indicating a stabilization phase rather than a strong cyclical recovery. Free cash flow is expected to remain steady yoy. Strategic focus is shifting toward execution of the company’s strategy, including brand relaunch, stronger marketing, and the FOCUS performance program aimed at improving efficiency and competitiveness. We maintain our BUY rating and PT of EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

cyan AG reported FY25 prelims in line with expectations, with revenue at the top end of guidance (EUR 9.2m) and EBITDA of EUR 0.75-0.85m, confirming a clear turnaround despite ongoing investments. Operationally, growth remains driven by the telco business, while Guard 360 has entered the market with first partners secured. For 2026, management guides further revenue growth (EUR 10.2-11.5m) and continued positive EBITDA, while maintaining investments in product development and sales. Visibility on topline development remains supported by continued customer growth and rollout activity. We leave our estimates unchanged and confirm our BUY rating with a EUR 4.00 price target. The full update can be downloaded under https://research-hub.de/companies/cyan-ag

The Platform Group (TPG) continues to expand its Optics & Hearing segment through further acquisitions, targeting a structurally higher-margin vertical with EBITDA margins of 20-25%. While this strategy could improve the group’s margin profile, it also increases operational complexity and capital intensity, as the company builds a physical retail footprint. The upcoming FY25 results will be a key validation event, with investors focusing on earnings quality, cash conversion, and working capital dynamics rather than growth alone. For the time being, we maintain our estimates, confirm our EUR 19.50 price target, and reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa