Strong Order Intake in IIFS Triggers Guidance Raise

研报英文原文证据摘录

Strong Order Intake in IIFS Triggers Guidance Raise

sus, Company Consensus

20m in FX headwinds, an uneven quarterly production mix, and cost inflation, partly offset by pricing Semi-Annual Flow Solutions Sales and

measures and cost-saving actions. comparable EBIT Margin

1,553Strong order intake in Industry and Infrastructure. IIFS sales came in at CHF 1,001m in H1, up 1,584 1,497 1,507 1,492

4% YoY but still 3% below expectations, with improving order momentum in North America and

Asian industrial markets. EBIT of CHF 113m was 6% below VA forecasts as profitability slips to 11.4%

10.9% 10.4% 10.0%

11.3% (-29bps vs cons). Infrastructure order intake was up 30% YoY while net sales rose 22% 9.6%

YoY (incl. VAG). Industry net sales were flat in H1, but order intake grew significantly by +19%. 1H24 2H24 1H25 2H25 1H26

Flow Solutions Sales (in CHFm) comp EBIT marginWhile semiconductor-related sales remained stable in the first half, mgmt flagged several multi-year .

supply agreements with some of the largest customers in the semiconductor industry, securing a Source: Company Data, Jefferies

record level of committed orders for multiple fabs.

Building Flow Solutions surprises positively. Sales of CHF 616m (+5.1% YoY, +3.3% organically)

came in 9% above consensus and EBIT of CHF 57m was even 17% ahead of VA forecasts. Order

intake was up 1.9% YoY. In North America, Building Flow Solutions sales improved in March,

supported by inventory replenishment among distributors and selective pre-buying ahead of price

increases. Swiss new-build construction remained robust, while Nordic markets improved, while

the rest of Europe, including Germany, remained weak despite signs of stabilisation.

FY26 Revenue Guidance Raised. Due to the strong order intake, especially in Q2, management