The Point for Europe

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The Point for Europe

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Thursday, 02 July 2026

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Schneider Electric (SCHN.PA) - Management call re-assures on Cognite deal Global Economic Outlook & Strategy -

rationale Global Resilience—Could Growth

Surprise to the Upside (Yet Again)?

Schneider hosted a call today following the announced US$3.1bn acquisition of

Cognite last night (see our first take here). Cognite is seen as a leader - if not

unique - in it's data contextualization capabilities, with roots in process industries.

With both this ability to contextualize data from the IT/OT silos and the capability

to build AI agents on top, we think the acquisition is a natural extension of the

design/asset-management/visualization software capabilities that Schneider

already has with Aveva/OSI. Schneider intends to scale Cognite to its own larger

customer base, and a key debate will be how quickly this can be done, given that

many of the entry barriers to data contextualization relate to domain expertise and

industry specific context that is not instantly replicable across industries.

Nonetheless, despite the optically high price - at ~18x trailing sales - we think the

combined Cognite/Schneider capability will offer significant value...

Martin Wilkie

European Machinery - Views into 2Q: Kone better N-T, prefer Schindler on

12mth view

We update our views on the elevator OEMs into 2Q26 results. Schindler (Buy)

reports on 21st July, while Kone (Neutral) reports on 22nd July. Into the quarter,

tactically we think Kone could outperform Schindler given an easier set-up for

quarterly orders. We continue to prefer Schindler into 2H, however, as the set-up