Schneider Electric (AO) | Buy | Schneider builds the agentic layer with USD3.1bn Cognite deal

研报英文原文证据摘录

Schneider Electric (AO) | Buy | Schneider builds the agentic layer with USD3.1bn Cognite deal

News comment

Release date: 01 July 2026

William Mackie

Head of Capital Goods

+44 (0) 207 621 5183

wmackie@keplercheuvreux.com

BuySchneider Electric

France | Capital goods MCap: EUR163.5bn

Target Price: EUR300.00 Bloomberg: SU FP Reuters: SCHN.PA

Current Price: EUR285.40 Free float 100%

Up/downside: 5.1% Avg. daily volume (EURm) 517.3

YTD abs performance 21.5% Market data: 30 June 2026

52-week high/low (EUR) 292.75/210.05

Schneider builds the agentic layer with USD3.1bn Cognite deal

Key points:

Schneider buys Cognite for USD3.1bn in all cash deal (c.18x sales), which helps close AVEVA's gap between the group's

contextualised industrial data capabilities and the agentic AI layer, which looks largely defensive vs. Siemens/Rockwell/Emerson.

In the larger context the deal is not material in a financial sense, given it is less than 2% market cap and below 1% sales. EPS

impact maybe marginally dilutive, the key is straetgic rationale and upside from scaling Cognite via Schneider/AVEVA.

Execution will be key to success. The deal must be built on revenue synergies, typically slow to materialise, via convergence of

Cognite with AVEVA CONNECT. Schneider needs to retain the team and hold the open, vendor neutral, positioning at Cognite.

Schneider leadership will make an analyst presentation at 07:30 CET on 1st July, available on +33 1 7091 8704, code #005752.

Key deal details - leveraging technology and footprint critical

Schneider Electric is acquiring 100% of Cognite Holding B.V. — a cloud-native industrial data and AI software provider (Data

Fusion, Atlas AI, Flows) — in an all-cash transaction valued at USD3.1bn, implying ~18x trailing EV/sales on Cognite's >USD170m of

2025 revenue.