Schneider Electric Early look at Q2’26 Results: Still strong growth driven by DC and a recovering China, no H1 margin warning – Reiterate OW

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Schneider Electric Early look at Q2’26 Results: Still strong growth driven by DC and a recovering China, no H1 margin warning – Reiterate OW

J P M O R G A N Europe Equity Research

26 June 2026

Schneider Electric

Early look at Q2’26 Results: Still strong growth driven Overweight

by DC and a recovering China, no H1 margin warning – SCHN.PA, SU FP

Reiterate OW Price (25 Jun 26):€279.55

▲Price Target (Dec-27):€335.00

Prior (Jun-27):€325.00

We update our model to incorporate take-aways from the group’s pre-close call

earlier this afternoon and from our Industrials conference (here), top-down data- European Capital Goods

points and peer read-across. Our Q2 sales forecast of €10,907m assumes 10.9% Phil Buller AC

organic growth (of which 2% is price) and a 1.9% FX headwind, which compares (44-20) 3493-9403

to the standing BBG consensus of €10,854m and 10.3% OSG. On the call, CFO phil.buller@jpmorgan.com

J.P. Morgan Securities plc

Nathan Fast reiterated messages shared at our conference from both an end market

Akash Guptaand gross margin standpoint, and also explained that consensus did seem to reflect

(44-20) 7742-7978

the yoy improvement in SFC (i.e. there was no warning on adj EBITA margin, akash.z.gupta@jpmorgan.com

which was of mild concern to some investors ahead of the pre-close). We make J.P. Morgan Securities plc

minor tweaks to our annual forecasts for FY26/27/28 forecasts beyond FX, which Chitrita C Sinha

result in c1% upgrades to our estimates on average. For H1, our margin of 19.0% (44-20) 7742-7176

(previously 19.2%) compares with BBG consensus of 18.6%. We increase our PT chitrita.sinha@jpmorgan.com

to €335 (from €325) as we roll forward to Dec-27 (from Jun-27) with an unchanged J.P. Morgan Securities plc

20.5x EV/EBITA multiple applied to our 2028 forecasts.