Schneider Electric H1‘26 Results Wrap-Up: Improving margins and accelerating growth. Reiterate OW and PT to €345

研报英文原文证据摘录

Schneider Electric H1‘26 Results Wrap-Up: Improving margins and accelerating growth. Reiterate OW and PT to €345

J P M O R G A N Europe Equity Research

30 July 2026

Schneider Electric Overweight

SCHN.PA, SU FP

H1’26 Results Wrap-Up: Improving margins and Price (29 Jul 26):€256.80

accelerating growth. Reiterate OW and PT to €345 ▲Price Target (Dec-27):€345.00 Prior (Dec-27):€335.00

Schneider’s Q2 results were better than expected, with demand evidently

accelerating in both businesses and across all geographies. Management’s tone on European Capital Goods

the call was understandably bullish, although the absolute results speak for Phil Buller AC

themselves, landing comfortably above buyside and sellside expectations. The (44-20) 3493-9403

team did a good job in addressing the three key focus areas, namely: 1) the overall phil.buller@jpmorgan.com

demand backdrop for 2026 (including data center) appears to be better than Akash Gupta

expected, 2) the net price/cost evolution appears to be well managed and guided (44-20) 7742-7978

akash.z.gupta@jpmorgan.com

to be positive for FY26 as a whole (with a positive GM development in H1

Chitrita C Sinha

supported slightly by IIEPA tariff refunds) and 3) the 800VDC offering appears to

(44-20) 7742-7176

be comprehensive and well-progressed. We came away incrementally bullish. We chitrita.sinha@jpmorgan.com

increase our Dec-27 price target to €345 from €335 on the basis of our c3% higher Jeremy Caspar

estimates. (44-20) 3493-5188

jeremy.caspar@jpmorgan.com

For our detailed analysis and thoughts from this morning’s release, please see J.P. Morgan Securities plc

here.

Specialist Sales contact details:

From the call: The data center outlook remains strong and is not unique to the US Sam Edmunds - Specialist Sales -