ABB Q2‘26 preview: And the (EL) beat (likely) goes on...

研报英文原文证据摘录

ABB Q2‘26 preview: And the (EL) beat (likely) goes on...

25 June 2026

Estimate Change

Alasdair Leslie

+44 20 7762 4952

European Capital Goods alasdair.leslie@bernsteinsg.com

Nicholas WittingABB Ltd +44 20 7762 1411

Rating nicholas.witting@bernsteinsg.com

Market-Perform Om Kela

+44 20 7550 2192

Price Target om.kela@bernsteinsg.com

ABBN.SW 70.00 CHF Specialist Sales

James Brady

+44 20 7762 5272

james.brady@bernsteinsg.com

ABB Q2'26 preview: And the (EL) beat (likely) goes on...

Another quarter on, and we expect ABB to produce another good set of results in 2Q

Close Date 24 Jun 2026

(reporting 16 July), as 1Q26 trends remain. We expect strong demand to continue,

ABBN.SW Close Price (CHF) 86.58

spearheaded by a positive datacenter environment globally, culminating in our expectation

Price Target (CHF) 70.00

of +10% group LFL order growth (vs +9% Visible Alpha consensus). With ample capacity

Upside/(Downside) (19)%

and further gradual expansion, we expect fluid conversion of the $25.5bn backlog to support

52-Week Range 89.14/45.29

+11% LFL sales growth (in line with cons). This solid execution lends us to see group margins

EDME 1,578.05

of 19.8% (+50bps yoy). Despite what should be another good quarter, the ~46% YTD share

FYE Dec

price gain brings valuation to multi-year highs, and with moderate EPS growth for such

Div Yield 1.1%

multiples, prompts us to maintain a Market-perform rating.

Market Cap (CHF) (M) 157,849

Electrification (EL) risks to the upside. After robust +44% LFL order growth in Q1, EV (CHF) (M) 197,885

strong demand trends should continue, supported by ongoing hyperscaler and colocation Performance YTD 1M 6M 12M

investment, particularly in the US, which accounts for ~50% of EL’s DC business. Other end Absolute (%) 46.2 3.3 46.4 87.0