eDreams ODIGEO's Deep Dive: Key Takeaways

Presented by CFO David Elizaga

eDreams ODIGEO is entering what management describes as a decisive inflection point in its corporate development. In this deep dive, David Elizaga, Chief Financial Officer, outlines why the company’s recent strategic shift represents not a defensive adjustment but a high-conviction move designed to unlock a significantly larger addressable market and a more predictable earnings profile over the long term.

A Strategic Reset Focused on Long-Term Value Creation

Management begins by directly addressing the sharp share price correction of roughly 60 percent following the November 2025 strategy update. The market reaction was driven primarily by the decision to introduce a monthly payment option for Prime subscriptions alongside the existing annual model.

This change results in a one-time cash unwind in the short term, temporarily depressing reported Cash EBITDA and free cash flow in FY26 and FY27. Crucially, CFO David Elizaga stresses that this is a timing effect rather than a loss of value. The cash is still contractually secured but received over twelve months instead of upfront.

In essence, eDreams is deliberately trading near-term cash acceleration for structurally higher market penetration, faster subscriber growth, and a more diversified revenue base.

Why the Monthly Model Is a Growth Catalyst

The introduction of monthly Prime subscriptions materially lowers the entry barrier for customers and significantly expands the total addressable market. Management now targets more than 13 million Prime members and over €270 million in Cash EBITDA by FY30.

Beyond scale, the business mix improves meaningfully. The Prime platform becomes less dependent on European flights and increasingly diversified across geographies and travel products. By FY30, more than two thirds of volumes are expected to be generated outside the traditional European flight segment.

Importantly, this transition is not theoretical. eDreams has already demonstrated its ability to scale Prime from roughly two million to over seven million members, giving management strong confidence in execution.

Track Record of Delivering on Long-Term Plans

A central pillar of the investment case is credibility. Since David Elizaga became CFO, eDreams has executed three long-term strategic plans, each time delivering on the guidance provided.

The current strategy is framed as a continuation of this disciplined approach. Management highlights that the 2021 strategic plan involved significantly higher risk and was delivered successfully despite severe external shocks including the pandemic aftermath, geopolitical conflicts, inflation, and weak consumer sentiment.

Against this backdrop, the CFO argues that the current valuation reaction does not reflect execution reality.

Valuation Disconnect and Market Assumptions

Management identifies a pronounced disconnect between internal expectations and sell-side valuation frameworks. Analysts are currently applying conservative assumptions across multiple dimensions....

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Presented by CFO Michael Schneiders

Brain Biotech AG has concluded the 2024/25 financial year with a clear strategic signal to capital markets: the company is increasingly translating its technology platform into tangible financial results through disciplined monetization, operational focus, and strict cost control.

In the FY 2024/25 results presentation, Michael Schneiders, Chief Financial Officer, outlines how Brain Biotech is progressing from a technology-driven innovation platform toward a more cash-generative, scalable industrial biotechnology group.

Strategic Focus: From Innovation to Monetization

The 2024/25 financial year marked an important transition phase for Brain Biotech. Management placed a strong emphasis on monetizing selected assets and projects while maintaining technological leadership in enzyme innovation and industrial biotechnology.

Rather than pursuing broad expansion, the company focused on converting prior R&D investments into measurable economic outcomes. This included milestone payments, licensing income, and structured partnerships, particularly within the enzyme and biocatalysis segments. These initiatives underline Brain Biotech’s ability to extract value from its technology portfolio without diluting strategic optionality.

Cost Discipline and Margin Stabilization

A defining feature of FY 2024/25 was the company’s strict cost discipline. Brain Biotech implemented targeted efficiency measures across the organization, prioritizing high-value activities while reducing structural overhead.

This disciplined approach helped stabilize margins despite a challenging macroeconomic environment for biotechnology and life sciences companies. Management made clear that profitability and cash preservation are now core steering metrics, reinforcing investor confidence in Brain Biotech’s financial governance.

Core Segment: Enzyme and Industrial Biotechnology Growth

The enzyme business remains the operational backbone of Brain Biotech. The company continues to benefit from long-term structural demand for sustainable, energy-efficient, and biodegradable solutions across food, life sciences, and industrial applications.

Brain Biotech’s integrated platform—combining biodiversity libraries, AI-supported enzyme discovery, and proprietary strain engineering—provides a competitive advantage in addressing customer-specific applications. Importantly, the company is increasingly shifting toward higher-margin, proprietary enzyme products rather than purely project-based revenues.

AI as a Competitive Accelerator

Artificial intelligence plays a growing role in Brain Biotech’s operating model. Management emphasized that AI is not a standalone strategy but a productivity and speed enhancer across enzyme discovery, optimization, and commercialization.

By integrating AI-driven tools into its R&D and development processes, Brain Biotech shortens time-to-market, improves success rates, and strengthens customer value propositions—an increasingly relevant differentiator in industrial biotechnology.

Financial Position and Capital Allocation

From a balance sheet perspective, Brain Biotech remains focused on financial resilience. Cash management, selective capital allocation, and disciplined investment decisions underpin the group’s medium-term strategy.

Management reiterated that future growth will be driven primarily by organic expansion in the enzyme segment, complemented by selective monetization of non-core or mature assets. M&A remains opportunistic rather than mandatory, ensuring financial flexibility in volatile markets... ..

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Carl Zeiss Meditec AG FY 2024/25: Key Takeaways

Carl Zeiss Meditec FY 2024/25 Financial Results

Strategic Realignment Drives Resilient Growth and Sets the Stage for Margin Expansion

In its FY 2024/25 financial results presentation, Carl Zeiss Meditec Group demonstrates that it remains firmly positioned in structurally attractive global healthcare technology markets, while simultaneously acknowledging the need for sharper execution and strategic focus to unlock its full earnings potential. The year was marked by solid revenue growth, robust order intake, and the first tangible effects of a broader strategic realignment aimed at restoring profitability momentum over the medium term.

Solid Top-Line Growth and Strong Order Momentum

Carl Zeiss Meditec delivered reported revenue of approximately €2.23 billion in FY 2024/25, reflecting solid growth compared with the prior year. On a foreign-exchange adjusted basis, revenue growth was clearly positive, supported by a combination of organic demand and the full-year consolidation of DORC in Ophthalmology. Order intake developed particularly strongly, increasing at a double-digit rate year-on-year on a constant-currency basis, resulting in a healthy order backlog that underpins revenue visibility into the new fiscal year.

Growth was broad-based across regions. EMEA and the Americas showed especially strong momentum, while Asia-Pacific continued to contribute meaningfully despite a more challenging environment in China. Importantly for investors, order entry growth outpaced revenue growth, signalling ongoing demand strength across key product categories and geographies.

Earnings: Stable EBITA Amid Headwinds, Adjusted Margin Improvement

On the profitability side, EBITA increased slightly year-on-year, landing broadly in line with management guidance. Reported EBITA margin declined modestly compared with the prior year, reflecting a combination of adverse foreign exchange effects, US tariff-related headwinds, and a prior-year one-off gain related to the Topcon settlement. On an adjusted basis, however, EBITA margin improved, underlining the underlying progress in operating efficiency.

A key positive driver was the reduction in underlying operating expenses excluding DORC effects, particularly through lower R&D spending and reduced integration costs. This demonstrates early discipline in capital allocation and cost management, even as the company continues to invest selectively in future growth areas.

Segment Performance: Ophthalmology Strengths Offsets Microsurgery Transition

Ophthalmology remained the group’s core earnings pillar. Consumables, premium intraocular lenses, and the full-year contribution from DORC drove revenue growth in this segment. Margin expansion in Ophthalmology was supported by operating leverage and improved cost discipline, reinforcing the segment’s role as the primary value driver within the portfolio.

Microsurgery, while showing a recovery in revenue momentum toward year-end, continued to face margin pressure due to product mix effects, delayed ramp-up of new systems, and ongoing investments in commercialization and market development. Management clearly positioned this as a transitional phase, with expectations of improved profitability as new products scale and operational measures take effect.

....

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

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Amadeus Fire AG Deep Dive: Q&A

Building AI-Literate Organisations: A Strategic Framework

In this deep dive, Amadeus Fire Group’s Chief Operating Officer, Monika Wiederhold, outlines a comprehensive framework for building AI-literate organisations, addressing one of the most pressing structural challenges in today’s corporate landscape. However, organizations may face barriers such as resource constraints, resistance to change, or skill gaps that could hinder implementation. Recognizing these challenges upfront enables leaders to develop targeted strategies for overcoming them.

Wiederhold emphasizes that AI is no longer a specialised skill for data scientists but a shared responsibility across all levels, from supervisory boards to trainees. Recognizing this can foster a sense of collective purpose and motivate every employee to engage in AI learning quickly and continuously.

The Three-Layer Learning Model

Wiederhold introduces a structured, three-layer learning model that companies must adopt to remain competitive:

1. Horizontal Learning (AI fundamentals for everyone)

The foundational layer focuses on universal AI knowledge, including responsible AI use, prompting, AI basics, legal obligations, and workplace tools such as Microsoft Copilot. These skills must be mandatory and company-wide to create a shared understanding of AI’s applications and risks. Horizontal learning provides the organisational baseline that enables fast adoption and prevents knowledge silos.

2. Vertical Learning (AI skills tailored to each function)

Different functions require specialised AI training to enhance productivity and decision-making in their respective domains.

Examples include:

– Accounting: AI-supported financial workflows, automated reconciliation, and specialised certifications created within the Amadeus Fire Group.

– Marketing: Creative AI tools, generative content systems, text-to-image/video technologies, and performance optimisation.

– HR: Recruiting agents, interview support tools, talent analytics, and skills-matching agents.

This vertical layer ensures that AI is embedded in day-to-day business processes.

3. Continuous Micro-Learning (staying up-to-date with rapid AI evolution)

Given the pace of AI innovation, traditional annual or quarterly learning formats are insufficient. Wiederhold emphasises the need for high-frequency learning routines—daily or weekly micro-learning modules that update employees on new tools, techniques, regulations, and best practices. Monthly learning cycles are already too slow for AI’s development curve.

Operationalising the AI Learning Architecture

Once these three content layers are defined, organisations must address the critical question of how to operationalise them. Wiederhold highlights several structural enablers that determine whether AI learning can scale:

A Dedicated Digital Learning Platform

Companies need an integrated platform capable of:

– distributing learning content at scale,

– personalising training paths,

– adapting to different skill levels,

– surfacing relevant micro-learning content,

– enabling horizontal, vertical, and continuous learning simultaneously.

This platform becomes the organisational backbone for developing AI capabilities.

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Matador AG Elevator Pitch: Key Takeaways

Overview of Matador Secondary Private Equity AG

Matador Secondary Private Equity AG is a Swiss-listed investment company focused exclusively on the secondary private equity market, offering shareholders access to an asset class that has reliably delivered stable, double-digit returns for more than two decades. Founded in 2005 in Sarnen, Switzerland, the company invests in mature private equity fund stakes acquired at discounts to NAV, typically in the fund’s years 4–6. This approach reduces blind-pool risk, accelerates cash distributions, and provides consistent visibility on portfolio quality.

Investment Strategy and Market Positioning

Matador’s strategy is built on acquiring fund positions from high-quality private equity managers, often from sellers such as pension funds, family offices, or institutional investors who need liquidity or must rebalance portfolios. Because more than 50% of committed capital in these funds is typically already invested, Matador benefits from immediate exposure to existing portfolios, early distributions, and lower risk than primary private equity commitments.

Portfolio Diversification Across Regions and Strategies

The company’s portfolio is broadly diversified across regions, vintages, sectors, and investment styles, with exposure to more than 1,000 underlying companies. The core allocation focuses on U.S. mid- and small-cap buyouts, where operational improvements, buy-and-build strategies, and more resilient M&A activity drive steady value creation. The portfolio is complemented by selective exposure to large buyout, growth equity, and technology-oriented funds to ensure balanced long-term performance.

Compounding Effect Through Continuous Reinvestment

A key differentiator of Matador’s model is the continuous reinvestment of cash flows from underlying fund distributions, enabling ongoing portfolio expansion without additional capital outflows. Over time, this creates a powerful compounding effect. The company structure also eliminates redemption pressure or forced exits, allowing the investment horizon to remain fully long-term.

Long-Term Track Record and Shareholder Alignment

Matador’s track record reflects this disciplined approach: since inception in 2005, the company has generated more than 12% annual performance in CHF, supported by the stability and structural advantages of secondary private equity. Management, as the largest shareholder, is deeply aligned with investors, fostering trust and shared commitment. Costs remain lean and performance-driven, reinforcing the company’s scalability and reliability.

Investor Takeaway

For shareholders, Matador offers transparent and liquid access to an institutional-grade private equity strategy with a proven return profile, broad diversification, limited cyclicality, and attractive long-term compounding. This approach aims to make private equity more understandable and accessible, fostering confidence in the investment process.

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Mutares SE Deep Dive: Key Takeaways

Overview of Mutares SE

Mutares SE is one of Europe’s most recognised specialists for turnarounds, special situations, and complex corporate carveouts, operating in an environment where operational execution, speed, and disciplined risk management determine long-term value creation. In this deep dive, CIO Johannes Laumann provides a direct, transparent look at the strategic mechanics behind Mutares’ model — addressing the questions institutional investors ask most frequently.

Investors are particularly interested in how Mutares approaches restructuring, manages cyclical risks, generates distributable income, and sustains its rapid growth. Throughout the conversation, Laumann highlights one recurring theme: Mutares succeeds because it is an operational machine, built around hands-on transformation rather than financial engineering.

1. Restructuring Approach: Turning Distress into Value

Laumann begins by outlining Mutares’ core operating principle: identify risks, quantify them, and actively eliminate them through a structured transformation plan.

The heart of Mutares’ value creation is its 160-person operations team. These experts are embedded inside portfolio companies on the ground. They execute restructuring, stabilise operations, redesign processes, reduce costs, fix supply chains, professionalise management, and ultimately return the company to sustainable profitability.

Unlike many private equity firms, Mutares does not rely on financial structuring as a driver of turnaround. Its edge lies in industrial know-how and day-to-day involvement — “hands dirty” ownership.

The main risks?

* The depth of operational damage at acquired companies

* The pace required to stop financial leakage

* Market environments that may slow demand recovery

* Management resistance or cultural inertia

But Mutares mitigates this through granular risk plans, rapid execution, and team-based pressure. Structurally, Mutares buys at low valuations. This creates a strong asymmetry between risk and upside.

2. How Cycles Affect Mutares — and Why They Create Opportunity

Investors often worry about cyclicality. Laumann explains that Mutares’ portfolio is intentionally diversified across economic cycles:

• Automotive → early cycle

* Engineering & Technology → late cycle

* Infrastructure & Defense → late cycle, stable demand

* Goods & Services → non-cyclical

This allows weakness in one segment to be offset by strength in others.

But the more important dynamic is this: economic uncertainty is good for Mutares.

• During downturns → more distressed sellers → better buying opportunities

* During boom phases → higher demand for assets → better exit valuations

Therefore, Mutares benefits in both phases of the cycle. This is unusual for a private equity model.

3. Dividend Strategy and Shareholder Returns

Mutares follows a simple, transparent payout philosophy:

Base dividend: €2 per share

Performance dividend: paid when exits and results exceed expectations

This aligns shareholder rewards directly with operational and exit success. Laumann reiterates that Mutares distributes its earnings. It only distributes what it earns, ensuring a clean and sustainable capital return policy.

4. How Mutares Generates Income and Cash Flow

Mutares’ financial architecture is unique and easy to understand.

It has three income streams, directly tied to its business model:

1. Consulting income

Fees charged to portfolio companies for on-site operational work.

2. Dividends from portfolio companies

Once stabilised, companies’ upstream liquidity back to the holding.

3. Exit proceeds

The largest value driver is exit proceeds. Mutares buys cheap and sells into strong markets.

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

LEG Immobilien SE Elevator Pitch: Key Takeaways

Overview of LEG Immobilien SE

LEG Immobilien SE is one of Germany’s largest and most focused residential real estate companies, dedicated entirely to affordable housing and long-term, cash-driven value creation. In this elevator pitch, Head of Investor Relations & Strategy Frank Kopfinger provides institutional investors with a clear, structured, and transparent overview of LEG’s business model, portfolio characteristics, financial positioning, and the strategic levers that will drive earnings growth in the years ahead.

Portfolio Scale and Regional Focus

With 172,000 apartments housing roughly 500,000 tenants, LEG is the second-largest listed residential landlord in Germany—yet uniquely concentrated on one region and one asset class. Around 80% of the portfolio is located in North Rhine-Westphalia (NRW), Germany’s most populous state and an economic powerhouse responsible for 22% of national GDP. This regional focus gives LEG deep operating expertise, stable structural demand, and a consistent ability to deliver affordable housing at scale.

Affordable Housing and Social Responsibility

LEG’s portfolio is positioned at the core of the German social housing ecosystem. Average rents amount to just €7 per sqm—or around €450 per apartment per month—well below national averages, ensuring consistently high occupancy and strong tenant retention. Approximately 17% of units are rent-restricted, providing predictable cash flows supported by state subsidies for low-income households. This is complemented by a disciplined asset valuation of roughly €1,700 per sqm, far below replacement cost levels of €4,000–5,000 per sqm, resulting in a substantial valuation buffer and a highly attractive 4.9% portfolio yield.

Valuation, NTA, and Market Discount

Based on these valuations, LEG’s NTA (NAV) per share stands at around €131, while the share price trades at a deep discount. This highlights market concerns about interest rates, as well as the potential upside as fundamentals normalise. Frank Kopfinger will explain how LEG managed the interest-rate shock remarkably well: by placing strict focus on cash, liquidity and AFO (Adjusted Funds from Operations), the company’s key free-cash-flow metric since 2023.

Cash Preservation Measures

Over the past two years, LEG executed a series of disciplined measures to safeguard cash generation:

• ~6,000 non-core units sold for over €550 million

* Scrip dividends offered in 2023 and 2024

* Wind-down of the development pipeline, with the last new units completed in 2025

Combined, these initiatives generated around €1 billion in cash, strengthening the balance sheet and allowing LEG to return earnings to pre-crisis levels as early as 2025—even amid high interest rates.

Future Earnings Momentum

Looking ahead, LEG expects earnings momentum to continue. Based on the 2025 guidance, AFO per share is set to increase by around 10%, followed by an additional ~5% in 2026. Multiple structural drivers support this outlook:

• Severe housing shortage due to collapsing construction volumes

* Ongoing market rent growth supported by strong demand

* Cost-rent adjustments for subsidised units beginning in 2026

* 16,000 regulated units coming off restriction in 2028, enabling rent increases toward market levels

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Kontron AG 9M 2025: Key Takeaways

Overview of Kontron AG Performance

Kontron AG, one of Europe’s leading technology and IoT solution providers, delivered another strong reporting period under the leadership of CFO Clemens Billek, who presents the company’s latest financial results and strategic progress. The update highlights Kontron’s continued transformation into a pure-play Internet of Things (IoT) and software-driven technology group, underscoring the company’s ability to scale profitably while sharpening its portfolio for long-term growth.

Strong Momentum Driven by IoT, Software & High-Margin Solutions

As Kontron continues to reap the benefits of its strategic repositioning as an IoT-first company, it underscores the company’s adaptability and future potential.

CFO Clemens Billek emphasizes that the structural shift away from legacy IT services and toward embedded computing, software, and high-value IoT solutions has meaningfully lifted margins and earnings quality.

Growth was driven by:

strong demand across industrial automation and smart infrastructure,

continued international orders in transportation, avionics and communication systems,

and rising revenue contributions from proprietary IoT software platforms.

The improved mix of recurring revenues, embedded systems, and specialized IoT hardware has significantly bolstered Kontron’s financial strength and growth potential.

Geographic Diversification Strengthens the Revenue Base

Kontron’s performance was broad-based across Europe, North America and Asia.

Key highlights include:

Europe delivering stable, high-quality industrial IoT demand,

North America showing sequential improvement in aviation and defense technology,

Asia benefitting from strategic partnerships and demand for smart-city and smart-factory systems.

This diversified footprint allows Kontron to balance regional cycles while capitalizing on multi-year digitalization trends.

Portfolio Focus & High-Impact M&A

Clemens Billek reiterates that Kontron’s portfolio optimization remains a core pillar of its equity story, reaffirming the company’s commitment to enhancing its equity story.

Recent divestments of non-core segments — together with targeted bolt-on acquisitions in IoT, connectivity, and software — have sharpened the group’s profile and delivered meaningful improvements in both profitability and capital efficiency.

The company continues to evaluate M&A opportunities in:

intelligent connectivity,

industrial edge computing,

transportation automation,

and cybersecurity for IoT environments.

These acquisitions are designed to reinforce Kontron’s technology leadership and expand its recurring revenue base.

Balance Sheet Strength Enables Further Growth

Kontron maintains a solid financial position, characterized by:

strong equity ratios,

disciplined working-capital management,

and robust cash generation.

The improved financial flexibility allows the company to finance future acquisitions, invest in R&D, and return capital to shareholders through an attractive dividend policy....

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.