Ersteinschätzung Forbo EN

Swiss Number Cruncher Forbo - Result

Forbo (FORN) Sec. no.: R: 354 151 Price: CHF 789.00 H1 results: revenue growth slightly better, margins in line with expectations

Sector: Building Products Analyst: Martin Hüsler

In CHF 2025 2026E 2027E EPS P/E 16.2x 15.8x 13.8x P/B 1.7x 1.6x 1.5x Dividend Sources: Zürcher Kantonalbank, LSEG Datastream

(in CHF mn) 1H25 1H26 ZKB-E Consensus* Comments (LC = local currency), *AWP consensus Sales Sales are 2.0% above the consensus. – Change in % -4.1% -0.2% -1.5% -2.2% They rose by 4% in LC (price effect +2.5%, volume effect +1.5%).

Flooring Systems The Flooring Systems business recorded revenue growth of 2.2% in LC (volume +0.2%, prices +2.0%) and was 1.5% above the con- – Change in % -3.7% -1.2% -2.0% -2.7% sensus. EMEA grew slightly, although the largest market, France, re- mained weak. Movement Systems Movement Systems recorded significant revenue growth in LC with a rise of 7.9% (volume up 4.6%, prices up 3.3%) and was 3.2% above the consensus. Demand in the logistics segment (e-com- – Change in % -5.0% 1.7% -0.6% -1.5% merce, airports) is highlighted in particular, but other segments and all regions also showed a recovery compared with the low base of the previous year. EBIT EBIT is 0.7% above the consensus. The margin fell from 7.8% to – Change in % -30.6% -2.3% -6.5% -3.0% 7.7%. According to Forbo, one-off costs of CHF 4.6 mn were in- curred (ZKB-E: CHF 3 mn). - Margin 7.8% 7.7% 7.4% 7.8% Segment margins Flooring Systems 10.1% 9.1% 9.5% The margin for Flooring Systems fell by 100 bps, partly due to higher material, energy and transport costs. Movement Systems 5.2% 7.2% 5.1% The margin at Movement Systems rose by 200 bps to 7.2% thanks to economies of scale, price increases and cost-saving measures. Net profit Consolidated profit is 4.0% below the consensus, as the financial – Change in % -31.0% -7.8% -8.4% -3.9% result was worse than expected. - Margin 8.5% 5.7% 6.0% Source: Zürcher Kantonalbank

Outlook: Forbo continues to forecast slightly lower revenue for 2026 due to currency effects, alongside a slight year-on-year increase in operating profit. Having previously anticipated a stronger second half of 2026, we had already projected revenue growth of +0.7% in CHF and an EBIT increase of 3.3%. Conclusion: In 1H26, Forbo achieved solid revenue growth of 4% in LC and maintained its EBIT margin almost unchanged. However, this remains well below historical margins of over 10%. Whilst Move- ment Systems is showing a clearly positive margin trend, Flooring Systems appears to need more time to achieve its turnaround. The share is valued modestly, with a 2026E EV/EBITDA of 7.6x and a P/E of 14x. At the first Capital Markets Day on 21 October, the new management will present its strategic direction and medium-term plan, which is intended to lead to sustainable profitable growth. Our rating is “Market Perform”.

ANALYST CERTIFICATIONS AND REQUIRED DISCLOSURES ARE IN THE DISCLOSURE APPENDIX. Swiss Number Cruncher Forbo Zürcher Kantonalbank 28. July 2026 1

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