LANXESS delivered a resilient Q1 2025 in a challenging macro environment, with flat sales but a strong 32% jump in profitability, driven by operational efficiency and restructuring. While pricing pressure, weak end-market demand, and geopolitical uncertainty persist, the company is navigating well—benefiting from tariff exemptions, streamlining its portfolio, and preparing for margin uplift through cost-cutting and divestitures. With its transformation into a pure-play specialty chemicals firm now complete, LANXESS is positioned for more stable, higher-quality earnings as market conditions normalize. mwb research’s analysts confirm their BUY rating with a slightly lower PT of EUR 32.00. The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG

Bechtle AG’s (Bechtle) final Q1 2025 results confirm a weak start to the year, with revenue down 2.8% yoy to EUR 1,461m and EBT falling 32.5% to EUR 55.3m, mainly due to higher personnel costs and lower supplier bonuses. Management reaffirmed its FY25 guidance, expecting 0–5% growth in business volume, revenue development of 3% to +3% yoy and EBT within a -5% to +5% range. Despite ongoing macro headwinds and a likely subdued Q2, Bechtle sees early signs of demand recovery, particularly in the public sector. With a strong, leading market position and long-term drivers intact, mwb research’s analysts maintain their BUY rating with an unchanged price target of EUR 46.00. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

Westwing’s Q1 2025 results were broadly in line, with revenue down 1% yoy to EUR 107m amid ongoing assortment shifts. Adjusted EBITDA rose 45% yoy to EUR 9m (margin: 8.5%, +2.7ppt yoy), supported by cost discipline and efficiency gains. While active customers and order volumes declined, average basket size jumped 28% yoy to EUR 236, reflecting the successful premium repositioning. DACH grew 1% yoy; International fell 4% yoy. Profitability improved across both segments. FY25 guidance was reiterated, with revenue of EUR 425–455m and adj. EBITDA of EUR 25–35m. Despite topline pressure, margin momentum remains strong. mwb research’s analysts maintain their EUR 11.00 PT and reiterate their BUY rating. The full update can be downloaded under https://research-hub.de/companies/Westwing%20Group%20SE

Bauer AG's 2024 performance highlights the successful execution of its turnaround strategy, delivering strong revenue growth despite geopolitical and market headwinds. The company benefited from major project completions and continued restructuring in underperforming regions, while maintaining financial discipline and advancing innovation in sustainable construction technologies. Although earnings were weighed down by provisions and input costs, Bauer’s streamlined operations and reinforced balance sheet position it well for margin improvement. With a clear focus on profitability before growth and exposure to long-cycle infrastructure trends, Bauer is strategically positioned to benefit from future demand upswings. Despite uncertainty, mwb research’s analysts reiterate their BUY with a revised price target of EUR 13.00, underpinned by improving margin quality, accelerating innovation, and strategic discipline. The full update can be downloaded under https://www.research-hub.de/companies/Bauer%20AG

ABOUT YOU (AY) reported solid FY 2024/25 results, with revenue up 3.4% to EUR 2,001.7m and gross profit rising 7.9% to EUR 807.8m. Adjusted EBITDA improved to EUR 28.1m, and despite a net loss of EUR 106.7m, free cash flow was strong at EUR 55.5m, reflecting operational discipline and a working capital release. Q4 saw accelerating momentum with revenue up 8.7% and narrowed EBITDA losses. For FY 2025/26, AY expects moderate revenue growth and stronger EBITDA, with segment reporting aligning to Commerce and SCAYLE. The Zalando takeover offer at EUR 6.50/share has secured over 90% acceptance and is set to close by summer. mwb research’s analysts recommend accepting the offer and rate the stock SELL. The full update can be downloaded under https://www.research-hub.de/companies/ABOUT%20YOU%20Holding%20SE

Schloss Wachenheim’s Q3 results reflect macro and seasonal softness following a strong holiday-driven Q2, with Easter timing shifting demand into Q4. Q3 Group revenue was slightly down (-0.7% yoy), though gross profit held up. Eastern Europe underperformed, while Germany and France showed resilience. 9M performance remains solid, with revenues up 1.5% yoy and EBIT up 13.0%. Notably, operating cash flow surged 70.9% to EUR 29.3m, driven by working capital efficiency. Management reaffirmed FY guidance, with Q4 expected to benefit from delayed holiday demand. The analysts from mwb research confirm their EUR 22.00 PT and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Schloss%20Wachenheim%20AG

Fresenius Medical Care (FME) delivered a decent set of results in Q1 2025. Revenues grew 5% yoy organically (org.), and by 3% yoy on a reported basis to EUR 4.9bn, coming in line with consensus. Both Care Delivery and Care Enablement segments contributed to the positive performance, with the former reporting 4% yoy and the latter posting 5% yoy org. top-line growth. The company is progressing well on its FME25 plan and generated EUR 68m in savings in Q1, which drove 13% yoy growth in operating income to EUR 457m, a 2% beat vs consensus. The margin improved 90bps yoy to 9.4% on the back of more pronounced improvement at Care Enablement (+2.4ppt yoy to 8.3%). Looking ahead to FY25, FME reiterated its guidance, expecting revenue growth to be positive to low-single digits and significant profitability improvements (margin of c. 11%-12%), driven by efficiency gains from the FME25 program. Based on the positive earnings potential (EPS), mwb research raises the PT to EUR 52.00 (old EUR 47.00), while the analyst confirms the HOLD rating. The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care

Infineon’s Q2 confirms the cycle has likely bottomed, with stable execution and early signs of recovery across segments, especially in Automotive and AI-driven PSS. As mwb research’s analysts anticipated in their preview, mounting FX and tariff-related uncertainties have led to a cautious full-year guidance cut. While near-term sentiment may result in some volatility, the company’s structural growth drivers and the underlying dynamics are positive. mwb research’s analysts maintain their BUY rating and EUR 34.00 price target unchanged, reflecting their conviction in Infineon in delivering shareholder value despite the tough environment. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

AUTO1 reported record Q1 2025 results, beating consensus across all metrics. Revenues rose 34% yoy to EUR 1.9bn (13% beat), driven by double-digit volume growth in both Merchant (+24%) and Retail (+28%) segments, with average selling prices up 7% yoy. Gross profit jumped 45% yoy, and gross profit per unit rose 17% to EUR 1,160 (6% above consensus). Adj. EBITDA more than tripled to EUR 58.1m. Management reaffirmed unit sales guidance of 735k–795k vehicles, while raising gross profit to EUR 845m–905m (from EUR 800m–875m) and adj. EBITDA to EUR 150m–180m (from EUR 135m–165m). AUTO1’s integrated model and growing network support further growth. mwb research’s analysts maintain their BUY rating with an unchanged EUR 27.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE

Fielmann delivered a strong Q1 2025, confirming preliminaries, with revenues up 12.2% yoy to EUR 593m and adjusted EBITDA rising 28% to EUR 146m (margin: 24.2%). Growth was driven by international markets, particularly the US, Poland, and Spain, while Germany showed steady performance. Profitability improved on the back of better sellout structure and cost efficiencies. EPS rose to EUR 0.62 (+26% yoy). The company confirmed its full-year guidance and proposed a dividend of EUR 1.15 per share (2.1% yield). With international expansion on track and margin targets met early, mwb research’s analysts maintain their BUY rating and EUR 68.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG