Mensch und Maschine after the results: Is another setback looming?
The shares of Mensch und Maschine Software SE came under considerable pressure last week following the publication of its nine-month results. The shares ended the trading week at EUR 34.00, down around 2.3%. This also completely wiped out the share price gains built up since the beginning of October within just a few trading days, bringing a repeatedly confirmed support zone back into focus.
Yet the financial report was by no means weak. The design and manufacturing software specialist increased revenue in the first nine months by 6.9% to EUR 189.34 million. Its solutions are used in industry, construction and infrastructure projects, among other areas. Its proprietary software business performed well: operating earnings before interest and tax rose 18% to EUR 29.09 million. In the Digitalisation segment, by contrast, they fell 38% to EUR 7.83 million. Headwinds from the Autodesk business prevented a better performance at Group level. Overall, EBIT fell slightly by 0.7% to EUR 36.93 million. Net profit declined 3.7% to EUR 23.38 million. Operating cash flow developed positively, rising from EUR 16.62 million to EUR 27.72 million. For the full year, management continues to see scope for a strong final quarter to deliver the lower half of the targeted earnings growth range of 11 to 19%. However, the performance so far clearly demonstrates how much still needs to go right in the final stretch of the year.
From a technical perspective, the decline exacerbated an already weakened position. A downtrend has dominated since May 2025, and there has been no sustained return above the 200-day moving average since then. This long-term average currently stands at EUR 37.05. The shares also remain below the other key moving averages: the 20-day moving average stands at EUR 34.35, the 50-day at EUR 35.35 and the 100-day at EUR 35.75. The latest recovery attempt has therefore not brought a trend reversal for now. The area between EUR 33 and EUR 34 is now crucial. This zone already cushioned pullbacks in March and May as well as in late September and early October. With this renewed test, buyers must once again prove that sufficient demand exists there. Such support does offer a chance of stabilisation. However, the repeated approach, coupled with a weak broader trend, increases selling pressure.
If the lower boundary at EUR 33 in particular were to break decisively, the technical picture would deteriorate further. The historical price region around EUR 29.50 to EUR 30 could then be considered the next potential support area. The psychological EUR 30 mark would also be likely to attract additional attention. For an initial easing of pressure, by contrast, the shares would need to hold the support zone and subsequently reclaim the 20-day moving average. Above that, the averages around EUR 35.35 to EUR 35.75 would be the first hurdles. Until then, the technical position remains vulnerable, while the fundamental case hinges on a hoped-for acceleration in final-quarter earnings.
Green steel and batteries bring Strategic Resources into focus
With a stock market valuation of around CAD 13 million (~EUR 8.2 million), Strategic Resources Inc. has positioned itself as a highly focused niche player in critical minerals. The Canadian resources company is developing strategically important deposits of vanadium, titanium and high-purity iron in the form of vanadium-titanium magnetite (VTM).
With the increasing decarbonisation of industrial production, the provision of low-emission feedstocks for the steel and energy storage industries is becoming ever more relevant. As a clear small-cap stock, Strategic Resources therefore offers an asymmetric risk-reward profile, as achieving operational milestones can trigger disproportionate share price movements in this segment.
In Québec, Canada, the company is pushing ahead with the construction of an industrial pelletising plant at the deep-water port of Port Saguenay, with an envisaged annual capacity of 4 million tonnes. A key catalyst is the environment ministry’s pending regulatory decision to increase the permitted output from 1.5 to 4 million tonnes per year. The site’s economics are underpinned by exceptionally inexpensive hydropower at just CAD 0.04 per kilowatt-hour (kWh). As a result, estimated operating costs (OPEX) amount to around USD 16 per tonne. Compared with achievable market prices for quality pellets of USD 50 to USD 55 per tonne, this offers a very attractive operating margin. Sales are secured by a binding 10-year offtake agreement with Javelin Global Commodities. This also forms the fundamental backbone for the forthcoming structuring of debt financing.
In parallel, Strategic Resources is advancing the reactivation of the Mustavaara project in Finland in Northern Europe, whose vanadium resource base comprises around 100 million tonnes. On June 23, 2026, the University of Oulu launched the EUR 17 million “FutSteel” research programme. Swedish industry leader and steel group SSAB is among those playing a significant role. As a supplier of vanadium-rich magnetite ore, Strategic Resources is directly involved in testing hydrogen-based direct reduction. This is regarded as a key technology for fossil-free quality steel in the coming years. At the macroeconomic level, the restart addresses the European Union’s urgent intention to minimise geopolitical supply chain risks through regional sources of extraction.
At the same time, the collaboration with technology partner Tyfast Energy opens up the rapidly growing market for long-life fast-charging energy storage systems in the heavy-duty and defence sectors through innovative lithium vanadium oxide (LVO) anodes. These batteries stand out in particular for their fast charging time of under ten minutes. From a technical perspective, the share must hold the support zone between CAD 0.15 and 0.20. If it stabilises after the recent price pullbacks, it offers an attractive risk-reward profile, as the next upside resistance zone is not until around CAD 0.40 to 0.43.
Nordex: Upgraded guidance boosts the share – will the EUR 40 mark be broken?
Nordex SE shares rose sharply recently but gave up those gains last week. The price first rose more than 12% to EUR 40.02 before falling back to EUR 36.36 by the weekend. The decisive catalyst came from preliminary quarterly figures and a higher margin forecast published by the wind turbine manufacturer.
According to preliminary, unaudited figures, Nordex generated revenue of around EUR 2,187 million in the third quarter, compared with EUR 1,706 million in the prior-year period. EBITDA rose from EUR 136 million to about EUR 278 million, more than double the previous year. The EBITDA margin improved accordingly from 8.0 to 12.7%. According to the company, this exceeded market expectations.
Nordex cited higher margins in the service business and strong project execution as the reasons. In addition, risks previously factored into the project business did not materialise as expected. The Executive Board therefore raised its 2026 EBITDA margin forecast from the previous range of 8.0 to 11.0% to 11.5 to 12.5%. Provisional free cash flow also improved significantly, rising in the third quarter from EUR 149 million to approximately EUR 379 million.
Nordex had already reported a higher order intake. In the third quarter, customers ordered wind turbines with a total capacity of 2,810 megawatts, up 29.5% from the previous year. Türkiye, Germany, and the US were particularly significant in this regard. In the first nine months, the order volume reached 7,733 megawatts, up 16.1% from the previous year.
From a technical analysis perspective, the price jump initially eased pressure, but the stock failed to break above the 50-day moving average. This line ran along the psychologically significant threshold of EUR 40 and stood at EUR 39.80 on Friday. Since mid-July, Nordex has repeatedly fluctuated within a broader trading range between about EUR 33 and just under EUR 42. Much of this movement occurred between EUR 38 and EUR 41. With this strong rise, the stock returned to a familiar trading range. For a sustained improvement, it would be crucial to break above the EUR 40 mark, including the 200-day moving average at EUR 40.50, and then defend that level during pullbacks.
Above this range, the previous highs near EUR 42 would come back into focus. Only a break above these levels would confirm a breakout from the broader trading range. A drop below EUR 35.86, on the other hand, would significantly cloud the recently brighter outlook. In that case, new annual lows below EUR 30 could even be on the horizon.
Conclusion
Mensch und Maschine disappointed on earnings despite revenue growth. The share is already testing the EUR 33 zone, while a convincing final quarter is becoming the key prerequisite. Strategic Resources is focusing on vanadium, titanium and high-purity iron, but still needs to achieve further milestones for the planned pelletising plant and the reactivation in Finland. Nordex impressed with significantly higher EBITDA and raised margin guidance, but the share must overcome EUR 40 for a more sustainable technical buy signal.
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