{
 "as_of": "2026-11-06",
 "cmr": "de-cm-kg/XETRA/ERAG",
 "fence": "The page is the record's research on the issuer — no analyst, no rating, no view.",
 "markdown": "The page is the record's research on the issuer — no analyst, no rating, no view.\n\n# ERNST RUSS AG NA O.N. (Xetra: ERAG) — research page\n\nAs of 2026-11-06 · de-cm-kg · record version 1\n\n## Identity and listing\n\nThe issuer is ERNST RUSS AG NA O.N., listed on Xetra under ticker ERAG, ISIN DE000A161077, LEI 529900MP0OZ3LL80MX76. Its security type is Corporate, its segment is DEUTSCHLAND, and its jurisdiction is Germany (Handelsregister HRB). Its sector is not on the record, as the Xetra instruments file carries index membership and not a sector classification. Its status is listed, not halted.\n\n## The disclosure read\n\nThe record holds 13 filings in the twelve months to 2026-11-06, across 8 filing days. The median gap between filing days is 33 days. The latest filing is dated 2026-11-02, 4 days before the record date, and is of type corporate_news. The Xetra exchange median is 22.8 days for cadence, 6 filings, and 5.5 days for latency, across 419 issuers. Sector peer figures are not on the record for market DE.\n\n## Auditor\n\nThe auditor of record is not on the record, as the record holds only the annual report link and not a read of it. The auditor's location is not on the record. Auditor changes are not on the record, as this register has no lifecycle type map yet.\n\n## Events and halts\n\nListing, delisting, name change, domicile change and segment move are not on the record, as this register has no lifecycle type map yet. The halt flag is listed, not halted.\n\n## Orderability\n\nUnder rule version acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1, as of chapter date 2026-11-04, the outcome for Professionelle Kunden is signal ACM-200, determinable. For Privatkunden it is signal ACM-200, determinable. For Geeignete Gegenparteien it is signal ACM-200, determinable.\n\n## Coverage\n\nThe issuer's investor-relations page names 5 research houses: Metzler, Pareto, Montega, mwb and Quirin.\n\n## Open research\n\nThe record holds 3 openly published research notes: Metzler dated 2026-09-10, Quirin Privatbank Equity Research dated 2026-05-28, and mwb research dated 2025-10-13.\n\n## Licensed\n\nLicensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.\n\n## As-of depth\n\nThe market's vintage is not sealed. No issuer years are sealed, and the market's earliest sealed date and the live record start date are not on the record.\n\n## Sources\n\n11 source pages are named on this page; every value above carries its own source page and read date in the numbers.\n\n- https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (identity.exchange)\n- https://api.gleif.org/api/v1/lei-records/529900MP0OZ3LL80MX76 (identity.jurisdiction)\n- https://mapping.gleif.org/api/v2/isin-lei/latest/download (identity.lei)\n- https://mcp.de-cm-kg.ai/events/XETRA/ERAG (the disclosure lines)\n- https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list (the halt flag)\n- https://mcp.de-cm-kg.ai/book/aio.json (the orderability chapter)\n- https://www.ernst-russ.de/en/investorrelations.html (coverage)\n- https://www.ernst-russ.de/files/Dokumente/ResearchBerichte/2026-09-10_Metzler_Research_Ernst-Russ.pdf (open research)\n- https://www.ernst-russ.de/files/Dokumente/ResearchBerichte/2026-05-28_Quirin_Research_Ernst-Russ.pdf (open research)\n- https://www.ernst-russ.de/files/Dokumente/ResearchBerichte/2025-10-13_mwb_Research_Ernst-Russ.pdf (open research)\n- https://mcp.de-cm-kg.ai/record/XETRA/ERAG (the record)\n",
 "market": "DE",
 "node": "de-cm-kg",
 "numbers": {
  "as_of_depth": {
   "issuer_years_sealed": [],
   "live_record_began": null,
   "node_history_from": null,
   "node_years_sealed": [],
   "note": "the DE vintage is not sealed; the record is the live record as of 2026-11-06",
   "record_version": 1,
   "sealed": false
  },
  "auditor": {
   "auditor": {
    "market": "DE",
    "reason": "Width 0 records the annual report link only (ORDER-015: source link, not a read)",
    "state": "not_on_record"
   },
   "auditor_firm_id": {
    "market": "DE",
    "state": "not_on_record"
   },
   "auditor_location": {
    "market": "DE",
    "state": "not_on_record"
   },
   "changes": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "cmr": "de-cm-kg/XETRA/ERAG",
  "coverage": {
   "count": 5,
   "houses": [
    {
     "analyst": "Nikolas Demeter",
     "house": "Metzler",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ernst-russ.de/en/investorrelations.html",
     "state": "sourced"
    },
    {
     "analyst": "Zafer Rüzgar",
     "house": "Pareto",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ernst-russ.de/en/investorrelations.html",
     "state": "sourced"
    },
    {
     "analyst": "Christian Bruns",
     "house": "Montega",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ernst-russ.de/en/investorrelations.html",
     "state": "sourced"
    },
    {
     "analyst": "Thomas Wissler",
     "house": "mwb",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ernst-russ.de/en/investorrelations.html",
     "state": "sourced"
    },
    {
     "house": "Quirin",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ernst-russ.de/en/investorrelations.html",
     "state": "sourced"
    }
   ],
   "pages_checked": [
    {
     "page": "https://www.ernst-russ.de/en/investorrelations.html",
     "result": "read: 5 of 9 named houses found on the page"
    },
    {
     "page": "https://www.ernst-russ.de/files/uploads/dokumente-download/praesentation%20und%20research/Edison-Research-Ernst-Russ-2021-04-07EN.pdf",
     "result": "not readable by this rail (404)"
    },
    {
     "page": "https://www.ernst-russ.de/files/uploads/dokumente-download/praesentation%20und%20research/2026%2008%2025%20Ernst%20Russ%20Q2mwb.pdf",
     "result": "not readable by this rail (404)"
    }
   ],
   "read_by": "Perplexity sonar (search) · page read by this rail",
   "read_date": "2026-11-12",
   "since": "not stated on the page read",
   "state": "found"
  },
  "disclosure": {
   "against": {
    "exchange": {
     "issuers": 419,
     "median_cadence_gap_days": 22.8,
     "median_filings": 6,
     "median_latency_days": 5.5,
     "name": "Xetra"
    },
    "sector": {
     "market": "DE",
     "state": "not_on_record"
    }
   },
   "by_type": {
    "ad_hoc": 3,
    "corporate_news": 7,
    "directors_dealings": 1,
    "newswire_release": 2
   },
   "cadence_median_gap_days": 33,
   "filing_days": 8,
   "filings": 13,
   "latency_days": 4,
   "latest": [
    {
     "category": "corporate",
     "date": "2026-11-02",
     "source": "https://www.eqs-news.com/news/corporate/ernst-russ-ag-sells-mv-mirror/ada4903c-3cca-4dd9-a984-bb6995688726_en",
     "title": "Ernst Russ AG sells MV “Mirror” | Corporate - EQS News",
     "type": "corporate_news"
    },
    {
     "category": "corporate",
     "date": "2026-11-02",
     "source": "https://www.eqs-news.com/de/news/corporate/ernst-russ-ag-veraeussert-ms-mirror/ada4903c-3cca-4dd9-a984-bb6995688726_de",
     "title": "Ernst Russ AG veräußert MS „Mirror“ | Corporate",
     "type": "corporate_news"
    },
    {
     "category": "eigengeschaefte-von-fuehrungspersonen",
     "date": "2026-10-26",
     "source": "https://www.eqs-news.com/news/eigengeschaefte-von-fuehrungspersonen/ernst-russ-ag-joseph-schuchmann-kauf/4d0a6320-8307-41a2-94ca-605e2fb7ce4e_de",
     "title": "Ernst Russ AG: Joseph Schuchmann, Kauf",
     "type": "corporate_news"
    },
    {
     "category": "directors-dealings",
     "date": "2026-10-26",
     "source": "https://www.eqs-news.com/news/directors-dealings/ernst-russ-ag-joseph-schuchmann-buy/4d0a6320-8307-41a2-94ca-605e2fb7ce4e_en",
     "title": "Ernst Russ AG: Joseph Schuchmann, buy",
     "type": "directors_dealings"
    },
    {
     "category": "corporate-news",
     "date": "2026-09-09",
     "source": "https://www.eqs-news.com/news/corporate-news/ernst-russ-ag-setzt-strategischen-kurs-konsequent-fort/4d18939a-ced6-42a6-a420-5854812af970_de",
     "title": "Ernst Russ AG setzt strategischen Kurs konsequent fort - EQS News",
     "type": "corporate_news"
    }
   ],
   "latest_filing_date": "2026-11-02",
   "read": "the node's event lines (list_events_since), as get_filings serves them",
   "source": "https://mcp.de-cm-kg.ai/events/XETRA/ERAG",
   "window": {
    "from": "2025-11-06",
    "to": "2026-11-06"
   }
  },
  "identity": {
   "exchange": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "Xetra"
   },
   "isin": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "confirmed",
    "value": "DE000A161077"
   },
   "jurisdiction": {
    "read_by": "GLEIF LEI record (LEI per the LEI column) (registeredAs)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://api.gleif.org/api/v1/lei-records/529900MP0OZ3LL80MX76",
    "state": "sourced",
    "value": "Germany (Handelsregister HRB)"
   },
   "lei": {
    "read_by": "GLEIF ISIN-to-LEI mapping file (daily), LEI by exact ISIN",
    "read_date": "2026-11-09",
    "read_date_basis": "the field",
    "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download (ISIN DE000A161077)",
    "state": "sourced",
    "value": "529900MP0OZ3LL80MX76"
   },
   "name": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "ERNST RUSS AG NA O.N."
   },
   "sector": {
    "market": "DE",
    "reason": "the Xetra instruments file carries index membership, not a sector classification",
    "state": "not_on_record"
   },
   "security_type": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "Corporate"
   },
   "segment": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "DEUTSCHLAND"
   },
   "ticker": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "ERAG"
   },
   "website": {
    "market": "DE",
    "state": "not_on_record"
   }
  },
  "licensed": {
   "columns": [
    "licensor",
    "entitlement",
    "title",
    "date",
    "source"
   ],
   "rows": [],
   "rule": "A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded."
  },
  "lifecycle": {
   "delisting": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "domicile_change": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "listing": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "name_change": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "segment_move": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "market": "DE",
  "node": "de-cm-kg",
  "numbers_hash": "sha256:0990b3e943fa82dd5c42d09cf033c7a23633216f1f3ebde62c988e768f5907a8",
  "open_research": {
   "read_date": "2026-11-12",
   "rows": [
    {
     "date": "2026-09-10",
     "kind": "issuer-sponsored",
     "publisher": "Metzler",
     "read_by": "the note's link answers (200 application/pdf); a document, not read as text",
     "read_date": "2026-11-12",
     "source": "https://www.ernst-russ.de/files/Dokumente/ResearchBerichte/2026-09-10_Metzler_Research_Ernst-Russ.pdf",
     "state": "sourced",
     "title": "Guidance upgrade and continued fleet renewal"
    },
    {
     "date": "2026-05-28",
     "kind": "issuer-sponsored",
     "publisher": "Quirin Privatbank Equity Research",
     "read_by": "the note's link answers (200 application/pdf); a document, not read as text",
     "read_date": "2026-11-12",
     "source": "https://www.ernst-russ.de/files/Dokumente/ResearchBerichte/2026-05-28_Quirin_Research_Ernst-Russ.pdf",
     "state": "sourced",
     "title": "Ernst Russ AG"
    },
    {
     "date": "2025-10-13",
     "kind": "issuer-sponsored",
     "publisher": "mwb research",
     "read_by": "the note's link answers (200 application/pdf); a document, not read as text",
     "read_date": "2026-11-12",
     "source": "https://www.ernst-russ.de/files/Dokumente/ResearchBerichte/2025-10-13_mwb_Research_Ernst-Russ.pdf",
     "state": "sourced",
     "title": "Ernst Russ AG"
    }
   ],
   "state": "found"
  },
  "orderability": {
   "chapter_as_of": "2026-11-04",
   "client_categories": [
    "Professionelle Kunden",
    "Privatkunden",
    "Geeignete Gegenparteien"
   ],
   "outcomes": {
    "Geeignete Gegenparteien": {
     "determinable": true,
     "signal": "ACM-200"
    },
    "Privatkunden": {
     "determinable": true,
     "signal": "ACM-200"
    },
    "Professionelle Kunden": {
     "determinable": true,
     "signal": "ACM-200"
    }
   },
   "read": {
    "basis": "one live read per instrument class, halt state and client category on this market; this issuer's group",
    "chapter": "https://mcp.de-cm-kg.ai/book/aio.json",
    "door": "https://mcp.de-cm-kg.ai/mcp",
    "tool": "get_orderability"
   },
   "rule_version": "acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1",
   "section": "de.aio.v13"
  },
  "record": {
   "as_of": "2026-11-06",
   "url": "https://mcp.de-cm-kg.ai/record/XETRA/ERAG",
   "version": 1
  },
  "schema": "research-numbers v0.1 (USR-01, 2026-11-11)",
  "status": {
   "read_date": "2026-11-09",
   "source": "https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list",
   "value": "listed, not halted"
  }
 },
 "numbers_hash": "sha256:0990b3e943fa82dd5c42d09cf033c7a23633216f1f3ebde62c988e768f5907a8",
 "path": "/de/XETRA/ERAG",
 "schema": "research-page v0.1 (USR-02, 2026-11-11)",
 "sections": [
  {
   "id": "identity",
   "text": "The issuer is ERNST RUSS AG NA O.N., listed on Xetra under ticker ERAG, ISIN DE000A161077, LEI 529900MP0OZ3LL80MX76. Its security type is Corporate, its segment is DEUTSCHLAND, and its jurisdiction is Germany (Handelsregister HRB). Its sector is not on the record, as the Xetra instruments file carries index membership and not a sector classification. Its status is listed, not halted.",
   "title": "Identity and listing"
  },
  {
   "id": "disclosure",
   "text": "The record holds 13 filings in the twelve months to 2026-11-06, across 8 filing days. The median gap between filing days is 33 days. The latest filing is dated 2026-11-02, 4 days before the record date, and is of type corporate_news. The Xetra exchange median is 22.8 days for cadence, 6 filings, and 5.5 days for latency, across 419 issuers. Sector peer figures are not on the record for market DE.",
   "title": "The disclosure read"
  },
  {
   "id": "auditor",
   "text": "The auditor of record is not on the record, as the record holds only the annual report link and not a read of it. The auditor's location is not on the record. Auditor changes are not on the record, as this register has no lifecycle type map yet.",
   "title": "Auditor"
  },
  {
   "id": "events",
   "text": "Listing, delisting, name change, domicile change and segment move are not on the record, as this register has no lifecycle type map yet. The halt flag is listed, not halted.",
   "title": "Events and halts"
  },
  {
   "id": "orderability",
   "text": "Under rule version acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1, as of chapter date 2026-11-04, the outcome for Professionelle Kunden is signal ACM-200, determinable. For Privatkunden it is signal ACM-200, determinable. For Geeignete Gegenparteien it is signal ACM-200, determinable.",
   "title": "Orderability"
  },
  {
   "id": "coverage",
   "text": "The issuer's investor-relations page names 5 research houses: Metzler, Pareto, Montega, mwb and Quirin.",
   "title": "Coverage"
  },
  {
   "id": "open_research",
   "text": "The record holds 3 openly published research notes: Metzler dated 2026-09-10, Quirin Privatbank Equity Research dated 2026-05-28, and mwb research dated 2025-10-13.",
   "title": "Open research"
  },
  {
   "id": "licensed",
   "text": "Licensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.",
   "title": "Licensed"
  },
  {
   "id": "depth",
   "text": "The market's vintage is not sealed. No issuer years are sealed, and the market's earliest sealed date and the live record start date are not on the record.",
   "title": "As-of depth"
  },
  {
   "id": "sources",
   "text": "11 source pages are named on this page; every value above carries its own source page and read date in the numbers.",
   "title": "Sources"
  }
 ],
 "sources": [
  {
   "for": "identity.exchange",
   "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares"
  },
  {
   "for": "identity.jurisdiction",
   "source": "https://api.gleif.org/api/v1/lei-records/529900MP0OZ3LL80MX76"
  },
  {
   "for": "identity.lei",
   "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download"
  },
  {
   "for": "the disclosure lines",
   "source": "https://mcp.de-cm-kg.ai/events/XETRA/ERAG"
  },
  {
   "for": "the halt flag",
   "source": "https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list"
  },
  {
   "for": "the orderability chapter",
   "source": "https://mcp.de-cm-kg.ai/book/aio.json"
  },
  {
   "for": "coverage",
   "source": "https://www.ernst-russ.de/en/investorrelations.html"
  },
  {
   "for": "open research",
   "source": "https://www.ernst-russ.de/files/Dokumente/ResearchBerichte/2026-09-10_Metzler_Research_Ernst-Russ.pdf"
  },
  {
   "for": "open research",
   "source": "https://www.ernst-russ.de/files/Dokumente/ResearchBerichte/2026-05-28_Quirin_Research_Ernst-Russ.pdf"
  },
  {
   "for": "open research",
   "source": "https://www.ernst-russ.de/files/Dokumente/ResearchBerichte/2025-10-13_mwb_Research_Ernst-Russ.pdf"
  },
  {
   "for": "the record",
   "source": "https://mcp.de-cm-kg.ai/record/XETRA/ERAG"
  }
 ],
 "title": "ERNST RUSS AG NA O.N. (ERAG) — research page",
 "writer": {
  "by": "Claude through the platform account, Haiku class; one pass; checked against the numbers",
  "engine": "claude-haiku-5-5"
 }
}