Straumann: FY26 margin guidance upgraded

研报英文原文证据摘录

Straumann: FY26 margin guidance upgraded

J P M O R G A N Europe Equity Research

17 June 2026

Straumann Overweight

STMN.S, STMN SW

FY26 margin guidance upgraded Price (16 Jun 26):CHF93.02

Price Target (Jun-27):CHF123.00

Our Take: Straumann has issued a guidance upgrade to core EBIT margin European Medical Technologies &

following continued operational improvements across all business franchises, Services

favourable geographic mix and lower than anticipated tariffs, where it now looks David Adlington AC

for 140-170bps margin y/y CER improvement (previously 30-60bps). The (44-20) 7134-5828

upgrade implies c5% upside to consensus estimates, which given the elevated short david.adlington@jpmorgan.com

interest at c19 ADTV means shares could squeeze up. We see shares up at least Anchal Verma

MSD%. (44-20) 3493-6144

anchal.verma@jpmorgan.com

• Noteworthy Areas: The company has pointed to strong execution across all Philip S Omnou

business segments driven by: gross margin improvements, mix and execution; (44-20) 3493-5648

operating leverage driven by manufacturing efficiencies; and, disciplined philip.omnou@jpmorgan.com

J.P. Morgan Securities plc

resource management as drivers for the stronger profitability. Orthodontics

continues to benefit from the ongoing transformation, while the Interoral Specialist Sales contact details:

scanner business’s profitability profile continues to improve. Operational Marjan Daeipour - Specialist Sales -

efficiency measures (supply chain optimization, manufacturing productivity European Healthcare

improvements, cost management) are also contributing. As previously (44 20) 7134-1329

communicated, the company has also highlighted the delayed implementation marjan.daeipour@jpmorgan.com