Bystronic (AO) | Reduce | H1 preview: Will softness trigger more restructuring?

研报英文原文证据摘录

Bystronic (AO) | Reduce | H1 preview: Will softness trigger more restructuring?

#EarningsPreview #Negative

Release date: 09 July 2026

Torsten Sauter

Head of Swiss Equity Research

+41 43 333 6002

tsauter@keplercheuvreux.com

ReduceBystronic

Switzerland | Capital goods Beta Profile: MCap: CHF287.5M

Target Price: CHF150.00 Bloomberg: BYS SW Reuters: BYS.S

Current Price: CHF139.00 Free float 71%

Up/downside: 7.9% Avg. daily volume (CHFm) 0.7

YTD abs performance -48.5% Market data: 08 July 2026

52-week high/low (CHF) 402.50/136.80

H1 preview: Will softness trigger more restructuring?

Key points:

Bystronic has issued a profit warning (15 June) that materially revised down its FY 2026 guidance, having entered the year with

expectations of a "step toward profitability." The Q1 2026 trading update (April 2026) had still reaffirmed the original outlook

despite weakness, but Q2 trading appears to have deteriorated sufficiently to trigger a profit warning.

Bystronic has now failed to deliver on two successive profitability milestones. FY 2025 did not return to breakeven in Q4 as

previously targeted, and FY 2026 guidance was reversed within four months.

We expect an H1 EBIT loss. Further restructuring may be required to lower the cost base. However, there also appears to be a

broader strategic issue. Relative growth performance versus peers suggests Bystronic may have lost competitive momentum in

several parts of its core laser business. This may, in turn, lead to investments in pricing, R&D or marketing and measures to close

the gap. We continue to see value in the balance sheet, though the equity story requires patience until profitability stabilises.

Reporting date 23 July

Conference call na

Dial in number na

The June 2026 profit warning led to a guidance revision.