Belimo Holding AG | Europe: Revenue +4% beat. EBIT +7% beat.

Research evidence excerpt

Belimo Holding AG | Europe: Revenue +4% beat. EBIT +7% beat.

UpdateM2H, suggests no extraordinary price increase in 2H FY26. We do not think is a

demand warning, but a set-up management is managing expectations on.

Americas, 50% of sales growing 35%. Data centre was the key driver; management

called out direct-to-chip liquid cooling demand rising on higher AI-processor heat

densities, plus Belimo positioning as valve "solution of choice" for leading chip

makers and hyperscalers. Asia catching up. APAC LC growth 58%. The largest top

line surprise, albeit off a low base. Data centre again the key driver across domestic

and export projects; new Singapore Data Center Experience Center flagged. Also

pharma, semiconductor, battery, electronics, plus airports/power infrastructure.

Commercial new-build still challenging. Europe +14% LC growth. A modest beat.

Non-residential construction only modestly growing; renovation (RetroFIT+) the key

support.

Mix shift: Actuators vs. Valves. Damper Actuators grew just 7.6% in local currency

while Control Valves grew 48.3%, and Actuators slowed sharply from 18.1% a year

ago. The reason is data centres: the liquid-cooling demand behind the beat almost

all lands in Valves, while Actuators tracks the still-weak traditional building market.

Ultimately this is good for mix (valves higher price point products) but does

concentrate the risk towards one dominant end market, increasing cyclicality in our

view.

Valuation: Shares trade on 49x FY26e P/E but this drops to 34x by 2028 on double

digit compound earnings growth. Compares to 2yr forward PE of 40x.

Exhibit 1: Headline estimates vs. expectations

MSe. Vs

Key Figures (CHFm) H1 FY2026A H1 FY2025A YoY% H1 FY2026E Vs. Mse Consensus

Consensus

Net sales 676 562 20.5% 645 4.8% 651 3.9%