Jungheinrich: Adj. ests. and PT cut after guidance change

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Jungheinrich: Adj. ests. and PT cut after guidance change

24 July 2026

Philippe Lorrain

+33 1 42 14 75 16

European Capital Goods philippe.lorrain@bernsteinsg.com

Jungheinrich

Rating

Outperform

Price Target

JUN3.GY 45.00 EUR (48.00 OLD)

MIDCAPS Guidance change reflects better commercial activity but additional earnings Close Date 23 Jul 2026

headwinds. Yesterday, Jungheinrich issued an ad-hoc release providing preliminary 2Q26

JUN3.GY Close Price (EUR) 24.60

figures (order intake of €1.42bn beating cons. estimates by 4%, sales of €1.40bn beating

Price Target (EUR) 45.00

cons. estimates by 5% and EBIT of €88m missing cons. by 3%) and highlighting a guidance

Upside/(Downside) 83%

change for the Industrial Trucks and Services (ITS) segment and for the group as a whole. Put

52-Week Range 38.16/21.72

simply, commercial activity has been better than anticipated, which has prompted Jungheinrich

EDME 1,586.63

to revise its order intake and sales guidance upwards by €100m for both ITS (by slightly more

FYE Dec

than 2%) and the group (by a bit less than 2%). Meanwhile, ongoing competitive pressure

Div Yield 1.2%

and less positive tailwinds from material costs vs FY25 have prompted the company to cut its

Market Cap (EUR) (M) 2,509

group EBIT guidance from €380-450m to €340-400m, or c.11% (ITS EBIT guidance cut from

EV (EUR) (M) 4,900

€360-420m to now €310-370m, or c.13%). Given that management had already indicated

in 1Q26 that the group/ITS EBIT would likely come in below the mid-point of the guidance Performance YTD 1M 6M 12M

range for FY26, the cut to our estimates is less meaningful (c.6% both at ITS and group levels). Absolute (%) (30.5) 6.1 (35.5) (25.9)

The new guidance mid-point is c.3% below the Bloomberg consensus estimate of €383m. EDME (%) 7.9 0.5 5.1 16.3