Mid-Cap Highlights

Research evidence excerpt

Mid-Cap Highlights

EUROPE | European Midcaps EquityJuneResearch12, 2026

Kardex EV/EBIT FY2Mid-Cap Highlights

This week we highlight our companion note for the German & Swiss Corporate

Conference, where we are catching up with c.55 companies across Jefferies

DACH Universe. Starting on 23 June in Baden Banden, we'll gain insights & new

perspectives ahead of results and other events. Broader European read-through

remains selective: DO & CO and Systemair posted strong Q4 updates, while .

Source: FactSet, Jefferies

Kardex’s temporary order softness creates a potential Buy-the-Dip opportunity.

At 14x EV/EBIT (2026-27E), Systemair trades

at a 15% discount to its five-year averageJefferies 2026 German & Swiss Corporate Conference Companion (2026-06-10): From Tuesday

23 June until Wednesday 24 June, we will be hosting our inaugural German & Swiss Corporate

Conference, at the renowned Brenners Park-Hotel in Baden-Baden. This companion document

provides investors with brief business overviews and potential discussion topics for all 55 covered

companies attending. We make no forecast or price target changes within this note. Link.

Full Charge Ahead: Europe's Storage Build Out (2026-06-09): Battery storage is rapidly emerging

as one of Europe’s most important power-market investment themes. Rising renewable penetration .Source: Factset, Jefferies

is driving structurally higher volatility, curtailment and negative pricing, increasingly undermining

standalone renewable economics. We believe falling costs, accelerating co-location adoption and DO & CO: EBIT Margin Development Over The

supportive regulation position BESS as a key multi-year beneficiary of Europe’s energy transition Quarters

and grid flexibility needs. Link.

Systemair (SYSR-SS, Mkt.