Mid-Cap Highlights

Research evidence excerpt

Mid-Cap Highlights

EUROPE | European Midcaps EquityJulyResearch17, 2026

MIPS trades near post-pandemic trough levelsMid-Cap Highlights

at 16x '27e EV/EBIT

Earnings season is in full swing with numerous positive surprises this week

despite the ongoing geopolitical uncertainties. Georg Fischer, Munters, MIPS,

TOMRA, Wacker Neuson & SMA all saw a positive inflection on the back of

better-than-expected order momentum. Vossloh and Husqvarna, on the other

hand, disappointed the market. Further, we have upgraded VH2 from UNPF to

Hold following a major de-rating since October, but keep our PT unchanged at .Source: Factset, Jefferies

€65.

Georg Fischer: Semi-Annual Flow Solutions

Sales and comparable EBIT Margin

SMA Solar (S92-DE, BUY, Mkt. Cap €2.0B) SMA Reports Solid Q2 Prelim And Raises FY26

Guidance (2026-07-17): SMA reported Q2 prelims and upgraded its FY26 guidance post close.

Consensus isn't particularly reliable this quarter given assumptions around tariff reimbursement,

but the print was solid, with adjusted EBIT (excl one-offs) materially ahead of our estimates and

street we believe. All eyes are on the guidance upgrade however, with better than expected operating

momentum and execution driving a c30% upgrade to EBITDA at mid-point. Increasing TP to €87.

Link. .

Source: Company Data, Jefferies

Georg Fischer (GF-CH, BUY, Mkt. Cap €4.12B) Strong Order Intake in IIFS Triggers Guidance Raise

Vorwerk: EV/EBITDA FY1

(2026-07-17): H1 orders surprised positively, up 15% organically, mainly driven by Infrastructure

and Industry, while Buildings outperformed in subdued construction markets. Flow Solutions sales

came in 3% ahead of consensus, while comparable EBIT was in line at weaker margins due to higher

input costs.