First Read Interroll 1H26 results - conference call takeaways

研报英文原文证据摘录

First Read Interroll 1H26 results - conference call takeaways

Global Research

31 July 2026ab

First Read

EquitiesInterroll

1H26 results - conference call takeaways Switzerland

Industrial, Diversified

12-month rating Buy

Additional granularity on current demand trends

We expect that Interroll currently faces good order momentum from its e-commerce 12m price target CHF2,295.00

related customers. Overall, we assume that that vertical contributes around 30% to the

group's top line. Moreover, we anticipate that demand from the airport vertical (around

Price (30 Jul 2026) CHF1,430

10-15% of group sales) is solid as well. In addition, we expect that the food & beverage

industry, which, especially after the recent acquisition of Apollo, became more relevant RIC: INRN.S BBG: INRN SW

for Interroll, sees stable growth on an overall industry level. Considering Interroll's key Trading data and key metrics

regions, we expect that, across Europe, customers remain hesitant to award larger

52-wk range CHF2,580.00-1,266.00

projects. However, on the back of ongoing demand for smaller projects, the overall

Market cap. CHF1.19b/US$1.48b

backdrop is rather stable, in our view. In Asia-Pacific, we expect Interroll to fare fairly

Shares o/s 0.83m (REG)

well, while in North America the company continues to focus on building the necessary

structures for future growth. Overall, we anticipate that 2H26E order growth should be Free float 82%

above the levels seen in 1H26. Avg. daily volume ('000) 2.16

Avg. daily value (m) CHF3.1

Details on margin drivers Common s/h equity (12/26E) CHF0.53b

We expect that Interroll's 1H26 EBIT margins faced additional M&A-related headwinds P/BV (12/26E) 2.3x

(transaction costs and PPA) of around CHF3m. However, for 2H26E, we expect an Net debt to EBITDA (12/26E) NM