Burckhardt Compression (AO) | Hold | Mid-term ambition: delayed but intact

研报英文原文证据摘录

Burckhardt Compression (AO) | Hold | Mid-term ambition: delayed but intact

Marketing event feedback

Release date: 19 June 2026

Torsten Sauter

Head of Swiss Equity Research

+41 43 333 6002

tsauter@keplercheuvreux.com

HoldBurckhardt Compression

Switzerland | Capital goods Beta Profile: MCap: CHF1.7bn

Target Price: CHF505.00 Bloomberg: BCHN SW Reuters: BCHN.S

Current Price: CHF494.00 Free float 91%

Up/downside: 2.2% Avg. daily volume (CHFm) 7.0

YTD abs performance -9.7% Market data: 18 June 2026

52-week high/low (CHF) 735.00/446.00

Mid-term ambition: delayed but intact

Key points:

After the release of FY 2025/26 results, we hosted a North America roadshow with CEO Fabrice Billard. Systems are holding up

operationally despite the order decline; Services still haven't returned to growth. However, the Systems division preserved

margins through strong backlog execution and favourable product mix even as customers pulled back on new investments amid

tariff uncertainty and Middle East disruptions. Services remains resilient but continues to struggle with converting its expanded

installed base into actual earnings growth, despite recent service centre additions.

FY 2026/27 outlook implies a decline from previous years' levels. Management issued deliberately wide guidance due to Middle

East uncertainty, though the order book provides decent visibility. No meaningful recovery is expected before the end of FY

2026/27, with H2 expected to be stronger as project deliveries ramp and customer maintenance deferrals normalise.

CHF1.2bn revenue Mid-Range Plan target has been pushed out. The company is banking on Fit4Growth and M&A to bridge some

of the gap. The timeline is now dependent on geopolitical stability rather than the previous time horizon (originally fixed March

2028).