Original-Research: PFISTERER Holding SE - from GBC AG
Classification of GBC AG to PFISTERER Holding SE
Preliminary figures for 2025: Strong increase in sales and earn-ings achieved; price target and rating unchanged EBITDA adjusted for the effects of the employee participation program rose by 12.8% to around €19.0 million in the fourth quarter (previous year: €16.81 million). However, compared to the increase in sales achieved, this corresponds to only a disproportionately low earnings performance. Assuming that the effects of the employee participation program tend to become less significant, our calculations indicate that EBITDA is likely to rise to around €18.5 million in the fourth quarter of 2025 (previous year: €15.75 million) and thus to around €76.3 million for the year as a whole (previous year: €60.15 million) for the full year. We had previously forecast a slightly higher EBITDA of €78.00 million. According to preliminary figures, the overall very positive development of the past fiscal year is rounded off by a strong increase in adjusted operating cash flow to €58 million (previous year: €42.59 million). As expected, this is offset by investments in capacity expansions and the construction of the HVDC laboratory, as well as cash outflows for the acquisition of the CSL Group, which led to an increase in investment cash flow to over €38 million (previous year: €17.92 million). The preliminary figures are thus largely in line with our expectations, although EBITDA was slightly weaker than expected. Due to the slightly higher preliminary revenue, we are raising our revenue forecast for the current 2026 fiscal year slightly to €496.80 million (previous GBC forecast: €489.95 million), but the earnings forecasts remain unchanged. A key factor in the continuation of our growth trajectory is the renewed significant increase in order intake. At €550 million (previous year: €423.2 million), this led to a sharp rise in the order backlog of over 42% to €335 million (previous year: €234.9 million). The contract awarded in February 2026 to supply connection technology for the Nordlicht I (980 MW) and Nordlicht II (630 MW) offshore wind farms of energy supplier Vattenfall should also be seen in this context. With an order volume in the high single-digit million range, PFISTER is also gaining direct contact with one of Germany's largest electricity and heat suppliers. Based on the unchanged earnings forecasts, we are maintaining our valuation model unchanged and thus confirming the previously determined price target of €85.00. We continue to assign a BUY rating. We will carry out a comprehensive model adjustment following the publication of the annual report. You can download the research here: 20260305_PFISTERER_Comment_engl Contact for questions: GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Completion: 05.03.2026 (7:35 am) First disclosure: 05.03.2026 (9:00 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2286068 05.03.2026 CET/CEST
