Polypeptide Group AG "1H preview - strong 1H and upside risk to guidance" (Buy)

Research evidence excerpt

Polypeptide Group AG "1H preview - strong 1H and upside risk to guidance" (Buy)

Global Research

18 June 2026ab

Polypeptide Group AG Equities

Switzerland1H preview - strong 1H and upside risk to

guidance Biotechnology

12-month rating Buy *

12m price target CHF45.00On-track in Braine with expanded revenue potential - reiterate Buy

Prior : CHF40.00

We understand Braine is operating at expanded utilisation (cEUR125 annual revenues)

since the start of the year, leading us to raise our FY26/27/28 EPS by 21%/3%/6%. With Price (18 Jun 2026) CHF36.55

guidance appearing conservatively framed and no indication of unforeseen operational RIC: PPGN.S BBG: PPGN SW

issues, we assume seamless execution and forecast FY25 org. growth of 28% to

EUR495m (cons. EUR490m), alongside 20% EBITDA margin (EUR99m vs. cons Trading data and key metrics

EUR86m), placing us ahead of guidance and consensus. We see upside potential to the 52-wk range CHF40.75-19.80

mid-term guidance if similar optimisation measures are rolled out at the Malmö reactor. Market cap. CHF1.21b/US$1.51b

With strong visibility for FY28 revenue/EBITDA CAGR of 17%/37%, underpinned by Shares o/s 33.1m (ORD)

signed customer contracts, we view risk/reward as attractive at the current valuation, Free float 41%

confirm our Buy and raise our PT to CHF45 (prev. CHF40). Further large-scale contract Avg. daily volume ('000) 75.7

wins, extending visibility beyond 2028, are a potential positive catalyst. Avg. daily value (m) CHF2.6

Common s/h equity (12/26E) €0.52b

Capacity expansions underpinned by secured contracts P/BV (12/26E) 2.5x

Supported by a low comparison base and Braine operating at expanded capacity, we Net debt to EBITDA (12/26E) 0.9x

model 1H-26E org. sales growth of 34% to EUR222m and 19% EBITDA margin. We