UBS Evidence Lab inside: European weather tracker - warmer, with below-average rainfall

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UBS Evidence Lab inside: European weather tracker - warmer, with below-average rainfall

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Bucher Equities

SwitzerlandUBS Evidence Lab inside: European weather

tracker - warmer, with below-average rainfall Industrial, Diversified

12-month rating Neutral

12m price target CHF338.00Season-to-date weather points to demand pressure for Kuhn Group

We see weather conditions and soft commodity prices as reasonable indicators of

farmers’ income prospects, since they help to assess farmers’ willingness to place orders Price (28 Jul 2026) CHF338.00

in the following period. We expect this to be relevant for Bucher’s Kuhn Group division, RIC: BUCN.S BBG: BUCN SW

which primarily manufactures agricultural machinery. Hence, our proprietary weather

tracker monitors temperature and precipitation patterns across Europe to estimate crop Trading data and key metrics

yields and combines them with current soft commodity prices. Given above-normal 52-wk range CHF403.00-306.00

temperatures and below average rainfall, the framework suggests organic order Market cap. CHF3.46b/US$4.23b

pressure of around -4% in FY26E for Kuhn Group. While this aligns directionally with Shares o/s 10.2m (ORD)

our bottom-up forecast, we also factor in additional variables beyond weather and soft Free float 64%

commodity prices, such as dealer inventory trends and subsidy programs. These inputs Avg. daily volume ('000) 14.4

suggest a more pronounced organic order decline for Kuhn Group. We rate Bucher Avg. daily value (m) CHF4.5

Neutral. Common s/h equity (12/26E) CHF1.85b

P/BV (12/26E) 1.8x

Bucher’s agricultural exposure represents almost 60% of group orders and sales Net debt to EBITDA (12/26E) NM