Schweiter Technologies: Channel checks- mixed catalyst ahead amid good execution in tight markets

Research evidence excerpt

Schweiter Technologies: Channel checks- mixed catalyst ahead amid good execution in tight markets

Global Research

6 July 2026ab

Schweiter Technologies Equities

SwitzerlandChannel checks- mixed catalyst ahead amid

good execution in tight markets Industrial, Diversified

12-month rating Sell

12m price target CHF255.00Mixed near term catalysts- muted sales but margin improvements ahead

Prior : CHF240.00

We expect a somewhat mixed set of results for Schweiter in H1 26E. Organic sales

should be down low single digit (volumes flattish y/y) due to weaker display markets and Price (03 Jul 2026) CHF290.00

core materials (outside wind which performs resilient we think). But supported by the RIC: SWTQ.S BBG: SWTQ SW

recent cost efficiency programme of cCHF10m and divestment of loss making transport

SKU`s, core EBITDA should be flattish y/y at cCHF45m, resulting in a margin increase of Trading data and key metrics

c100bp y/y to c10%. For the outlook, due to seasonality and muted industry dynamics, 52-wk range CHF420.00-238.50

we expect the core EBITDA in H2 26E to slightly deteriorate sequentially towards Market cap. CHF0.42b/US$0.52b

cCHF40m resulting in a total core EBITDA range for FY 26E of cCHF80-85m (UBSe Shares o/s 1.44m (BEAR)

CHF85m, cons. CHF76m). Despite some upside risk to consensus near term which could Free float 69%

support investor sentiment a bit, we remain cautious on shares as the company`s Avg. daily volume ('000) 1.79

FCF ROIC is muted at c7-8% (not exceeding cost of capital), margins eroded over the Avg. daily value (m) CHF0.5

last years and organic sales is light reflecting challenging & competitive end markets. Common s/h equity (12/26E) CHF0.66b

P/BV (12/26E) 0.6x

View on the demand environment and industry overcapacities Net debt to EBITDA (12/26E) NM