NORDSON (=) : Sales outlook improves as order momentum continues into H2

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NORDSON (=) : Sales outlook improves as order momentum continues into H2

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NORDSON NEUTRALPRICE* USD286.8  TARGET PRICE USD290 (UPSIDE 1%) TARGET 2%PRICE EPS10/26e2% EPS10/27e2%

Sales outlook improves as order momentum continues into H2

NDSN (=) delivered a solid FQ2 beat as solid sales momentum continued across its segments, while22 MAY 2026

Securities Research Report Advanced Tech (ATS) margins continued to expand above Street expectations. NDSN sounded

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incrementally confident in its outlook through year-end, raising its adj. EPS guidance by ~2% at the

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midpoint, with better visibility supported by continued strong order momentum and backlog

Andrew E. Buscaglia increasing ~18%. Adj. EM was 32.1%, slightly below our est (32.4%), as incremental margins wereBNP Paribas Securities Corp1

(+1) 646 228 8616 ~31% and below typical levels in the high-30’s. NDSN attributed this to inflationary costs (including

andrew.buscaglia@us.bnpparibas.com tariffs) in Industrial Precision, while a product start-up in Medical & Fluid (MFS) related to a regulatory

Edward Magi change created inefficiencies in that segment. Both were deemed short term and the issue in MFS

BNP Paribas Securities Corp1 may actually flip to a tailwind. Overall, NDSN continues to benefit from improving market trends

(+1) 646 342 4761 although with valuation at ~23x P/E (on our ‘27E) risk/reward is balanced, keeping us Neutral-rated.

edward.magi@us.bnpparibas.com

Brooke Goldman Overview of FQ2’26 results; 2026 outlook raised slightly

BNP Paribas Securities Corp1 NDSN (=) reported adj. EPS of $2.86, slightly above consensus at $2.82. Revenue was $741m and

+1 (646) 739 5945 ~2% above consensus at $727m.