Constantin Hesse, an analyst from Jefferies, maintained the Hold rating on verbio Vereinigte BioEnergie. The associated price target is €21.00.
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Constantin Hesse has given his Hold rating due to a combination of factors, including Q2 results that came in slightly softer than the market had anticipated. While profitability improved quarter on quarter, supported by stronger GHG certificate prices and better bioethanol margins, the outcome still fell short of the more optimistic expectations that had been building.
At the same time, free cash flow turned positive in Q2 and helped reduce net debt to €173.6m, underscoring a healthier balance sheet. However, management did not raise guidance above the already indicated high double‑digit million range for FY25/26, despite the more favorable pricing backdrop, and after a sharp share price rally in recent months, Hesse sees limited near‑term upside, justifying a Hold stance.