Switzerland (AO) | La Petite Suisse

Research evidence excerpt

Switzerland (AO) | La Petite Suisse

News comment

Release date: 10 July 2026

Torsten Sauter

Head of Swiss Equity Research

+41 43 333 6002

Switzerland tsauter@keplercheuvreux.com

All Caps

La Petite Suisse

Key points:

The Q2/H1 earnings season starts getting more active next week with scheduled results releases by ABB, Georg Fischer, DKSH,

Mikron, Rieter, Richemont (Q1), Partners Group (AuM H1), PEH, as well as ZGKB. Effective today, we add Kardex to our Swiss

Top Picks. The profit warning has reset expectations. The recent setback looks temporary, while rising warehouse automation

demand and a healthy backlog support a recovery. The stock replaces Datwyler, which stays Buy-rated.

Swiss IPO activity recovered in Q2 2026 after no listings in Q1, with three market entries. Centiel listed via a merger with HT5,

while Matador joined the Sparks segment without issuing new shares. DSM-Firmenich added a SIX Swiss Exchange listing

alongside Amsterdam, with a market value near CHF16bn. Infracore also listed on 9 July, after quarter-end. Stronger global IPOs

improved risk appetite and valuations, but many Swiss candidates still await better market conditions.

In its Financial Stability Report 2026, the SNB said the wider Swiss banking sector remain resilient under adverse scenarios,

despite macroeconomic and geopolitical risks (link here). Banking-sector profitability improved in 2025, driven by UBS and other

internationally active banks, while domestically focused banks faced pressure from lower net interest margins. UBS already

exceeds the fully applied current TBTF capital requirements due from 2030 by USD9bn in eligible CET1 capital. SNB again backed

the Federal Council’s tougher capital package, especially full CET1 backing for UBS AG’s foreign participations. Domestic banks