Belimo (AO) | Buy | H1 preview: Strong organic growth, high margins temporarily stable

研报英文原文证据摘录

Belimo (AO) | Buy | H1 preview: Strong organic growth, high margins temporarily stable

#EarningsPreview

Release date: 25 June 2026

Martin Flueckiger

Equity Research Analyst

+41 43 333 6005

mflueckiger@keplercheuvreux.com

BuyBelimo

Switzerland | Capital goods Beta Profile: MCap: CHF11.4bn Country Top Picks

Target Price: CHF1010.00 Bloomberg: BEAN SW Reuters: BEAN.S

Current Price: CHF928.00 Free float 80%

Up/downside: 8.8% Avg. daily volume (CHFm) 38.6

YTD abs performance 18.8% Market data: 24 June 2026

52-week high/low (CHF) 965.50/623.50

H1 preview: Strong organic growth, high margins temporarily stable

Key points:

Belimo is scheduled to report its H1 results on Monday 20 July. Investors and analysts wishing to participate in the conference call

need to pre-register here.

We expect investors and analysts to focus on the group’s organic sales growth and its composition, the growth contribution by

the company's data centre business, EBIT and its margin, net income, free cash flow, as well as management’s financial guidance

for 2026.

We continue to like Belimo’s equity story, marked by strong organic growth and further margin expansion in 2026E and 2027E.

More specifically, we maintain our view that data centres will continue to contribute strongly to the company's growth and

earnings quality in 2026-27E, while the traditional HVAC business will likely be driven by a moderate market recovery in Europe,

the company's RetroFIT+ initiatives, market share gains, and the expansion of its footprint in Asia-Pacific.

Reporting date 20 July

Conference call 20 July at 09:00 CEST

Pre-registration Link

Table 1:Preview of H1 2026 key results

CHFm H125 H126E Cons. H126E KECH vs cons.

Sales 561.5 645.4 650.8 -0.8%

Growth in % l.c. 20.6% 20.8% 21.9% -1.1%

Growth in % 18.6% 14.9% 15.9% -