First Read Schneider Electric H1 26 Call: Clearly back on execution track record. Continue to see upside to H2 consensus

研报英文原文证据摘录

First Read Schneider Electric H1 26 Call: Clearly back on execution track record. Continue to see upside to H2 consensus

Global Research

30 July 2026ab

First Read

EquitiesSchneider Electric

H1 26 Call: Clearly back on execution track France

record. Continue to see upside to H2 consensus Electric Components & Equipment

12-month rating Buy

12m price target €310.00

Bottom line

Schneider hosted a confident call on Q2 print confirming strong growth trends across all

four end markets and across regions (helped by not solely driven by strong performance Price (29 Jul 2026) €256.80

in Data Centres). Strong price realisation was a clear positive in Q2 and we believe that RIC: SCHN.PA BBG: SU FP

this should help alleviate investor concerns on the H1/H2 margin cadence. This,

Trading data and key metrics

combined with accelerating growth trends leads us to view consensus-implied growth

and margin for H2 as clearly conservative and we continue to expect cMSD upgrades on 52-wk range €292.75-210.05

the back of this print. On top of this, we see scope for re-rating as we consider Schneider Market cap. €147b/US$168b

to be in a better place to deliver on its targets. Reiterate Buy. Shares o/s 571m (ORD)

Free float 100%

Key highlights from call Avg. daily volume ('000) 951

H2 expected trends. Strong contribution from four end markets. Data Centre Avg. daily value (m) €259.1

will continue to be a strong growth driver, with Industrial Automation continuing Common s/h equity (12/26E) €26.0b

to contribute well. Buildings recovery to continue. Geographically, all regions are P/BV (12/26E) 5.5x

expected to grow with US, India and China as standouts. Net debt to EBITDA (12/26E) 1.3x

Data Centre visibility. Schneider has options to increase capacity given their EPS (UBS, diluted) (EUR)