Straumann Q2 preview. Patient flow trends remain unchanged

研报英文原文证据摘录

Straumann Q2 preview. Patient flow trends remain unchanged

J P M O R G A N Europe Equity Research

01 July 2026

Straumann Overweight

STMN.S, STMN SW

Q2 preview. Patient flow trends remain unchanged Price (30 Jun 26):CHF107.25

Price Target (Jun-27):CHF123.00

Following a catch up with the Company, and ahead of Straumann’s Q2 results (19 European Medical Technologies &

August), we set out our latest thoughts. Regional dynamics appear unchanged, Services

where the Company notes having seen minimal impact from the macro/ inflation David Adlington AC

concerns. We expect Q2 to demonstrate STMN’s continued top line delivery and (44-20) 7134-5828

share gains, likely further pointing to upside risk to FY26 organic growth guidance david.adlington@jpmorgan.com

(currently +HSD%). However, while we see an opportunity for an upgrade, recent Anchal Verma

investor feedback suggests this is starting to be factored into expectations. The key (44-20) 3493-6144

question therefore is likely ‘when’ to expect an upgrade rather than ‘if’. anchal.verma@jpmorgan.com

Nevertheless, we think this supports further upside to shares in the near term. Philip S Omnou

(44-20) 3493-5648

Further out, the company’s comments on a scenario where there is a retraction of philip.omnou@jpmorgan.com

VBP 2.0 plans (see APAC point below), would likely represent upside risk to FY27 J.P. Morgan Securities plc

margins. We make limited changes to underlying assmptions in Q2, although

capture favorable FX moves on the topline. For FY26, we put through c5% Specialist Sales contact details:

upgrades to core EBIT reflecting the guidance upgrade (here), slightly offset at the Marjan Daeipour - Specialist Sales -

EPS level where we capture higher taxes. European Healthcare

(44 20) 7134-1329

• Margin dynamics.