First Berlin Equity Research has published a research update on Cabka N.V. (ISIN: NL00150000S7). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 3.10 to EUR 3.40.

Abstract
Full year 2025 prelims were largely in line with our targets and showcased solid progress in optimising operations and repairing the balance sheet. Importantly, Cabka demonstrated its ability to rebuild profitability despite a still challenging end-market backdrop, by sweating existing assets more effectively alongside internal cost discipline. This resulted in margin expansion and a 13% YoY drop in net debt. With the operational reset largely completed, the company is now positioning 2026 as the start of a renewed growth phase. Management expect volumes to begin recovering this year while margin uplift continues. Our updated DCF model now points to fair value of €3.4 per share (old: €3.1). We remain Buy-rated on Cabka (upside: 142%).