First Read Bucher: 2Q26 results - conference call takeaways

研报英文原文证据摘录

First Read Bucher: 2Q26 results - conference call takeaways

Global Research

30 July 2026ab

First Read

EquitiesBucher

2Q26 results - conference call takeaways Switzerland

Industrial, Diversified

12-month rating Neutral

Additional details on the margin prospects

We expect that Bucher plans for 2H26 operating margins above 1H26 at its Municipal 12m price target CHF338.00

and Specials segment, but also at its Emhart Glass division. Hence, the latter is supposed

to benefit in 2H26 from previously introduced cost reduction measures that will

Price (30 Jul 2026) CHF318.00

materialize later this year, in our view. Hence, margin development at these

aforementioned segments should offset the seasonally weaker 2H26 operating margins RIC: BUCN.S BBG: BUCN SW

at Kuhn Group and the likely flat levels at Hydraulics. Overall, we expect Bucher to target Trading data and key metrics

an EBIT margin of 7-8% at the group level in FY26E, with 1H26's 7.2% likely the low

52-wk range CHF399.50-306.00

point.

Market cap. CHF3.26b/US$3.98b

Shares o/s 10.2m (ORD)

Further granularity on Kuhn Group's demand backdrop

Free float 64%

In our view, crop production remains challenging, with commodity prices at low levels

Avg. daily volume ('000) 14.2

while farmers face rising input costs and uncertainty. We expect that fertilizer, crop

protection and diesel prices have further increased as of late, thus adding pressure to Avg. daily value (m) CHF4.5

farm profitability. Moreover, we also anticipate that extremely dry weather in recent Common s/h equity (12/26E) CHF1.85b

weeks and months, particularly in Europe, has further burdened farmers. In addition, in P/BV (12/26E) 1.7x

Brazil, very high interest rates continue to weigh on equipment investment, in our view. Net debt to EBITDA (12/26E) NM