Belimo Holding AG: Catalyst Alert: 1H results beat & raise to drive re-rating – 20 July

研报英文原文证据摘录

Belimo Holding AG: Catalyst Alert: 1H results beat & raise to drive re-rating – 20 July

Equity Research

14 May 2026

Belimo Holding AG

Catalyst Alert: 1H results beat &

raise to drive re-rating – 20 July

Market both underestimating and mispricing strength of BEAN.S/BEAN SW OVERWEIGHT

liquid cooling opportunity. 1H results to provide clear European Capital Goods NEUTRAL

evidence of BEAN's opportunity and earnings torque to AI Price Target CHF 1000.00

Price (13-May-26) CHF 788.50

infra; we are ~8% ahead of consensus EBIT and expect Potential Upside/Downside +26.8%

management to raise guidance, which should catalyse re- Source: Bloomberg, Barclays Research

rating.

European Capital Goods

George Featherstone, CFA

Catalyst: Belimo will report 1H results on 20 July, with the set-up skewed toward a beat-and- +44 (0)20 3555 8585

raise outcome; we are ~8% ahead of consensus EBIT for 1H26. We expect strong organic growth, george.featherstone@barclays.com

particularly in the Americas, confirming resilience in commercial HVAC and accelerating Barclays, UK

demand in data centre liquid cooling. This should support an upgrade to FY26 guidance Vlad Sergievskii

(currently mid-teens organic growth and >20% EBIT margin) and reinforce Belimo’s positioning +44 (0)20 7116 1117

within AI-linked infrastructure. vlad.sergievskii@barclays.com

Barclays, UK

The catalyst is timely given the stock’s de-rating year-to-date and underperformance vs DC-

Timothy Lee, CFA

exposed peers, leaving valuation and expectations misaligned with underlying fundamentals. +44 (0)20 7773 6879

For our recent initiation, see here. timothy.lee@barclays.com

Thesis: We see Belimo transitioning from a high-quality HVAC compounder into an AI