Straumann: 25 for 2026= Q2 FY26 Results preview

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Straumann: 25 for 2026= Q2 FY26 Results preview

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Straumann

25 for 2026= Q2 FY26 Results preview

Reiterate Rating: BUY | PO: 124.00 CHF | Price: 108.60 CHF

2/3 of guide raise is structural. Confidence increased. 02 July 2026

Straumann is one of our "25 for 2026" stocks and is on our Europe 1 list of top ideas. Equity

The company already raised FY26 margin guide by c110bps on June 16th (see our note).

While sort of expected by investors, a few elements are incrementally positive: 1) only

Key Changes1/3 of the upgrade comes from ‘one-off’ items such as tariff/China VBP, with 2/3 from

structural drivers (cost management, Ortho and Digital improvement), 2) strong (CHF) Previous Current

underlying business momentum, as well as FX or tariff refunds, can drive more upgrades 2026E Rev (m) 2,792.6 2,797.3

later in the year, and investors seem to chase it, 3) mgmt. commits to 40-50bps of 2027E Rev (m) 3,062.3 3,067.5

margin improvement at constant currency every year over the mid-term, despite higher 2028E Rev (m) 3,360.6 3,366.5

base in FY26. Excellent and consistent execution, further share gains in implants and 2026E EPS 3.34 3.35

across new adjacent businesses, as well as opportunities for future earnings upgrades 2027E EPS 3.92 3.93

leave us positive on Straumann. Valuation is demanding (c27x FY27E P/E) but justified in

our view as Straumann is a unique asset and remains today one of the only stock in the Julien Ouaddour >>

Research Analyst

MedTech ‘quality’ bucket with ability to deliver consistent double-digit revenue and EPS BofASE (France)

growth over the mid-term. Buy rating reiterated, PO CHF124. +33 1 8770 0614 julien.ouaddour@bofa.com

2Q beat across regions possible, 25.4% 1H margin Anna Ractliffe >>

Straumann reports 2Q on August 19th.