Märkte & Kurse

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Original-Research: PFISTERER Holding SE - from GBC AG

21.04.2026 / 09:30 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
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Classification of GBC AG to PFISTERER Holding SE

     Company Name:                PFISTERER Holding SE
     ISIN:                        DE000PFSE212

     Reason for the research:     Research Study (Anno)
     Recommendation:              BUY
     Target price:                EUR110.00
     Target price on sight of:    31.12.2026
     Last rating change:
     Analyst:                     Cosmin Filker, Marcel Goldmann

Strong revenue and earnings growth achieved; accelerated growth momentum
expected

In the 2025 financial year, PFISTERER Holding SE (PFISTERER) achieved a
strong increase in revenue of 17.4% to EUR449.88 million (previous year:
EUR383.12 million). The HVA (High Voltage Cable Accessories), MVA (Medium
Voltage Cable Accessories), and OHL (Overhead Lines) segments made a
significant contribution to this growth, each achieving a revenue increase
of over 20%. Particularly noteworthy here is the OHL segment, which has
returned to a growth trajectory following the successful relocation of
production to the Czech site in Kada. The relocation of production had
become necessary following the fire at the German site in Wunsiedel. The
revenue growth achieved took place particularly in the second half of the
year, thanks to the ramp-up of OHL production and the picking-up VA
business.

Their regional revenue performance underscores the company's broad market
positioning. Particularly strong growth momentum came from Europe and Africa
(+12.4%) as well as the Middle East and India (+81.7%). In these regions,
high-voltage-related products were in particularly high demand. This
development reflects rising investment in energy infrastructure as well as
the growing importance of high-growth regions outside Europe.

The 17.4% increase in revenue was accompanied by a disproportionately higher
rise in gross profit of 20.2% to EUR182.56 million (previous year: EUR151.86
million) and in EBITDA of 26.8% to EUR76.24 million (previous year: EUR60.15
million). However, ramp-up costs for the production ramp-up in Kada and at
the US site stood in the way of a better earnings performance. Furthermore,
the operating profit was weighed down by temporarily higher expenses
(including IPO costs). However, insurance payments received for the fire
incident in Wunsiedel, amounting to EUR6.28 million, had a positive impact on
earnings.

Following the successful IPO, PFISTERER now boasts very healthy balance
sheet ratios. The cash proceeds from the IPO (net: EUR88.72 million) and the
high operating cash flow of EUR47.58 million were used to reduce bank
liabilities almost entirely (net financial assets: EUR18.20 million). In
addition, the company was able to finance its accelerated investment
programme (investment cash flow: EUR38.78 million).

PFISTERER plans to expand its CAPEX programme by the 2030 financial year,
making investments of around EUR270 million. In addition to investments in
entering new markets (such as HVDC), existing production capacities are to
be expanded. According to the medium-term plan, revenue of between EUR800
million and EUR900 million is to be achieved by 2030. For the current
financial year 2026, the Executive Board anticipates a rise in revenue to
between EUR500 million and EUR525 million. This is based on the positive
development of the order book, which, at EUR334.4 million, is 42.4% higher
than the previous year's figure. We have based our forecasts on this and
expect a gradual improvement in profitability over the coming financial
years.

Using the DCF model, we have determined a new price target of EUR110.00
(previously: EUR85.00). The upward revision of forecasts, together with the
lower weighted cost of capital resulting from the lower beta, has led to the
price target increase. We maintain our "BUY" rating.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=90dcf1f6fee514457faff2eba3ac486e

Contact for questions:
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Completion: 20.04.2026 (1:29 pm)
First disclosure: 21.04.2026 (09:30 am)

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2311350 21.04.2026 CET/CEST

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