Hello, my dear friends,

Someone who has become very important to me brought this exciting company to my attention today.

That’s why I’d like to use this Sunday feature to say thank you to them, and I really appreciate the opportunity to exchange thoughts with you.

My dear friends, please share your thoughts on this exciting IPO in the comments.

And, as always, here’s our analysis of the prompts.

(@Aktienhauptmeister , @Raketentoni )

$V1NC (-1,74 %)

Vincorion Stock: 18.9 Percent Operating Margin

Vincorion reports a strong first half-year, raises its full-year forecast, and benefits from an order backlog in the billions. Analysts are responding with positive ratings.

In a nutshell

• Revenue rises to 150.2 million euros
• Operating margin reaches 18.9 percent
• Order backlog exceeds 1.2 billion euros
• JPMorgan and Berenberg raise price targets

Following a successful first half-year, Vincorion has refined its expectations for the full year 2026. The company reported significant growth in revenue and order intake. Given the positive business performance, management now expects to reach the upper end of the previously communicated range for annual revenue.

Revenue Surge and High Profitability

In the first six months of the current year, Vincorion significantly increased consolidated revenue to 150.2 million euros. Compared to the same period last year, when revenue stood at 105.5 million euros, this represents massive growth. In parallel with the increase in revenue, the company’s earnings situation also improved significantly. Adjusted earnings before interest and taxes (EBIT) amounted to 28.4 million euros.

This results in an operating margin of 18.9 percent, underscoring the Group’s current profitability. These key figures demonstrate that Vincorion was able to efficiently translate its growth in the first half of the year into operating profits.

Given this momentum, the company is now looking more optimistically toward the remainder of the fiscal year. The forecast for annual revenue ranges from 280 to 320 million euros, with management now specifically targeting the upper end of this range.

Order Backlog Reaches the Billion-Euro Mark

A key driver of confidence in future performance is the state of the order books. In the first half of 2026, Vincorion secured new orders with a total value of 330.2 million euros.

This figure already exceeds the expected total revenue for the entire current year. The total order backlog stood at approximately 1.2 billion euros at the end of the reporting period, providing the Group with a high degree of planning certainty for the coming years.

Analysts Respond with Target Price Hikes

The positive news immediately prompted analysts to adjust their assessments of the stock. On Thursday, experts at JPMorgan raised their price target for Vincorion to 27.00 euros. The firm also reaffirmed its “Overweight” rating. The analysts cited the strong half-year results and the improved full-year outlook as reasons for this move.

Yesterday, Berenberg also weighed in. The research firm assigned a “Buy” rating to Vincorion’s stock. The experts see the current business performance and the high order backlog as a solid foundation for the positive trend to continue.

With the target price increases and buy recommendations, the market is reacting to the acceleration in growth reflected in the latest financial data. dpa-AFX had already identified Vincorion as a top performer on the SDAX following the initial reports on Thursday.

Vincorion SE develops and manufactures power and mechatronics solutions for defense platforms and aerospace systems in Germany and internationally. The company develops and supplies integrated solutions that generate, manage, and store power for defense and civil protection operations. The company operates in three segments: Vehicle Systems, Energy Systems, and Aerospace. The Vehicle Systems segment develops and manufactures power and stabilization systems for military and support vehicles, including the Leopard 2 main battle tank, the Puma infantry fighting vehicle, the Boxer armored fighting vehicle, and the PzH 2000 howitzer platforms, as well as selected applications for the railway sector. The Power Systems segment develops and supplies power supply systems for ground-based air defense systems and field-based missions, including generators and integrated power supply systems for radars, fire control and command units deployed on platforms such as PATRIOT and IRIS-T, as well as tactical power supply systems for military equipment and critical infrastructure. The Aviation segment develops, manufactures, and supplies rescue hoists, heating systems, and other specialty products for military and civil applications, such as hydraulic and electric rescue hoists for helicopters, aircraft heating systems, and specialized aviation products, including radomes and aviation generators for military aircraft, as well as surveillance systems. Vincorion SE was founded in 1895 and is headquartered in Wedel, Germany.

Number of employees: 1,000

2026-08-13_VINC_HY1_2026_result_presentation_final.pdf

NEWS

August 13, 2026, at 10:20 p.m.

ANALYSE-FLASH: JPMorgan hebt Ziel für Vincorion auf 27 Euro - 'Overweight'

NEW YORK (dpa-AFX) - U.S. bank JPMorgan has raised its price target for Vincorion from 23.50 to…

August 13, 2026, at 1:42 p.m.

ROUNDUP/Rüstungsboom: Vincorion optimistischer für Jahresumsatz - Aktie steigt

WEDEL (dpa-AFX) - Defense supplier Vincorion has secured significantly more orders amid the defense boom…

August 13, 2026, at 8:08 a.m.

Rüstungsboom: Zulieferer Vincorion blickt optimistischer auf Jahresumsatz

WEDEL (dpa-AFX) - Defense supplier Vincorion has secured significantly more orders amid the defense boom…

August 13, 2026, at 7:30 a.m.

EQS-News: VINCORION steigert Umsatz und Ergebnis (deutsch)

VINCORION Increases Revenue and Earnings ^ EQS News: VINCORION SE / Keywords: Half-Year Results VINCORION Increases Revenue and Earnings August 13, 2026 / 7:30 a.m.…

July 29, 2026, at 7:30 a.m.

EQS-News: VINCORION verzeichnet Auftragseingänge von über 100 Millionen Euro im Juni 2026 (deutsch)

VINCORION Reports New Orders Exceeding 100 Million Euros in June 2026 ^ EQS News: VINCORION SE / Keywords: New Orders VINCORION…

July 14, 2026 at 9:25 a.m.

ANALYSE-FLASH: Berenberg hebt Ziel für Vincorion auf 27 Euro - 'Buy'

HAMBURG (dpa-AFX Broker) - The private bank Berenberg has raised its price target for Vincorion from 26 to…

July 10, 2026, at 10:31 a.m.

Rüstungsboom beschert Vincorion Umsatzsprung

WEDEL (dpa-AFX) - Defense supplier Vincorion continued to benefit significantly from higher defense spending by Western nations…

July 10, 2026 at 10:13 a.m.

EQS-Adhoc: VINCORION SE: VINCORION SE steigert Umsatz im ersten Halbjahr 2026 gegenüber dem Vorjahreszeitraum deutlich; Jahresprognose bestätigt (deutsch)

VINCORION SE: VINCORION SE Reports Significant Revenue Growth in the First Half of 2026 Compared to the Same Period Last Year; Full-Year Forecast Confirmed ^ EQS Ad Hoc:…

June 24, 2026, at 2:35 p.m.

EQS-News: VINCORION SE planmäßig in den SDAX aufgenommen (deutsch)

VINCORION SE Added to the SDAX as Scheduled ^ EQS News: VINCORION SE / Keyword(s): Miscellaneous VINCORION SE Added to the…

March 20, 2026, at 9:35 a.m.

IPO: Vincorion mit erfolgreichem Börsendebüt

FRANKFURT (dpa-AFX) - In an overall market that has brightened somewhat thanks to lower oil prices, Vincorion shares…

March 19, 2026 at 6:18 p.m.

EQS-News: VINCORION SE schließt Börsengang erfolgreich ab (deutsch)

VINCORION SE Successfully Completes IPO ^ EQS News: VINCORION SE / Keywords: IPO VINCORION SE Successfully Completes IPO March 19, 2026…

Brief Overview

Operating performance is showing very strong growth:

• Revenue rises from €240.3 million (2025) to €425.5 million (2028).
• EBIT grows to €80.04 million.
• The EBIT margin rose from 17.01% to 18.81%.
• Particularly interesting: The FCF skyrockets from €3.0 million in 2026 to €40.02 million in 2028.
• At the same time, net debt falls from €98.3 million to €55.8 million.
• The debt-to-equity ratio drops from 1.54× to just 0.59×.

My conclusion: To me, this is a very attractive combination of growth + rising margins + strong FCF + declining debt. It’s striking, however, that despite rising profits, ROE has fallen from 39.03% to 32.98% —though it remains very high.

🔎 My Assessment

The valuation picture is becoming significantly more favorable, even though the company continues to grow:

• P/E ratio: 35.0× → 27.0× → 21.4×
• 
  P/B ratio: 11.7× → 7.99× → 6.21×
• 
  PEG: 2027 0.9×, 2028 0.8× → Generally attractive for a growth stock.
• FCF Yield: 0.25% → 1.65% → 3.43% – Here, you can see particularly clearly how the expected cash flow is growing going forward.
• The dividend is expected to increase from €0.1692 in 2027 to €0.2981 in 2028 .

Of particular interest: MarketScreener also expects profits to rise: EPS €0.6353 (2026) → €0.8252 (2027) → €1.038 (2028). As a result, the P/E ratio will fall significantly despite the currently high stock price.

Conclusion: Vincorion is currently not cheap based on traditional multiples, but the valuation is becoming increasingly attractive due to the expected earnings and cash flow growth. The PEG ratio below 1 starting in 2027 is, in my view, the strongest valuation signal.

Since the RSI is at the upper end of its range, please wait for a correction here.

August 14, 2026, 11:00:00 PM •

Lang & Schwarz (EUR)

22.30 EUR

+1.04 EUR +4.89%

$V1NC (-1,74 %)