GEA: Margin momentum fades

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GEA: Margin momentum fades

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GEA

Margin momentum fades

Reiterate Rating: UNDERPERFORM | PO: 51.00 EUR | Price: 56.35 EUR

Margin progression slowed in Q1 ex Farm Tech 12 May 2026

GEA Q1 results beat in orders & revenue by c1%, with Adj EBITDA inline vs consensus. Equity

2026 outlook unchanged, which remains in line vs consensus in terms of both organic

growth (5-7% vs cons 6%) and EBITDA margin (16.6% -17.2% vs cons at 17%). The

Key Changesweak Q1 margin in GEA’s project business confirms our view that cost inflation could

have a lasting impact on margins and slows progression in 2026. Our EBITDA estimates (EUR) Previous Current

are largely unchanged, and EBITDA 26/27e remain -2%/-4% below consensus estimates. Price Obj. 56.00 51.00

We also increase our discount for GEA against sector from 20% to 30% given stalled

margin progression vs sector. Our new PO is €51 (from €56), reiterate Underperform. Uma Samlin >> Research Analyst

MLI (UK)

+44 20 7995 1964Cost inflation could further slow EBITDA growth uma.samlin@bofa.com

We see Q1 as the first quarter where margin progression slowed meaningfully across

Benjamin Heelan >>

divisions excluding Farm Tech (FT). Since 2021, GEA has improved its group EBITDA margin Research Analyst

by c1% per annum yoy from a 11.4% in Q1’21 to 15.8% in Q1’25. However, the margin Merrill+44 20Lynch7996 (DIFC)5723

improvement slowed markedly in Q1’26 to 40bps improvement, which was largely driven by benjamin.heelan@bofa.com

FT which is a much shorter cycle business. We expect both negative mix effect of larger Alexander Jones, CFA >>

project deliveries and potential cost inflation in logistics and components to create further ResearchMLI (UK) Analyst

margin headwinds. We expect 2026 EBITDA margin to be at 16.8% (vs cons at 17%).