Schneider Electric (SCHN.PA): Key debates into the pre-close; price/cost in focus

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Schneider Electric (SCHN.PA): Key debates into the pre-close; price/cost in focus

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25 Jun 2026 06:35:17 ET │ 11 pages

Schneider Electric (SCHN.PA)

Key debates into the pre-close; price/cost in focus

CITI’S TAKE

Schneider will host its group pre-close on Friday 26th June. Looking at

Buy consensus we still take the view that H1’26 company-collected consensus

Price (25 Jun 26 09:29) €281.20 margin expectations are a touch too high (at 18.6%, vs. Citi 17.9%), but

that full year expectations look fine. FY26 consensus sales expectations Target price €340.00

are probably too low, and we ultimately expect that Schneider can Expected share price return 20.9%

increase the FY organic sales guidance to 8-11% (from 7-10%) alongside H1 Expected dividend yield 1.6%

results, while retaining FY margin guidance. On the pre-close, price/cost Expected total return 22.5%

comments will be in focus, where we fully expect Schneider to offset cost Market Cap €162,287M

inflation through price over the course of the year. We think buy-side

US$184,715M expectations are already prepared for a lower H1 margin/higher H2, and

the ongoing strength in electrical end markets could lead to upward

revisions in revenue expectations. As highlighted in our recent note (here),

Schneider looks under-priced relative to growth and returns, and we Martin WilkieAC

retain our Buy rating. +44-207-986-4077

martin.wilkie@citi.com

A reminder on the price timing effect on margins – While Schneider has guided

product price to “ramp up” over the course of the year, we think an effective April price

date would limit the gross margin drag in H1 to ~150bps, in-line with Schneider

comments that gross margins could be flat to down YoY in H1, but with price