Schindler Group: Adjusting forecasts, new TP of 273 CHF, Hold

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Schindler Group: Adjusting forecasts, new TP of 273 CHF, Hold

Deutsche Bank

Research

Rating Company Date

Hold Schindler Group 23 July 2026

Forecast Change

Europe

Switzerland

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (CHF) 241.00

SCHN.S SCHN SW SWX SCHN

Price Target (CHF) 273.00

Capital Goods

300.00 -

Engineering 52-week range (CHF) 244.00

Adjusting forecasts, new TP of 273 CHF,

Valuation & Risks Hold

John Kim

Schindler’s Q2 print included c3% order growth in lc similar to Q1 despite a softer

Research Analyst

comp with a similar story on revenue growth as we continue to see project +44-20-754-18699

selectivity filter into the numbers. Margin expansion in adj EBIT slowed down in

Q2 at +35bps yr/yr vs Q1 levels with management citing stronger cost inflation Gael de-Bray, CFA

which we expect for the remainder of the year. Management did reiterate that it

+33-1-4495-6562

expects negative mix effects in the remainder of the year with stronger cost

headwinds larger in the mix now. Schindler, like other companies, will look to

Key changes

offset this with price increases and surcharges with a bit of timing mismatch on

290.00 to

its longer-lead parts of the business model. Adjusting our forecasts slightly, we TP ↓ -5.9%

273.00

now expect Schindler to deliver +c53bps in EBIT margin expansion in FY26, a

DB EPS (CHF) 10.73 to 10.50 ↓ -2.1%

slight trim vs previous expectations. We see risk-reward as balanced at these

10,972 to

levels with a new target price of 273. Hold Revenue (CHFm) ↑ 0.4%

11,020

Source: Deutsche Bank

Colour on the quarter and updated colour on price/cost dynamics

Q2 new installation (NI) orders grew +HSD in value and +LDD in units driven by Price/price relative

AsiaPac ex China while Chinese NI continues to decline (Schindler declining faster 400