H1 preview - all eyes on the margin

Research evidence excerpt

H1 preview - all eyes on the margin

Deutsche Bank

Research

Rating Company Date

Hold Tecan 6 July 2026

Europe Reuters Bloomberg Rating Hold

Switzerland TECN.S TECN SW Price target (CHF) 151.0 Price at 3 Jul 26 176.9

52-week range 180.3 – 114.7

Healthcare

Life Sciences Tools & Valuation & Risks

Diagnostics

Jan Koch, CFA

H1 results are set to be reported on August 11 Research Analyst

+49-69-910-47428 We expect Tecan to report 2% organic sales growth and 1% organic order-intake

growth in H1, but an 8% decline in adjusted EBITDA, implying a 14.3% margin (- Falko Friedrichs

70bps yoy). Top-line growth should be driven mainly by a good performance in Research Analyst

the Partnering segment, where we forecast 3.6% sales growth (vs. 4.9% in Q1’26), +49-69-910-36270

supported by favourable comparables, as sales to Tecan’s largest customer

Fynn Scherzler declined significantly in the prior-year period. Research Analyst

+49-69-910-40764 By contrast, we expect Life Sciences sales to increase only modestly, by 0.5% (vs.

1.3% in Q1), as solid Biopharma demand has likely been offset by continued Sachin Gadilingappa

weakness in Academia. Margins should remain under pressure from an Research Associate

unfavourable product mix, currency headwinds and tariffs. We expect Tecan to

confirm its 2026 guidance, which calls for low-single-digit CER sales growth and

an adjusted EBITDA margin of 15.5-16.5%.

Key changes

While Agilent’s Q2 results (February–April) were an encouraging data point, Price target (CHF) 138 151 9%

pointing to improving underlying demand trends, particularly in pharma and Source: Deutsche Bank

biotech, investor focus remains on inflationary trends. This is especially relevant

for Tecan, given its comparatively lower gross-margin profile and more limited