Original-Research: Ernst Russ AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy

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: ErnstRuss20260409
For additional information visit our website: https://research.quirinprivatbank.de/

Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
[e-mail]
https://research.quirinprivatbank.de/

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2305792 09.04.2026 CET/CEST