Comet Holding: H1’26 first take: Sales slightly softer, EBITDA beat on phasing of one-times, guide brackets consensus

First-page research excerpt

J P M O R G A N

Europe Equity Research

31 July 2026

Comet Holding

H1’26 first take: Sales slightly softer, EBITDA beat on

phasing of one-times, guide brackets consensus

Our Take: Comet has released H1 results with group revenue -1.6%/-1.3% below

consensus/JPMe, but EBITDA 13.8%/20.9% ahead of consensus/JPMe.

Quantitative guidance for 2026 has now been given, calling for revenue of 540-570

CHFm and EBITDA margins of 14.0-17.0%, which largely brackets companycollated consensus. On margin progression, we note that H2 margins will be more

heavily impacted by one-off costs than H1 (explaining the seeming limited

operating leverage in H2). There is clear momentum in the business with orders

growing sequentially ~45% into Q2 and revenues growing ~26% q/q, with positive

commentary on Synertia (“significant increase in customer qualifications”) and

CA20 (orders doubling in H1’26). Overall, we see the results and guide as solid but

not spectacular, but there are enough positives in the release to support those

willing to take a longer-term view.

Overweight

COTNE.S, COTN SW

Price (30 Jul 26):CHF337.00

Price Target (Dec-27):CHF500.00

European Tech Hardware &

Payments

Craig A McDowell AC

(44-20) 7742-4576

Sandeep Deshpande

(44-20) 7134-5276

Anthony Girard

(44-20) 3493-6469

J.P. Morgan Securities plc

Specialist Sales contact details:

Noteworthy Areas: Orders for Q2 were 210 CHFm, up from 145 CHFm in Q1

(book-to-bill of 1.57x in Q2, vs. 1.36 in Q1), with the release noting that bookto-bill was highest for PCT. PCT grew 15.0% organic (below JPMe 17.0%, no

consensus) with the release noting growth in all segments. Synertia has

achieved a “significiant increase in customer qualifications and engagements”.

PCT margins came in at 20.2% (ahead of JPM at 18.0%, likely on differing

timing on one-offs). IXS delivered softer revenue and weaker margins than we

anticipated; however, the release notes a doubling of purchase orders for CA20

systems, with further expansion of the semi-focused portfolio. The company

continues to expect CA20 breakeven in 2028. IXM posted better-than-expected

organic growth (15.5% vs. 8.0% JPMe) with the release noting strong activity

…