REAL-TIME GLOBAL RESEARCH
Schneider Electric (SCHN.PA): Q3 beats, guidance raised
Key takeaways
- The Q3 beat and related FY26 guidance increase reflects record performance, with continued strength in electrification/ datacentre markets and continued momentum in industrial.
- The increase in guidance is positive, but the possibility of a guidance raise had been widely expected.
- Key focal points for the call will be the implied prudence on Q4'26 growth expectations given the new FY26 guidance, although we see this as driven by comps and prudence rather than any expected slowdown.
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Research evidence excerpt
The Q3 beat and related FY26 guidance increase reflects record performance, with continued strength in electrification/ datacentre markets and continued momentum in industrial. The increase in guidance is positive, but the possibility of a guidance raise had been widely expected. Key focal points for the call will be the implied prudence on Q4'26 growth expectations given the new FY26 guidance, although we see this as driven by comps and prudence rather than any expected slowdown. We'd expect to see a positive reaction on demand trends and product pricing traction.
Inside the numbers — Q3 Sales of €11,460m came in 3% above company-compiled cons. of €11,127m. Q3 organic growth of 16.9% came in 310bps above cons. of 13.8%.
Energy Management revenue of €9,615m came in 3% above cons. of €9,300m.
Industrial Automation revenue of €1,845m came in 1% above cons. of €1,827m.
Energy Management organic growth of 18.8% came in 370bps above cons. of 15.1%.
Industrial Automation organic growth of 8.1% came in 40bps above cons. of 7.7%.
Energy Management revenue organic growth of c.19% underpins the continued strength of electrification and data-center related demand (up strong Double-digit).
FY26 guidance raised — Schneider has raised its 2026 outlook and expects org. sales growth between 12%-14% vs prior est of between 10%-13%, adj. EBITA margin in the range 19.7%-19.9% vs prior est of 19.4%-19.7%, with 100bps-120bps organic growth in adjusted EBITA margin (prior est: 70bps-100bps) . Cons. currently expects FY326org. growth of 13.3% and adj. EBITA margin of 19.7%.
Implications — Key focal points for the call will be the implied prudence on Q4'26 growth expectations given the new FY26 guidance, although we see this as driven by comps and prudence rather than any expected slowdown. We'd expect to see a positive reaction on demand trends and product pricing traction.
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