Last close As at 17/08/2026
EUR22.68
▲ 0.32 (1.43%)
Market capitalisation
EUR0m
Research: Industrials
Vincorion supplies power and mechatronic systems for defence and aviation platforms, primarily in Germany and other NATO markets. H126 revenue rose 42.4% to €150.2m and adjusted EBIT increased 33% to €28.4m, while margin declined 1.4pp to 18.9%, reflecting a less favourable product mix, reflecting in the short term a shift between order entry and after sales. However, both are growing and after sales benefits in the long run from the growing installed base. Vehicle Systems and Power Systems drove the growth, supported by higher output and strong demand. Order entry increased to €330.2m, lifting the fixed order book to €615.3m. Management maintained adjusted EBIT margin guidance and now expects FY26 revenue at the upper end of the €280–320m range.
Vehicle Systems and Power Systems accounted for c 78% of revenue and almost all H1 growth. Vehicle Systems revenue increased 72% following the industrialisation of selected production processes in H225, with adjusted gross margin broadly stable at 30.1%. Power Systems grew 41%, driven by ground-based air defence demand, while adjusted gross margin fell 3.0pp to 33.2% due to temporary product mix. Aviation revenue was broadly flat, with margin lower on fx and product mix.
Order entry increased to €330.2m from €72.7m in H125, lifting the fixed order book to €615.3m. Including frame agreements and estimated sole-source volumes, total backlog is equivalent to c 4.2x last-12-month revenue. Soft backlog is based on orders that have become open knowledge and where Vincorion is the single source, providing greater visibility than a purely indicative pipeline. Management noted that almost 80% of Vehicle Systems order entry ended up in NATO member states, indicating demand beyond German defence procurement, providing some diversification from reliance on a single national budget.
The shares rose c 10% following the results. Vincorion trades on c 16.1x blended forward EV/EBITDA, around 8% below a peer group of larger German defence and aerospace companies, while the forward earnings discount is c 16%. The discount may partly reflect Vincorion’s short public-market track record following its March 2026 IPO. H1 provides early evidence of delivery, with adjusted EBIT margin guidance maintained and revenue now expected at the upper end of the range.
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Consensus estimates |
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| Year end | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (€) | P/E (x) | EV/EBITDA (x) |
| 12/25 | 240.3 | 48.2 | 26.0 | 0.80 | 27.6 | 24.3 |
| 12/26e | 306.0 | 66.4 | 45.2 | 0.66 | 33.3 | 17.6 |
| 12/27e | 364.6 | 80.8 | 58.3 | 0.84 | 26.2 | 14.5 |
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Research: Healthcare
Santhera is approaching a defining inflection point as it targets cash flow break-even in Q326, completing its transition into a self-funded rare disease company. The investment case rests on AGAMREE, the first dissociative corticosteroid approved for Duchenne muscular dystrophy (DMD), which has achieved strong early uptake, capturing c 40% and c 50% of corticosteroid-treated DMD patients in Germany and Austria, respectively, with UK adoption tracking Germany’s early launch trajectory. We view this as compelling validation of AGAMREE’s differentiated profile versus conventional corticosteroids. Planned launches in Spain and Italy during H226 should provide the next growth catalyst. Combined with a capital-efficient hybrid model that pairs direct commercialisation in Europe with regional licensing elsewhere, Santhera is well positioned to deliver FY26 revenue guidance of CHF80–90m and its €150m 2028 revenue ambition, validating the scalability of its business model.