First Berlin Equity Research has published a research update on Cantourage Group SE (ISIN: DE000A3DSV01). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 11.00 to EUR 10.50.

Abstract
Q3 KPIs reinforced our current view that Cantourage has emerged from its German portfolio reset with a healthier earnings profile, even as the topline remains under pressure. Revenue slipped 2% YoY to €19.9m and 9% sequentially, but the gross margin held firm at 35.3% vs 36.4% in Q2 and only 18.1% a year ago. EBITDA reached €1.9m vs a €2.2m loss last year. The Q3 margin nevertheless eased sequentially to 9.5% from 13.1% in Q2. Management attribute the latest German sales weakness primarily to intensifying price competition rather than further pruning of low-margin products. International markets still contributed more than half of sales. We have nudged FBe towards the low end of 2026 guidance, trimming our DCF-based PT to €10.5 (old: €11.0). Our rating remains Buy (114% upside).