VON32624199

1/4 Equity Research / 13-08-26

Swiss Week Ahead – 17-08-26 to 21-08-26

Results and Figures Investor Days and Events

Tuesday, 18-08-26 Huber+Suhner 1H26 results Wednesday, 19-08-26 Sensirion 1H26 results PSP Swiss Property 1H26 results

Wednesday, 19-08-26 Emmi 1H26 results Geberit 1H26 results Straumann 1H26 results Sunrise 2Q26 results

Thursday, 20-08-26 BCV 1H26 results Swiss Prime Site 1H26 results

Friday, 21-08-26 Siegfried 1H26 results

2/12 Swiss Week Ahead – 17-08-26 to 21-08-26 Vontobel

HUBER+SUHNER (Hold, 245) – 1H26 results - Tuesday, 18-08-26 Analyst: /

Solid 1H26 on good order backlog - Growth acceleration in 2H26 expected amid start of optical circuit switch shipments

1H26 expectations: We expect a solid top-line organic revenue performance (+10.6% y/y, VTe), driven by strong order development in 4Q25, particularly in the Industry segment. We anticipate a - 3.1% negative FX impact, which consequently likely limited reported revenue growth to an estimated 7.5% y/y or CHF 479.5 mn. Group EBIT is expected at CHF 52.6 mn (+17%; margin 10.1%) due to mix effects (more high-margin Industry revenues) and margin improvements in both I ndustry and Communications. In Transport, we assume a slight profitability contraction. Net income is estimated at CHF 42 mn, a 21% y/y increase, despite FX headwinds from balance sheet positions. Outlook/Guidance: Organic sales growth of at least 10% in FY26, with an EBIT margin in the upper half of the 9-12% medium-term target range. Conference call/Conference details: n.a.

OUR CONCLUSION: We expect a strong 1H26 with expanding profitability, due to improving margins in Industry and Communications, and positive mix effects. We expect the FY26 outlook to be maintained. Key will be the company's optical circuit switch (OCS) business opportunity, whether the shift to a highly automated production process for these products is progressing according to plan, and the potential for additional orders & customers in the near -term pipeline.

Key Financials General Per share data (CHF) 2025A 2026E 2027E 2028E Growth (%) 2025A 2026E 2027E 2028E Valuation (x) 2025A 2026E 2027E 2028E Share price 12-08-26 CHF 207 EPS (rep.) Revenues - P/E Market cap (mns) CHF 3,821 Dividend 2.0 2.3 2.9 3.7 Net profit P/E (adj.) Reporting currency CHF BB Consensus (mns) 2025A 2026E 2027E 2028E EPS (rep.) P/B Income Stat. (mns) 2025A 2026E 2027E 2028E Revenues Profitability (%) 2025A 2026E 2027E 2028E EV/Sales 2.9 3.7 3.2 2.7 Revenues EBITDA Gross margin EV/EBITDA EBITDA EBIT EBITDA margin EV/EBIT EBIT Net profit EBIT margin FCF yield % 2.6 1.7 2.0 2.8 Net profit EPS ROIC Dividend yield % 1.4 1.1 1.4 1.8