Rieter "Textile demand pulse: latest indicators and 1Q26 peer signals..."

研报英文原文证据摘录

Rieter "Textile demand pulse: latest indicators and 1Q26 peer signals..."

UBS capex tracker

We track UBS aggregate capex forecasts of textile companies. Compared to forecasts in

May, June numbers remain almost unchanged, showing -9/+29% textile capex growth

for FY26/27E. Hence, we reckon that the current down-cycle will remain a drag in 1H26

and only fade out gradually throughout the year, with meaningful capex support only

emerging in FY27E.

Figure 1: The UBS capex tracker points to capex textile growth only recovering

in FY27E

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poi

ack g in

wth o erin FY27

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The UB recov nts xtile

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to

Source: Company data, UBS estimates

Note: Considers UBS covered companies with a capex spending history of at least nine years and excludes covered

companies without capex forecasts, or materially volatile capex forecasts. Companies are aggregated into

currencies according to the respective reporting currency.

Textile indicators

We track a range of industry indicators that have historically exhibited strong correlation

with the organic growth of Rieter and Barmag. At the group level, our UBS short-term

indicator signals a cautious recovery in order intake in FY26E (within the MDD range),

while sales are expected to remain in decline.

Figure 2: Our UBS short-term focused indicator forecasts a Figure 3: … while sales are expected to decline

measured order recovery in FY26E...

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UBS line

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ile

dec

focu Our d to … wh

... n FY26E very i er reco ed ord measur asts a

Source: Datastream, company data, UBS research Source: Datastream, company data, UBS research

Note: Correlation weights 4 explanatory macro indicators and weights them Note: Correlation weights 22 explanatory macro indicators and weights them