Mid-Cap Highlights

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Mid-Cap Highlights

EUROPE | European Midcaps EquityJuneResearch27, 2026

Belimo: EV/EBIT FY2 nearing historical peakMid-Cap Highlights

This week, we hosted a range of investor events across Germany, with the

highlight being our inaugural German & Swiss Corporate Conference in Baden-

Baden. 50+ corporates, including many mid-cap names, presented current

investment views to around 100 investors from around the world. On top of that

Source: FactSet, Jefferieswe had two full days at Intersolar in Munich where the focus was centred on .

the importance of storage as a key investment theme in clean tech. At 14x EV/EBIT ('27e), Munters trades at a

7% discount to its 5yr historic avg and a 35%

discount to data-center exposed peersJefferies 2026 German & Swiss Corporate Conference Feedback (2026-06-26): This week we

hosted the inaugural Jefferies German & Swiss Corporate Conference in Baden-Baden on 23-24

June with 50+ corporates in attendance, representing all major sectors. It was a beautiful venue

and a great way of connecting with clients and corporates. We look forward, already, to next year.

Within, we summarise the key takeaways from our meetings with 40+ JEF-covered companies that

participated. Link.

Intersolar Day 1 Feedback (2026-06-23): Day 1 at Intersolar reinforced storage as the central . Source: Factset, Jefferies

investment theme, with utility-scale solar-plus-BESS dominating and system integration (incl. SSTs)

emerging as the next frontier. Europe’s storage market is accelerating rapidly, underpinned by At 14x EV/EBIT ('27e), MIPS is trading at multi-

volatility and policy support, while rooftop remains in recovery, reinforcing portfolio tilts toward year lows despite improving fundamentals

integrated, storage-led players. Link.