Implenia AG H1 preview: Sequential improvement, within transition year

研报英文原文证据摘录

Implenia AG H1 preview: Sequential improvement, within transition year

Implenia AG UBS Research

estimate changes

We keep our FY estimates broadly unchanged apart from marking to market our FX

assumptions as well as taking into account the recently announced acquisition of Zigmo

Engineering for the Specialties division. Accordingly, we continue to expect an overall

flattish year for 2026, with only slight growth of around 1% yoy. For EBIT we continue to

see the company well on track to reach FY26 guidance of CHF130-140m (UBSe: 136m).

In terms of revenue growth we continue to expect to see a significant acceleration as of

FY27, as the company starts to work through its significantly built out backlog which

was up 25% yoy in FY25.

Figure 1: Changes to our estimates

Changes

to o ur es timat es

Source: Company data, UBS estimates

Also, we would note that consensus is still below mid term company guidance of

achieving around CHF1bn additional revenue by FY29. Accordingly, we continue to see

upside risk to consensus estimates, mostly for FY27/28. For FY27/28 we are around 6%

and 9% respectively ahead of consensus currently.

Figure 2: UBS vs consensus

UBS v s con sensu s

Source: UBS estimates, VisibleAlpha

For H1 26 revenues, we would expect to see sequential topline growth vs H2 25.

However, given temporary slowdown in H2 25 we expect yoy comparison to show

negative growth of -5% to CHF1762m, before improving further to 6% yoy growth in

H2. The temporary slowdown in H2 had been driven mostly by a slump in the buildings

division, amid limited construction activity in Implenia's core markets Germany and

Switzerland. However, as the Buildings division typically has a far shorter turnaround

from order wins to revenue contribution as compared to Civil Engineering, we would