SFS Group (AO) | Hold | Self-help measures are finally supporting margins.

研报英文原文证据摘录

SFS Group (AO) | Hold | Self-help measures are finally supporting margins.

Swiss Seminar Feedback

Release date: 12 May 2026

Torsten Sauter

Head of Swiss Equity Research

Hold +41 43 333 6002SFS Group tsauter@keplercheuvreux.com

Switzerland | Capital goods Beta Profile: MCap: CHF4.8bn

Target Price: CHF125.00 Bloomberg: SFSN SW Reuters: SFSN.S

Current Price: CHF123.20 Free float 43%

Up/downside: 1.5% Avg. daily volume (CHFm) 5.6

YTD abs performance 13.4% Market data: 11 May 2026

52-week high/low (CHF) 125.60/99.00

Self-help measures are finally supporting margins.

FY 2026 guidance has been confirmed. Guidance implies modest organic growth; however, FX is expected to offset much of the

operational progress. Electronics started the year well through smartphone content wins and resilient HDD demand, while

aerospace and medical continue to provide attractive growth potential.

Automotive and European construction markets remain weak, although D&L is seeing early stabilisation signs after prolonged

destocking. Fastening Systems continues to benefit from solid North American demand.

Self-help measures remain a key focus, with restructuring, product pruning, and headcount reductions supporting margins and

cash flow. Next catalyst: Investor Day on 17 September in Switzerland.

Speaker

Volker Dostmann, CFO

Temperature

Active Q&A where CFO Dostmann emphasised the return to minor growth and progress with the self-help on margin levels. Asset

sweating was highlighted as benefiting FCF and deleveraging.

Company’s pitch

After a muted first half of the year, SFS reported a pick-up in Q4 2025. Especially in the electronics business (mobile phone

content wins, HDD components) and in pockets of the Engineered Components unit, SFS saw a pick-up in demand and margin

improvements.