First Read: Arbonia AG "Takeaways from sell-side analyst call" (Neutral) Zirn

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First Read: Arbonia AG "Takeaways from sell-side analyst call" (Neutral) Zirn

build UBS Cons.

momentum, solid renovation demand, and order intake above 2025 levels. Portugal 12/26E 0.06 0.06

recovered well from earlier disruptions this year. France also shows encouraging 12/27E 0.21 0.17

dynamics. In Central and Eastern Europe, growth remains solid, with good 12/28E 0.31 0.28

performance across key markets. Overall, while Germany remains challenging,

Arbonia’s diversified footprint leverages stronger demand in Southern and Eastern Leonie Zirn

Analyst

Europe, supporting a more constructive outlook into 2H26.

leonie.zirn@ubs.com

+41-44-235 0154

Additional positives: Broader go-to-market, Glass recovery, pricing discipline

Joern Iffert, CFA

While 1H26 reflects a mixed start into the year, we see several encouraging

developments.1) Arbonia’s broadened go-to-market strategy (DIY c20% of revenues, joern.iffert@ubs.com

project business c30%) provides increasing flexibility to capture alternative volumes +41-44-239 88 00

should the German residential recovery be delayed. In project business, the group

Patrick Rafaisz, CFA, FRM

continues to strengthen its positioning as a premium partner, focusing on specialised, Analyst

higher-margin door solutions. In DIY, Arbonia has secured leading customers, incl. patrick.rafaisz@ubs.com

Bauhaus, to benefit from high-volume demand. 2) The glass segment has improved in +41-44-239 90 66

1H26, with early benefits from restructuring measures beginning to materialise. 3) We

view it positively that Arbonia maintains disciplined pricing compared to Jeld-Wen,

which could support market share gains should Jeld-Wen remain under pressure.

Valuation:

Our CHF4.1 PT is DCF-derived (1.5/9.0% t-growth, WACC). The call underpinned the