GEA Group (AO) | Buy | Stronger Q2, FY guidance increased

研报英文原文证据摘录

GEA Group (AO) | Buy | Stronger Q2, FY guidance increased

News comment

Release date: 22 July 2026

Hans-Joachim Heimbuerger

Equity Research Analyst

+49 69 7569 6121

hheimburger@keplercheuvreux.com

BuyGEA Group

Germany | Capital goods Beta Profile: MCap: EUR9.6bn Country Top Picks

Target Price: EUR75.00 Bloomberg: G1A GR Reuters: G1AG.DE

Current Price: EUR59.25 Free float 80%

Up/downside: 26.6% Avg. daily volume (EURm) 42.2

YTD abs performance 2.5% Market data: 21 July 2026

52-week high/low (EUR) 66.45/53.70

Stronger Q2, FY guidance increased

Key points:

GEA reported strong preliminary Q2 2026 results, beating consensus across all key metrics, and raised FY26 guidance.

Order intake rose 14.2% YoY to EUR1.49bn (vs EUR1.41bn consensus, 6% ahead), revenue increased 10.0% YoY to EUR1.44bn (vs

consensus EUR1.38bn, 4% ahead), and EBITDA before restructuring grew 15.6% YoY to EUR250m (vs consensus EUR233m, 7%

ahead). The EBITDA margin expanded to 17.4% (vs 16.9% consensus). GEA now guides for 6.0–8.0% organic sales growth (from

5.0–7.0%), a 17.0–17.4% EBITDA margin (from 16.6–17.2%), and 36–40% ROCE (from 34–38%), implying around 3–5% EPS upside

versus current consensus.

Structural demand growth, a high-margin core portfolio, strong competitive positioning, continued self-help potential, and

visible catalysts such as a dairy recovery and a rebound in large projects support accelerating growth and margin expansion in

2026. We reiterate our Buy rating with a TP of EUR75. Since 2019, self-help initiatives have significantly improved margins, with

additional upside expected toward 2030 explanation. A share buyback remains an option.

Table 1:Q2 2026 prel review

Order Intake (EURm) Q2 Q2 26E Q2 YOY Q2 26 % deviation to Q1 QOQ

26R 25R cons consensus 26R