Arbonia AG (AO) | Buy | H1 preview: Challenges in H1, order books point to stronger H2

Research evidence excerpt

Arbonia AG (AO) | Buy | H1 preview: Challenges in H1, order books point to stronger H2

#EarningsPreview

Release date: 01 July 2026

Martin Flueckiger

Equity Research Analyst

+41 43 333 6005

mflueckiger@keplercheuvreux.com

BuyArbonia AG

Switzerland | Constr., Infra & Materials MCap: CHF247.3M

Target Price: CHF5.40 Bloomberg: ARBN SW Reuters: ARBNO.S

Current Price: CHF3.56 Free float 74%

Up/downside: 51.7% Avg. daily volume (CHFm) 0.4

YTD abs performance -32.3% Market data: 30 June 2026

52-week high/low (CHF) 6.02/3.54

H1 preview: Challenges in H1, order books point to stronger H2

Key points:

Arbonia is scheduled to report its H1 results on Tuesday 25 August. The time and the dial-in details of the conference call have not

been announced yet.

We expect investors to focus on organic revenue growth and the development of the adjusted EBITDA margin in the period under

review. Moreover, we anticipate investors to focus on free cash flow and net debt. Finally, investors are likely to scrutinise the

company’s outlook for 2026.

Based on the company’s comments during its public and qualitative H1 pre-close call on 30 June with respect to the impact of

several challenges faced by the group in H1, we consider the Bloomberg H1 consensus to be unreliable at this stage. We await the

AWP consensus, which is a survey that typically closes only two days prior to the results.

Against the backdrop of management's positive comments during the public H1 pre-close call regarding the development of the

group's order book in H1, we continue to expect Arbonia's earnings momentum to ramp up significantly in H2. Although the

various challenges in H1 could force the company to specify its 2026 guidance to the lower end of the ranges, in our view, we think