Märkte & Kurse

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Original-Research: PFISTERER Holding SE - from GBC AG

21.05.2026 / 09:30 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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Classification of GBC AG to PFISTERER Holding SE

     Company Name:                PFISTERER Holding SE
     ISIN:                        DE000PFSE212

     Reason for the research:     Research Comment
     Recommendation:              BUY
     Target price:                EUR 115.00
     Target price on sight of:    31.12.2026
     Last rating change:
     Analyst:                     Cosmin Filker, Marcel Goldmann

Strong revenue and earnings growth achieved in Q1 2026; GBC earnings
estimates raised slightly

In the first three months of 2026, PFISTERER SE achieved an impressive 26.7%
increase in revenue to EUR126.88 million (previous year: EUR100.13 million). As
expected and as forecast by the company in its 2025 Annual Report, this was
driven in particular by the significant rise in revenue in the HVA (High
Voltage Accessories) and OHL (Overhead Lines) segments. Whilst the HVA
segment saw a 23.4% increase in revenue to EUR49.59 million, revenue in the
OHL segment rose significantly by 69.1% to EUR35.56 million. The strong rise
in revenue in the OHL segment is primarily attributable to high demand from
the Middle East and India. Here, the company benefited from high customer
demand, gains in market share and the technological shift from ceramic to
lighter silicone insulators, which provided additional support for demand,
particularly in Saudi Arabia. In the HVA segment, the company benefited from
strong demand for high-voltage cable accessories. The rise in revenue was
primarily driven by "Europe & Africa" and further supported by positive
developments in the "Americas" region.

The sharp rise in revenue in the high-margin high-voltage segments HVA and
OHL is reflected in a disproportionately strong improvement in earnings.
Building on a record gross profit of EUR55.33 million (previous year: EUR42.06
million), the gross margin improved to 43.6% (previous year: 42.0%). Here
too, PFISTERER benefited from a significant improvement in the gross margin
in the OHL segment to 46.8% (previous year: 40.0%), which had been affected
by a fire-related production stoppage in the previous year. This led to an
increase in EBITDA to EUR27.17 million (prev. yr.: EUR19.73 million) and thus to
an improvement in the EBITDA margin to a new quarterly record of 21.4%
(prev. yr.: 19.7%). EBITDA adjusted for expenses relating to the virtual
share programme amounted to EUR27.69 million (previous year: EUR20.97 million),
representing a 32.1% increase on the previous year's figure. Net profit for
the period was also significantly higher than the previous year's figure at
EUR17.79 million (previous year: EUR11.53 million).

With the publication of its Q1 results, PFISTERER's management has confirmed
its forecasts for the current financial year 2026 as well as its medium-term
targets. Consequently, revenue growth of at least 12% is still expected in
2026, and the company is aiming for an EBITDA margin in the high teens to
low twenties in the medium term. This is based, on the one hand, on the very
convincing performance in the first quarter. On the other hand, as at 31
March 2026, the company had an order book of EUR335.8 million, an increase of
17.7% compared with the same date last year (31 March 2025: EUR285.3 million).

Revenue for the first quarter of 2026 rose dynamically, as expected. The
development of the operating result, however, exceeded our expectations.
Based on both adjusted EBITDA and EBITDA 'as reported', the development is
in line with the medium-term forecast. For the coming quarters, which are
likely to be characterised by further revenue growth and thus economies of
scale in terms of fixed costs, a stable trend in the gross margin is also
expected compared with the first quarter of 2026. We have factored this
assumption into our estimates and are raising our earnings forecasts for the
financial years 2026 and 2027 respectively. We now expect EBITDA of EUR102.87
million for 2026 (previous forecast: EUR92.42 million) and EBITDA of EUR115.15
million for 2027 (previous forecast: EUR107.83 million). Our forecasts for the
financial years 2028 to 2030, which also fall within the specific forecast
period, remain unchanged.

Based on the upward revision of the forecast outlined above, we have
calculated a new price target of EUR115.00 (previously: EUR110.00). We are
maintaining our BUY rating.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=2bd3b4011d4b737be298cab3bdf0b722

Contact for questions:
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
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
+++++++++++++++
Completion: 20.05.2026 (4:47 pm)
First disclosure: 21.05.2026 (09:30 am)

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2330922 21.05.2026 CET/CEST

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