Highlights from the Lowlands

研报英文原文证据摘录

Highlights from the Lowlands

EUROPE | European Midcaps EquityJuneResearch12, 2026

Exhibit 1 - Aalberts FY25 revenue breakdownHighlights from the Lowlands

by technology

Boiler room

technology SurfaceWe increased our Aalberts FY26E EBITA estimate by 4% based on 16% technologies

accelerating Semicon momentum, with the GVT acquisition performing 22%

12% Building 35% Stamping andahead of expectations. The Jefferies Chemicals team highlighted chemical Valves Industry 50% extrusion

7%

Semicon Industrialspreads are down 12% from mid-April highs, explaining recent weakness 15% products

Machine conditioning Connection

5%in 6% Azelis and IMCD shares. Please Save-the-Date for the Benelux Mid-Cap systems

Frames & modules technologies 23% Mechatronic

3% 6%Tour on Sept 30th and Oct 1st, targeting to visit the management teams of .

Source: Company data

10 leading Dutch and Belgian Mid-Caps.

Exhibit 2 - Aalberts FY25 revenue breakdown

by end-market

Aalberts (AALB NA, Buy) Accelerating Semicon momentum driving upgrades. We have Industry & Utility Automotive

5%

increased our Aalberts FY26E EBITA estimate by 4% to €452.0m, 4% ahead of consensus 12% Aerospace & power gen

€435.9m (Visible Alpha), reflecting a relatively stronger Semicon recovery, with the order book Commercial20% 5%

35% applicationsbuilding on rising demand for advanced chips to support AI-related infrastructure, before a Building Industry Industrial

50%

return to double-digit growth in FY27E (Ex. 3), when the new Semicon production facility in Semicon 19%

Dronten will become operational. Note that the GVT acquisition in Singapore is performing 15%

9%ahead of expectations, with estimated revenue growth of 26% per annum since 2024, likely Residential25% Other Non-lithography Lithography