1H 2026 results: Drawing a line in the sand. Improving execution driving LSD EBITA upgrades

研报英文原文证据摘录

1H 2026 results: Drawing a line in the sand. Improving execution driving LSD EBITA upgrades

Update

July 30, 2026 06:46 AM GMT

Morgan Stanley & Co. International plc+MSchneider Electric | Europe Max R Yates

Equity Analyst

1H 2026 results: Drawing a line Max.Yates@morganstanley.com +44 20 7425-1917

Schneider Electric (SCHN.PA, SU FP)

Capital Goods | Francein the sand. Improving execution

Stock Rating Overweight

Industry View In-Line

Price target €315.00driving LSD EBITA upgrades Shr price, close (Jul 29, 2026) €256.80

52-Week Range €293.70-208.80

Mkt cap, curr (mn) €149,961

AlphaSignals Earnings Reaction Net debt (12/26e) (mn)* €11,446

EV, curr (mn)* €163,660

Strengthens our thesis Meaningful upside Modest revision higher

Impact to our thesis Financial results versus consensus Direction of next 12-month * = GAAP or approximated based on GAAP

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Strong Schneider results. 5% ahead on 2Q sales (16.5% group organic in 2Q26),

and Adj. EBITA in 1H26 is 7% ahead on EBITA margins that are 80bps better

Stand-outs are 1) acceleration in NAM Energy management growth to +25%

(from 16%), 2) group gross margins up 10bps YOY, 3) triple-digit 2Q DC order

growth

Guidance upgraded. Expected on growth, but not on margins. Now 10-13%

organic, and 19.4-19.7% EBITA margins. Expect LSD 2026 EBITA consensus

upgrades

EBITA bridge. Looking at the bridge, the key driver was 1) higher productivity

savings, 2) less negative price cost, and 3) constraint on R&D.

We stay OW. Best balance of growth / valuation in Electricals. Improved EBITA

margin execution is important for drawing a line in the sand after the last 18 mths

Conclusion. We view this as a positive set of results for Schneider, and we would