First Read: Rieter "1H26 results - takeaways from results conf call with..."

研报英文原文证据摘录

First Read: Rieter "1H26 results - takeaways from results conf call with..."

Global Research

17 July 2026ab

First Read

EquitiesRieter

1H26 results - takeaways from results conf call Switzerland

with CEO & CFO Factory Equipment

12-month rating Neutral *

12m price target CHF3.20

Outlook for the remainder of FY26

Rieter continues to see a sluggish recovery, with investment decisions remaining delayed

in North America and EMEA. While sentiment in China and India remains supportive, Price (17 Jul 2026) CHF3.04

org order intake declined 12% y/y in 1H26. Components was the only bright spot (+5% RIC: RIEN.S BBG: RIEN SW

org, positive early indicator). Mgmt noted sequential improvement in 2Q26 and expects

Trading data and key metrics

orders to strengthen in 2H26, supported mainly by India and China.

52-wk range CHF8.04-2.95

Additional details on the confirmed FY26E top-line and margin guidance Market cap. CHF0.36b/US$0.44b

As Rieter expects to reach its FY26 guidance (though likely lower end), this implies at Shares o/s 117m (REG)

least cCHF150m higher revenues in 2H26. We understand that this should be supported Free float 57%

by an additional month of MMF (UBSe CHF50-60m) and execution of the existing order Avg. daily volume ('000) 180

backlog (CHF760m), with a particularly strong contribution from China and India and Avg. daily value (m) CHF0.6

the MMF business. With China and India, the strongest growing regions, now Common s/h equity (12/26E) CHF0.74b

accounting for a larger share of group revenues compared to 1H25 (China/India P/BV (12/26E) 0.6x

21/61% of group), this puts additional pressure on margins, as Asian competitors focus Net debt to EBITDA (12/26E) 3.5x

strongly on volume not price. Still, management expects profitability to improve in

EPS (UBS, diluted) (CHF)