DKSH (AO) | Buy | CEO highlights growth initiatives, margin pressure temporary

Research evidence excerpt

DKSH (AO) | Buy | CEO highlights growth initiatives, margin pressure temporary

Marketing event feedback

Release date: 22 July 2026

Jon Cox

Head of European Consumer

+41 43 333 6607

jcox@keplercheuvreux.com

BuyDKSH

Switzerland | Support services Beta Profile: MCap: CHF4.2bn

Target Price: CHF72.00 Bloomberg: DKSH SW Reuters: DKSH.S

Current Price: CHF64.00 Free float 55%

Up/downside: 12.5% Avg. daily volume (CHFm) 7.3

YTD abs performance 11.5% Market data: 21 July 2026

52-week high/low (CHF) 67.60/52.80

CEO highlights growth initiatives, margin pressure temporary

Key points:

CEO says margin pressure temporary amid investments to fuel growth in consumer, healthcare.

CEO eyes more bolt on M&A, new deal announcements seen soon.

CEO reiterates group commitment to progressive dividend policy.

CEO says margin pressure temporary amid focus on growth investments

CEO Stefan Butz said H1 margin pressure was temporary and caused by investments to drive current and future growth in the

company's consumer and healthcare businesses, which both reported c. 5% organic sales growth.

Butz told investors that the consumer unit's H2 margin would be similar to last year.

The goal in healthcare is to grow margin again but there are upfront investments associated with new contracts, which are

expected to lead to a 200bps step up in organic growth over the next couple of years.

The margin in its technology unit would continue to benefit from an increased contribution from its Cummins JV, which supplies

generators for data centers.

Butz said he remained reasonably confident the company would be able to reach its guidance for a 10bps margin improvement

this year.

Otherwise, Q2's performance materials growth of 2% has continued into July.