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

09.04.2026 / 10:48 CET/CEST
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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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