First Read: Straumann "Surprisingly strong first half margin drives upgrade"

Research evidence excerpt

First Read: Straumann "Surprisingly strong first half margin drives upgrade"

Global Research

17 June 2026ab

First Read

EquitiesStraumann

Surprisingly strong first half margin drives Switzerland

upgrade Medical Supplies

12-month rating Neutral

12m price target CHF90.00

What's happened?

Straumann has raised its FY26 profitability outlook, citing stronger-than-expected

operational performance across all business segments. The company now guides to core Price (16 Jun 2026) CHF93.28

EBIT margin expansion of 140-170bps (vs. prior 30-60bps) at constant FX, while RIC: STMN.S BBG: STMN SW

maintaining expectations for high single-digit organic revenue growth; this implies a

Trading data and key metrics

c.4.5% upgrade to consensus core EBIT. (In addition, it expects non-core related tariff-

refunds of currently up to CHF 17 million.) 52-wk range CHF109.60-75.80

Market cap. CHF14.9b/US$18.7b

Shares o/s 159m (REG)

The company will report H1 results on 19 August.

Free float 65%

What's driving the improved margin? Avg. daily volume ('000) 419

Avg. daily value (m) CHF36.1

The upgrade reflects continued execution across franchises, favourable geographic mix

effects, and lower-than-anticipated tariff headwinds, alongside improving profitability Common s/h equity (12/26E) CHF2.19b

trends in key growth areas such as orthodontics and intraoral scanners. Key drivers: P/BV (12/26E) 6.8x

Net debt to EBITDA (12/26E) NM

Gross margin is benefiting from manufacturing efficiencies and supply chain

optimisation, alongside disciplined cost management and operating leverage. EPS (UBS, diluted) (CHF)

UBS Cons.

Mix is also supportive, with stronger contributions from higher-margin segments 12/26E 3.08 3.08

and improved regional dynamics, notably in China where local production 12/27E 3.53 3.64