<pre>    ^
Original-Research: DEUTZ AG - from Quirin Privatbank Kapitalmarktgeschäft

06.08.2026 / 14:01 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 DEUTZ AG

     Company Name:               DEUTZ AG
     ISIN:                       DE0006305006

     Reason for the research:    Update
     Recommendation:             BUY
     from:                       06.08.2026
     Target price:               14
     Last rating change:
     Analyst:                    Daniel Kukalj, CIIA,CEFA

New mid-term guidance around the corner

DEUTZ delivered a strong first half: order intake +28.7% to EUR 1,331.3m,
revenue +10.7% yoy to EUR 1,115.3m, adjusted EBIT +43.1% yoy to EUR 79.7m
for an adjusted EBIT margin of 7.1% (H1 2025: 5.5%). Q2 alone confirms the
run-rate: revenue EUR 585.3m (+13.0%) and adjusted EBIT EUR 42.4m (+40.9%)
at a 7.2% margin. The 2026 guidance (revenue EUR 2.3-2.5bn, adjusted EBIT
margin 6.5-8.0%) was confirmed and, with H1 already at 7.1%, looks set to
land in the upper half of the corridor. More importantly, the mid-term
targets for 2028 (revenue EUR 3.2-3.4bn, EBIT margin 8-9%) continue to gain
operational substance: Engines has swung decisively above breakeven, Energy
has been structurally enlarged by Frerk (and now Maxi Trust Power), and
Defense is being built into a stand-alone pillar via the pending FFG
acquisition. Two things now dominate the equity story alongside the
operations: the EUR 1.6bn takeover of FFG Flensburger Fahrzeugbau (EGM vote
on 24 August) and a sharp swing in cash flow and leverage. We confirm our
Buy rating and our EUR 14 price target, derived from our ROE/COE valuation
approach.


You can download the research here:</pre>
<p>https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&amp;u=8f69248b713f83c62ea83a4078df347f</p>
<pre>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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2378728 06.08.2026 CET/CEST

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Original-Research: DEUTZ AG (von Quirin Privatbank Kapitalmarktgeschäft): BUY

Deutz

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