Avolta: Checking-In for Q2 earnings

研报英文原文证据摘录

Avolta: Checking-In for Q2 earnings

J P M O R G A N Europe Equity Research

14 July 2026

Avolta Overweight

AVOL.S, AVOL SW

Checking-In for Q2 earnings Price (13 Jul 26):CHF51.65

Price Target (Dec-27):CHF55.00

We provide a preview ahead of Q2 earnings (30 July). We forecast slightly lower European Transport & Logistics

ACQ2 organic growth at +3% (vs. +3.5% previously), mainly due to weaker EMEA Harry J Gowers

given some continued impact from the conflict in the ME (previously the company (44-20) 7134-7522

reported it was a -3% drag on group organic for March-April). We therefore expect harry.gowers@jpmorgan.com

an unchanged Q2 trend versus the prior run-rate of +3% organic for March-April J.P. Morgan Securities plc

combined. We forecast Q2 CORE EBITDA at CHF 394m (previously CHF 416m Alexia Dogani

which was similar to prior year). In our view the performance of the “underlying” (44-20) 3493-3791

alexia.dogani@jpmorgan.com

business is likely to be solid, however Q2 will see two headwinds for profitability, J.P. Morgan Securities plc

including the impact from lost sales/fixed costs in the Middle East, and the impact

Bhavpreet S Batra

from upfront costs as the Shanghai Prudong concession ramps up. In our view the (91-22) 6157-5046

profitability impact from Prudong should be largely timing related, whereas the bhavpreet.batra@jpmorgan.com

Middle East will depend on a lasting resolution to the conflict and travel recovery J.P. Morgan India Private Limited

in the region. Our 2026E EBITDA estimates are largely unchanged, with slightly Shikha Khurana

lower organic growth offset by better FX. We forecast 2026E CORE EBITDA at (91-22) 6157-5022

CHF 1.354bn with +20bps of margin growth, and factor in both a recovery in shikha.khurana@jpmchase.com