Cantor Summit Soundbites

研报英文原文证据摘录

Cantor Summit Soundbites

Technology Hardware, Storage & Peripherals

Kontron AG (KTN GR)

EQUITY RESEARCH Quick Take

May 26, 2026

Cantor Summit Soundbites Price: €22.94

Price Target: €34.00 Takeaways

Rating: Overweight Kontron’s software strategy shift remains underappreciated. The

Key Statistics: company targets 30m software package deployments by 2028, leveraging

Symbol XETRA: KTN GR its installed base of embedded systems. The focus is on KontronOS

52-Week Range 16.34 - 29.00 and AI Shield, aimed at securing IoT-based critical infrastructure across

Market Cap 1,465.0 defence, transportation, and healthcare. The Cyber Resilience Act provides

ADV (3 mo) 261,447 a meaningful regulatory tailwind, mandating cybersecurity compliance for Shares Out (M) 63.9

all products with digital elements sold in the EU from December 2027.

If successfully executed, the strategy could materially reshape Kontron’s Research Analysts:

earnings profile: 30m software packages would imply c.€300m of annual Tim Wunderlich

Cantor Europe software revenue at ~80% gross margins. We have not yet included this

+49 176 1031 4495 upside in our mid-term estimates.

Tim.Wunderlich@cantor.com

Transportation remains a key growth and value driver. Kontron

One-Year Price History continues to see strong demand across Europe for its next-generation

30 communications systems as rail infrastructure undergoes a major upgrade

26 cycle. Germany is finally stepping up investment, with Deutsche Bahn

22 guiding to €23bn of capex in 2026 (+20% y/y), the highest annual

20 18 spend on record. Another capex wave is expected from the transition to

05/25 08/25 11/25 02/26 05/26 next-generation railway communications standards, with major European

KTN GR Created by BlueMatrix operators set to begin 5G roll-outs from 2028.