Morning Comment Germany-07/06/2026

Research evidence excerpt

Morning Comment Germany-07/06/2026

Morning Comment Germany

6 JUL 2026

Today’s research focus: Kontron

• Kontron – Buy, TP EUR 28: Reported Q1 figures fell y/y, but the decline is largely down to divestments and the Greentec restructuring,

which weighs on current earnings. The core is healthy: rail, aerospace & defense, and cyber all grew double-digits organically, and

Software & Solutions carried group profitability. We view flat FY guidance as slightly conservative, with Greentec savings potentially

turning a drag into an H2 tailwind. Ennoconn's mandatory offer at EUR 23.50 is most probably technical; we expect the board to reject it

as inadequate, while it caps downside. We reiterate Buy, EUR 28 target, ~20% upside; our peer cross-check suggests the DCF is

conservative. Link to report

Please see Morning Update for relevant share prices and market data

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein. When distributed in the US: This document is intended for institutional investors and is not subject to all of the independence and disclosure standards

applicable to equity/debt research reports prepared for retail investors. This material is considered by Pareto Securities to qualify as an acceptable minor non-monetary benefit according to Directive

2014/65/EU Article 24 (7)(8) and Commission Delegated Directive 2017/593.

Pareto Securities © 2026 1