Halma FY26 Results Wrap-Up: -15% seems overdone but risk/reward still not favourable enough; Stay Neutral

研报英文原文证据摘录

Halma FY26 Results Wrap-Up: -15% seems overdone but risk/reward still not favourable enough; Stay Neutral

C A Z E N O V E Europe Equity Research

12 June 2026

Halma Neutral

HLMA.L, HLMA LN

FY26 Results Wrap-Up: -15% seems overdone but risk/ Price (11 Jun 26):3,928p

reward still not favourable enough; Stay Neutral Price Target (Jun-27):4,150p

Halma’s FY26 results came in better than consensus expectations (c.3% beat on European Capital Goods

ACAdj. EPS and 50bps on margin) but the highlight of the day was the 30% Photonics Chitrita C Sinha

guide for FY27. Heading into results, expectations were very elevated due to the (44-20) 7742-7176

c.60% organic performance at H1 results and increasing excitement on the chitrita.sinha@jpmorgan.com

thematic. We published a spotlight piece on this business in May, following which J.P. Morgan Securities plc

we had investors either too worried on the opacity of the business and therefore on Phil Buller

the sidelines, or very bullish on the outlook and expecting >50% growth for FY27 (44-20) 3493-9403

phil.buller@jpmorgan.com

and beyond. In this context, the 30% guide disappointed and the lack of further J.P. Morgan Securities plc

colour (driven of course by the confidentiality agreement with the hyperscaler) led

Akash Gupta

to the stock down 15% through the day. Notably on the call, management (44-20) 7742-7978

highlighted that the guide is driven by their own visibility of the business and akash.z.gupta@jpmorgan.com

despite expectations of further growth, there may be supply chain challenges J.P. Morgan Securities plc

scaling up which are outside of Halma’s control. In our view the move is overdone, Jeremy Caspar

as a cautious guide was the base case and there is still room to surprise to the upside (44-20) 3493-5188