PFISTERER Holding SE (von GBC AG): BUY 25.08.2026, 10:30 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: PFISTERER Holding SE - from GBC AG



25.08.2026 / 10:30 CET/CEST
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Classification of GBC AG to PFISTERER Holding SE



     Company Name:               PFISTERER Holding SE
     ISIN:                       DE000PFSE212



     Reason for the research:    Research Report (Update)
     Recommendation:             BUY
     Target price:               EUR 115.00
     Last rating change:
     Analyst:                    Cosmin Filker, Marcel Goldmann



Growth in sales and earnings continued in Q2 2026; forecasts for 2026 raised
slightly



In the first six months of 2026, PFISTERER achieved a strong jump in sales
of 20.2% to EUR256.70 million (previous year: EUR213.56 million). Following
significant sales growth in the first quarter (+26.7%), the growth momentum
remained high in the second quarter at +14.5%. The slowdown in the growth
rate is mainly attributable to weak revenue in the first quarter of 2025,
which was still affected by a fire-related production stoppage.



The OHL and HVA segments in particular contributed to the strong revenue
growth. OHL benefited from high demand from the 'Middle East and India'
region, whilst HVA benefited from high demand for high-voltage cable
accessories from the 'Europe and Africa' region. The other two segments, MVA
(+1.8 %) and COM (+8.6 %), also contributed to the positive picture by
continuing their growth trajectory, although a stronger rise in demand
driven by orders is still to come in these segments.



Driven by the strong rise in turnover, gross profit increased proportionally
to EUR107.77 million (previous year: EUR90.00 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 EUR51.51 million (previous
year: EUR36.78 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
EUR52.40 million (previous year: EUR39.50 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 EUR262.97 million (previous year:
EUR290.22 million) in the first six months compared with the very strong
corresponding period last year, the order book of EUR340.26 million
(30.06.2025: EUR312.47 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 EUR523.91 million (previously:
EUR515.31 million) and EBITDA of EUR104.35 million (previously: EUR102.87
million). The medium-term forecasts (2027-2030) remain unchanged.



Using the DCF valuation model, we have arrived at an unchanged price target
of EUR115.00. 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:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=1c7d3f42dea4e591ed202698d62a1918



Contact for questions:
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Completion: 25.08.2026 (8:44 am)
First disclosure: 25.05.2026 (10:30 am)



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2388030 25.08.2026 CET/CEST