ABB (ABBN.S): Orders and EBITA beat, Electrification surges on data centers; FY26 guidance raised

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ABB (ABBN.S): Orders and EBITA beat, Electrification surges on data centers; FY26 guidance raised

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16 Jul 2026 02:52:29 ET │ 11 pages

ABB (ABBN.S)

Orders and EBITA beat, Electrification surges on data centers; FY26

guidance raised

CITI'S TAKE Neutral

Price (15 Jul 26 17:30) SFr83.18 ABB delivered strong results with group orders of $12.0bn, including

Target price SFr85.00 Electrification orders of ~$7.2bn, well ahead of company-compiled

consensus. Datacenters orders are again up by a triple-digit %, and while Expected share price return 2.2%

buy-side expectations were above consensus of ~6bn, we think the level Expected dividend yield 1.3%

of Electrification orders still surpassed even the most bullish expectations; Expected total return 3.5%

this does not appear to be driven by any single larger order, rather broad Market Cap SFr151,650M

strength, and H2 order expectations likely rise as a result. ABB has raised US$188,772M

FY26 revenue guidance to low double-digit to low-teens comparable

growth (from low double-digit previously), likely driving low single digit %

consensus upgrades. The announced acquisition of Rotork expands ABB’s

footprint in DCS in process industries into actuators, with significant Martin WilkieAC

potential revenue synergies, and while we calculate a 3-year post tax- +44-207-986-4077

ROCE in a ~5% range, the long-run outlook and high-quality nature of the martin.wilkie@citi.com

acquired asset means the deal should be well received. Avinash Mundhra

+44-20-7986-6230

Inside the numbers — Orders of US$12,042m came in 14% above consensus of avinash.mundhra@citi.com

US$10,540m. Organic order growth of 28.0% came in c.17ppt above consensus of Vivek Midha, CFA

11.3%. Revenue of US$9,475m came in in-line with consensus. Organic sales growth