Landis+Gyr Group: Q1 trading update shows good improvement in gross margin; acceleration of buyback

研报英文原文证据摘录

Landis+Gyr Group: Q1 trading update shows good improvement in gross margin; acceleration of buyback

J P M O R G A N Europe Equity Research

28 July 2026

Landis+Gyr Group Neutral

LANDI.S, LAND SW

Q1 trading update shows good improvement in gross Price (28 Jul 26):CHF45.00

margin; acceleration of buyback ▲Price Target (Dec-27):CHF57.50 Prior (Jun-27):CHF55.00

Landis+Gyr released a trading update for Q1 (ending June 30) after the market

close that showed strength in gross margin in the quarter, expanding by 280bps, European Capital Goods

while revenues declined by 7% on already communicated phasing of backlog. Akash Gupta AC

Order intake for Q1 was down 3% y/y with book-to-bill coming in at 0.72 vs. 0.70 (44-20) 7742-7978

a quarter ago. There is no consensus and JPMe to compare Q1 figures as the akash.z.gupta@jpmorgan.com

company has only started issuing trading updates since Q3, but overall the Phil Buller

development is supportive of FY guidance, which management reiterated. We (44-20) 3493-9403

phil.buller@jpmorgan.com

view the key positive as the acceleration of the buyback, where the company

Chitrita C Sinha

intends to launch a fixed-price offer to repurchase up to CHF 50mn of its own

(44-20) 7742-7176

shares over a 10-day period, and will release the notice on August 3. We expect this chitrita.sinha@jpmorgan.com

should provide support to the share price in the near term and the stock should react Jeremy Caspar

positively to the announcement on Wednesday. We are now incorporating the new (44-20) 3493-5188

segment structure in our model, while maintaining the underlying estimates. We jeremy.caspar@jpmorgan.com

roll forward our price target to Dec’27 from Jun'27, now based on calendarised J.P. Morgan Securities plc

2028E vs.