First Berlin Equity Research has published a research update on Cantourage Group SE (ISIN: DE000A3DSV01). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 11.00 price target.

Abstract
Q2 reporting looks like a transformation step forward for Cantourage that reinforces our central case. The business is becoming more international, while earnings quality is improving faster than the headline revenue decline suggests. Revenue fell 22% YoY to €21.8m as Germany was intentionally reshaped towards higher margin premium business helping push the gross margin to 36.4% (Q2/25: 28.5%). EBITDA rose 45% to €2.9m lifting the margin faster than we had expected to a robust 13.1% (FBe: 11.7%). At the same time, the UK and Poland continued to scale rapidly and now contribute more than half of group revenue, materially reducing concentration on Germany (Q2/25: 84%). Net cash also improved further to €9.3m. We will update our forecasts in conjunction with guidance due later this month and leave the broader investment case intact. We remain Buy-rated on Cantourage with an unchanged €11 TP (90% upside).