Weekly Widget: Mechanicals 2Q previews – An idiosyncratic quarter across the group

研报英文原文证据摘录

Weekly Widget: Mechanicals 2Q previews – An idiosyncratic quarter across the group

IdeaPreviewMto earnings

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

Sandvik SAND.ST

Machining margins Very likely upside surprise Meaningful revision higher

• Orders supported by Mining and price in machining. Machining pricing will continue to rise, and push up

2027/28 consensus

Epiroc AB EPIRa.ST

Orders Likely downside surprise Largely unchanged

• Aftermarket orders to only partially mitigate lack of large orders this quarter. We expect further signs of

improved margin execution.

Metso Corporation METSO.HE

Orders In-line Largely unchanged

• Aftermarket orders offsetting fewer large orders. Continued margin expansion will continue to build

confidence in mid-term targets

Weir Group PLC WEIR.L

Aftermarket order growth In-line Modest revision lower

• We expect AM order growth to accelerate, but we continue to see risk to FY26 margin guidance given the

implied 2H EBIT weighting.

Wartsila Oyj Abp WRT1V.HE

Pricing Likely downside surprise Largely unchanged

• Order announcements point to a strong 2Q order beat driven by Energy. We see risk this is offset by more

subuded 2Q26 margin and order pricing trends in 2Q26.

Knorr Bremse AG KBX.DE

Order intake In-line Largely unchanged

• We expect a relatively in-line quarter, with modestly better sequential orders in CVS. We expect new targets of

16% EBIT margins

KION Group AG KGX.DE

ITS orders In-line Modest revision lower

• We think ITS orders have held up in June, and 2026 updated guidance will cover consensus EBIT

GEA Group AG G1AG.DE

Orders Likely upside surprise Modest revision higher

• We see a 3% order beat and see scope for FY26 guidance to be modestly raised. Optionality of a new buyback

Atlas Copco ATCOa.ST