H1‘26 Preview: Expecting a slow start

研报英文原文证据摘录

H1‘26 Preview: Expecting a slow start

Deutsche Bank

Research

Rating Company Date

Buy Siegfried 18 June 2026

Europe Reuters Bloomberg Rating Buy

Switzerland SFZN.S SFZN SW Price target (CHF) 109.0 Price at 16 Jun 26 66.9

52-week range 100.0 – 66.9

Healthcare

Life Sciences Tools & Valuation & Risks

Diagnostics

H1'26 Preview: Expecting a slow start

Fynn Scherzler

Takeaway summary Research Analyst +49-69-910-40764

We expect a slow start with flat CER growth in H1’26 coupled with a 22.0% adj. Falko Friedrichs

EBITDA margin (+40bps yoy). This should be attributable mainly to the missing Research Analyst

order by one larger customer as well as the site acquisitions contributing more +49-69-910-36270

meaningfully in H2. Despite the slower start we expect the 2026 guidance to be

Jan Koch, CFA confirmed, calling for high-single-digit CER growth and an adj. EBITDA margin of Research Analyst

>23%. +49-69-910-47428

When looking closer at the phasing of the M&A contribution and the organic Sachin Gadilingappa

growth, the required growth step-up in H2 looks manageable. On M&A, the sites Research Associate

are consolidated from May 2026 onwards and Siegfried expects CHF ~80m

($100m) revenue for 2026. We believe it is split CHF 10m/70m between H1/H2

translating into a limited M&A contribution of <2% for H1 compared to ~10% for

H2. Coupled with an organic growth acceleration from ~-1% to +6% between

H1/H2, this should bridge the gap to Siegfried’s high-single-digit CER revenue

growth guidance for 2026.

We believe the order confirmation would need to materialize in the next weeks for

the likely reduced revenues to be recognized in 2026 still, given the long

production cycles. Importantly, we still do not expect a spillover into 2027 as the

product is apparently not losing exclusivity.