Kardex 1H26 results - conference call takeaways

Research evidence excerpt

Kardex 1H26 results - conference call takeaways

Global Research

30 July 2026ab

Kardex Equities

Switzerland1H26 results - conference call takeaways

Industrial, Diversified

12-month rating Buy

Thoughts on current order momentum

We expect that Kardex's order momentum has materially improved over the course of 12m price target CHF348.00

1H26, admitting that the start (Jan/Feb) into 2026 was rather weak, which especially

applies to its Automated Products segment. However, we also expect that demand

Price (29 Jul 2026) CHF245.50

momentum has turned by March, thus that segment could be able to see at least low

teens order growth on a FY26E basis, in our view. Moreover, we anticipate that Mlog's RIC: KARN.S BBG: KARN SW

orders should increase sequentially on the back of recent positive customer indications.

Trading data and key metrics

For Kardex's AS Solutions segment, we anticipate limitations to its order momentum,

52-wk range CHF335.00-215.50

also considering that the comparison base becomes more challenging in 2H26E. Overall,

demand seems to remain strong in the US and APAC, with Europe still rather posing Market cap. CHF1.89b/US$2.32b

some challenges. Shares o/s 7.72m (ORD)

Free float 77%

Additional granularity on margin trajectory Avg. daily volume ('000) 16.2

In our view, Kardex's 1H26 operating margins especially at its Standardized Systems Avg. daily value (m) CHF3.9

segment were impacted by project mix and delivery timing of such projects. However, Common s/h equity (12/26E) €0.29b

we also anticipate that the consolidation of Rocket Solution negatively influenced the P/BV (12/26E) 7.0x

divisional margins in 1H26. Moreover, we expect that, albeit to a smaller degree, to Net debt to EBITDA (12/26E) NM