SGS (AO) | Buy | H1 2026e results preview: no surprise in sight

研报英文原文证据摘录

SGS (AO) | Buy | H1 2026e results preview: no surprise in sight

#EarningsPreview

Release date: 24 June 2026

François Digard

Head of French Equity Research, Food retail & TIC analyst

+33 1 70 81 57 47

fdigard@keplercheuvreux.com

BuySGS

Switzerland | Support services Beta Profile: MCap: CHF17.9bn

Target Price: CHF102.00 Bloomberg: SGSN SW Reuters: SGSN.S

Current Price: CHF90.46 Free float 84%

Up/downside: 12.8% Avg. daily volume (CHFm) 53.4

YTD abs performance -0.4% Market data: 23 June 2026

52-week high/low (CHF) 97.00/80.00

H1 2026e results preview: no surprise in sight

Key points:

SGS will report its Q2 sales and H1 2026 results on 26 July before market open.

We do not expect any change in trends versus Q1, although the impact of the war in the Persian Gulf is likely to have weighed

more on Q2 than on Q1. As a result, we expect Q2 like-for-like sales growth of 5.0%, after 5.3% in Q1, bringing our H1 2026

expectation to 5.1%. Consensus does not share this view, as it expects growth to remain at 5.3%. As a reminder, the Middle East

accounts for only 3% of SGS sales, mainly in the I&E and NR divisions.

We expect a marginal improvement in the EBIT margin (+10bp). For the full year, the group has simply committed to delivering a

margin at least in line with last year. With organic growth remaining strong, a slight improvement still looks possible to us, even

though the group’s priority remains reinvestment.

The company should confirm its annual guidance across all metrics.

SGS’s valuation premium remains justified by its leadership, ROIC, resilient mix, cash generation, and Swiss franc appeal. With its

Strategy 27 gaining traction and ATS adding a new growth leg, we initiate coverage with a Buy and CHF102 TP.

Reporting date 26-JULY