Mid-Cap Highlights

Research evidence excerpt

Mid-Cap Highlights

that have already been

disclosed by the company, previously reported on and disproven, or relate to private issues at

shareholder level. Ottobock fully reaffirms the integrity of its BaFin-approved securities prospectus

(October 2025), its audited financial statements with unqualified opinions by KPMG AG, and all

other capital market disclosures. In today’s press release, Ottobock also commented in detail on

the report’s main allegations. In our view, the topic of Ottobock’s Russia business, in particular,

appeared to attract the greatest investor attention. Link.

Alfen (ALFEN-NL, BUY, Mkt. Cap €0.3B) The Future Is Electric (2026-05-21) Alfen is well

positioned to capitalise on the accelerating energy transition, with double-digit growth in all end-

markets, projected to drive a near-doubling of EBITDA margins by FY30E. Smart Grids deployment

Martin Comtesse, CFA * | Equity Analyst

accelerated 10x, ahead of a Crisis Act combatting grid congestion, while Energy Storage order 49 69 719187107 | mcomtesse@jefferies.com

intake surged 60%, and EV Charging is set to regain share. We upgrade to Buy, after increasing

David Kerstens ^ | Equity Analyst

EBITDA by 9%-27%, and lifting our PT from €9 to €18 (40% upside). Link. 44 (0) 20 7029 8684 | dkerstens@jefferies.com

Feedback: Call with Delta Electronic's Director of DC Solutions & Architecture (2026-05-20): AI Constantin Hesse ^ | Equity Analyst

data centre power constraints are shifting the industry toward new architectures and supply-driven 44 (0) 20 7029 8543 | chesse@jefferies.com

decisions. Grid interconnection delays, transient load challenges and severe equipment bottlenecks Henrik Paganetty ^ | Equity Analyst

are accelerating adoption of 800V DC systems, SSTs and behind-the-meter generation.