^ Original-Research: Ernst Russ AG - from Quirin Privatbank Kapitalmarktgeschäft

09.04.2026 / 10:48 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Ernst Russ AG

Company Name: Ernst Russ AG ISIN: DE000A161077

Reason for the research: update Recommendation: Buy from: 09.04.2026 Target price: 12.50 Last rating change: Analyst: Ralf Marinoni

On Course for New Horizons

In FY 2025, Ernst Russ was able to fulfill its sales and EBIT guidance. Equally important was the further improvement of the already exceptionally strong balance sheet (liquidity, equity ratio, net debt). In addition, the fleet was optimized through the ordering of two newbuilds and a significant reduction in non-strategic minority interests. The company reserves the right to make further opportunistic acquisitions to diversify the fleet in terms of uses and deployment options such as two MPPs (multi-purpose vessels) in the beginning of 2026. Therefore, we confirm our BUY recommendation but raise the TP from EUR 11.00 to EUR 12.50 due to peer group valuation.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=0c95f21144856e4b56265918384a1567 For additional information visit our website: https://research.quirinprivatbank.de/

Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/

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2305792 09.04.2026 CET/CEST

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Quelle: dpa-Afx