Schneider: Q2 feedback - Pricing in P&L set to accelerate (finally)

研报英文原文证据摘录

Schneider: Q2 feedback - Pricing in P&L set to accelerate (finally)

26 June 2026

Alasdair Leslie

+44 20 7762 4952

European Capital Goods alasdair.leslie@bernsteinsg.com

Schneider Electric SA Om Kela

+44 20 7550 2192

Rating om.kela@bernsteinsg.com

Outperform Nicholas Witting

Price Target +44 20 7762 1411

nicholas.witting@bernsteinsg.com

SU.FP 310.00 EUR Specialist Sales

James Brady

+44 20 7762 5272

james.brady@bernsteinsg.com

Ahead of Q2 results on 30 July, Schneider hosted a group call to update the sell-side on the

Close Date 25 Jun 2026

most recent trends and key messages ahead of the quiet period. We regularly participate in

SU.FP Close Price (EUR) 279.55

calls with companies towards the end of each quarter, making sure we are up-to-date with

Price Target (EUR) 310.00

their latest communications ahead of any “quiet period” and comment on these discussions

Upside/(Downside) 11%

soon after these calls. We found the call to be incrementally positive with Schneider

52-Week Range 293.70/208.80

confirming pricing actions made from Q1 are flowing through the P&L, with costs

EDME 1,591.52

stable over the last few months. Mgmt were comfortable re-iterating guidance on margins,

FYE Dec

and where prior the CFO had flagged issues in consensus, no comments were made on the

Div Yield 1.5%

organic evolution of H1 margins (cons is +50bp H1 organic margin improvement).

Market Cap (EUR) (M) 161,017

Pricing develops from the list to the field. Mgmt stated that “pretty strong” list price EV (EUR) (M) 174,382

increases actioned globally on Jan 1st 2026 are to start flowing through the P&L in Q2. This Performance YTD 1M 6M 12M

is a key positive, given the disappointment after no sequential acceleration in pricing from Absolute (%) 18.8 2.1 18.6 29.1