Jungheinrich Pref: Guidance reset; as expected

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Jungheinrich Pref: Guidance reset; as expected

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Jungheinrich Pref

Guidance reset; as expected

Reiterate Rating: BUY | PO: 35.00 EUR | Price: 24.60 EUR

Profit guidance reset was expected, topline lift a small +ve 24 July 2026

Jungheinrich pre-released Q2 results, with orders/revs +6%/+5% vs cons. Orders grew Equity

c.5% YoY despite our expectation that Q2 could be affected by the pull-forward seen in

Q1. This is notable given KION's pre-close commentary points to softer Q2 order trends.

While both companies implemented price increases in April, we see a possibility that Key Changes

Jungheinrich has been more commercially aggressive, using selective discounting to (EUR) Previous Current

support volumes. We await both companies’ earnings calls for more detail. This would be 2026E EPS 2.27 2.19

consistent with the stronger-than-expected order & revenue growth, while helping to 2027E EPS 2.89 2.94

explain the c.20bps EBIT margin miss vs cons. Management raised order guidance to 2028E EPS 3.19 3.26

€5.5-6.1bn (from €5.4-6.0bn), vs cons at €5.6bn and BofAe at €5.7bn. While we continue 2026E DPS 0.62 0.60

to view the upper end of guidance as unlikely without a meaningful EU industrial

recovery, this guidance raise supports our view that demand might have troughed.

Tore Fangmann >>

Meanwhile, FY26 EBIT guidance was lowered to €340-400m from €380-450m vs cons at Research Analyst

€383m and BofAe at€368m (unchanged). Given management had already flagged Merrill Lynch (DIFC)

+971 4 425 8210

tracking towards the lower end of the range, due to the Luneburg strike, cost inflation tore.fangmann@bofa.com

and competitive environment, the reset does not come as a surprise. We leave our EBIT Benjamin Heelan >>

estimate unchanged; reiterate Buy and EUR 35 PO.