PWO Group - Continued difficult market conditions in Germany

PWO Group issued a trading update reaffirming FY25 guidance and introducing guidance for FY26. Based on the current call-off plans of key customers, PWO expects lower revenues from its German site in FY26, while costs are expected to increase. This will only be partly offset by growth at its international production sites. PWO expects a revenue decline of 2% y-o-y to €500m in FY26 and a decline in EBIT margin to 2.6-3.4% (vs 4.5-5.0% in FY25). To be prepared for improving market conditions, PWO aims to avoid redundancies in Germany. We have adjusted our estimates following FY26 guidance, but still see growth potential in the longer term.

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