NORDSON (=) : Sales outlook improves as order momentum continues into H2

Research evidence excerpt

NORDSON (=) : Sales outlook improves as order momentum continues into H2

EQUITIES

CAPITAL GOODS

NORDSON NEUTRALPRICE* USD286.8  TARGET PRICE USD290 (UPSIDE 1%) TARGET 2%PRICE EPS10/26e2% EPS10/27e2%

Sales outlook improves as order momentum continues into H2

NDSN (=) delivered a solid FQ2 beat as solid sales momentum continued across its segments, while22 MAY 2026

Securities Research Report Advanced Tech (ATS) margins continued to expand above Street expectations. NDSN sounded

Production time: 05:54* (London time)

incrementally confident in its outlook through year-end, raising its adj. EPS guidance by ~2% at the

Research Analysts & Publishing Entities

midpoint, with better visibility supported by continued strong order momentum and backlog

Andrew E. Buscaglia increasing ~18%. Adj. EM was 32.1%, slightly below our est (32.4%), as incremental margins wereBNP Paribas Securities Corp1

(+1) 646 228 8616 ~31% and below typical levels in the high-30’s. NDSN attributed this to inflationary costs (including

andrew.buscaglia@us.bnpparibas.com tariffs) in Industrial Precision, while a product start-up in Medical & Fluid (MFS) related to a regulatory

Edward Magi change created inefficiencies in that segment. Both were deemed short term and the issue in MFS

BNP Paribas Securities Corp1 may actually flip to a tailwind. Overall, NDSN continues to benefit from improving market trends

(+1) 646 342 4761 although with valuation at ~23x P/E (on our ‘27E) risk/reward is balanced, keeping us Neutral-rated.

edward.magi@us.bnpparibas.com

Brooke Goldman Overview of FQ2’26 results; 2026 outlook raised slightly

BNP Paribas Securities Corp1 NDSN (=) reported adj. EPS of $2.86, slightly above consensus at $2.82. Revenue was $741m and

+1 (646) 739 5945 ~2% above consensus at $727m.