Original-Research: PFISTERER Holding SE - from GBC AG
Classification of GBC AG to PFISTERER Holding SE
Growth in sales and earnings continued in Q2 2026; forecasts for 2026 raised slightly Driven by the strong rise in turnover, gross profit increased proportionally to €107.77 million (previous year: €90.00 million). At 42.0 % (previous year: 42.1 %), the gross margin remained almost exactly at the previous year's level. As operating expenses increased at a lower rate than revenue, PFISTERER achieved a strong increase in EBITDA to €51.51 million (previous year: €36.78 million). The EBITDA margin improved to 20.1% (previous year: 17.2 %) and is thus within the range of the company's medium-term guidance (high teens to low twenties). Adjusted EBITDA also improved significantly to €52.40 million (previous year: €39.50 million). With the publication of the 2026 half-year report, the PFISTERER Executive Board confirms the revenue guidance for the current financial year 2026. Accordingly, revenue growth is still expected to be in the range of 12 % to 17 %. In addition to the successful performance in the first half of the year, the order book, which remains strong, provides a solid basis for the expected increase in revenue in the second half of the year. Although the company recorded a decline in new orders to €262.97 million (previous year: €290.22 million) in the first six months compared with the very strong corresponding period last year, the order book of €340.26 million (30.06.2025: €312.47 million) is accompanied by visibility extending into the coming financial year 2027. We expect the growth trend to continue in the second half of the year, but anticipate a slowdown in growth momentum due to the higher-revenue comparative period. Nevertheless, despite the current geopolitical challenges, the company should be in a position to reach the upper end of the forecast range. We are therefore adjusting our forecasts for the current financial year 2026. We now expect revenue of €523.91 million (previously: €515.31 million) and EBITDA of €104.35 million (previously: €102.87 million). The medium-term forecasts (2027-2030) remain unchanged. Using the DCF valuation model, we have arrived at an unchanged price target of €115.00. However, the price-target-boosting effect resulting from the slight upward revision to the 2026 forecast and the roll-over effect is offset by a rise in the risk-free interest rate. We maintain our 'BUY' rating. You can download the research here: 20260825_PFISTERER_Update_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: 25.08.2026 (8:44 am) First disclosure: 25.05.2026 (10:30 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||
2388030 25.08.2026 CET/CEST
