Original-Research: PFISTERER Holding SE (von GBC AG): BUY

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 €256.70 million (previous year: €213.56 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 €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
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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
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Completion: 25.08.2026 (8:44 am)
First disclosure: 25.05.2026 (10:30 am)