25 for 2026: Guidance raise ahead of our expectations. Further upside risk ahead.

研报英文原文证据摘录

25 for 2026: Guidance raise ahead of our expectations. Further upside risk ahead.

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Straumann

25 for 2026: Guidance raise ahead of our

expectations. Further upside risk ahead.

Maintain Rating: BUY | PO: 124.00 CHF | Price: 102.05 CHF

Pre-A: margin guide upgrade ahead of our initial thoughts 17 June 2026

Straumann is one of our “25 for 2026” stocks and remains on our Europe 1 Top Ideas Equity

list. The company unexpectedly pre-announced ahead of 1H results and raised its FY26

margin guide by 110bps at the mid-point, from 30-60bps to 140-170bps. The surprise

Key Changeswas not really the upgrade itself, which was expected and which we recently flagged

(see note), but rather the timing ahead of results and the magnitude, above our (CHF) Previous Current

expectations and, we believe, investors’ too. While we had initially highlighted two key Price Obj. 120.00 124.00

drivers for such an upgrade, namely delayed China VBP and lower tariff rates, 2026E EPS 3.19 3.34

management also pointed to stronger profitability across segments, particularly in 2027E EPS 3.77 3.92

Orthodontics and intraoral scanners, as well as tight cost control. 2028E EPS 4.20 4.36

Is the upgrade story now over? We don’t think so 2026E DPS 1.07 1.12

While it remains difficult to assess how much conservatism was embedded in the initial Julien Ouaddour >>

guide for these drivers, we now see scope for better momentum in Orthodontics and Research Analyst

intraoral scanners, alongside sustained patient flow in dental implants, to drive faster BofASE+33 1 8770(France)0614

revenue development through the year and ultimately another guidance upgrade, this julien.ouaddour@bofa.com

time on organic growth (HSD guide maintained today). In addition, Straumann flagged a Anna Ractliffe >>